C3.ai: Navigating Consecutive Quarters of Revenue Contraction
C3.ai (AI +0.67%) primarily earns its core revenue by delivering a comprehensive suite of enterprise software applications powered by artificial intelligence alongside a centralized development environment that helps global organizations build and operate custom digital systems.
While executing a corporate restructuring that included a broad headcount reduction across the organization, resolving a securities class action lawsuit, and securing new enterprise agreements, it reported an operating margin of -188% for the quarter ended July 31, 2026.
UiPath: Maintaining Steady Revenue and Consistent Year-Over-Year Growth
UiPath (PATH -0.86%) primarily generates its income by offering a comprehensive AI process automation software ecosystem that empowers global corporate enterprises to design, implement, and independently oversee highly complex automated daily workflows.
While no major adverse events were reported in this period, it introduced new orchestration capabilities for developers and recorded an operating margin of about 8% for the quarter ended July 31, 2026.
PATH & AI: Performance Comparison
Key Financial Metrics
PATH – UiPath
$13.75
–0.86% (–$0.12)
AI – C3.ai
$10.54
+0.67% (+$0.07)
Market Cap
$7.2B
52wk Range
$9.20 – $19.84
Gross Margin
82.14%
P/E Ratio
20.46
EPS (TTM)
$0.67
Market Cap
$1.7B
52wk Range
$7.67 – $20.22
Gross Margin
29.09%
P/E Ratio
-3.42
EPS (TTM)
$-3.08
PATH – UiPath
$13.75
–0.86% (–$0.12)
Market Cap
$7.2B
52wk Range
$9.20 – $19.84
Gross Margin
82.14%
P/E Ratio
20.46
EPS (TTM)
$0.67
AI – C3.ai
$10.54
+0.67% (+$0.07)
Market Cap
$1.7B
52wk Range
$7.67 – $20.22
Gross Margin
29.09%
P/E Ratio
-3.42
EPS (TTM)
$-3.08
Why Quarterly Revenue Trends Matter for Investors
Tracking revenue over time helps investors evaluate a company’s fundamental ability to successfully scale its daily operations, consistently attract new paying clients, and sustain its long-term business momentum.
Quarterly Revenue Trends for C3.ai and UiPath
| Calendar quarter | C3.ai Revenue | UiPath Revenue |
|---|---|---|
| Q3 2024 | $94.3 million (quarter ended Oct. 31, 2024) | $354.7 million (quarter ended Oct. 31, 2024) |
| Q4 2024 | $98.8 million (quarter ended Jan. 31, 2025) | $423.6 million (quarter ended Jan. 31, 2025) |
| Q1 2025 | $108.7 million (quarter ended April 30, 2025) | $356.6 million (quarter ended April 30, 2025) |
| Q2 2025 | $70.3 million (quarter ended July 31, 2025) | $361.7 million (quarter ended July 31, 2025) |
| Q3 2025 | $75.1 million (quarter ended Oct. 31, 2025) | $411.1 million (quarter ended Oct. 31, 2025) |
| Q4 2025 | $53.3 million (quarter ended Jan. 31, 2026) | $481.1 million (quarter ended Jan. 31, 2026) |
| Q1 2026 | $51.6 million (quarter ended April 30, 2026) | $418.4 million (quarter ended April 30, 2026) |
| Q2 2026 | $52.4 million (quarter ended July 31, 2026) | $410.3 million (quarter ended July 31, 2026) |
Data source: Company filings. Data as of Sept. 11, 2026.
Foolish Take
While both C3.ai and UiPath operate in the artificial intelligence sector, the latter sports far greater revenue, and is enjoying a trend of consistent year-over-year sales growth, while the former is seeing a year-over-year decline. This points to the broader appeal of UiPath’s AI solutions compared to C3.ai’s offerings.
But there’s another reason for C3.ai’s plunging sales. The company’s founder and CEO, Thomas Siebel, resigned from the position in 2025 due to health issues. Under his leadership, C3.ai was doing well, as evidenced by its far higher quarterly revenue totals from 2024 to late-2025. He returned to the CEO spot in June, but in the interim, the company’s business fell apart.
Siebel’s return seems to be improving the business. In C3.ai’s fiscal first quarter, ended July 31, the company’s customer bookings increased 73% quarter over quarter. This bodes well for future revenue growth.
Meanwhile, UiPath’s sales trajectory appears to be slowing down. The company’s revenue of $410.3 million in its fiscal Q2, ended July 31, represented about a 13% year-over-year increase. However, management projects Q3 sales to be in the range of $440 million to $445 million, which is around 8% year-over-year growth, a sharp drop from Q2.