v3.26.1
Cash, Cash Equivalents and Marketable Securities
 3 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Marketable Securities Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consisted of the following (in thousands):
June 30, 2026March 31, 2026
Cash and cash equivalents
Cash$77,088 $44,526 
Money market funds1,171,368 1,374,706 
Total cash and cash equivalents$1,248,456 $1,419,232 
Marketable securities
U.S. Treasury securities$1,888,731 $2,124,179 
Corporate bonds704,895 748,422 
Total marketable securities, available-for-sale$2,593,626 $2,872,601 
Total cash, cash equivalents and marketable securities$3,842,082 $4,291,833 
The following table summarizes the unrealized positions for the Company’s marketable securities (in thousands):
As of June 30, 2026
Amortized Cost(1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
U.S. Treasury securities$1,892,411 $25 $(3,705)$1,888,731 
Corporate bonds707,757 — (2,862)704,895 
Total marketable securities, available-for-sale$2,600,168 $25 $(6,567)$2,593,626 
As of March 31, 2026
Amortized Cost(1)
Gross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
U.S. Treasury securities$2,125,053 $538 $(1,412)$2,124,179 
Corporate bonds751,103 — (2,681)748,422 
Total marketable securities, available-for-sale$2,876,156 $538 $(4,093)$2,872,601 
(1)Excludes $21.6 million and $19.6 million of accrued interest receivable as of June 30, 2026 and March 31, 2026, respectively, which is included in “Other current assets” on the condensed consolidated balance sheets.
As of June 30, 2026, 125 available-for-sale marketable securities with a fair value of $2,279.3 million were in a gross unrealized loss position of $6.6 million. As of March 31, 2026, 129 available-for-sale marketable securities with a fair value of $1,999.6 million were in a gross unrealized loss position of $4.1 million. All marketable securities with unrealized losses had been in a loss position for less than twelve months as of June 30, 2026 and March 31, 2026. The Company does not intend to sell, and is not required to sell, these securities that are in an unrealized loss position before the recovery of their amortized cost basis.
The Company classified its marketable securities as Level 2 measurements within the fair value hierarchy. The estimated fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):
June 30, 2026March 31, 2026
Due within one year$1,644,641 $2,145,345 
Due after one year but within five years948,985 727,256 
Total estimated fair value of available-for-sale securities$2,593,626 $2,872,601