UiPath delivered a solid QQ3 2026 performance, underscoring the durability of its end-to-end automation platform and the early-stage monetization of agentic automation. Revenue rose 16% YoY to $411.1 million, while ARR reached $1.782 billion, up 11% YoY, supported by a net new ARR of $59 million. The quarter marks UiPath’s first GAAP profitable quarter, with GAAP operating income of $13.0 million and non-GAAP operating income of $88.0 million (21% non-GAAP margin), signaling meaningful operating leverage as the company scales. Cash generation remained robust, with free cash flow of $25.1 million and a cash balance near $1.5 billion, alongside no debt, yielding a healthy net cash position. The firm’s execution progress is reinforced by high gross margins (overall 85%, software 91%), continued ARR expansion, and a rising RPO (1.265 billion, +12% YoY; current RPO of $840 million, +17%). Management highlighted the accelerating adoption of AgenTik automation, including 950+ customers developing agents and over 365,000 Maestro- orchestrated processes, plus a broad ecosystem of strategic partnerships (OpenAI, Google, NVIDIA, Snowflake) and deepening collaborations with Deloitte. While the medium-term growth trajectory remains tied to the translation of pilots into production and the monetization of AI-enabled capabilities, UiPath guides to Q4 revenue of $462-467 million and ARR of roughly $1.844-1.849 billion, with non-GAAP diluted free cash flow near $370 million for full-year 2026 and a gross margin target of ~85%. The outlook incorporates FX headwinds (yen depreciation) but reflects confidence in platform-driven demand, especially in enterprise and public-sector deployments. Overall, the combination of robust ARR dynamics, a capital-light balance sheet, and meaningful platform momentum supports a constructive investment thesis, albeit with near-term macro and adoption-rate risks to monitor.