v3.26.1
Cash, Cash Equivalents and Marketable Securities
 12 Months Ended
Mar. 31, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalents and Marketable Securities Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consisted of the following (in thousands):
March 31, 2026March 31, 2025
Cash and cash equivalents
Cash$44,526 $93,954 
Money market funds1,374,706 2,621,457 
Total cash and cash equivalents$1,419,232 $2,715,411 
Marketable securities
Corporate bonds$748,422 $— 
U.S. Treasury securities, available-for-sale2,124,179 — 
U.S. Treasury securities, held-to-maturity— 2,171,480 
Total marketable securities$2,872,601 $2,171,480 
Total cash, cash equivalents, and marketable securities$4,291,833 $4,886,891 
The following table summarizes the unrealized positions for the Company’s marketable securities (in thousands):
As of March 31, 2026
Amortized Cost(1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
Corporate bonds$751,103 $— $(2,681)$748,422 
U.S. Treasury securities2,125,053 538 (1,412)2,124,179 
Total marketable securities, available-for-sale$2,876,156 $538 $(4,093)$2,872,601 
As of March 31, 2025
Amortized Cost(1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
U.S. Treasury securities, held-to-maturity$2,171,480 $1,267 $(463)$2,172,284 
(1)Excludes $19.6 million and $12.1 million of accrued interest receivable as of March 31, 2026 and 2025, respectively, which is included in “Other current assets” on the consolidated balance sheets.
As of March 31, 2026, 129 available-for-sale marketable securities with a fair value of $1,999.6 million were in a gross unrealized loss position of $4.1 million. All marketable securities with unrealized losses had been in a loss position for less than twelve months as of March 31, 2026. The Company does not intend to sell, and is not required to sell, these securities that are in an unrealized loss position before the recovery of their amortized cost basis.
The Company classified its marketable securities as Level 2 measurements within the fair value hierarchy. The estimated fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):
March 31, 2026
Due within one year$2,145,345 
Due after one year but within five years727,256 
Total estimated fair value of available-for-sale securities$2,872,601 
As of March 31, 2025, the contractual maturities of all marketable securities were less than 12 months.