UiPath’s 1Q FY26 report steadied the ship after March’s guidance scare: revenue grew 6 % Y/Y to $357 mn and non-GAAP EPS hit $0.11, topping the Street’s $0.10 view, while management nudged full-year targets higher — a quick vote of confidence in the new “agentic automation” roadmap.

• ARR climbed to $1.693 bn, up 12 % Y/Y, as customers expanded early deployments of Autopilot and Agent Builder.
• Q2 guide: revenue $345-350 mn vs. $333 mn consensus, implying a return to mid-single-digit sequential growth.
• FY26 outlook raised to $1.549-1.554 bn (from $1.525-1.530 bn) with management flagging improving U.S. federal traction after last quarter’s pause.
• Operating discipline held: $117 mn in FCF and a cash pile of $1.59 bn keep the balance-sheet fortress intact.
• Shares jumped ≈11 % to $14.34 in post-market trading as investors cheered the beat-and-raise, trimming a bruising YTD drawdown.
• Street still cautious: analysts highlight macro headwinds and the need to prove agentic AI upsell converts to faster ARR growth.

Bottom line: After resetting the bar two months ago, UiPath just cleared it convincingly.  The beat, healthier pipeline commentary and fortified cash cushion suggest FY26 can re-accelerate toward the mid-teens growth path management targets.  If ARR momentum holds and the new AI modules gain commercial traction, the stock — still well below last year’s highs despite the bounce — could grind back into the high-teens.  A stumble on federal deals or a stall in agentic adoption, however, would likely keep PATH range-bound in the low-teens while investors wait for firmer proof of durable re-acceleration.