v3.26.1
Equity
 3 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Common Stock—On July 3, 2025, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware effecting (i) the elimination of the Company’s Class B common stock, and (ii) the renaming of the Company’s Class A common stock to “common stock”. Upon the effectiveness of the certificate, the Company’s total number of authorized shares of Class B common stock was reduced from 185.5 million shares to zero. Holders of common stock are entitled to one vote per share on all matters subject to a stockholder vote. This amendment had no impact on the Company’s issued and outstanding shares, additional paid-in capital, or accumulated deficit. Unless otherwise noted, all references herein to the Company’s common stock refer to the Class A common stock prior to the effectiveness of the certificate.

The Company had reserved shares of common stock for future issuance under the Company’s equity incentive plans as follows (in thousands):

April 30, 2026January 31, 2026
2012 Equity Incentive Plan:
Options outstanding11,442 12,274 
2020 Equity Incentive Plan:
Options outstanding1,492 1,492 
Restricted stock units outstanding25,988 21,537 
Shares available for future grants89,791 78,590 
2020 Employee Stock Purchase Plan:
Shares available for future grants21,961 18,967 
Total
150,674 132,860 

Stock Repurchase Program and Treasury Stock—In February 2023, the Company’s board of directors authorized a stock repurchase program of up to $2.0 billion of the Company’s outstanding common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. In August 2024, the Company’s board of directors authorized the repurchase of an additional $2.5 billion of its outstanding common stock and extended the expiration date of the stock repurchase program from March 2025 to March 2027.
The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):

Three Months Ended April 30,
20262025
Number of shares repurchased1,676 3,214 
Weighted-average price per share(1)
$178.95 $152.63 
Aggregate purchase price(1)
$299,999 $490,590 
________________
(1)Excludes transaction costs and excise tax, if any, associated with the repurchases.
All repurchases presented in the table above were made in open market transactions. As of April 30, 2026, approximately $802.7 million remained available for future stock repurchases under the stock repurchase program (exclusive of any transaction costs associated with repurchases). The first 0.5 million shares repurchased under the Company’s authorized stock repurchased program were recorded in treasury stock as a reduction to the stockholders’ equity on the condensed consolidated balance sheets. All shares of common stock subsequently repurchased were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price (including associated transaction costs) over par value was recorded entirely to accumulated deficit on the condensed consolidated balance sheets.

Equity Incentive Plans—The Company’s 2020 Equity Incentive Plan (2020 Plan) provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan.

The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the Company’s initial public offering (IPO) but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan. There were no outstanding RSUs under the 2012 Plan as of each of April 30, 2026 and January 31, 2026.

The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP) authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on the first trading day immediately after the last day of the prior offering period, typically around March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021.

On February 1, 2026, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 17.2 million shares and 3.4 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP.
Stock Options—Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant.

A summary of stock option activity during the three months ended April 30, 2026 is as follows:

Number of Options Outstanding
(in thousands)		Weighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Life
(in years)		Aggregate
Intrinsic Value
(in thousands)
Balance—January 31, 2026
13,766 $26.56 3.1$2,294,028 
Exercised(832)$7.83 
Balance—April 30, 2026
12,934 $27.76 2.9$1,466,097 
Vested and expected to vest as of April 30, 2026
12,934 $27.76 2.9$1,466,097 
Exercisable as of April 30, 2026
12,351 $21.36 2.8$1,466,097 

No options were granted during the three months ended April 30, 2026 and 2025. The intrinsic value of options exercised in the three months ended April 30, 2026 and 2025 was $127.2 million and $129.5 million, respectively. The aggregate grant-date fair value of options that vested during the three months ended April 30, 2026 and 2025 was $6.2 million and $7.7 million, respectively.

Equity-Classified RSUs—Equity-classified RSUs granted under the 2020 Plan generally contain a service-based vesting condition that is typically satisfied over four years, and the related stock-based compensation for these RSUs is recognized on a straight-line basis over the requisite service period. In addition, under the 2020 Plan, the Company grants equity-classified RSUs that have both service-based and performance-based vesting conditions (Leadership PRSUs) to its executive officers and certain other members of its senior leadership team. Stock-based compensation associated with these Leadership PRSUs is recognized using an accelerated attribution method over the requisite service period, based on the Company’s periodic assessment of the probability that the performance condition will be achieved.

During the three months ended April 30, 2026, the Company awarded 0.6 million Leadership PRSUs at 200% of the target number of these awards (Fiscal 2027 Leadership PRSUs), representing the maximum number of Fiscal 2027 Leadership PRSUs that may be eligible to vest, with the ultimate number of Fiscal 2027 Leadership PRSUs eligible to vest ranging between 0% to 200% of the target number of these awards. Attainment of the Fiscal 2027 Leadership PRSUs is based on the cumulative performance achievement across certain Company performance metrics over three one-year performance periods. The annual performance targets for such Company performance metrics are set by the compensation committee of the Company’s board of directors. Achievement of the Company performance metrics for each one-year performance period is determined following the end of the respective fiscal year, and the associated portion of the Fiscal 2027 Leadership PRSUs that becomes eligible to vest is determined based on weighted attainment across such performance metrics. The service-based vesting condition for the achieved awards is satisfied over a cliff vesting period of three years. As of April 30, 2026, the performance targets for 0.1 million of the Fiscal 2027 Leadership PRSUs were not yet set by the compensation committee of the Company’s board of directors and therefore were not considered granted for accounting purposes under Accounting Standards Codification (ASC) 718, Compensation—Stock Compensation.

During each of fiscal 2024, 2025, and 2026, the Company awarded 1.7 million Leadership PRSUs at 120% of the target number of these awards (Pre-Fiscal 2027 Leadership PRSUs), representing the maximum number of the Pre-Fiscal 2027 Leadership PRSUs that may be eligible to vest over their respective full term. The service-based vesting condition for these Pre-Fiscal 2027 Leadership PRSUs is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition was satisfied upon the achievement of certain Company annual performance targets set by the compensation committee of the Company’s board of directors. The ultimate number of these Pre-Fiscal 2027 Leadership PRSUs eligible to vest, ranging between 0% to 120% of the target number of these awards, was determined based on the weighted-average achievement of such Company annual performance metrics for the respective fiscal year.

Stock-based compensation recognized for the Leadership PRSUs was $8.2 million and $13.8 million for the three months ended April 30, 2026 and 2025, respectively.
A summary of equity-classified RSUs activity during the three months ended April 30, 2026 is as follows:

Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2026
20,071 $162.66 
Granted(1)
8,104 $167.23 
Vested(2,348)$159.65 
Forfeited(1,323)$157.80 
Performance adjustment(2)
(69)$143.91 
Unvested Balance—April 30, 2026
24,435 $164.78 
________________
(1)Excludes 0.1 million Fiscal 2027 Leadership PRSUs awarded but not considered granted for accounting purposes under ASC 718, Compensation—Stock Compensation as of April 30, 2026, as the associated performance targets were not yet set.
(2)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during fiscal 2026, based on the actual achievement of the associated Company annual performance targets for fiscal 2026.

Liability-Classified RSUs—In connection with a fiscal 2024 business combination, the Company agreed to grant, under the 2020 Plan, RSUs that contain both post-combination service-based and performance-based vesting conditions (Acquisition PRSUs) to eligible existing or future employees, subject to a maximum total number of approximately 1.7 million shares. The post-combination service-based vesting condition for these Acquisition PRSUs is satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is contingent on the achievement of certain performance metric over the 12-month period ending January 31, 2027. Acquisition PRSUs will vest when both service-based and performance-based conditions are satisfied. The ultimate number of Acquisition PRSUs eligible to vest is determined based on the actual achievement of the performance metric, which takes into account certain factors including the Company’s stock price and market capitalization.

Once granted, Acquisition PRSUs are initially liability-classified and recorded in other liabilities on the Company’s condensed consolidated balance sheets, as the monetary value of the obligation under each potential outcome of the performance condition is predominantly based on a fixed monetary amount known at inception and will be settled in a variable number of shares. Subsequently, these awards are remeasured to the fair value at each reporting date until the number of Acquisition PRSUs eligible to vest is fixed, at which time these awards will be reclassified to equity. Stock-based compensation associated with these awards is recognized based on the probable outcome of the performance condition, using an accelerated attribution method over the requisite service period, with a cumulative catch-up adjustment recognized for changes in the fair value estimated at each reporting date. The liabilities associated with these Acquisition PRSUs were not material as of each of April 30, 2026 and January 31, 2026.

A summary of liability-classified RSUs activity during the three months ended April 30, 2026 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2026
1,466 
Forfeited(31)
Unvested Balance—April 30, 2026
1,435 
Restricted Common Stock—In connection with business combinations, the Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests.

A summary of restricted common stock activity during the three months ended April 30, 2026 is as follows:

Outside of the Plans
Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2026
516 $182.07 
Granted43 $190.68 
Vested(25)$197.82 
Unvested Balance—April 30, 2026
534 $182.01 

Stock-Based Compensation—The following table summarizes the assumptions used in estimating the fair values of employee stock purchase rights granted under the 2020 ESPP (ESPP Rights) during the three months ended April 30, 2026 and 2025:

Three Months Ended April 30,
20262025
Expected term (in years)0.50.5
Expected volatility52.8%54.1%
Risk-free interest rate3.7%4.3%
Expected dividend yield—%—%

Expected term—The expected term for ESPP Rights approximates the offering period.

Expected volatility—The Company uses the average of (i) the historical volatility of its common stock, and (ii) the implied volatility from publicly traded options on its common stock to develop an expected volatility assumption.

Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of ESPP Rights in effect at the time of grant.

Expected dividend yield—Because the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero.

Fair value of underlying common stock—The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange.

The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of April 30, 2026 and January 31, 2026:

April 30, 2026January 31, 2026
Expected volatility59.0%50.0%
Risk-free interest rate3.7%3.5%

Expected volatility—The Company uses the average of (i) the historical volatility of its common stock, and (ii) the implied volatility from publicly traded options on its common stock to develop an expected volatility assumption.

Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term that approximates the period from the reporting date to January 31, 2027.
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended April 30,
20262025
Cost of revenue$33,780 $33,815 
Sales and marketing98,009 87,516 
Research and development237,752 220,913 
General and administrative32,929 37,216 
Total stock-based compensation$402,470 $379,460 

Capitalized stock-based compensation was not material for the three months ended April 30, 2026 and 2025, respectively. As of April 30, 2026, total compensation cost related to unvested awards not yet recognized was approximately $3.8 billion, which will be recognized over a weighted-average period of 2.9 years.