UiPath (PATH)

Robotic process automation (RPA) — software robots automating repetitive tasks + AI agents

AI exposure 15% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to Q2 FY2027, reported 2026-09-03

The UiPath automation platform — subscription services, licences and the implementation around them — is 3 businesses in this sub-tier that together are 100% of revenue after the Q2 FY2027 rebase, so Enterprise & Business Software is effectively the whole company rather than one leg of it.

Reported segments

Subscription services — 64.9% of revenue
Licenses — 30.2% of revenue
Professional services and other — 5% of revenue

UiPath ($410.3M Q2 FY2027, +13.4% YoY; ARR $1.938B, +12%). Rebuilt on the three revenue lines the filing actually reports, replacing a model that merged the first two: Subscription services 64.9% ($266.1M, +11.6%) = primary B5 Enterprise & Business Software; Licenses 30.2% ($123.8M, +10.4%); Professional services and other 5.0% ($20.3M, +81.6% — the fastest-growing line, at the lowest margin, with cost of revenue growing faster still). UiPath reports a single operating segment, so this disaggregation is the finest cut available. GAAP operating income $31.6M against a $20.2M loss, achieved…

How the 15% is built

Subscription services — 64.9% of revenue × 17% AI-driven (estimate). Agentic automation and the Maestro orchestration layer are sold here, and this is where any AI-driven expansion would land — on an installed base that is still mostly deterministic RPA
Licenses — 30.2% of revenue × 12% AI-driven (estimate). Licence revenue skews to the deterministic robot estate rather than the agentic products, and grew 10.4% against subscription at 11.6%
Professional services and other — 5% of revenue × 10% AI-driven (estimate). Implementation on the same platform; the line grew 81.6%, which is consistent with agentic deployments requiring more services per dollar of software

Investment read

Moat. A $1.938B ARR installed base of deployed automations carrying governance and audit trails enterprises are unwilling to re-certify, plus an agentic pivot in Maestro Case and Maestro Flow that puts orchestration around AI agents. The account-level switching costs are real; the category barrier is not, and Microsoft is attacking it from inside M365.

Bottleneck / pricing power. Pricing power is visibly narrow — dollar-based net retention is 109%, so expansion is close to flat and growth depends on new logos, and net new ARR was $37M in the quarter. Gross margin remains software-grade at 82% non-GAAP, but the fastest-growing revenue line is professional services at 5.0% of revenue growing 82%, whose cost of revenue grew faster than the revenue did.

Role in the AI stack. The RPA + agentic-automation layer — AI is threat + opportunity.

Connected companies

Pegasystems (PEGA) — PATH competes with: process automation — Pega (BPM) vs UiPath (RPA)

Others in Enterprise & Business Software

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