Cash Equivalents and Short-Term Investments

9 Months Ended

Apr. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of April 30, 2026:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	788,013	$	—	$	—	$	788,013
Certificates of deposit	47,729		—		—		47,729
Total cash equivalents	$	835,742	$	—	$	—	$	835,742

Short-term investments:
U.S. treasury securities	$	441,028	$	241	$	(1,369)	$	439,900
U.S. government agency securities	54,843		10		(163)		54,690
Corporate debt securities	1,748,998		1,305		(5,594)		1,744,709
Certificates of deposit	95,051		—		—		95,051
Asset-backed securities	217,664		170		(199)		217,635
Non-U.S. government securities	5,012		—		(2)		5,010
Total short-term investments	$	2,562,596	$	1,726	$	(7,327)	$	2,556,995

Total cash equivalents and short-term investments	$	3,398,338	$	1,726	$	(7,327)	$	3,392,737

Cash equivalents and short-term investments consisted of the following as of July 31, 2025:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	—	$	—	$	1,403,678
Corporate debt securities	8,468		—		—		8,468
Certificates of deposit	131,463		—		—		131,463
Total cash equivalents	$	1,543,609	$	—	$	—	$	1,543,609

Short-term investments:
U.S. treasury securities	$	231,193	$	56	$	(250)	$	230,999
U.S. government agency securities	75,006		26		(40)		74,992
Corporate debt securities	876,330		1,812		(747)		877,395
Total short-term investments	$	1,182,529	$	1,894	$	(1,037)	$	1,183,386

Total cash equivalents and short-term investments	$	2,726,138	$	1,894	$	(1,037)	$	2,726,995

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of April 30, 2026:


	Amortized Cost		Fair Value

	(in thousands)
Due within one year	$	518,635	$	519,471
Due between one to three years	1,826,297		1,819,889
Asset-backed securities	217,664		217,635
Total	$	2,562,596	$	2,556,995

Short-term investments that were in continuous unrealized loss position as of April 30, 2026 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	275,179	$	(1,369)	$	—	$	—	$	275,179	$	(1,369)
U.S. government agency securities	37,773		(163)		—		—		37,773		(163)
Corporate debt securities	1,220,650		(5,594)		—		—		1,220,650		(5,594)
Asset-backed securities	175,894		(199)		—		—		175,894		(199)
Non-U.S. government securities	5,010		(2)		—		—		5,010		(2)
Total	$	1,714,506	$	(7,327)	$	—	$	—	$	1,714,506	$	(7,327)

Short-term investments that were in continuous unrealized loss position as of July 31, 2025 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	156,395	$	(250)	$	—	$	—	$	156,395	$	(250)
U.S. government agency securities	36,098		(40)		—		—		36,098		(40)
Corporate debt securities	360,840		(747)		—		—		360,840		(747)
Total	$	553,333	$	(1,037)	$	—	$	—	$	553,333	$	(1,037)

We review the individual securities that have unrealized losses in our short-term investment portfolio on a regular basis. We evaluate, among other criteria, whether we have the intention to sell any of these investments and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met in any period presented. We additionally evaluate whether the decline in fair value of the corporate debt securities below their amortized cost basis is related to credit losses or other factors. Based on this evaluation, we determined that unrealized losses of the above securities were primarily attributable to changes in interest rates and non-credit related factors. Accordingly, we determined that an allowance for credit losses was unnecessary for our short-term investments as of April 30, 2026 and July 31, 2025.

As of April 30, 2026 and July 31, 2025, we recorded $26.6 million and $17.9 million, respectively, of accrued interest receivable within prepaid expenses and other current assets in the condensed consolidated balance sheets.

Strategic Investments

Our strategic investments consist primarily of non-marketable equity securities of privately held companies, which do not have a readily determinable fair value. As of April 30, 2026 and July 31, 2025, the carrying amount of our strategic investments was $14.2 million and $10.6 million, respectively, and is included within other noncurrent assets in the condensed consolidated balance sheets. There were no material events or circumstances impacting their carrying amounts during the periods presented.