An induced path factor of a graph $G$ is a set of induced paths in $G$ with the property that every vertex of $G$ is in exactly one of the paths. The induced path number $ρ(G)$ of $G$ is the minimum number of paths in an induced path factor of $G$. We show that if $G$ is a connected cubic graph on $n>6$ vertices, then $ρ(G)\le(n-1)/3$. Fix an integer $k\ge3$. For each $n$, define $\mathcal{M}_n$ to be the maximum value of $ρ(G)$ over all connected $k$-regular graphs $G$ on $n$ vertices. As $n\rightarrow\infty$ with $nk$ even, we show that $c_k=\lim(\mathcal{M}_n/n)$ exists. We prove that $5/18\le c_3\le1/3$ and $3/7\le c_4\le1/2$ and that $c_k=\frac12-O(k^{-1})$ for $k\rightarrow\infty$.