UiPath Inc. Q4 FY2026 earnings call

1. On net new ARR and FX: FX has minimal impact on net new ARR compared to prior guidance. 2. On margin: There are opportunities to agentify and use technology advances across functions like engineering, G&A, sales and marketing to reinvest in growth while aiming for operating margin expansion. 3. On AI traction: Great momentum in diffusion of AI within the platform, with IDP and agentic products complementary. 4. On work fusion: Contribution is immaterial and below materiality threshold. 5. On federal government: Seeing good traction with strong position in certain agencies and increased appetite for long-term projects. 6. On vertical strategy: At the beginning of vertical strategy, doubling down focus on investments with three major pillars - adopting coding agents, process orchestration, and vertical solutions. 7. On Maestro: Agnostic in managing agents, can manage agents from various sources via API. 8. On SAS shift: Not on consumption basis of accounting, agentic solutions scaling. 9. On backlog of automations: AI unlocking more automatable workflows, AI products driving growth across platform. 10. On partner/vertical strategy: At the start of vertical strategy, doubling down focus on investments.

1. FX has minimal impact on net new ARR versus prior guidance. 2. Guidance includes work fusion contribution but it's immaterial. 3. Net new ARR is stabilizing. 4. Bullish on agentic market traction and positioning. 5. Guidance accounts for variability of macroeconomic environment with appropriate prudence. 6. Long-term non-GAAP operating margin target raised to 30% with timeframe around three years. 7. Revenue growth rate remains 11% with FX having immaterial impact year over year.

Q: Just as it relates to net new ARR and how thinking about net new ARR expansion potential on FX neutral basis and follow-up on margin.

A: FX has minimal impact, on margin there are opportunities to agentify across functions.

Q: In terms of the composition of $200 million AI traction ARR, split between IDP and agent side and follow-up on work fusion and Fed.

A: Can't split IDP and agent side clearly, work fusion contribution is immaterial, federal government has good traction.

Q: Top-down view on budgets and AI/agentic solutions and market noise and visibility on forward year and AI product portfolio scaling.

A: Well positioned to help with AI diffusion, visibility characterized as variable with pockets of strength and pressure, guidance reflects stabilization and agentic market traction.

Q: Highlighting industry partnerships, which verticals show strongest willingness to spend on agentic AI initiatives and success look like for agentic automation at scale.

A: Healthcare and financial industry are strong, success includes repeatable playbook and sales cycle impact.

Q: On Maestro being vendor agnostic and SAS shift impact.

A: Maestro agnostic in managing agents, SAS shift not on consumption basis of accounting.

Q: Growing backlog of automations and how material AI is to core automation business.

A: AI driving renewed interest in automation, complementary to deterministic automation.

Q: As look into 27th, able to lean into vertical strategy more or at max effort.

A: At beginning of vertical strategy, doubling down focus on investments.

Q: $14 million sale wind around FX for ARR, assumption going into quarter and impact on beat.

A: FX had immaterial impact, beat due to sales execution.

Q: Idea of AI on top of deterministic automations and deal timing and unit economics.

A: Customer response varies, ScreenAgent in early innings.

Q: ARR guidance methodology conservatism and constant currency growth.

A: Metrics on work fusion are immaterial, growth rate remains 11% with FX immaterial.

Q: Raised long-term non-GAAP operating margin target to 30%, confidence and timeframe.

A: Confidence from discipline and productivity unlock with agentsic, timeframe around three years.

Q: Dollar-based net revenue retention and drivers and assumptions in guide.

A: Net new ARR stabilizing, driven by AI and agentic products.

Q: Entropic supply chain risk and work fusion acquisition and future acquisitions.

A: Zero impact on public agencies from anthropic, always looking into market for acquisitions