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Equity (Tables) | 6 Months Ended
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Jul. 31, 2025
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, 2025 |  | January 31, 2025
2012 Equity Incentive Plan: |  |  |
Options outstanding | 15,655 |  |  | 20,067 |
2020 Equity Incentive Plan: |  |  |
Options outstanding | 1,586 |  |  | 1,586 |
Restricted stock units outstanding | 25,267 |  |  | 24,790 |
Shares available for future grants | 77,906 |  |  | 64,834 |
2020 Employee Stock Purchase Plan: |  |  |
Shares available for future grants | 19,230 |  |  | 16,446 |
Total | 139,644 |  |  | 127,723 |
Class of Treasury Stock | The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):
| Three Months Ended July 31, |  | Six Months Ended July 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Number of shares repurchased | — |  |  | 2,957 |  |  | 3,214 |  |  | 5,939 |
Weighted-average price per share(1) | $ | — |  |  | $ | 135.28 |  |  | $ | 152.63 |  |  | $ | 154.29 |
Aggregate purchase price(1) | $ | — |  |  | $ | 399,955 |  |  | $ | 490,590 |  |  | $ | 916,239 |
________________ (1)Excludes transaction costs and excise tax, if any, associated with the repurchases.
Option Activity Rollforward | A summary of stock option activity during the six months ended July 31, 2025 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, 2025 |  |  | 21,653 |  |  | $ | 20.83 |  |  | 4.2 |  | $ | 3,493,648 |
Exercised |  |  | (847) |  |  | $ | 7.34 |  |  |  |  |
Canceled |  |  | 0 |  |  | $ | 12.85 |  |  |  |  |
Balance—April 30, 2025 |  |  | 20,806 |  |  | $ | 21.37 |  |  | 4.0 |  | $ | 2,903,841 |
Exercised |  |  | (3,565) |  |  | $ | 8.54 |  |  |  |  |
Balance—July 31, 2025 |  |  | 17,241 |  |  | $ | 24.03 |  |  | 3.8 |  | $ | 3,439,121 |
Vested and expected to vest as of July 31, 2025 |  |  | 17,241 |  |  | $ | 24.03 |  |  | 3.8 |  | $ | 3,439,121 |
Exercisable as of July 31, 2025 |  |  | 16,407 |  |  | $ | 16.71 |  |  | 3.7 |  | $ | 3,392,863 |
Schedule of Unvested RSU Rollforward | A summary of equity-classified RSUs activity during the six months ended July 31, 2025 is as follows:
| Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value per Share
Unvested Balance—January 31, 2025 | 23,354 |  |  | $ | 151.30 |
Granted | 5,459 |  |  | $ | 147.06 |
Vested | (2,425) |  |  | $ | 158.50 |
Forfeited | (1,013) |  |  | $ | 156.70 |
Performance adjustment(1) | (176) |  |  | $ | 163.04 |
Unvested Balance—April 30, 2025 | 25,199 |  |  | $ | 149.39 |
Granted | 1,844 |  |  | $ | 201.47 |
Vested | (2,347) |  |  | $ | 155.74 |
Forfeited | (846) |  |  | $ | 154.37 |
Unvested Balance—July 31, 2025 | 23,850 |  |  | $ | 152.62 |
________________ (1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the six months ended July 31, 2024, based on the actual achievement of the associated Company annual performance targets for fiscal 2025. A summary of liability-classified RSUs activity during the six months ended July 31, 2025 is as follows:
| Number of Shares (in thousands)
Unvested Balance—January 31, 2025 | 1,436 |
Forfeited | (2) |
Unvested Balance—April 30, 2025 | 1,434 |
Forfeited | (17) |
Unvested Balance—July 31, 2025 | 1,417 |
Schedule of Unvested RSA Rollforward | A summary of restricted common stock activity during the six months ended July 31, 2025 is as follows:
| Outside of the Plans
| Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value per Share
Unvested Balance—January 31, 2025 | 821 |  |  | $ | 180.82 |
Vested | (116) |  |  | $ | 222.05 |
Unvested Balance—April 30, 2025 | 705 |  |  | $ | 174.01 |
Vested | (24) |  |  | $ | 194.28 |
Unvested Balance—July 31, 2025 | 681 |  |  | $ | 173.31 |
Valuation Assumptions Schedule | The following table summarizes the assumptions used in estimating the fair values of a stock option granted to employees during the three and six months ended July 31, 2024:
| Three Months Ended July 31, 2024 |  | Six Months Ended July 31, 2024
Expected term (in years) | 6.0 |  | 4.8 - 6.0
Expected volatility | 56.6 | % |  | 56.6% - 56.7%
Risk-free interest rate | 4.4 | % |  | 4.2% - 4.4%
Expected dividend yield | — | % |  | 0%
Valuation Assumptions Other Than Stock Options Schedule | 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 each of the six months ended July 31, 2025 and 2024:
| Six Months Ended July 31,
| 2025 |  | 2024
Expected term (in years) | 0.5 |  | 0.5
Expected volatility | 54.1 | % |  | 49.6 | %
Risk-free interest rate | 4.3 | % |  | 5.4 | %
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, 2025 and January 31, 2025:
| July 31, 2025 |  | January 31, 2025
Expected volatility | 49.0 | % |  | 50.0 | %
Risk-free interest rate | 4.0 | % |  | 4.2 | %
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 35,421 |  |  | $ | 34,815 |  |  | $ | 69,236 |  |  | $ | 67,223 |
Sales and marketing | 95,253 |  |  | 80,676 |  |  | 182,769 |  |  | 154,083 |
Research and development | 236,300 |  |  | 204,917 |  |  | 457,213 |  |  | 399,589 |
General and administrative | 37,243 |  |  | 35,592 |  |  | 74,459 |  |  | 67,041 |
Stock-based compensation, net of amounts capitalized | 404,217 |  |  | 356,000 |  |  | 783,677 |  |  | 687,936 |
Capitalized stock-based compensation | — |  |  | 7,846 |  |  | — |  |  | 17,141 |
Total stock-based compensation | $ | 404,217 |  |  | $ | 363,846 |  |  | $ | 783,677 |  |  | $ | 705,077 |

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