UiPath (PATH) is scheduled to report second-quarter fiscal 2027 earnings on Thursday, September 3, after the U.S. market close. The stock is trading around $18.15, up nearly 40% over the past month.

Wall Street expects non-GAAP earnings per share of $0.15 on revenue of $397.85 million. That revenue estimate is near the top end of management’s guidance range of $395 million to $400 million, so the report will likely be judged on whether UiPath can meet those expectations while showing that its business remains on track after a period of uneven enterprise software demand.

In the prior quarter, UiPath reported revenue of $418.4 million, up 17.3% year over year. Annual recurring revenue, or ARR, reached $1.901 billion, rising 12%, while dollar-based net retention was 109%.

The company also reported its first-ever quarterly GAAP operating profit in Q1, with operating profit of $27.99 million. Investors noted that milestone closely because profitability trends have become a bigger part of the software narrative alongside growth.

For the upcoming quarter, analysts are modeling revenue growth of about 10% year over year. That would be slower than the 14.4% growth the company posted in the same period last year.

Management has guided for Q2 ARR of $1.929 billion to $1.934 billion and non-GAAP operating income of roughly $75 million. Those figures will be among the most closely watched metrics in the report, especially as investors look for confirmation that recurring revenue and operating discipline are holding up together.

UiPath has beaten both EPS and revenue estimates in 7 of its last 8 quarters, which gives some investors confidence heading into Thursday’s release.

Analyst views remain split

Not all analysts are aligned on the stock. SA analyst Investing Smart has a “Hold” rating, citing competitive pressure, a slower full-year growth outlook, and short interest of roughly one-third of the public float.

That level of short interest leaves room for a sharp move in either direction after the earnings release.

On the other side, SA analyst Danil Sereda has a “Buy” rating. He expects UiPath to beat Q2 revenue estimates and meet its $1.93 billion ARR guidance, pointing to the company’s cash position, profitability, and agentic AI opportunity.

The average analyst price target is $13.87, which is below the current trading price of $18.08.

Key metrics investors will watch

Revenue and EPS will matter, but they will not be the only focus. Investors will also be watching ARR growth, net retention, and adoption trends related to agentic AI, since those metrics offer a read on both customer expansion and how much of UiPath’s automation platform is translating into durable demand.

Management has highlighted early signs of re-acceleration, including an 18% year-over-year increase in customers generating more than $1 million in ARR. That customer expansion figure will likely draw close scrutiny.

Competition from Microsoft (MSFT), OpenAI, and other AI players remains an ongoing concern, and investors will want to hear how management plans to maintain and expand its position.

Year to date, PATH is up 12.08%, slightly ahead of the S&P 500’s 11.48% gain. Over the past week, the stock is up about 1%, suggesting the market is holding steady ahead of the report.

Analysts covering the company have largely left their estimates unchanged over the last 30 days, indicating expectations for results broadly in line with forecasts.