Leases

12 Months Ended

Jan. 31, 2026

The Company has entered into various non-cancelable office space operating leases with original lease periods expiring between 2026 and 2031. These leases do not contain material variable rent payments, residual value guarantees, financial covenants or other restrictions. The Company’s corporate headquarters lease in San Francisco has a 10-year term, which expires in October 2028. The Company is entitled to two five-year options to extend this lease, subject to certain requirements.

Operating lease costs were as follows:


	Year Ended January 31,
	2026		2025		2024
	(dollars in millions)
Operating lease costs(1)	$	28	$	31	$	34

(1) Amounts are presented exclusive of sublease income and include short-term leases, which are immaterial.

The weighted-average remaining term of operating leases was 3.0 years and 3.8 years as of January 31, 2026 and January 31, 2025, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.6% as of January 31, 2026 and January 31, 2025.

Maturities of operating lease liabilities, which do not include short-term leases, were as follows:


	As of January 31, 2026
Fiscal Year Ending January 31:	(dollars in millions)
2027	$	36
2028	39
2029	31
2030	4
2031	2
Thereafter	1
Total lease payments	113
Less imputed interest and other	(12)
Total operating lease liabilities	$	101

Cash payments made related to operating lease liabilities were $37 million and $41 million in fiscal 2026 and 2025, respectively.