Shares of UiPath (PATH, Financial) fell about 18% on Thursday pre-market trading after the software company forecast full‑year fiscal 2026 revenue below market expectations.

UiPath now projects fiscal 2026 revenue in the range of $1.525 billion to $1.53 billion, versus analyst estimates of $1.58 billion. The company expects annual recurring revenue (ARR) between $1.816 billion and $1.821 billion as of January 31, 2026, following fiscal 2025 ARR of $1.66 billion, a 14% year‑over‑year increase.

In Q4, revenue grew 5% year‑over‑year to $424 million, with net new ARR of $60 million. Adjusted earnings reached $0.26 per share, beating expectations by $0.07.

During the post‑earnings call, CEO Daniel Dines highlighted a “significant increase in macroeconomic volatility” that has impacted customer budgets and led to sharp foreign exchange fluctuations. Despite the caution in forward guidance, Dines reaffirmed the long‑term importance of UiPath's agentic platform.