v3.26.1
Equity (Tables)
 3 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Reserved For Future Issuance
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 
Class of Treasury Stock
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.
Option Activity Rollforward
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 
Schedule of Unvested RSU Rollforward
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.
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 
Schedule of Unvested RSA Rollforward
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 
Valuation Assumptions Other Than Stock Options Schedule 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—%—%
Schedule of Valuation Assumptions, Liability-Classified Performance Shares
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%
Share-based Compensation Schedule
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