v3.26.1
Investments
 6 Months Ended
Jul. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities
As of July 31, 2026, debt securities consisted of the following (in millions):
Amortized CostGross Unrealized GainsGross Unrealized LossesAggregate Fair Value
U.S. treasury securities$758 $0 $(2)$756 
U.S. agency obligations125 0 0 125 
Corporate bonds1,693 3 (8)1,688 
Asset-backed securities145 0 0 145 
Supranational securities28 0 0 28 
Total debt securities$2,749 $3 $(10)$2,742 
Included in Cash and cash equivalents$0 $0 $0 $0 
Included in Marketable securities$2,749 $3 $(10)$2,742 
As of January 31, 2026, debt securities consisted of the following (in millions):
Amortized CostGross Unrealized GainsGross Unrealized LossesAggregate Fair Value
U.S. treasury securities$1,820 $11 $0 $1,831 
U.S. agency obligations265 1 0 266 
Corporate bonds1,874 22 0 1,896 
Commercial paper164 0 0 164 
Asset-backed securities155 2 0 157 
Supranational securities26 0 0 26 
Total debt securities$4,304 $36 $0 $4,340 
Included in Cash and cash equivalents$398 $0 $0 $398 
Included in Marketable securities$3,906 $36 $0 $3,942 
The following table presents the fair values of debt securities as of July 31, 2026, by remaining contractual maturity (in millions). Actual maturities may differ from contractual maturities because borrowers may have certain prepayment conditions.
Due within 1 year$698 
Due 1 year through 5 years2,010 
Due 5 years through 10 years
19 
Due after 10 years
15 
Total debt securities$2,742 
We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.
Interest receivable of $24 million and $33 million was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of July 31, 2026, and January 31, 2026, respectively.
As of July 31, 2026, and January 31, 2026, unrealized losses on our debt securities were not material. We did not recognize any credit losses related to our debt securities during the periods presented.
We sold $824 million and $265 million of debt securities during the six months ended July 31, 2026, and 2025, respectively. The corresponding realized gains and losses from the sales were not material
Equity Investments
Equity investments consisted of the following (in millions):
Condensed Consolidated Balance Sheets LocationJuly 31, 2026January 31, 2026
Money market funds Cash and cash equivalents$382 $694 
Non-marketable equity investments measured using the measurement alternative Other assets231 230 
Total equity investments$613 $924 
Non-Marketable Equity Investments Measured Using the Measurement Alternative
Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in millions):
July 31, 2026January 31, 2026
Total initial cost$210 $205 
Cumulative net unrealized gains21 25 
Carrying value$231 $230 
During the three and six months ended July 31, 2026, and 2025, there were no material gains or losses recorded on our non-marketable equity investments.