v3.26.1
Equity (Tables)
 6 Months Ended
Jul. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Reserved For Future Issuance
The Company had reserved shares of common stock for future issuance under the Company’s equity incentive plans as follows (in thousands):

July 31, 2026January 31, 2026
2012 Equity Incentive Plan:
Options outstanding8,036 12,274 
2020 Equity Incentive Plan:
Options outstanding1,241 1,492 
Restricted stock units outstanding25,089 21,537 
Shares available for future grants89,177 78,590 
2020 Employee Stock Purchase Plan:
Shares available for future grants21,961 18,967 
Total
145,504 132,860 
Schedule of Treasury Stock
The following table summarizes the stock repurchase activity during the six months ended July 31, 2026 and 2025 (in thousands, except per share data):

Six Months Ended July 31,
20262025
Number of shares repurchased1,676 3,214 
Weighted-average price per share(1)
$178.95 $152.63 
Aggregate purchase price(1)
$299,999 $490,590 
________________
(1)Excludes transaction costs and excise tax, if any, associated with the repurchases.
Schedule of Option Activity Rollforward
A summary of stock option activity during the six months ended July 31, 2026 is as follows:

Number of Options Outstanding
(in thousands)		Weighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Life
(in years)		Aggregate
Intrinsic Value
(in thousands)
Balance—January 31, 2026
13,766 $26.56 3.1$2,294,028 
Exercised(4,453)$16.70 
Canceled(36)$164.78 
Balance—July 31, 2026
9,277 $30.74 2.8$2,435,653 
Vested and expected to vest as of July 31, 2026
9,277 $30.74 2.8$2,435,653 
Exercisable as of July 31, 2026
8,781 $23.27 2.7$2,371,060 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the six months ended July 31, 2026 is as follows:

Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2026
20,071 $162.66 
Granted(1)
10,949 $176.69 
Vested(2)
(4,702)$159.53 
Forfeited(2,720)$158.15 
Performance adjustment(3)
(69)$143.91 
Unvested Balance—July 31, 2026
23,529 $170.35 
________________
(1)Excludes 0.1 million Fiscal 2027 Leadership PRSUs awarded but not considered granted for accounting purposes under ASC 718, Compensation—Stock Compensation as of July 31, 2026, as the associated performance targets were not yet set.
(2)Includes an immaterial number of RSUs that were vested but unissued as of July 31, 2026.
(3)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during fiscal 2026, based on the actual achievement of the associated Company annual performance targets for fiscal 2026.
A summary of liability-classified RSUs activity during the six months ended July 31, 2026 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2026
1,466 
Forfeited(31)
Unvested Balance—July 31, 2026
1,435 
Schedule of Unvested RSA Rollforward
A summary of restricted common stock activity during the six months ended July 31, 2026 is as follows:

Outside of the Plans
Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2026
516 $182.07 
Granted268 $233.12 
Vested(51)$197.82 
Unvested Balance—July 31, 2026
733 $199.67 
Schedule Of Employee Stock Purchase Plan, Valuation Assumptions The following table summarizes the assumptions used in estimating the fair values of employee stock purchase rights granted under the 2020 ESPP (ESPP Rights) during the six months ended July 31, 2026 and 2025:
Six Months Ended July 31,
20262025
Expected term (in years)0.50.5
Expected volatility52.8%54.1%
Risk-free interest rate3.7%4.3%
Expected dividend yield—%—%
Schedule of Valuation Assumptions, Liability-Classified Performance Shares
The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of July 31, 2026 and January 31, 2026:
July 31, 2026January 31, 2026
Expected volatility71.0%50.0%
Risk-free interest rate3.9%3.5%
Schedule Of Share-Based Payment Award, CEO Performance Shares, Valuation Assumptions
The following table summarizes the assumptions used in estimating the fair value of the Fiscal 2027 CEO PRSU:

July 31, 2026
Expected award term (in years)7
Expected volatility63.0%
Risk-free interest rate4.3%
Share-based Compensation Schedule
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2026202520262025
Cost of revenue$34,315 $35,421 $68,095 $69,236 
Sales and marketing102,152 95,253 200,161 182,769 
Research and development250,115 236,300 487,867 457,213 
General and administrative37,000 37,243 69,929 74,459 
Total stock-based compensation$423,582 $404,217 $826,052 $783,677