UiPath, Inc.PATH

UiPath, Inc. Fair Value Disclosure

10-KFiled Mar 25, 20262 min read
05
Fair Value Measurement
The following tables present our financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of January 31, 2026
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$279,658 $— $— $279,658 
Treasury bills21,982 — — 21,982 
Total cash equivalents301,640 — — 301,640 
Treasury bills & U.S. government securities620,155 — — 620,155 
Corporate bonds— 160,877 — 160,877 
Commercial paper— 34,390 — 34,390 
Yankee bonds
— 2,897 — 2,897 
Total marketable securities620,155 198,164 — 818,319 
Other investments carried at fair value— — 14,202 14,202 
Total$921,795 $198,164 $14,202 $1,134,161 
Financial Liabilities:
Contingent consideration$— $— $1,532 $1,532 
Total$— $— $1,532 $1,532 
As of January 31, 2025
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$311,942 $— $— $311,942 
Total cash equivalents311,942 — — 311,942 
Treasury bills and U.S. government securities703,319 — — 703,319 
Corporate bonds— 94,025 — 94,025 
Commercial paper— 42,391 — 42,391 
Yankee bonds— 4,700 — 4,700 
Total marketable securities703,319 141,116 — 844,435 
Other investments carried at fair value— — 11,879 11,879 
Total$1,015,261 $141,116 $11,879 $1,168,256 
Our money market funds and treasury bills and U.S. government securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify corporate bonds, commercial paper, and Yankee bonds as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Other investments carried at fair value (which consist of convertible bonds of a private company, the H Company, purchased during fiscal year 2025) and contingent consideration liability associated with business acquisition are classified as Level 3 because their valuation relies on unobservable inputs.

Historical Timeline

Fiscal YearFiled
2026Mar 25, 2026Showing above
2025Mar 24, 2025
2024Mar 27, 2024
2023Mar 24, 2023
2022Apr 4, 2022

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

Income TaxesRevenueEarnings Per SharePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance