Elastic vs UiPath: Revenue, Profit and Business Model
Elastic had $1.7B of annual revenue in FY2026 and $367.8M of net income. UiPath had $1.6B of annual revenue in FY2026 and $282.3M of net income.
Latest financial snapshot
Financial summary
Elastic
Elastic's revenue grew from $862 million in fiscal 2022 to $1.739 billion in fiscal 2026. FY2026 subscription revenue was $1.634 billion (+18%), and sales-led subscription revenue, which excludes monthly self-serve cloud, was $1.438 billion (+20%). Non-GAAP operating income reached $285 million (16.4% margin) and adjusted free cash flow $346 million (20% margin), though GAAP operating loss was $33 million. GAAP net income of $367.8 million was lifted by a fourth-quarter income tax benefit, since the company's operations were not profitable on a GAAP basis. In Q1 FY2027 (ended July 31, 2026) revenue rose 15% to $478 million, cRPO grew 21% to $1.153 billion, and Elastic raised FY2027 revenue guidance to $1.998-$2.010 billion. Elastic N.V. is a major search and observability enterprise software company, sustaining a market valuation typically over $7 billion.
UiPath
UiPath's revenue grew from $607.6 million in fiscal 2021 to $1.611 billion in fiscal 2026. After years of GAAP losses, it reported net income of $282 million in fiscal 2026. In the second quarter of fiscal 2027 revenue was $410 million, up 13%, and it was the company's fourth straight GAAP-profitable quarter.
Revenue and profit by year
Elastic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1.7B | $367.8M | 21.1% | +17.3% | Source |
| FY2025 | $1.5B | -$108.1M | -7.3% | +17.0% | Source |
| FY2024 | $1.3B | $61.7M | 4.9% | +18.6% | Source |
| FY2023 | $1.1B | -$236.2M | -22.1% | +24.0% | Source |
| FY2022 | $862.4M | -$203.8M | -23.6% | +41.7% | Source |
| FY2021 | $608.5M | -$129.4M | -21.3% | +42.3% | Source |
| FY2020 | $427.6M | -$167.2M | -39.1% | +57.4% | Source |
| FY2019 | $271.7M | -$102.3M | -37.7% | +69.9% | Source |
| FY2018 | $159.9M | -$52.7M | -33.0% | +81.4% | Source |
| FY2017 | $88.2M | -$52M | -58.9% | — | Source |
UiPath
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1.6B | $282.3M | 17.5% | +12.7% | Source |
| FY2025 | $1.4B | -$73.7M | -5.2% | +9.3% | Source |
| FY2024 | $1.3B | -$89.9M | -6.9% | +23.6% | Source |
| FY2023 | $1.1B | -$328.4M | -31.0% | +18.6% | Source |
| FY2022 | $892.3M | -$525.6M | -58.9% | +46.8% | Source |
| FY2021 | $607.6M | -$92.4M | -15.2% | +80.8% | Source |
| FY2020 | $336.2M | -$519.9M | -154.7% | — | Source |
Where the revenue comes from
Elastic
- Subscriptions (Elastic Cloud and self-managed)~94%
FY2026 subscription revenue of $1.634 billion from managed Elastic Cloud on AWS, Azure and Google Cloud and from self-managed licenses with support.
- Professional services~6%
Consulting, implementation and training, about $105 million in FY2026.
UiPath
- Term software licences
Not formally reported
Licences for robots, developer and user seats, orchestration and AI capabilities such as document processing and agents.
- Cloud and maintenance subscriptions
Not formally reported
Recurring subscriptions to the hosted platform and support. Annual recurring revenue was $1.853 billion at the end of fiscal 2026 and $1.938 billion at July 31, 2026.
- Professional services
Not formally reported
A smaller line covering implementation and training. Total revenue was $1.611 billion in fiscal 2026.
Business model and strategy
Elastic
How it makes money
Elastic is a B2B software company with an open-core model. Its core Elasticsearch and Kibana code is free to download, and the company makes money by selling paid subscriptions that add advanced features (machine learning, security analytics, AI assistants, enterprise support) and by running the software for customers as Elastic Cloud on AWS, Microsoft Azure and Google Cloud.
Growth strategy
Elastic's strategy is to make Elasticsearch the retrieval layer for enterprise AI while consolidating observability and security tools onto the same platform. Recent moves include buying Jina AI (embeddings and rerankers) and Keep (AIOps alert management) in 2025, launching Elastic Workflows and Agent Builder for agentic automation, and releasing a serverless vector database in September 2026.
Competitive advantage
Elastic's main edge is that one data store handles text search, vector search, analytics, logs and security events. Elasticsearch is built on Apache Lucene's inverted index, which makes full-text search across very large unstructured datasets fast, and the company has added dense vector search, hybrid ranking (BM25 plus vectors with reciprocal rank fusion), the ES|QL query language and Jina AI embedding and reranker…
UiPath
How it makes money
UiPath sells its automation platform mainly on a recurring basis. Revenue comes from term software licenses, cloud and maintenance subscriptions, and a smaller professional services line. Customers pay for robots, developer and user seats, orchestration, and AI capabilities such as document processing and agents. The company tracks annual recurring revenue (ARR) as its main operating metric.
Growth strategy
UiPath is positioning its platform as an orchestration layer that coordinates AI agents, deterministic software robots and human approvals inside regulated business processes. It has added industry-specific capabilities through acquisitions, including Peak for AI-driven pricing and inventory decisions in 2025 and WorkFusion for financial crime compliance agents in 2026.
Competitive advantage
A large base of enterprise automation customers and a single platform that combines robots, agents, process discovery and governance.
Questions about Elastic vs UiPath
Which company has higher revenue — Elastic or UiPath?
Elastic had $1.7B (FY2026), while UiPath had $1.6B (FY2026). By latest annual revenue, Elastic is the larger business, with UiPath showing a smaller revenue base.
What is the market cap of Elastic vs UiPath?
Elastic's market capitalisation stands at $9.3B, while UiPath's is $7.2B. Elastic carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to UiPath.
How does revenue per employee compare for Elastic and UiPath?
Elastic has $433k / employee in revenue per employee, while UiPath has $416k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Elastic and UiPath make money?
Elastic and UiPath generate revenue in fundamentally different ways. Elastic: Elastic is a B2B software company with an open-core model. UiPath: UiPath sells its automation platform mainly on a recurring basis.
Which company is valued higher relative to revenue — Elastic or UiPath?
On a price-to-sales (P/S) basis, Elastic trades at 5.3x P/S and UiPath at 4.5x P/S. Elastic commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to UiPath. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Elastic bigger than UiPath?
By last reported revenue, Elastic ($1.7B (FY2026)) is the larger company compared to UiPath ($1.6B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Elastic vs UiPath overview