Summary
UiPath closed fiscal 2024 with a stronger fourth quarter than a year earlier. Revenue rose 31.3% to $405.25 million for the quarter, and full-year revenue increased 23.6% to $1.31 billion. Gross profit reached $351.90 million in the quarter, up 34.9%, while full-year gross profit rose 26.6% to $1.11 billion. Gross margin expanded 2.3 percentage points to 86.8% in the quarter, and full-year gross margin improved 2.0 percentage points to 85.0%. GAAP operating income turned positive at $15.10 million for the quarter, up 133.4%, and the full-year operating loss narrowed by 52.7% to $164.72 million. Net income was $33.92 million for the quarter, up 222.5%, and the full-year net loss narrowed by 72.6% to $89.88 million. Full-year diluted loss per share improved by $0.44 to -$0.16.
Cash generation improved sharply. Operating cash flow was $145.60 million in the quarter, up 55.0%, and $299.08 million for the full year, up 3,096.5%. Capital expenditures were $3.78 million in the quarter, up 71.9%, and $7.34 million for the full year, down 69.2%. Deferred revenue ended the quarter at $647.83 million, up 24.6% year over year, and remaining performance obligations were $1.16 billion, up 29.7%. The press release reported non-GAAP adjusted free cash flow of $146 million for the quarter and $309 million for the full year, separate from the GAAP operating cash flow figures above.
ARR reached $1.464 billion, up 22% year over year. Net new ARR was $86 million in the quarter and $260 million for the full year. The dollar-based net retention rate was 119%, down from 123% a year earlier. Customer counts in larger ARR bands grew: 288 customers had ARR of at least $1 million, compared with 229 a year earlier, and 2,054 customers had ARR of at least $100,000, compared with 1,785. Those larger customers represented 52% and 86% of fiscal year revenue, respectively. Management highlighted new Autopilot previews for Studio and Test Suite, an expanded Google Cloud partnership, and a U.S. Department of Defense Enterprise Software Initiative agreement for UiPath products and services awarded to partner FedResults. That agreement has a value of up to $95 million and a five-year base period.
Guidance points to the fiscal 2025 plan. For the first quarter of fiscal 2025, UiPath expects revenue of $330 million to $335 million, ARR of $1.508 billion to $1.513 billion as of April 30, 2024, and non-GAAP operating income of approximately $55 million. For the full fiscal year 2025, the outlook puts revenue in the range of $1.555 billion to $1.560 billion, ARR in the range of $1.725 billion to $1.730 billion as of January 31, 2025, and non-GAAP operating income of approximately $295 million. The company says the plan reflects typical seasonal patterns and continued investment to expand market leadership while driving operating leverage. It does not reconcile forward non-GAAP operating income guidance to GAAP because of the variability of stock-based compensation and related charges.
Risks remain material. UiPath competes in automation and AI, and it depends on existing customers to renew and expand licenses and on channel partners to reach buyers. Macroeconomic pressure, geopolitical conflict, inflation, interest rate moves, and foreign currency volatility could affect demand and results. The 10-K notes that a hypothetical 10% change in foreign currency rates would have an estimated translation impact of $11.9 million for fiscal 2024. It also states that approximately 53% of fiscal 2024 revenue and approximately 35% of expenses were denominated in non-U.S. dollar currencies. The company maintains a full valuation allowance on U.S. federal and state, Romanian, and U.K. deferred tax assets. The 10-K states that existing cash and cash equivalents, marketable securities, and payments from customers will be sufficient to fund anticipated cash requirements for the next twelve months and the long term. Even with the fourth-quarter GAAP profit, the full year still produced a net loss, so the path to sustained GAAP profitability remains the central question for fiscal 2025.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $405.3M | $325.9M | +24.3% | $308.5M | +31.3% |
| Gross profit | $351.9M | $276.0M | +27.5% | $260.9M | +34.9% |
| Gross margin | 86.8% | 84.7% | +2.2 pp | 84.5% | +2.3 pp |
| Research & development | $85.6M | $84.5M | +1.3% | $81.9M | +4.6% |
| Sales & marketing | $191.7M | $191.3M | +0.2% | $173.8M | +10.3% |
| General & administrative | $59.5M | $56.0M | +6.1% | $50.4M | +18.0% |
| Total operating expenses | $336.8M | $331.8M | +1.5% | $306.0M | +10.1% |
| Operating income (loss) | $15.1M | -$55.8M | +127.0% | -$45.1M | +133.4% |
| Operating margin | 3.7% | -17.1% | +20.8 pp | -14.6% | +18.4 pp |
| Net income (loss) | $33.9M | -$31.5M | +207.5% | -$27.7M | +222.5% |
| Net margin | 8.4% | -9.7% | +18.0 pp | -9.0% | +17.3 pp |
| Diluted EPS | $0.06 | -$0.06 | +$0.12 | -$0.05 | +$0.11 |
| Customers | 10,800 | 291,671 | -96.3% | 10,100 | +6.9% |
Risks
The filing materially expands AI-related risk, warning that competitors may incorporate generative AI into their products more quickly or successfully and that UiPath's significant investments in AI capabilities may be insufficient if demand does not materialize. It also cites evolving AI regulations, including the EU and certain U.S. states and the Biden administration's October 30, 2023 Executive Order on AI, as requiring significant compliance resources.
Sales outside the U.S. accounted for 57% of revenue for the fiscal year ended January 31, 2024, exposing results to geopolitical tensions and trade policies. The filing specifically names the Russian military operation in Ukraine, the Israel-Hamas conflict, the conflict in the Red Sea, and rising China-Taiwan tensions as risks that could disrupt customer spending and key industry events.
Although Q4 FY2024 generated GAAP operating income of $15.1 million, the company incurred a net loss of $89.9 million for FY2024 and expects significant future operating expenses. It also has non-cancellable multi-year cloud capacity commitments payable irrespective of usage, which could pressure margins if revenue growth does not offset these fixed costs.
MD&A reports FY2024 revenue increased 24% to $1,308.1 million and ARR grew 22% to $1,463.7 million, but dollar-based net retention declined to 119% from 123%. Risk factors warn revenue and ARR growth rates may decline due to business maturation, increased competition, and failure to capitalize on growth opportunities.
Daniel Dines resigned as Co-CEO effective January 31, 2024, and Robert Enslin became sole CEO on February 1, 2024; Dines became Chief Innovation Officer and continues as Executive Chairman. The filing warns senior leadership transitions may disrupt operations, increase employee turnover, change business strategy, and create uncertainty among customers and investors.
A limited number of customers represent a substantial portion of revenue and ARR. As of January 31, 2024, customers with ARR of $1 million or more accounted for 52% of revenue, up from 43% as of January 31, 2023, and customers with ARR of $100 thousand or more accounted for 86% of revenue, up from 81%.
The company targets large enterprise and government customers, where sales involve longer sales cycles, more complex requirements, substantial upfront sales costs, less favorable terms, and less predictability. Large customers often begin with limited deployments but demand configuration, integration, and pricing negotiations without guaranteeing broad deployment.
UiPath has entered into non-cancellable multi-year capacity commitments with third-party cloud providers for cloud infrastructure services. These commitments require payment irrespective of actual usage and may prove more expensive than anticipated, particularly if revenue does not increase sufficiently to offset the higher expenses.
The company derives a substantial amount of revenue from channel partners, and its agreements are generally non-exclusive, allowing partners to work with competitors. Loss of one or more larger channel partners, partner insolvency, or failure to expand distribution channels could adversely affect sales and growth prospects.
For FY2024, approximately 53% of revenue and 35% of expenses were denominated in non-U.S. dollar currencies. A hypothetical 10% change in foreign currency exchange rates would impact consolidated financial statements by $11.9 million, and MD&A notes heightened volatility may affect demand and comparability of results.
SaaS KPIs
All quarters →Dollar-Based Net Retention Rate
ARR
Net New ARR
Non-GAAP Adjusted Free Cash Flow
Non-GAAP Gross Margin
Non-GAAP Operating Margin
Non-GAAP Operating Income
Summary, forecast, risks and KPIs are extracted from UiPath, Inc.'s SEC filings for Q4 FY2024 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.