| Short-Term Investments |
Short-Term Investments As of April 30, 2026, short-term investments consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | Available-for-sale securities: | | | | | | | | Certificates of deposit | $ | 27,710 | | | $ | — | | | $ | (41) | | | $ | 27,669 | | | Asset-backed securities | 204,923 | | | 1,091 | | | (48) | | | 205,966 | | | Commercial paper | 44,755 | | | 1 | | | (3) | | | 44,753 | | | Corporate notes and bonds | 3,293,436 | | | 7,838 | | | (11,568) | | | 3,289,706 | | | Foreign government bonds | 219,830 | | | 511 | | | (645) | | | 219,696 | | Municipal securities | 41,453 | | | 75 | | | (72) | | | 41,456 | | | U.S. agency obligations | 1,484 | | | 4 | | | — | | | 1,488 | | | U.S. treasury securities | 1,590,298 | | | 1,070 | | | (5,963) | | | 1,585,405 | | | Total available-for-sale securities | $ | 5,423,889 | | | $ | 10,590 | | | $ | (18,340) | | | $ | 5,416,139 | | | | | | | | | |
As of January 31, 2026, short-term investments consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | Available-for-sale securities: | | | | | | | | Certificates of deposit | $ | 27,710 | | | $ | — | | | $ | (20) | | | $ | 27,690 | | | Asset-backed securities | 260,136 | | | 1,912 | | | (131) | | | 261,917 | | | Commercial paper | 75,367 | | | 8 | | | — | | | 75,375 | | | Corporate notes and bonds | 3,133,825 | | | 21,684 | | | (950) | | | 3,154,559 | | | Foreign government bonds | 232,271 | | | 1,206 | | | (76) | | | 233,401 | | Municipal securities | 37,231 | | | 222 | | | — | | | 37,453 | | | U.S. agency obligations | 11,699 | | | 21 | | | — | | | 11,720 | | | U.S. treasury securities | 1,332,382 | | | 5,443 | | | (359) | | | 1,337,466 | | | Total available-for-sale securities | $ | 5,110,621 | | | $ | 30,496 | | | $ | (1,536) | | | $ | 5,139,581 | | | | | | | | | |
The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands): | | | | | | | | | | | | | | | April 30, 2026 | | January 31, 2026 | | Due in one year or less | $ | 1,152,147 | | | $ | 1,025,871 | | | Due in greater than one year | 4,263,992 | | | 4,113,710 | | | Total | $ | 5,416,139 | | | $ | 5,139,581 | | | | | |
We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. It is more likely than not we will hold such securities until maturity or a recovery of the cost basis. The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of April 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or greater | | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | Certificates of deposit | $ | 27,669 | | | $ | (41) | | | $ | — | | | $ | — | | | Asset-backed securities | — | | | — | | | 622 | | | (48) | | | Commercial paper | 34,796 | | | (3) | | | — | | | — | | | Corporate notes and bonds | 1,604,542 | | | (11,568) | | | — | | | — | | | Foreign government bonds | 111,351 | | | (636) | | | 8,048 | | | (10) | | | Municipal securities | 11,005 | | | (72) | | | — | | | — | | | | | | | | | | | U.S. treasury securities | 1,248,962 | | | (5,962) | | | — | | | — | | Total | $ | 3,038,325 | | | $ | (18,282) | | | $ | 8,670 | | | $ | (58) | | | | | | | | | |
The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or greater | | Fair value | | Gross unrealized losses | | Fair Value | | Gross unrealized losses | | | | | | | | | Certificates of deposit | $ | 27,690 | | | $ | (20) | | | $ | — | | | $ | — | | | Asset-backed securities | 4,091 | | | (80) | | | 1,090 | | | (51) | | | Commercial paper | 9,960 | | | (1) | | | — | | | — | | | Corporate notes and bonds | 425,464 | | | (950) | | | — | | | — | | | Foreign government bonds | 69,877 | | | (68) | | | 8,049 | | | (8) | | Municipal securities | 580 | | | — | | | — | | | — | | | U.S. treasury securities | 140,204 | | | (358) | | | — | | | — | | Total | $ | 677,866 | | | $ | (1,477) | | | $ | 9,139 | | | $ | (59) | | | | | | | | | | | | | | | | | | | | | | | | | |
|