Leases

6 Months Ended

Jul. 31, 2025

We have entered into operating lease agreements for our office space, data centers, and other property and equipment. Operating lease right-of-use assets were $719 million and $336 million as of July 31, 2025, and January 31, 2025, respectively, and operating lease liabilities were $791 million and $378 million as of July 31, 2025, and January 31, 2025, respectively.

In July 2025, the 20-year lease for our new European headquarters in Dublin, Ireland commenced, following its execution in the first quarter of fiscal 2026. This resulted in the recognition of an operating lease right-of-use asset of $313 million, and a corresponding operating lease liability of $333 million.

The components of operating lease expense were as follows (in millions):


	Three Months Ended July 31,				Six Months Ended July 31,
	2025		2024		2025		2024
Operating lease cost	$	34	$	29	$	65	$	58
Short-term lease cost	0		0		1		1
Variable lease cost	13		15		24		24
Total operating lease cost	$	47	$	44	$	90	$	83

Supplemental cash flow information related to our operating leases was as follows (in millions):


	Six Months Ended July 31,
		2025		2024
Cash paid for operating lease liabilities		$	64	$	51
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities		434		101

Other information related to our operating leases was as follows:


	July 31, 2025		January 31, 2025
Weighted average remaining lease term (in years)	11		5
Weighted average discount rate	4.16	%	4.20	%

As of July 31, 2025, maturities of operating lease liabilities were as follows (in millions):


Fiscal Period:
Remainder of 2026	$	65
2027	125
2028	133
2029	106
2030	75
Thereafter	518
Total lease payments	1,022
Less imputed interest	(231)
Total operating lease liabilities	$	791

As of July 31, 2025, we had operating leases for office space and data centers that had not yet commenced with total undiscounted lease payments of $35 million. These operating leases will commence in fiscal 2026, with lease terms ranging from approximately five to ten years.