v3.26.1
Stock-Based Compensation
 9 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plan
Equity incentive awards which may be granted to eligible participants under our Amended and Restated FY 2018 Equity Incentive Plan include restricted stock units, restricted stock, stock options, nonstatutory stock options, stock appreciation rights, performance units and performance shares.
Stock Options
The activity of stock options for the nine months ended April 30, 2026 consisted of the following:
Outstanding
Stock
Options		Weighted-Average
Exercise
Price		Weighted-Average
Remaining
Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in thousands, except per share amounts and years)
Balance as of July 31, 2025177 $220.95 7.8$11,854 
Granted— $— 
Exercised(27)$152.99 $3,679 
Canceled, forfeited or expired— $— 
Balance as of April 30, 2026150 $232.74 8.4$12 
Exercisable and expected to vest as of July 31, 202547 $172.65 3.8$5,304 
Exercisable and expected to vest as of April 30, 202650 $200.64 8.0$12 
The total intrinsic value of options exercised for the nine months ended April 30, 2026 and 2025 was $3.7 million and $59.3 million, respectively. The weighted-average grant date fair value per share of stock options granted in the nine months ended April 30, 2025 was $118.81.
We estimate the fair value of stock options using the Black-Scholes option pricing model with the following assumptions:

Nine Months Ended April 30, 2025
Expected term (in years)6.0
Expected stock price volatility57.7%
Risk-free interest rate4.1%
Dividend yield—%

There were no stock options granted during nine months ended April 30, 2026.

Restricted Stock Units and Performance Stock Awards
The activity of restricted stock units ("RSUs") and performance stock awards ("PSAs") consisted of the following for the nine months ended April 30, 2026:
Underlying SharesWeighted-Average Grant Date Fair ValueAggregate
Intrinsic Value
(in thousands, except per share data)
Balance as of July 31, 20259,444 $175.55 $2,697,026 
Granted4,381 $243.37 
Vested(2,917)$183.52 $657,872 
Canceled or forfeited(1,313)$175.67 
Balance as of April 30, 20269,595 $204.08 $1,253,894 
Employee Stock Purchase Plan
In fiscal 2018, we adopted the FY 2018 Employee Stock Purchase Plan (the "ESPP"). During the nine months ended April 30, 2026, employees purchased 0.1 million shares of our common stock under the ESPP at an average purchase price of $175.05 per share, resulting in cash proceeds of $21.5 million. ESPP employee payroll contributions accrued as of April 30, 2026 and July 31, 2025, were $39.3 million and $9.4 million, respectively, and are included within accrued compensation in the condensed consolidated balance sheets. Payroll contributions accrued as of April 30, 2026 will be used to purchase shares at the end of the current ESPP purchase period ending on June 15, 2026. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date.
The fair value of the purchase right for the ESPP was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:
Nine Months Ended April 30,
20262025
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
Expected stock price volatility
36.4% - 42.7%
43.6% - 47.6%
Risk-free interest rate
3.5% - 3.6%
4.2% - 4.3%
Dividend yield
—%
—%
Stock-based Compensation Expense
The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following:
Three Months Ended April 30,Nine Months Ended April 30,
2026202520262025
(in thousands)
Cost of revenue$21,223 $17,543 $63,898 $49,963 
Sales and marketing69,293 60,419 217,497 191,553 
Research and development85,951 60,615 243,083 183,185 
General and administrative28,719 20,824 85,854 63,995 
Total$205,186 $159,401 $610,332 $488,696 
During the three months ended April 30, 2026 and 2025, we capitalized stock-based compensation primarily associated with the development of software for internal-use of $10.4 million and $9.7 million, respectively. During the nine months ended April 30, 2026 and 2025, the amount capitalized was $29.8 million and $34.4 million, respectively.