
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	1,820	$	11	$	0	$	1,831
U.S. agency obligations	265		1		0		266
Corporate bonds	1,874		22		0		1,896
Commercial paper	164		0		0		164
Asset-backed securities	155		2		0		157
Supranational securities	26		0		0		26
Total debt securities	$	4,304	$	36	$	0	$	4,340
Included in Cash and cash equivalents	$	398	$	0	$	0	$	398
Included in Marketable securities	$	3,906	$	36	$	0	$	3,942


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	2,069	$	4	$	(1)	$	2,072
U.S. agency obligations	634		2		0		636
Corporate bonds	3,532		11		(3)		3,540
Commercial paper	294		0		0		294
Asset-backed securities	104		0		0		104
Supranational securities	5		0		0		5
Total debt securities	$	6,638	$	17	$	(4)	$	6,651
Included in Cash and cash equivalents	$	177	$	0	$	0	$	177
Included in Marketable securities	$	6,461	$	17	$	(4)	$	6,474

The following table presents the fair values of debt securities as of January 31, 2026, by remaining contractual maturity (in millions). Actual maturities may differ from contractual maturities because borrowers may have certain prepayment conditions.


	January 31, 2026
Due within 1 year	$	1,691
Due 1 year through 5 years	2,547
Due 5 years through 10 years	73
Due after 10 years	29
Total debt securities	$	4,340

Interest receivable of $33 million and $53 million was included in Prepaid expenses and other current assets on the Consolidated Balance Sheets as of January 31, 2026, and 2025, respectively.

As of January 31, 2026, and 2025, unrealized losses on our debt securities were not material. We did not recognize any credit losses related to our debt securities during the periods presented.

We sold $2.9 billion, $273 million, and $59 million of debt securities during fiscal 2026, 2025, or 2024, respectively. The realized net gains from the sales were $27 million in fiscal 2026 and immaterial in fiscal 2025 and 2024.


	Consolidated Balance Sheets Location	As of January 31,
		2026		2025
Money market funds	Cash and cash equivalents	$	694	$	988

Non-marketable equity investments measured using the measurement alternative	Other assets	230		244

Total equity investments		$	924	$	1,232

Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in millions):


	As of January 31,
	2026		2025		2024
Net realized gains (losses) recognized on equity investments sold (1)	$	64	$	(6)	$	6
Net unrealized losses recognized on equity investments held as of the end of the period	(5)		(12)		(30)
Total net gains (losses) recognized in Other income, net	$	59	$	(18)	$	(24)

(1)Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the fiscal year.

The carrying values for our non-marketable equity investments are summarized below (in millions):


	As of January 31,
	2026		2025
Total initial cost	$	205	$	217
Cumulative net unrealized gains	25		27
Carrying value	$	230	$	244

In fiscal 2026, we recognized net gains of $64 million related to exits of non-marketable equity investments, which included a non-cash gain of $11 million related to our acquisition of Sana. For further information, see Note 7, Business Combinations. Additionally, we recognized upward adjustments of $17 million, and impairment losses of $22 million.

In fiscal 2025, we recorded losses related to impairments and exits of $18 million, upward adjustments of $5 million, and downward adjustments of $5 million on our non-marketable equity investments.

We held no marketable equity investments in fiscal 2026 and 2025. During fiscal 2024, we sold marketable equity investments for proceeds of $87 million, with corresponding realized gains of $6 million.