Stock-Based Compensation (Tables)

6 Months Ended

Jul. 31, 2026

Share-Based Payment Arrangement [Abstract]

The following table is a summary of stock option activity for the six months ended July 31, 2026:


	Number of Shares	Weighted-Average Exercise Price Per Share
	(in thousands)
Options outstanding at January 31, 2026	3,729	$	3.10
Granted	362	$	4.44
Exercised	(636)	$	2.62
Canceled	(8)	$	3.84
Options outstanding at July 31, 2026	3,447	$	3.32
Options vested and expected to vest at July 31, 2026	3,447	$	3.32
Options exercisable at July 31, 2026	3,052	$	2.93

Schedule of RSU, PSU and Special PSU Awards Activity

The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the six months ended July 31, 2026:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
	(in thousands)
RSUs and PSUs outstanding at January 31, 2026	31,410	$	74.41
Granted	12,323	$	112.13
Released	(9,376)	$	63.38
Performance adjustment (1)	1,147	$	96.78
Forfeited	(1,021)	$	74.19
RSUs and PSUs outstanding at July 31, 2026	34,483	$	91.64
RSUs and PSUs expected to vest at July 31, 2026 (2)	33,126	$	91.16

(1)The performance adjustment represents adjustments in shares outstanding due to the actual achievement of performance-based awards, the achievement of which was based upon pre-defined financial performance targets.

(2)Excludes in progress PSUs where pre-defined targets have not yet been achieved.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine the fair value of employee stock purchase rights granted under the Company’s ESPP:


	Six Months Ended July 31,
	2026		2025
Expected term (in years)	0.5 – 2.0		0.5 – 2.0
Risk-free interest rate	3.5% – 4.7%		3.9% – 5.3%
Expected stock price volatility	41.0% – 54.4%		44.5% – 59.8%
Dividend yield	—	%	—	%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025

Subscription cost of revenue	$	29,032	$	23,639	$	51,333	$	46,716
Professional services cost of revenue	12,556		9,895		22,022		19,275
Sales and marketing	90,737		71,790		160,636		136,569
Research and development	151,382		111,659		277,153		215,748
General and administrative	93,207		62,648		163,473		108,984
Total stock-based compensation expense	$	376,914	$	279,631	$	674,617	$	527,292