v3.26.1
Stockholders’ Deficit
 6 Months Ended
Jul. 31, 2026
Equity [Abstract]  
Stockholders’ Deficit
Note 9 – Stockholders’ Deficit
Equity Incentive Plan
The Company has reserved shares of its common stock for future issuance as follows (in thousands):
July 31,January 31,
20262026
2014 Stock Option and Grant Plan:
Outstanding stock options8,657 8,970 
Outstanding restricted stock units5,094 9,227 
2024 Equity Incentive Plan:
Outstanding restricted stock units16,583 12,294 
Shares available for future issuance under the 2024 Plan64,254 58,406 
2024 Employee Stock Purchase Plan6,571 5,090 
Total shares of common stock reserved101,159 93,987 
Stock Options
Options issued under the Company’s 2014 Plan and 2024 Plan generally are exercisable for periods not to exceed ten years and generally vest over four years with 25% vesting after one year and the remainder vesting monthly thereafter in equal installments.
A summary of the stock option activity and related information is as follows:
Number of
Options		Weighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20268,970,353 $29.20 7.6$239,954 
Granted— — — — 
Exercised(312,727)4.85 — 19,123 
Cancelled(500)7.99 — — 
Outstanding as of July 31, 20268,657,126 $30.08 7.3$366,013 
Vested and exercisable as of July 31, 20263,656,764 $27.46 6.7$164,195 
There were no options granted during the six months ended July 31, 2026 and 2025.
The intrinsic value of the options exercised represents the difference between the estimated fair market value of the Company’s common stock on the date of exercise and the exercise price of each option.
As of July 31, 2026, there was approximately $30.0 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.6 years.
Restricted Stock Units
The Company grants service-based condition RSUs, service- and performance-based conditions RSUs, and service-, market-, and performance-based conditions RSUs. RSUs issued under the 2014 Plan and 2024 Plan typically have an expiry period of seven years from the grant date.
Previously, upon vesting of awards, the Company sold a portion of the shares that employees received to fund the required withholding taxes (“sell-to-cover”). During the second quarter of fiscal 2027, the Company transitioned from a sell-to-cover process to net share settlement to cover any required withholding taxes, by retaining the number of shares with a value equal to the amount of the tax and remitting an equal amount of cash to the appropriate tax authorities. Cash payments associated with the net share settlement of employee tax withholding obligations are classified as financing activities in the condensed consolidated statement of cash flows. The change to net share settlement does not affect the fair value, vesting conditions, or classification of employee awards.
A summary of the RSU activity and related information is as follows:
Number of
RSUs		Weighted-Average
Grant Date Fair Value
Unvested as of January 31, 202621,480,571 $48.73 
Granted8,176,890 53.27 
Vested(4,908,637)40.32 
Forfeited(3,071,333)45.65 
Outstanding as of July 31, 202621,677,491 $52.79 
For the six months ended July 31, 2026 and 2025, the total grant date fair value of vested RSUs was $197.9 million and $144.6 million, respectively.
As of July 31, 2026, there was approximately $952.8 million of unrecognized stock-based compensation expense relating to RSUs, which is expected to be recognized over a weighted-average period of 1.6 years.
Restricted Stock
The Company issued 0.5 million shares of restricted stock in connection with the Predibase acquisition to certain Predibase employees with an aggregate fair value of $40.4 million determined based on the closing price of $88.11 per share of the Company's Class A common stock on July 18, 2025. These amounts are subject to vesting and continued employment, and will be recognized as stock-based compensation expense over the requisite service period of three years.
As of July 31, 2026, there was approximately $26.2 million of unrecognized stock-based compensation expense relating to the restricted stock.
2024 Employee Stock Purchase Plan
The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model with the following assumptions:
Three and Six Months Ended July 31,
20262025
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
Expected volatility
59.4% - 61.2%
59.0% - 64.7%
Risk-free interest rate
3.8% - 3.8%
3.9% - 4.3%
Dividend yield——
As of July 31, 2026, there was approximately $23.2 million of unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 1.1 years.
Stock-Based Compensation Expense
Total stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2026202520262025
Cost of revenue
Subscription$5,576 $4,143 $10,207 $8,111 
Other921 708 1,555 1,565 
Research and development36,578 24,734 69,604 44,546 
Sales and marketing36,857 29,638 53,188 53,782 
General and administrative21,086 29,234 39,832 53,993 
Total stock-based compensation expense$101,018 $88,457 $174,386 $161,997