Fair Value of Financial Instruments (Tables)

9 Months Ended

Apr. 30, 2026

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):


	April 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	85,115	$	59	$	(99)	$	85,075
Certificates of deposit	56,450		—		—		56,450
Commercial paper	57,607		—		—		57,607
Corporate bonds	468,898		631		(651)		468,878
Foreign government bonds	1,820		—		—		1,820
Money market funds	162,494		—		—		162,494
U.S. Government agency securities	86,182		20		(155)		86,047
U.S. Government bonds	97,273		37		(272)		97,038
Total	$	1,015,839	$	747	$	(1,177)	$	1,015,410


	July 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	69,405	$	69	$	(17)	$	69,457
Certificates of deposit	80,970		—		—		80,970
Commercial paper	130,628		—		—		130,628
Corporate bonds	424,791		545		(138)		425,198
Foreign government bonds	1,820		11		—		1,831
Money market funds	488,854		—		—		488,854
U.S. Government agency securities	66,184		15		(70)		66,129
U.S. Government bonds	64,187		36		(39)		64,184
Total	$	1,326,839	$	676	$	(264)	$	1,327,251

Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):


	April 30, 2026
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	14,715	$	70,360	$	85,075
Certificates of deposit	56,450		—		56,450
Commercial paper	57,607		—		57,607
Corporate bonds	279,650		189,228		468,878
Foreign government bonds	1,820		—		1,820
Money market funds	162,494		—		162,494
U.S. Government agency securities	7,969		78,078		86,047
U.S. Government bonds	37,437		59,601		97,038


Total	$	618,142	$	397,267	$	1,015,410

Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):


	April 30, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	749	$	—	$	749

Money market funds	162,494		—		—		162,494
Total cash equivalents	162,494		749		—		163,243
Short-term investments:
Asset-backed securities	—		14,715		—		14,715
Certificates of deposit	—		56,450		—		56,450
Commercial paper	—		56,858		—		56,858
Corporate bonds	—		279,650		—		279,650
Foreign government bonds	—		1,820		—		1,820
U.S. Government agency securities	—		7,969		—		7,969
U.S. Government bonds	—		37,437		—		37,437

Total short-term investments	—		454,900		—		454,900
Long-term investments:
Asset-backed securities	—		70,360		—		70,360
Corporate bonds	—		189,228		—		189,228

U.S. Government agency securities	—		78,078		—		78,078
U.S. Government bonds	—		59,601		—		59,601
Total long-term investments	—		397,267		—		397,267
Total	$	162,494	$	852,916	$	—	$	1,015,410


	July 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	53,102	$	—	$	53,102
Money market funds	488,854		—		—		488,854
Total cash equivalents	488,854		53,102		—		541,956
Short-term investments:
Asset-backed securities	—		11,393		—		11,393
Certificates of deposit	—		80,970		—		80,970
Commercial paper	—		77,526		—		77,526
Corporate bonds	—		220,890		—		220,890
Foreign government bonds	—		1,831		—		1,831
U.S. Government agency securities	—		13,188		—		13,188
U.S. Government bonds	—		45,743		—		45,743
Total short-term investments	—		451,541		—		451,541
Long-term investments:
Asset-backed securities	—		58,064		—		58,064
Corporate bonds	—		204,308		—		204,308
U.S. Government agency securities	—		52,941		—		52,941
U.S. Government bonds	—		18,441		—		18,441
Total long-term investments	—		333,754		—		333,754
Total	$	488,854	$	838,397	$	—	$	1,327,251

Unrealized Gain (Loss) on Investments

The following table summarizes the unrealized and realized gains (losses) on strategic investments (in thousands):


	Three Months Ended				Nine Months Ended
	April 30,				April 30,
	2026		2025		2026		2025
Unrealized gains (losses), net, recognized on privately held equity securities measured using net asset value	$	(13)	$	(103)	$	(58)	$	(341)
Unrealized gains (losses) recognized on strategic investments using the measurement alternative	611		—		611		—


Unrealized gains (losses), net	599		(103)		554		(341)
Realized gains (losses), net on sales of strategic investments	632		—		632		3,671
Gains (losses) on strategic investments, net	$	1,231	$	(103)	$	1,186	$	3,330

Equity Method Investments

The following table summarizes the carrying amount of the Company’s strategic investments (in thousands):


	April 30, 2026		July 31, 2025
Equity investments using the measurement alternative	$	33,315	$	18,263
Equity investment using net asset value	$	1,724	$	1,781