v3.26.1
Fair Value Measurements
 6 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2026 (in thousands):
Level 1
Level 2
Total
Assets
Cash equivalents:
Money market funds$556,885 $— $556,885 
Short-term investments:
Certificates of deposit— 27,685 27,685 
Asset-backed securities— 134,285 134,285 
Corporate notes and bonds— 3,348,144 3,348,144 
Foreign government bonds— 223,136 223,136 
Municipal securities— 34,817 34,817 
U.S. agency obligations— 1,498 1,498 
U.S. Treasury securities— 1,661,370 1,661,370 
Foreign currency derivative contracts— 7 7 
Total financial assets$556,885 $5,430,942 $5,987,827 
Liabilities
Foreign currency derivative contracts$— $(1,288)$(1,288)
Total financial liabilities$— $(1,288)$(1,288)
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2026 (in thousands):
Level 1
Level 2
Total
Assets
Cash equivalents:
Money market funds$286,504 $— $286,504 
U.S. Treasury securities— 2,611 2,611 
Short-term investments:
Certificates of deposit— 27,690 27,690 
Asset-backed securities— 261,917 261,917 
Commercial paper— 75,375 75,375 
Corporate notes and bonds— 3,154,559 3,154,559 
Foreign government bonds— 233,401 233,401 
Municipal securities
— 37,453 37,453 
U.S. agency obligations— 11,720 11,720 
U.S. Treasury securities— 1,337,466 1,337,466 
Foreign currency derivative contracts— 822 822 
Total financial assets$286,504 $5,143,014 $5,429,518 
Liabilities
Foreign currency derivative contracts$— $(3,187)$(3,187)
Total financial liabilities$— $(3,187)$(3,187)
We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs).
Balance Sheet Hedges
We enter into foreign currency forward contracts in order to hedge our foreign currency exposure. These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore, we account for them at fair value with changes in the fair value recorded as a component of other income, net in our condensed consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities.
In the three months ended July 31, 2026 and 2025, there was a net realized and unrealized foreign currency gain on hedging of $2 million and $1 million, respectively. In the six months ended July 31, 2026, there was a net realized and unrealized foreign currency gain on hedging of $3 million. In the six months ended July 31, 2025, there was a net realized and unrealized foreign currency loss on hedging of $6 million.
The fair value of our outstanding derivative instruments is summarized below (in thousands): 
July 31, 2026January 31, 2026
Notional amount of foreign currency derivative contracts$116,037 $354,696 
Fair value of foreign currency derivative contracts$117,332 $356,320