v3.26.3
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
12 Months Ended
Jul. 31, 2026
Jul. 31, 2025
Jul. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. federal income tax at statutory rate $ 68,710 $ 44,446 $ (21,277)
Tax Jurisdiction of Domicile [Extensible Enumeration] U.S. federal income tax at statutory rate U.S. federal income tax at statutory rate U.S. federal income tax at statutory rate
State and local income taxes $ (100,832) [1] $ 3,774 $ 2,052
Foreign tax effects 7,118 (7,111) (2,553)
Effect of cross-border tax laws      
Effect of foreign branches 20,852    
Tax credit      
Foreign tax credits (35,593)    
Research and development tax credits (28,110) (41,597) (30,076)
Change in valuation allowance (1,093,034) [2] 89,264 115,826
Nontaxable or nondeductible items      
Stock-based compensation (19,807) (67,782) (47,632)
Other 5,703    
Change in unrecognized tax benefit (3,793) (4,977) 2,840
Other adjustments (943) 1,469 (427)
Non-deductible expenses   3,413 4,704
Tax impact of debt conversion   2,383 0
Provision for income taxes $ (1,179,729) $ 23,282 $ 23,457
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. federal income tax at statutory rate, percent 21.00%    
State and local income taxes, percent [1] (30.80%)    
Foreign tax effects, percent 2.20%    
Effect of cross-border tax laws      
Effect of foreign operations, percent 6.40%    
Tax credit      
Foreign tax credits, percent (10.90%)    
Research and development tax credits, percent (8.60%)    
Changes in valuation allowances, percent [2] (334.10%)    
Nontaxable or nondeductible items      
Stock-based compensation, percent (6.10%)    
Other, percent 1.70%    
Changes in unrecognized tax benefits, percent (1.20%)    
Other adjustments, percent (0.30%)    
Effective tax rate, percent (360.70%)    
[1] State taxes in California, Illinois, Minnesota, New York, Maryland, and Georgia make up the majority (greater than 50%) of this category. State taxes include the one-time release of a $114.0 million valuation allowance from state deferred tax assets, other than California R&D.
[2] During the fiscal year ended July 31, 2026, we recorded a $1,094.2 million tax benefit related to the release of our valuation allowance on U.S. federal deferred tax assets, partially offset by $1.2 million of tax expense related to the increase in the valuation allowance for capital losses generated during fiscal 2026.