v3.25.4
Investments (Tables)
 12 Months Ended
Jan. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Debt Securities
As of January 31, 2026, debt securities consisted of the following (in millions):
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Aggregate Fair Value
U.S. treasury securities$1,820 $11 $0 $1,831 
U.S. agency obligations265 1 0 266 
Corporate bonds1,874 22 0 1,896 
Commercial paper164 0 0 164 
Asset-backed securities155 2 0 157 
Supranational securities26 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 
As of January 31, 2025, debt securities consisted of the following (in millions):
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Aggregate Fair Value
U.S. treasury securities$2,069 $4 $(1)$2,072 
U.S. agency obligations634 2 0 636 
Corporate bonds3,532 11 (3)3,540 
Commercial paper294 0 0 294 
Asset-backed securities104 0 0 104 
Supranational securities5 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 
Contractual Maturity of Debt Securities
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 
Schedule of Equity Investments
Equity investments consisted of the following (in millions):
Consolidated Balance Sheets LocationAs of January 31,
20262025
Money market fundsCash and cash equivalents$694 $988 
Non-marketable equity investments measured using the measurement alternativeOther assets230 244 
Total equity investments$924 $1,232 
Total Realized and Unrealized Gains and Losses on Equity Investments
Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in millions):
As of January 31,
202620252024
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.
Carrying Values of Non-Marketable Equity Investments
The carrying values for our non-marketable equity investments are summarized below (in millions):
As of January 31,
20262025
Total initial cost$205 $217 
Cumulative net unrealized gains25 27 
Carrying value$230 $244