v3.26.1
Cash Equivalents, Investments, and Strategic Investments (Tables)
 6 Months Ended
Jul. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash and Cash Equivalents
The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands):

July 31, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$895,540 $— $— $895,540 
Time deposits102,096 — — 102,096 
Total cash equivalents997,636 — — 997,636 
Investments:
Corporate notes and bonds2,198,678 570 (12,748)2,186,500 
U.S. government and agency securities293,000 106 (1,314)291,792 
Asset-backed securities140,329 63 (585)139,807 
Commercial paper3,648 — (8)3,640 
Certificates of deposit251 — — 251 
Total investments2,635,906 739 (14,655)2,621,990 
Total cash equivalents and investments$3,633,542 $739 $(14,655)$3,619,626 

January 31, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$1,752,777 $— $— $1,752,777 
Time deposits108,727 — — 108,727 
U.S. government securities94,523 9 — 94,532 
Commercial paper40,384 2 (7)40,379 
Certificates of deposit
2,808 — — 2,808 
Corporate notes and bonds75 — — 75 
Total cash equivalents1,999,294 11 (7)1,999,298 
Investments:
Corporate notes and bonds1,382,374 4,473 (11)1,386,836 
U.S. government and agency securities484,453 961 (14)485,400 
Certificates of deposit65,643 46 — 65,689 
Commercial paper18,605 6 — 18,611 
Total investments1,951,075 5,486 (25)1,956,536 
Total cash equivalents and investments$3,950,369 $5,497 $(32)$3,955,834 
Schedule of Debt Securities, Available-for-Sale
The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands):

July 31, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$895,540 $— $— $895,540 
Time deposits102,096 — — 102,096 
Total cash equivalents997,636 — — 997,636 
Investments:
Corporate notes and bonds2,198,678 570 (12,748)2,186,500 
U.S. government and agency securities293,000 106 (1,314)291,792 
Asset-backed securities140,329 63 (585)139,807 
Commercial paper3,648 — (8)3,640 
Certificates of deposit251 — — 251 
Total investments2,635,906 739 (14,655)2,621,990 
Total cash equivalents and investments$3,633,542 $739 $(14,655)$3,619,626 

January 31, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$1,752,777 $— $— $1,752,777 
Time deposits108,727 — — 108,727 
U.S. government securities94,523 9 — 94,532 
Commercial paper40,384 2 (7)40,379 
Certificates of deposit
2,808 — — 2,808 
Corporate notes and bonds75 — — 75 
Total cash equivalents1,999,294 11 (7)1,999,298 
Investments:
Corporate notes and bonds1,382,374 4,473 (11)1,386,836 
U.S. government and agency securities484,453 961 (14)485,400 
Certificates of deposit65,643 46 — 65,689 
Commercial paper18,605 6 — 18,611 
Total investments1,951,075 5,486 (25)1,956,536 
Total cash equivalents and investments$3,950,369 $5,497 $(32)$3,955,834 
Schedule of Available For Sale Securities Remaining Contractual Maturity
As of July 31, 2026, the estimated fair values of available-for-sale marketable debt securities classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):

July 31, 2026
Estimated
Fair Value
Due within 1 year$637,508 
Due in 1 year to 3 years
1,165,145 
Due in 3 years to 5 years679,530 
No single maturity date(1)
139,807 
Total$2,621,990 
________________
(1)Securities with no single maturity date include asset-backed securities.
Schedule of Fair Value Measurements
The following table presents the Company’s strategic investments by type (in thousands):

July 31, 2026January 31, 2026
Equity securities:
Non-marketable equity securities under Measurement Alternative$352,284 $359,114 
Non-marketable equity securities under equity method5,397 5,241 
Marketable equity securities7,497 6,264 
Debt securities:
Non-marketable debt securities5,000 10,000 
Total strategic investments—included in other assets$370,178 $380,619 
Realized And Unrealized Gain (Loss) On Investments
The following table summarizes the gains and losses associated with the Company’s strategic investments (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2026202520262025
Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative:
Upward adjustments$21,469 $— $21,469 $— 
Impairments— (5,000)(2,000)(31,521)
Net unrealized gains (losses) on marketable equity securities
869 (980)1,233 (5,448)
Net unrealized gains (losses) on strategic investments in equity securities
22,338 (5,980)20,702 (36,969)
Net realized gains on strategic investments in equity securities(1)
12,417 400 10,555 1,704 
Change in fair value of a non-marketable debt security accounted for under fair value option— — (6,000)— 
Total—included in other income (expense), net$34,755 $(5,580)$25,257 $(35,265)
________________
(1)The net realized gains on strategic investments in equity securities for the six months ended July 31, 2026 include a remeasurement loss of $2.2 million recognized on a previously held equity interest in Observe, Inc. See Note 7, “Business Combinations,” for further details. For strategic investments in equity securities sold, the realized gains or losses represent the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.