v3.26.1
Investments
 3 Months Ended
Apr. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities
As of April 30, 2026, debt securities consisted of the following (in millions):
Amortized CostGross Unrealized GainsGross Unrealized LossesAggregate Fair Value
U.S. treasury securities$1,491 $5 $0 $1,496 
U.S. agency obligations215 0 0 215 
Corporate bonds1,890 10 (3)1,897 
Asset-backed securities158 0 0 158 
Supranational securities28 0 0 28 
Total debt securities$3,782 $15 $(3)$3,794 
Included in Cash and cash equivalents$0 $0 $0 $0 
Included in Marketable securities$3,782 $15 $(3)$3,794 
As of January 31, 2026, debt securities consisted of the following (in millions):
Amortized CostGross Unrealized GainsGross Unrealized LossesAggregate 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 
The following table presents the fair values of debt securities as of April 30, 2026, by remaining contractual maturity (in millions). Actual maturities may differ from contractual maturities because borrowers may have certain prepayment conditions.
April 30, 2026
Due within 1 year$1,431 
Due 1 year through 5 years2,302 
Due 5 years through 10 years
36 
Due after 10 years
25 
Total debt securities$3,794 
We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.
Interest receivable of $34 million and $33 million was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of April 30, 2026, and January 31, 2026, respectively.
As of April 30, 2026, and January 31, 2026, 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 $96 million and $140 million of debt securities during the three months ended April 30, 2026, and 2025, respectively. The realized gains and losses from the sales were immaterial
Equity Investments
Equity investments consisted of the following (in millions):
Condensed Consolidated Balance Sheets LocationApril 30, 2026January 31, 2026
Money market funds Cash and cash equivalents$204 $694 
Non-marketable equity investments measured using the measurement alternative Other assets220 230 
Total equity investments$424 $924 
Non-Marketable Equity Investments Measured Using the Measurement Alternative
Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in millions):
April 30, 2026January 31, 2026
Total initial cost$198 $205 
Cumulative net unrealized gains22 25 
Carrying value$220 $230 
During the three months ended April 30, 2026, and 2025, we recognized net losses on our non-marketable equity investments of $8 million and $1 million, respectively.