UiPath vs Xero: Revenue, Profit and Business Model
UiPath had $1.6B of annual revenue in FY2026 and $282.3M of net income. Xero had ~$1.6B of annual revenue in FY2026 and ~$97.1M of net income.
Latest financial snapshot
Financial summary
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.
Xero
For the year ended 31 March 2026 Xero reported operating revenue of ~$1.59 billion (NZ$2.75 billion), up 31%, net profit of ~$96.9 million (NZ$167 million), down 27% because of Melio acquisition costs, and free cash flow of ~$321 million (NZ$554 million). Subscribers rose 11% to 4.92 million and average revenue per customer rose 23% to NZ$55.44.
Revenue and profit by year
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 |
Xero
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.6B | ~$97.1M | 6.1% | +30.9% | Source |
| FY2025 | ~$1.2B | ~$132.1M | 10.8% | +22.7% | Source |
| FY2024 | ~$994M | ~$101.3M | 10.2% | +22.4% | Source |
| FY2023 | ~$811.9M | ~-$65.8M | -8.1% | +27.6% | Source |
| FY2022 | ~$636.2M | ~-$5.3M | -0.8% | — | Source |
Where the revenue comes from
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.
Xero
- Subscriptions and platform88
Recurring subscription revenue from accounting plans, add-ons and other platform services.
- Melio payments12
Transaction revenue from Melio's US bill pay and receivables platform, which contributed ~$193 million (NZ$332 million) in FY26.
Business model and strategy
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.
Xero
How it makes money
Xero sells monthly software subscriptions to small businesses, sole traders, and accounting and bookkeeping firms. The core product covers bank reconciliation, invoicing, bills, payroll in several markets and financial reporting, and plans are priced in tiers by market. Most customers reach Xero through accountants and bookkeepers, who adopt it for their practice and move clients onto it.
Growth strategy
Xero's strategy centres on three jobs for small businesses (accounting, payments and payroll) in three main markets (Australia and New Zealand, the UK and the US). In the US it is combining Xero and Melio under one leadership team, adding online bill payments inside Xero and embedded payroll. It is also building AI features, including its JAX assistant, into the core product.
Competitive advantage
Xero's main advantage is its accountant and bookkeeper channel in Australia, New Zealand and the UK, which brings small business clients onto the platform. Melio adds a US payments product that it owns.
Questions about UiPath vs Xero
Which company has higher revenue — UiPath or Xero?
UiPath had $1.6B (FY2026), while Xero had ~$1.6B (FY2026). By latest annual revenue, UiPath is the larger business, with Xero showing a smaller revenue base.
What is the market cap of UiPath vs Xero?
UiPath's market capitalisation stands at $7.2B, while Xero's is $6.5B. UiPath carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Xero.
How does revenue per employee compare for UiPath and Xero?
UiPath has $416k / employee in revenue per employee, while Xero has $363k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do UiPath and Xero make money?
UiPath and Xero generate revenue in fundamentally different ways. UiPath: UiPath sells its automation platform mainly on a recurring basis. Xero: Xero sells monthly software subscriptions to small businesses, sole traders, and accounting and bookkeeping firms.
Which company is valued higher relative to revenue — UiPath or Xero?
On a price-to-sales (P/S) basis, UiPath trades at 4.5x P/S and Xero at 4.1x P/S. UiPath commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Xero. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is UiPath bigger than Xero?
By last reported revenue, UiPath ($1.6B (FY2026)) is the larger company compared to Xero (~$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 UiPath vs Xero overview