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Cash Equivalents, Investments, and Strategic Investments | 3 Months Ended
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Apr. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Cash Equivalents, Investments, and Strategic Investments | Cash Equivalents, Investments, and Strategic Investments Cash Equivalents and Investments 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):
| April 30, 2026
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 1,401,999 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,401,999 |
Time deposits | 107,558 |  |  | — |  |  | — |  |  | 107,558 |
U.S. government securities | 44,360 |  |  | 1 |  |  | — |  |  | 44,361 |
Commercial paper | 2,770 |  |  | — |  |  | — |  |  | 2,770 |
Total cash equivalents | 1,556,687 |  |  | 1 |  |  | — |  |  | 1,556,688 |
Investments: |  |  |  |  |  |  |
Corporate notes and bonds | 1,851,397 |  |  | 1,303 |  |  | (3,188) |  |  | 1,849,512 |
U.S. government and agency securities | 401,565 |  |  | 449 |  |  | (123) |  |  | 401,891 |
Certificates of deposit | 25,298 |  |  | 9 |  |  | — |  |  | 25,307 |
Asset-backed securities | 21,496 |  |  | — |  |  | (36) |  |  | 21,460 |
Commercial paper | 4,611 |  |  | — |  |  | (4) |  |  | 4,607 |
Total investments | 2,304,367 |  |  | 1,761 |  |  | (3,351) |  |  | 2,302,777 |
Total cash equivalents and investments | $ | 3,861,054 |  |  | $ | 1,762 |  |  | $ | (3,351) |  |  | $ | 3,859,465 |
| 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 deposits | 108,727 |  |  | — |  |  | — |  |  | 108,727 |
U.S. government securities | 94,523 |  |  | 9 |  |  | — |  |  | 94,532 |
Commercial paper | 40,384 |  |  | 2 |  |  | (7) |  |  | 40,379 |
Certificates of deposit | 2,808 |  |  | — |  |  | — |  |  | 2,808 |
Corporate notes and bonds | 75 |  |  | — |  |  | — |  |  | 75 |
Total cash equivalents | 1,999,294 |  |  | 11 |  |  | (7) |  |  | 1,999,298 |
Investments: |  |  |  |  |  |  |
Corporate notes and bonds | 1,382,374 |  |  | 4,473 |  |  | (11) |  |  | 1,386,836 |
U.S. government and agency securities | 484,453 |  |  | 961 |  |  | (14) |  |  | 485,400 |
Certificates of deposit | 65,643 |  |  | 46 |  |  | — |  |  | 65,689 |
Commercial paper | 18,605 |  |  | 6 |  |  | — |  |  | 18,611 |
Total investments | 1,951,075 |  |  | 5,486 |  |  | (25) |  |  | 1,956,536 |
Total cash equivalents and investments | $ | 3,950,369 |  |  | $ | 5,497 |  |  | $ | (32) |  |  | $ | 3,955,834 |
The Company included $21.3 million and $16.9 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2026 and January 31, 2026, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2026 and January 31, 2026 because such potential losses were not material. As of April 30, 2026, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 60 months. 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):
| April 30, 2026
| Estimated Fair Value
Due within 1 year | $ | 870,283 |
Due in 1 year to 3 years | 829,841 |
Due in 3 years to 5 years | 602,653 |
Total | $ | 2,302,777 |
Gross unrealized losses on the Company’s available-for-sale marketable debt securities were not material as of each of April 30, 2026 and January 31, 2026. For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair values of these securities due to credit related factors was not material as of each of April 30, 2026 and January 31, 2026. Strategic Investments The Company’s strategic investments consist primarily of non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative). The following table presents the Company’s strategic investments by type (in thousands):
|  |  |  |  | April 30, 2026 |  | January 31, 2026
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities under Measurement Alternative |  |  |  |  | $ | 336,574 |  |  | $ | 359,114 |
Non-marketable equity securities under equity method |  |  |  |  | 5,329 |  |  | 5,241 |
Marketable equity securities |  |  |  |  | 6,628 |  |  | 6,264 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities |  |  |  |  | 5,000 |  |  | 10,000 |
Total strategic investments—included in other assets |  |  |  |  | $ | 353,531 |  |  | $ | 380,619 |
The following table summarizes the gains and losses associated with the Company’s strategic investments (in thousands):
| Three Months Ended April 30, |  |
| 2026 |  | 2025 |  |
Unrealized losses on non-marketable equity securities under Measurement Alternative: |  |  |  |  |
Impairments | $ | (2,000) |  |  | $ | (26,521) |  |  |
Net unrealized gains (losses) on marketable equity securities | 364 |  |  | (4,468) |  |  |
Net unrealized gains (losses) on strategic investments in equity securities | (1,636) |  |  | (30,989) |  |  |
Net realized gains (losses) on strategic investments in equity securities(1) | (1,862) |  |  | 1,304 |  |  |
Change in fair value of a non-marketable debt security accounted for under fair value option | (6,000) |  |  | — |  |  |
Total—included in other expense, net | $ | (9,498) |  |  | $ | (29,685) |  |  |
________________ (1)The net realized losses on strategic investments in equity securities for the three months ended April 30, 2026 primarily relate to 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. No upward adjustments were recognized for each of the three months ended April 30, 2026 and 2025. The cumulative upward adjustments and the cumulative impairments to the carrying value of the non-marketable equity securities accounted for using the Measurement Alternative held by the Company as of April 30, 2026 were $18.3 million and $84.8 million, respectively.

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