UiPath, Inc.
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Item 1. Business
Overview
First established in Bucharest, Romania in 2005, UiPath was incorporated in Delaware in 2015 as a company principally focused on building and managing automations, starting with computer vision technology and user interface automations in our initial RPA offering, which remains the foundation of our platform today. Over the course of the past several years, we have followed a strategy of leveraging advances in AI to broaden our capabilities.
Building upon decades of leadership in automation, UiPath is pioneering the evolution from rule-based automation to intelligent agentic automation. The UiPath Platform™ uniquely combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently. Committed to security, governance, and interoperability, we support enterprises as they transition into a future where automation delivers on the full potential of AI to transform industries.
Our platform empowers customers to combine automation, AI agents, and people, delivering end-to-end process orchestration that drives innovation.
Trends Shaping Our Industry
The following are key trends affecting our industry, business outlook, and product strategy:
AI necessitates reinvention. | ||||||||||||||||||
AI's disruptions compel organizations to make bold changes in how they operate, compete, and allocate work. It's now clear that agent-centric operating models can dramatically outperform traditional ways of working— making it imperative for enterprises to reinvent themselves as agentic organizations. The agentic era marks a radical redivision of labor between people and virtual workers. AI agents are extending automation into high-value, judgment-based processes such as decision making and risk management— creating new opportunities, including the ability to build software internally that would have otherwise been purchased. At the same time, use of AI agents creates new risks that call for strong oversight and control. This requires adopting new operating systems built for orchestration, governance, and continuous optimization across an increasingly autonomous and interconnected digital enterprise. | ||||||||||||||||||
ROI at last. | ||||||||||||||||||
Enterprises find their path from pilots to payout. Organizations are approaching the future with momentum and a mandate: use the lessons learned in 2025 to make agentic programs deliver. Budgets are rising, confidence is high, and the experiences of the past year have brought organizations far up the learning curve. As the focus shifts from experimentation to execution, a new playbook for agentic payoff brings ROI within reach, and investment continues, there's an increasing focus on performance and impact. As enterprises move from pilot to production, agentic initiatives need to show proof of their scalability, efficiency, and business value. | ||||||||||||||||||
Vertical ascent. | ||||||||||||||||||
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Focused agentic solutions take off and fly high. This year, vertical agentic solutions continue their growth trajectory— covering more domains and enjoying broader adoption. Domain-tuned, tested, and integration-friendly, these configurations of agents, automation, models, and workflows offer quick deployment, measurable outcomes, and a reliable and effective pathway to scale. The best vertical solutions include all the prebuilt elements and capabilities required for deployment, integration, and ongoing production, and are also highly configurable, making it possible for enterprises to use their own data and models and adapt guardrails to their particular regulatory, security, and reporting standards. | ||||||||||||||||||
Enter the command center. | ||||||||||||||||||
Organizations take control over agentic operations by centralizing orchestration, governance, and agent management. It has become increasingly clear that organizations' adoption of AI in all its forms has advanced faster than their ability to govern, manage, and orchestrate it. The adoption of multi-agent systems adds yet more complexity, as these systems require sophisticated orchestration capabilities to direct, integrate, and monitor highly autonomous agents across systems, data, and workflows. As agentic automation extends across their core processes, many organizations are establishing a new operational layer— an agentic command center— to centralize and integrate governance, control, and orchestration. | ||||||||||||||||||
Gloves off, guardrails up. | ||||||||||||||||||
Enterprises act decisively to ensure security, transparency, and control for every AI agent and agentic workflow. As agents gain real autonomy— accessing data, making decisions, and executing actions— their security stakes skyrocket. To harness AI agents at scale, enterprises must make them not only capable, but trustable. This means building systems that ensure security, transparency, and control from the first line of code to the last workflow handoff. The adoption of embedded governance across the agent lifecycle is being accelerated by a wave of technology investment and innovation. Platform providers are building native capabilities that make it easier to hardwire safety, oversight, and control into agent design and operation. These technologies allow enterprises to put lifecycle principles into practice— turning governance-as-code, human-in-the-loop, and real-time observability into configurable system features rather than custom engineering challenges. | ||||||||||||||||||
Data goes meta. | ||||||||||||||||||
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the fiscal year ended January 31, 2026 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 25, 2026 (the "2026 Form 10-K"). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under Part I, Item 1A, "Risk Factors," in the 2026 Form 10-K for discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements.
Overview
Building upon decades of leadership in automation, UiPath is pioneering the evolution from rule-based automation to intelligent, agentic automation. The UiPath Platform™ uniquely combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently. Committed to security, governance, and interoperability, we support enterprises as they transition into a future where automation delivers on the full potential of AI to transform industries.
Historically, we have grown our revenue and ARR significantly by helping customers adopt automation as a tool, process by process, to unlock human potential. Today, our automation platform builds upon this experience by providing our customers with a foundation for enterprise-scale agentic automation.
Business Highlights for the Three and Six Months Ended July 31, 2026:
•Quarter-to-date revenue of $410.3 million increased 13% year-over-year.
•Year-to-date revenue of $828.6 million increased 15% year-over-year.
•ARR at July 31, 2026 of $1,937.7 million increased 12% year-over-year.
•Gross margin was 80% and 81% for the three and six months ended July 31, 2026, respectively, compared to 82% for the three and six months ended July 31, 2025.
•Cash flow from operations was $162.6 million for the six months ended July 31, 2026, compared to $160.6 million for the six months ended July 31, 2025.
•Cash and cash equivalents, restricted cash, and marketable securities were $1,406.5 million as of July 31, 2026, compared to $1,689.9 million as of January 31, 2026.
Macroeconomic Environment
As a corporation with a global presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, the impact of changes in geopolitical relationships, fluctuating inflation and interest rates, monetary and trade policy changes, government efficiency initiatives, and foreign currency fluctuations. Additionally, these macroeconomic impacts have generally disrupted the operations of our customers, prospective customers, and partners.
Internationally, we price our platform in currencies that may not be the functional currency. Accordingly, the heightened volatility of global markets has exposed us and will continue to expose us to foreign currency fluctuations, which may impact demand for our platform, our near-term results, comparability of results to prior periods, and our ability to predict future results.
Further, cash, cash equivalents, and marketable securities represent a significant portion of our total assets, and the return on our cash, cash equivalents, and marketable securities is sensitive to changes in interest rates. Volatility in the interest rate environment may impact the amount of interest and other income reported on our condensed consolidated statements of operations, the comparability of these amounts to prior periods, and our ability to predict future profitability.
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We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.
Restructuring Costs
Workforce restructuring actions undertaken during the three and six months ended July 31, 2026 were immaterial.
On July 8, 2024, our board of directors approved restructuring actions (the "Fiscal Year 2025 Workforce Restructuring") to reshape the organization by streamlining our structure, particularly in operational and corporate functions, to better prioritize our go-to-market investments and focus our research and development investments on AI and driving innovation across our platform. The Fiscal Year 2025 Workforce Restructuring was completed during the second quarter of fiscal year 2026.
Key Performance Metric
We monitor annualized renewal run-rate ("ARR") to help us measure and evaluate the effectiveness of our operations.
ARR is the key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in customers' subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and support. ARR also does not reflect nonrecurring rebates payable to partners (upon establishing sufficient history of their nonrecurring nature), the impact of nonrecurring incentives (such as one-time discounts provided under sales promotional programs), and any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for certain reserves (for example those for credit losses or disputed amounts). At July 31, 2026 and 2025, our ARR was $1,937.7 million and $1,723.4 million, respectively, representing a growth rate of 12%. Approximately 28% of this growth rate was due to new customers and 72% of this growth rate was due to existing customers. Our dollar-based net retention rate, which represents the net expansion of ARR from existing customers over the preceding 12 months, was 109% and 108% as of July 31, 2026 and 2025, respectively. We calculate dollar-based net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end ("Prior Period ARR"). We then calculate the ARR from these same customers as of the current period end ("Current Period ARR"). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but does not include ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate.
Our ARR may fluctuate as a result of a number of factors, including customers’ satisfaction or dissatisfaction with our platform, pricing, competitive offerings, economic conditions, overall changes in our customers’ spending levels, acquisitions, and our ability to successfully execute on our strategic goals. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to be combined with or to replace these items. For clarity, we use annualized invoiced amounts per solution SKU rather than revenue calculated in accordance with U.S. GAAP to calculate our ARR. Our invoiced amounts are not matched to transfer of control of the performance obligations associated with the underlying subscription licenses and maintenance and support obligations. This can result in timing differences between our U.S. GAAP revenue and ARR calculations. Generally speaking, our ARR calculation simply takes our invoiced amounts per solution SKU under a subscription license or maintenance agreement as of the end of an invoiced period and divides that amount by the corresponding term and multiplies by 365 days to derive the annualized renewal value. In contrast, for our revenue calculated in accordance with U.S. GAAP, subscription licenses revenue derived from the sale of term-based licenses hosted on-premises is recognized at the point in time when the customer is able to use and benefit from our software, which is generally upon delivery to the customer or upon the commencement of the renewal term, and maintenance, support, and software-as-a-service ("SaaS") revenue is recognized ratably over the term of the arrangement. ARR is not a forecast of future revenue. Unlike ARR, revenue is impacted by contract start and end dates and duration. The timing of recognition of ARR is determined by contract billing structure, whereas billing structure will neither accelerate nor delay recognition of future revenue. For example, in a multi-year contract invoiced upfront, ARR is the annualized invoiced amount per solution SKU related to the final year of the contract assuming no reserve is applied, whereas revenue is determined by total contract value and timing of satisfaction of the underlying performance obligations. ARR does not include invoiced amounts associated with perpetual licenses or professional services. Investors should not place undue reliance on ARR as an indicator of our future or expected
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results. Moreover, our presentation of ARR may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics.
A summary of ARR-related data at July 31, 2026 and 2025 is as follows:
| At July 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (dollars in thousands) | |||||||||||
| ARR | $ | 1,937,722 | $ | 1,723,401 | |||||||
Incremental ARR (1) | 214,321 | 172,796 | |||||||||
| Customers with ARR ≥ $1 million: | |||||||||||
| Number of customers | 387 | 320 | |||||||||
| Percent of current period revenue | 50 | % | 47 | % | |||||||
| Customers with ARR ≥ $100 thousand: | |||||||||||
| Number of customers | 2,666 | 2,432 | |||||||||
| Percent of current period revenue | 88 | % | 87 | % | |||||||
| Dollar-based net retention rate | 109 | % | 108 | % | |||||||
(1) For the twelve months ended July 31, 2026 and 2025, respectively | |||||||||||
Components of Results of Operations
Revenue
We derive revenue from the sale of: (1) software licenses for use of our proprietary software and related maintenance and support; (2) the right to access certain software products we host (i.e., SaaS); and (3) professional services.
We have a unified commercial offering for software products with both on-premises and cloud deployment options that allows customers the choice of either deployment option throughout the term of the contract. These offerings are comprised of three types of performance obligations: term license, maintenance and support, and SaaS.
Licenses
Our term licenses (typically sold as a part of flexible deployment offerings) provide customers the right to use software for a specified period of time. Revenue for licenses is recognized at the point in time at which the customer is able to use and benefit from the software, which is generally upon delivery to the customer or upon commencement of the renewal term. As licenses revenue is recognized at a point in time, any shift in license start dates or duration will have a direct impact on our licenses revenue.
Subscription Services
We generate subscription services revenue through the provision of: (1) maintenance and support services, which include technical support and unspecified updates and upgrades on a when-and-if-available basis for our licenses, and (2) SaaS products (typically sold as a portion of flexible deployment offerings). Maintenance and support and SaaS products represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangements.
Professional Services and Other
Professional services and other revenue consists of fees associated with professional services, including deployment of agentic automation, customer education, and training services. Our professional services contracts are structured on a time and materials or fixed price basis and the related revenue is recognized as the services are rendered.
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Cost of Revenue
Licenses
Cost of licenses revenue consists of all direct costs to deliver our licenses to customers, amortization of software development costs related to our licenses, and amortization of acquired developed technology.
Subscription Services
Cost of subscription services revenue primarily consists of personnel-related expenses of our customer support and technical support teams, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Cost of subscription services revenue also includes third-party consulting services, hosting costs related to our SaaS products, amortization of acquired developed technology and capitalized software development costs related to SaaS products, depreciation, and allocated overhead. Overhead is allocated based on applicable headcount. We recognize these expenses as they are incurred. We expect cost of subscription services revenue to increase in absolute dollars in the longer term, particularly with regard to hosting and cloud infrastructure costs as our SaaS business grows. In the future, we expect further expansion of our cloud-based deployments, and as more of our customer base deploys our products via SaaS, we expect our gross margin to be impacted by these costs.
Professional Services and Other
Cost of professional services and other revenue primarily consists of personnel-related expenses of our professional services team, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Cost of professional services and other revenue also includes expenses related to subcontracted third-party services, depreciation, and allocated overhead. We recognize these expenses as they are incurred. We expect cost of professional services and other revenue to increase in absolute dollars for the foreseeable future.
Operating Expenses
Our operating expenses consist of sales and marketing, research and development, and general and administrative expenses. Personnel-related expenses are the most significant component of operating expenses and consist of salaries and bonuses, stock-based compensation expense, and employee benefit costs. Operating expenses also include allocated overhead.
Sales and Marketing
Sales and marketing expenses consist primarily of personnel-related expenses associated with our sales and marketing teams and related sales support teams, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Sales and marketing expenses also include sales and partner commissions, marketing event costs, advertising costs, travel, trade shows, other marketing materials, amortization of acquired customer relationships, and allocated overhead. We expect that over the longer term our sales and marketing expenses will decrease as a percentage of revenue, although this percentage may fluctuate from period to period due to timing and extent of expenses.
Research and Development
Research and development expenses consist primarily of personnel-related expenses, including salaries and bonuses, stock-based compensation expense, and employee benefit costs, for our research and development employees, hosting and software services costs, and allocated overhead. Research and development costs are expensed as incurred, with the exception of certain software development costs which are eligible for capitalization. We expect that our research and development expenses will increase in absolute dollars for the foreseeable future as we continue to invest in efforts to develop new technology and enhance the functionality and capabilities of our existing products and platform infrastructure. Our research and development expenses may fluctuate as a percentage of revenue from period to period due to the timing and extent of expenses.
General and Administrative
General and administrative expenses consist primarily of personnel-related expenses, including salaries and bonuses, stock-based compensation expense, and employee benefit costs, associated with our finance, legal, human resources, compliance, and other administrative teams, as well as accounting and legal professional services fees, other corporate-related expenses, and allocated overhead. We expect that over the longer term our
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general and administrative expenses will decrease as a percentage of revenue, although this percentage may fluctuate from period to period due to timing and extent of expenses.
Interest Income
Interest income consists of interest earned on our cash and cash equivalents and marketable securities.
Other Income (Expense), Net
Other income (expense), net primarily consists of foreign exchange gains and losses. Other income (expense), net also includes accretion of discounts and premiums on marketable securities.
Provision For Income Taxes
Provision for income taxes consists of U.S. federal and state income taxes and income taxes in foreign jurisdictions in which we conduct business. Our effective tax rate is impacted by tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions, as well as by non-deductible expenses as permanent differences, and by changes in our valuation allowances. We currently maintain a partial valuation allowance on certain U.S. state DTAs and a full valuation allowance on our Romania DTA, as we have concluded as of July 31, 2026 that it is more likely than not that these DTAs will not be fully realized. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to conclude that a valuation allowance is no longer needed for these U.S. state DTAs during fiscal year 2027, and for these Romania DTAs, or a portion thereof, during fiscal year 2028 or 2029, which would result in income tax benefit in the period of the respective release.
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Results of Operations
The following tables set forth selected condensed consolidated statement of operations data and such data as a percentage of total revenue for each of the periods indicated:
| Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Licenses | $ | 123,843 | $ | 112,161 | $ | 273,152 | $ | 240,447 | |||||||||||||||
| Subscription services | 266,067 | 238,363 | 518,970 | 455,666 | |||||||||||||||||||
| Professional services and other | 20,346 | 11,204 | 36,516 | 22,239 | |||||||||||||||||||
| Total revenue | 410,256 | 361,728 | 828,638 | 718,352 | |||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
Licenses (1) | 1,462 | 1,200 | 3,126 | 2,468 | |||||||||||||||||||
Subscription services (1)(2)(3)(4) | 39,679 | 38,229 | 83,667 | 76,697 | |||||||||||||||||||
Professional services and other (2)(3)(4) | 39,446 | 24,951 | 70,722 | 49,072 | |||||||||||||||||||
| Total cost of revenue | 80,587 | 64,380 | 157,515 | 128,237 | |||||||||||||||||||
| Gross profit | 329,669 | 297,348 | 671,123 | 590,115 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Sales and marketing (1)(2)(3)(4) | 164,606 | 166,303 | 332,465 | 325,964 | |||||||||||||||||||
Research and development (2)(3)(4) | 83,393 | 98,341 | 176,295 | 193,180 | |||||||||||||||||||
General and administrative (1)(2)(3)(4) | 50,066 | 52,889 | 102,772 | 107,568 | |||||||||||||||||||
| Total operating expenses | 298,065 | 317,533 | 611,532 | 626,712 | |||||||||||||||||||
| Operating income (loss) | 31,604 | (20,185) | 59,591 | (36,597) | |||||||||||||||||||
| Interest income | 10,769 | 12,004 | 21,170 | 24,652 | |||||||||||||||||||
| Other income (expense), net | 10,482 | 11,508 | 13,062 | (4,456) | |||||||||||||||||||
| Income (loss) before income taxes | 52,855 | 3,327 | 93,823 | (16,401) | |||||||||||||||||||
| Provision for income taxes | 16,766 | 1,743 | 35,209 | 4,570 | |||||||||||||||||||
| Net income (loss) | $ | 36,089 | $ | 1,584 | $ | 58,614 | $ | (20,971) | |||||||||||||||
| (1) Includes amortization of acquired intangible assets as follows: | |||||||||||||||||||||||
| Cost of licenses revenue | $ | 250 | $ | 251 | $ | 501 | $ | 491 | |||||||||||||||
| Cost of subscription services revenue | 2,716 | 925 | 5,030 | 1,606 | |||||||||||||||||||
| Sales and marketing | 3,013 | 1,047 | 5,024 | 1,503 | |||||||||||||||||||
| General and administrative | 29 | 31 | 59 | 62 | |||||||||||||||||||
| Total amortization of acquired intangible assets | $ | 6,008 | $ | 2,254 | $ | 10,614 | $ | 3,662 | |||||||||||||||
| (2) Includes stock-based compensation expense as follows: | |||||||||||||||||||||||
| Cost of subscription services revenue | $ | 1,663 | $ | 3,682 | $ | 3,931 | $ | 7,556 | |||||||||||||||
| Cost of professional services and other revenue | 1,498 | 2,358 | 3,281 | 5,086 | |||||||||||||||||||
| Sales and marketing | 13,895 | 23,402 | 30,677 | 46,988 | |||||||||||||||||||
| Research and development | 21,027 | 36,087 | 45,768 | 70,682 | |||||||||||||||||||
| General and administrative | 6,879 | 12,477 | 14,615 | 24,055 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 44,962 | $ | 78,006 | $ | 98,272 | $ | 154,367 | |||||||||||||||
| (3) Includes employer payroll tax expense related to equity transactions as follows: | |||||||||||||||||||||||
| Cost of subscription services revenue | $ | 37 | $ | 71 | $ | 89 | $ | 141 | |||||||||||||||
| Cost of professional services and other revenue | 18 | 34 | 37 | 61 | |||||||||||||||||||
| Sales and marketing | 329 | 404 | 797 | 851 | |||||||||||||||||||
| Research and development | 186 | 450 | 632 | 840 | |||||||||||||||||||
| General and administrative | 66 | 140 | 208 | 267 | |||||||||||||||||||
| Total employer payroll tax expense related to equity transactions | $ | 636 | $ | 1,099 | $ | 1,763 | $ | 2,160 | |||||||||||||||
| (4) Includes restructuring expense as follows: | |||||||||||||||||||||||
| Cost of subscription services revenue | $ | 73 | $ | 127 | $ | 73 | $ | 585 | |||||||||||||||
| Cost of professional services and other revenue | 69 | 18 | 69 | 18 | |||||||||||||||||||
| Sales and marketing | 3,347 | 543 | 3,347 | 2,524 | |||||||||||||||||||
| Research and development | 95 | 279 | 95 | (52) | |||||||||||||||||||
| General and administrative | 1,414 | 429 | 1,414 | 1,332 | |||||||||||||||||||
| Total restructuring expense | $ | 4,998 | $ | 1,396 | $ | 4,998 | $ | 4,407 | |||||||||||||||
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| Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (as a percentage of revenue) | (as a percentage of revenue) | |||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||
| Licenses | 30 | % | 31 | % | 33 | % | 34 | % | ||||||||||||||
| Subscription services | 65 | % | 66 | % | 63 | % | 63 | % | ||||||||||||||
| Professional services and other | 5 | % | 3 | % | 4 | % | 3 | % | ||||||||||||||
| Total revenue | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
| Cost of revenue: | ||||||||||||||||||||||
| Licenses | — | % | — | % | — | % | — | % | ||||||||||||||
| Subscription services | 10 | % | 11 | % | 10 | % | 11 | % | ||||||||||||||
| Professional services and other | 10 | % | 7 | % | 9 | % | 7 | % | ||||||||||||||
| Total cost of revenue | 20 | % | 18 | % | 19 | % | 18 | % | ||||||||||||||
| Gross profit | 80 | % | 82 | % | 81 | % | 82 | % | ||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Sales and marketing | 40 | % | 46 | % | 40 | % | 45 | % | ||||||||||||||
| Research and development | 20 | % | 27 | % | 21 | % | 27 | % | ||||||||||||||
| General and administrative | 12 | % | 15 | % | 13 | % | 15 | % | ||||||||||||||
| Total operating expenses | 72 | % | 88 | % | 74 | % | 87 | % | ||||||||||||||
| Operating income (loss) | 8 | % | (6) | % | 7 | % | (5) | % | ||||||||||||||
| Interest income | 3 | % | 3 | % | 2 | % | 3 | % | ||||||||||||||
| Other income (expense), net | 2 | % | 3 | % | 2 | % | — | % | ||||||||||||||
| Income (loss) before income taxes | 13 | % | — | % | 11 | % | (2) | % | ||||||||||||||
| Provision for income taxes | 4 | % | — | % | 4 | % | 1 | % | ||||||||||||||
| Net income (loss) | 9 | % | — | % | 7 | % | (3) | |||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-09-17 | Malpani Raghavendra | CPO & CTO | Sell | -40,464 | $14.00 | -$566,553 |
| 2026-09-16 | Malpani Raghavendra | CPO & CTO | Sell | -98,429 | $13.81 | -$1,359,649 |
| 2026-09-11 | Gupta Ashim | COO | Sell | -117,339 | $13.85 | -$1,625,603 |
| 2026-08-19 | Dines Daniel | CEO and Chairman | Sell | -1,402,347 | $16.07 | -$22,539,362 |
| 2026-08-14 | Ramani Hitesh | Chief Accounting Officer | Sell | -25,000 | $16.75 | -$418,750 |
| 2026-08-13 | Ramani Hitesh | Chief Accounting Officer | Sell | -25,000 | $16.50 | -$412,500 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-12-08 10-Q expected by 2026-12-12 (in 77 days)
- ~2027-03-24 10-K expected by 2027-03-31 (in 183 days)
- ~2027-06-04 10-Q expected by 2027-06-08 (in 255 days)
- ~2027-09-08 10-Q expected by 2027-09-12 (in 351 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-09-08 10-Q Quarterly Report
- 2026-09-03 8-K Earnings Release; Officer/Director Change; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2026-06-04 10-Q Quarterly Report
- 2026-05-28 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2026-05-12 DEF 14A Proxy Statement
- 2026-03-25 10-K Annual Report
- 2026-03-25 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-03-11 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-12-08 10-Q Quarterly Report
- 2025-12-03 8-K Earnings Release
- 2025-09-08 10-Q Quarterly Report
- 2025-09-04 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-06-03 10-Q Quarterly Report
- 2025-05-29 8-K Earnings Release; Financial Statements and Exhibits
- 2025-05-08 8-K Officer/Director Change