Fair Value of Financial Instruments (Tables)

12 Months Ended

Jul. 31, 2026

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale investments within cash equivalents and investments consist of the following (in thousands):


	July 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	83,011	$	19	$	(178)	$	82,852
Certificates of deposit	48,045		—		—		48,045
Commercial paper	44,986		—		—		44,986
Corporate bonds	459,199		179		(1,148)		458,230

Money market funds	186,954		—		—		186,954
U.S. Government agency securities	112,209		1		(462)		111,748
U.S. Government bonds	109,096		6		(572)		108,530





Total	$	1,043,500	$	205	$	(2,360)	$	1,041,345


	July 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Asset-backed securities	$	69,405	$	69	$	(17)	$	69,457
Certificates of deposit	80,970		—		—		80,970
Commercial paper	130,628		—		—		130,628
Corporate bonds	424,791		545		(138)		425,198
Foreign government bonds	1,820		11		—		1,831
Money market funds	488,854		—		—		488,854
U.S. Government agency securities	66,184		15		(70)		66,129

U.S. Government bonds	64,187		36		(39)		64,184

Total	$	1,326,839	$	676	$	(264)	$	1,327,251

Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s available-for-sale investments measured at fair value (in thousands):


	July 31, 2026
	Less Than 12 Months		12 Months or Greater		Total
Asset-backed securities	$	15,753	$	67,099	$	82,852
Certificates of deposit	48,045		—		48,045
Commercial paper	44,986		—		44,986
Corporate bonds	235,937		222,293		458,230

Money market funds	186,954		—		186,954
U.S. Government agency securities	11,979		99,769		111,748




U.S. Government bonds	35,468		73,062		108,530

Total	$	579,122	$	462,223	$	1,041,345

Company's financial instruments measured at fair value on a recurring basis

The following tables summarize the Company’s available-for-sale investments measured at fair value, by level within the fair value hierarchy (in thousands):


	July 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	11,993	$	—	$	11,993

Money market funds	186,954		—		—		186,954
Total cash equivalents	186,954		11,993		—		198,947
Short-term investments:
Asset-backed securities	—		15,753		—		15,753
Certificates of deposit	—		48,045		—		48,045
Commercial paper	—		32,993		—		32,993
Corporate bonds	—		235,937		—		235,937

U.S. Government agency securities	—		11,979		—		11,979

U.S. Government bonds	—		35,468		—		35,468
Total short-term investments	—		380,175		—		380,175


Long-term investments:
Asset-backed securities	—		67,099		—		67,099
Corporate bonds	—		222,293		—		222,293




U.S. Government agency securities	—		99,769		—		99,769
U.S. Government bonds	—		73,062		—		73,062












Total long-term investments	—		462,223		—		462,223
Total	$	186,954	$	854,391	$	—	$	1,041,345


	July 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Commercial paper	$	—	$	53,102	$	—	$	53,102
Money market funds	488,854		—		—		488,854


Total cash equivalents	488,854		53,102		—		541,956
Short-term investments:
Asset-backed securities	—		11,393		—		11,393
Certificates of deposit	—		80,970		—		80,970
Commercial paper	—		77,526		—		77,526
Corporate bonds	—		220,890		—		220,890
Foreign government bonds	—		1,831		—		1,831
U.S. Government agency securities	—		13,188		—		13,188
U.S. Government bonds	—		45,743		—		45,743
Total short-term investments	—		451,541		—		451,541
Long-term investments:
Asset-backed securities	—		58,064		—		58,064
Corporate bonds	—		204,308		—		204,308

U.S. Government agency securities	—		52,941		—		52,941
U.S. Government bonds	—		18,441		—		18,441






Total long-term investments	—		333,754		—		333,754
Total	$	488,854	$	838,397	$	—	$	1,327,251