UiPath Inc Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bryan Bergin - TD Cowen - Analyst : Wanted to ask as it relates to the client demand progression on your agentic solutions. Can you just talk about how the pacing is progressing in those accounts where they have moved from kind of POC and pilots to production? I don't know if I missed it but the mix of the clients that are developing agents here. And as you look at these accounts, I think you mentioned you're seeing agentic solutions increase deal sizes at a faster pace than the traditional RPA work in the past. Any context you could provide around that?

Question: Bryan Bergin - TD Cowen - Analyst : Okay. All right, understood. Just a follow-up on DBNR, stable here 1Q to 2Q. Do you expect that to sustain as you go through the second half?

Question: Jake Roberge - William Blair Capital Partners - Analyst : Great to hear about the nice start with some of your new Agentic solutions. There's obviously a lot of people talking about Agent Orchestration. When you're talking with customers about Maestro, what's the key pitch that gets you in the door? And who are you seeing most in those types of deals?

Question: Jake Roberge - William Blair Capital Partners - Analyst : Okay, that's helpful. And then now that we're a year or so into some of the go-to-market changes that you all have made, how would you assess kind of the overall health of the go-to-market motion? I know things are always evolving, but do you feel like things are largely stable at this point in that motion?

Question: Austin Williams - Wells Fargo Securities LLC - Analyst : This is Austin Williams on for Michael. I just wanted to double-click on the US federal business. And just any other color that you can add on how that business performed and just how you're navigating the uncertainty there.

Question: Austin Williams - Wells Fargo Securities LLC - Analyst : Got it, helpful. And then just one follow-up on the big sequential step-up in subscription revenue this quarter. Was there anything specific to call out like related to that line? Is there anything onetime in nature that impacted that?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : First, a quick number question for Ashim and then one for Daniel. The -- on the number side, if I look at your ARR guidance for the full year and FX and total revenue, given FX -- so thank you for that, that's really helpful. You raised by a touch more than you beat. Can you speak to what's driving the confidence?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yeah. Okay, perfect. That's really encouraging. And then, Daniel, one for you is like if you think about talking with customers at the moment, is there still kind of the market is still twofold -- like in two camps that you have some projects where people really understand RPA and process automation, et cetera, want to do that? Or is it all now like modeled together with agents, AI, et cetera? So in other words, is there like a core part of the business that can still continue to be sized? And then others is just kind of newer and hence, you have like you need to think about that? Or how is the market kind of behaving at the moment when you talk with customers?

Question: Michael Richards - RBC Capital Markets Inc - Analyst : This is Mike Richards on for Matt. I was kind of just wondering, now that we're more than a quarter in here, what the reception has been to the pricing of the Agentic portfolio? What have customers been saying? What are some of the learnings that you guys have had? Have you evolved that pricing as more customers have adopted the solution? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 9:00PM, PATH.N - Q2 2026 UiPath Inc Earnings Call

Question: Michael Richards - RBC Capital Markets Inc - Analyst : Got it. And then just thinking through the go-to-market motion, you talked about bringing on specialized sellers. Is that specific for the Agentic solutions? Any incentives for the go-to-market motion to go after the Agentic opportunity? Or are you guys still sort of evolving that motion?

Question: Sanjit Singh - Morgan Stanley - Analyst : Ashim, I wanted to start with you. When I look at the guidance and I take a peek out to what that implies for Q4. If I sort of take the high end, it kind of implies a return to positive net new ARR growth, which I think for a lot of investors is kind of what we've been waiting for in terms of at least in terms of inflection from UiPath. I know you don't want to look out beyond the next quarter. But if you can maybe talk to the stability of the go-to-market organization and maybe the leadership that you've put in place. Are you confident enough that you've seen enough execution on the ground for multiple quarters in a row where that starts to become more likely in terms of seeing net start to inflect some flip from negative to positive?

Question: Sanjit Singh - Morgan Stanley - Analyst : That's great color, Ashim. Daniel, for you, I had the opportunity to talk to some of the third-party industry analysts who we all sort of know, and they tell me two things. The first thing is that the real estate that UiPath is trying to occupy is where there's most value to be had and where there's value to be created. And the second thing they tell me that there's a lot of players trying to occupy some of that positioning where it comes not just being Agent Builder, but also being sort of the management layer, the Orchestration layer. And then the third thing they tell me is that this is really difficult to pull off. And so when I think about some of these 450 customers that are taking the leap with you guys on the Agentic, are there like initial processes that you are targeting, whether it's quote to cash or something around inventory or supply chain in terms of just trying to build that flywheel, build that trust, get those early successes? Do you have the sales and

Question: Brad Sills - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I wanted to ask about the partnership that you announced here with Deloitte. Is this indicative of just a greater focus on the SI channel as you embark on this agentic journey with company? Or is this more kind of indicative of a three-way partnership with SAP and Deloitte? So just curious, really two parts to that question. One, what's the state of the SI channel? Is this indicative of a greater focus there as you get into agentic? And then the second part would be, what does this mean for your partnership with SAP?

Question: Ian Black - Needham & Company LLC - Analyst : This is Ian Black on for Scott Berg. Great quarter. Does the new Agentic portfolio enable you to implement RPA in additional workflows? Or is the focus on adding agentic capabilities to existing workflows right now?

Question: Keith Bachman - Bank of Montreal - Analyst : Ashim, I'll direct this to you. It looks like if I look at your ARR and the DBNR, it looks like you're still roughly 70% of your year-over-year growth is driven by existing customers and, call it, 30% for round numbers, from new logos. But your existing customers' growth is still down year over year pretty meaningfully. What causes that to flatten out as we look out over the next couple of quarters that your growth rate with existing customers improves? And the related -- my second question, a related question. You've clearly said on the call tonight that the agentic capabilities won't contribute to ARR this year but can it contribute next year in FY27? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 9:00PM, PATH.N - Q2 2026 UiPath Inc Earnings Call

Question: Keith Bachman - Bank of Montreal - Analyst : No. Sorry, the ARR from existing customers versus new logos, so really focusing on ARR from existing customers has been down pretty meaningfully over the last three, four quarters. And I'm just wondering what caused that or when does that turn around.

Question: Dominique Manansala Manansala - Truist Securities - Analyst : This is Dominique Manansala on for Terry. So a variable macro environment just mentioned again this quarter. Just curious as to what patterns across geographies or verticals really persisted here in the second quarter. And are there any particular industries or regions where you're seeing more tailwind or areas of relative strength that you could be into? And maybe if you could just double-click on how your assumptions about the macro are really informing your prudent outlook for the rest of the year.