Investments and Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2026

Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):


	April 30, 2026								January 31, 2026
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets
Cash equivalents(1)
Money market funds	$	910,070	$	—	$	—	$	910,070	$	1,407,062	$	—	$	—	$	1,407,062

U.S. Treasury securities	—		795,315		—		795,315		—		598,398		—		598,398


Other assets
Deferred compensation investments	15,529		—		—		15,529		12,710		—		—		12,710

Total assets	$	925,599	$	795,315	$	—	$	1,720,914	$	1,419,772	$	598,398	$	—	$	2,018,170

(1)Cash equivalents exclude $1.4 billion of time deposits, which are carried at cost and approximate fair value as of April 30, 2026.

Schedule of Privately Held Equity Securities and Gains and Losses on Strategic Investments

The Company’s investments of privately held securities as of April 30, 2026, consisted of the following (in thousands):


	Privately held equity securities
Initial total cost	$	64,438
Cumulative net gains	1,825
Carrying amount, end of period	$	66,263

The Company’s investments of privately held securities as of January 31, 2026, consisted of the following (in thousands):


	Privately held equity securities
Initial total cost	$	75,007
Cumulative net gains	1,825
Carrying amount, end of period	$	76,832

The components of gains and losses on strategic investments were as follows (in thousands):


	Three Months Ended April 30,
	2026		2025

Unrealized losses recognized on privately held equity securities, including impairment	$	—	$	(1,579)
Unrealized losses	$	—	$	(1,579)

Realized gains recognized on sales of privately held equity securities	$	36,362	$	—

Realized gains	$	36,362	$	—
Gains (losses) on strategic investments, net	$	36,362	$	(1,579)

Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date	$	—	$	(1,579)