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Investments | 6 Months Ended
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Jul. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities As of July 31, 2025, debt securities consisted of the following (in millions):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 2,050 |  |  | $ | 6 |  |  | $ | 0 |  |  | $ | 2,056 |
U.S. agency obligations | 537 |  |  | 1 |  |  | 0 |  |  | 538 |
Corporate bonds | 3,943 |  |  | 25 |  |  | (1) |  |  | 3,967 |
Commercial paper | 215 |  |  | 0 |  |  | 0 |  |  | 215 |
Asset-backed securities | 305 |  |  | 1 |  |  | 0 |  |  | 306 |
Other debt securities | 42 |  |  | 0 |  |  | 0 |  |  | 42 |
Total debt securities | $ | 7,092 |  |  | $ | 33 |  |  | $ | (1) |  |  | $ | 7,124 |
Included in Cash and cash equivalents | $ | 202 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 202 |
Included in Marketable securities | $ | 6,890 |  |  | $ | 33 |  |  | $ | (1) |  |  | $ | 6,922 |
As of January 31, 2025, debt securities consisted of the following (in millions):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 2,069 |  |  | $ | 4 |  |  | $ | (1) |  |  | $ | 2,072 |
U.S. agency obligations | 634 |  |  | 2 |  |  | 0 |  |  | 636 |
Corporate bonds | 3,532 |  |  | 11 |  |  | (3) |  |  | 3,540 |
Commercial paper | 294 |  |  | 0 |  |  | 0 |  |  | 294 |
Asset-backed securities | 104 |  |  | 0 |  |  | 0 |  |  | 104 |
Other debt securities | 5 |  |  | 0 |  |  | 0 |  |  | 5 |
Total debt securities | $ | 6,638 |  |  | $ | 17 |  |  | $ | (4) |  |  | $ | 6,651 |
Included in Cash and cash equivalents | $ | 177 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 177 |
Included in Marketable securities | $ | 6,461 |  |  | $ | 17 |  |  | $ | (4) |  |  | $ | 6,474 |
The following table presents the fair values of debt securities as of July 31, 2025, by remaining contractual maturity (in millions). Actual maturities may differ from contractual maturities because borrowers may have certain prepayment conditions.
Due within 1 year | $ | 2,313 |
Due 1 year through 5 years | 4,650 |
Due 5 years through 10 years | 91 |
Due after 10 years | 70 |
Total debt securities | $ | 7,124 |
We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents. Interest receivable of $62 million and $53 million was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of July 31, 2025, and January 31, 2025, respectively. As of July 31, 2025, and January 31, 2025, unrealized losses on our debt securities were not material. We did not recognize any credit losses related to our debt securities during the periods presented. We sold $265 million and $68 million of debt securities during the six months ended July 31, 2025, and 2024, respectively. The realized gains and losses from the sales were not material for the periods presented. Equity Investments Equity investments consisted of the following (in millions):
| Condensed Consolidated Balance Sheets Location |  | July 31, 2025 |  | January 31, 2025
Money market funds | Cash and cash equivalents |  | $ | 802 |  |  | $ | 988 |
Non-marketable equity investments measured using the measurement alternative | Other assets |  | 251 |  |  | 244 |
Total equity investments |  |  | $ | 1,053 |  |  | $ | 1,232 |
Non-Marketable Equity Investments Measured Using the Measurement Alternative Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in millions):
| July 31, 2025 |  | January 31, 2025
Total initial cost | $ | 223 |  |  | $ | 217 |
Cumulative net unrealized gains (losses) | 28 |  |  | 27 |
Carrying value | $ | 251 |  |  | $ | 244 |
We recognized net losses on non-marketable equity investments of $2 million and $3 million for the three months ended July 31, 2025, and 2024, respectively, and $3 million and $10 million for the six months ended July 31, 2025, and 2024, respectively.

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