v3.26.1
Stockholders' Equity
 6 Months Ended
Jul. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
As of July 31, 2026, we had 161,834,760 shares of common stock outstanding.
Stock Option Activity
A summary of stock option activity for the six months ended July 31, 2026 is as follows: 
Number
of shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term (in years)
Aggregate
intrinsic
value (in millions)
Options outstanding at January 31, 202615,134,876 $181.99 6.3$523 
Options granted128,705 $174.30 
Options exercised(105,992)$161.73 
Options forfeited/cancelled(235,140)$213.64 
Options outstanding at July 31, 202614,922,449 $181.57 5.7$521 
Options vested and exercisable at July 31, 20269,464,222 $159.94 4.5$503 
Options vested and exercisable at July 31, 2026 and expected to vest thereafter14,922,449 $181.57 5.7$521 
As of July 31, 2026, there was $312 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.0 years. The grant-date fair value of options vested was $267 million and $138 million for the six months ended July 31, 2026 and 2025, respectively.
The weighted average grant-date fair value of options granted was $79.05 and $97.28 per option for the six months ended July 31, 2026 and 2025, respectively. The total intrinsic value of options exercised was approximately $3 million and $80 million for the six months ended July 31, 2026 and 2025, respectively.
Stock Option Valuation Assumptions
The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:
Three months ended July 31,Six months ended July 31,
2026202520262025
Volatility38%-40%39%-40%38%-40%39%-40%
Expected term (in years)6.36.36.36.3-7.0
Risk-free interest rate4.3%-4.4%4.0%-4.2%3.7%-4.4%3.8%-4.4%
Dividend yield—%—%—%—%
Restricted Stock Units (“RSUs”)
A summary of RSU activity for the six months ended July 31, 2026 is as follows:
Unreleased restricted
stock units
Weighted 
average grant
date fair value
Balance at January 31, 2026890,056 $211.42 
RSUs granted3,962,556 $173.46 
RSUs vested(989,867)$199.81 
RSUs forfeited/cancelled(90,871)$179.21 
Balance at July 31, 20263,771,874 $175.36 
As of July 31, 2026, there was a total of $581 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 2.7 years. The total fair
value of RSUs vested was $175 million and $126 million for the six months ended July 31, 2026 and 2025, respectively.
The RSUs granted during the six months ended July 31, 2026 primarily consisted of awards made in connection with our annual compensation review cycle that vest over one year or at the completion of four years. The weighted average grant-date fair value of RSUs granted was $173.46 and $215.98 per award for the six months ended July 31, 2026 and 2025, respectively.
In April 2026, we transitioned our long-term equity incentive for employees (excluding our CEO) from annual stock option grants to RSUs that generally cliff-vest after four years of continuous service (each a “Long-Term Grant"). Long-Term Grants are generally not expected to be annually recurring, and eligible employees are generally expected to be limited to a single Long-Term Grant at any point in time.
Share Repurchase Program
In January 2026, our board of directors authorized a share repurchase program of up to $2 billion of our outstanding shares of common stock. Under the program, we may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The timing and total amount of any share repurchases depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program has a term of two years, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock. Any repurchased shares of common stock are retired.
The table below sets forth information regarding repurchase of shares under our share repurchase program (in thousands, except number of shares and per share data):
Three months ended July 31,Six months ended July 31,
20262026
Total number of shares repurchased1,408,414 2,663,443 
Average price paid per share (1)
$174.48 $175.28 
Amount repurchased (1)
$245,736 $466,835 
(1) Amounts exclude commissions and excise taxes.
All repurchases were made in open market transactions. As of July 31, 2026, $1.4 billion remained available for future repurchase.