v3.26.1
Fair Value Measurements
 9 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Our money market funds are classified within Level I due to the highly liquid nature of these assets and have quoted prices in active markets. Our investments in U.S. treasury securities, U.S. government agency securities, Non-U.S. government securities, certificates of deposit, corporate debt securities, asset-backed securities, as well as assets and liabilities arising from our foreign currency forward contracts and interest rate swap contracts, are classified within Level II. The fair value of our Level II financial assets and liabilities is determined by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments, for substantially the full term of the financial assets and liabilities.
Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of April 30, 2026:
Level ILevel IILevel III
Fair Value
Quoted Prices
in Active
Markets for
Identical Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Cash equivalents:(in thousands)
Money market funds$788,013 $788,013 $— $— 
Certificates of deposit47,729 — 47,729 — 
Total cash equivalents$835,742 $788,013 $47,729 $— 
Short-term investments:
U.S. treasury securities$439,900 $— $439,900 $— 
U.S. government agency securities54,690 — 54,690 — 
Corporate debt securities1,744,709 — 1,744,709 — 
Certificates of deposit95,051 — 95,051 — 
Asset-backed securities217,635 — 217,635 — 
Non-U.S. government securities5,010 — 5,010 — 
Total short-term investments$2,556,995 $— $2,556,995 $— 
Total cash equivalents and short-term investments$3,392,737 $788,013 $2,604,724 $— 
Designated derivative instruments:
Foreign currency contracts assets-current (1)
$14,199 $— $14,199 $— 
Foreign currency contracts assets-noncurrent (2)
$1,969 $— $1,969 $— 
Foreign currency contracts liabilities-current (3)
$13,784 $— $13,784 $— 
Foreign currency contracts liabilities-noncurrent (4)
$3,943 $— $3,943 $— 
Interest rate contracts liabilities-current (3)
$2,287 $— $2,287 $— 
Interest rate contracts liabilities-noncurrent (4)
$4,692 $— $4,692 $— 
Non-designated derivative instruments:
Foreign currency contracts assets-current (1)
$3,987 $— $3,987 $— 
Foreign currency contracts liabilities-current (3)
$2,573 $— $2,573 $— 
(1) Included within prepaid expenses and other current assets in the condensed consolidated balance sheets.
(2) Included within other noncurrent assets in the condensed consolidated balance sheets.
(3) Included within accrued expenses and other current liabilities in the condensed consolidated balance sheets.
(4) Included within other noncurrent liabilities in the condensed consolidated balance sheets.
Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2025:
Level ILevel IILevel III
Fair Value
Quoted Prices
in Active
Markets for
Identical Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Cash equivalents:(in thousands)
Money market funds$1,403,678 $1,403,678 $— $— 
Corporate debt securities8,468 — 8,468 — 
Certificates of deposit131,463 — 131,463 — 
Total cash equivalents$1,543,609 $1,403,678 $139,931 $— 
Short-term investments:
U.S. treasury securities$230,999 $— $230,999 $— 
U.S. government agency securities74,992 — 74,992 — 
Corporate debt securities877,395 — 877,395 — 
Total short-term investments$1,183,386 $— $1,183,386 $— 
Total cash equivalents and short-term investments$2,726,995 $1,403,678 $1,323,317 $— 
Designated derivative instruments:
Foreign currency contracts assets-current (1)
$10,713 $— $10,713 $— 
Foreign currency contract assets-noncurrent (2)
$3,705 $— $3,705 $— 
Foreign currency contracts liabilities-current (3)
$4,006 $— $4,006 $— 
Foreign currency contracts liabilities-noncurrent (4)
$1,319 $— $1,319 $— 
Non-designated derivative instruments:
Foreign currency contracts assets-current (1)
$5,115 $— $5,115 $— 
Foreign currency contracts liabilities-current (3)
$3,956 $— $3,956 $— 
(1) Included within prepaid expenses and other current assets in the consolidated balance sheets.
(2) Included within other noncurrent assets in the consolidated balance sheets.
(3) Included within accrued expenses and other current liabilities in the consolidated balance sheets.
(4) Included within other noncurrent liabilities in the consolidated balance sheets.
We did not have transfers between levels of the fair value hierarchy of assets measured at fair value during the periods presented.
Refer to Note 10, Convertible Senior Notes, for the carrying amount and estimated fair value of our convertible senior notes as of April 30, 2026 and July 31, 2025.