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Equity Incentive Plans | 9 Months Ended
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Apr. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans | NOTE 9. EQUITY INCENTIVE PLANS Stock Plans We have one active equity incentive plan, the Amended and Restated 2016 Equity Incentive Plan (the "2016 Plan"), and two inactive equity incentive plans, the 2010 Stock Plan ("2010 Plan") and the 2011 Stock Plan ("2011 Plan") (collectively, the "Stock Plans"). Our stockholders initially approved the 2016 Plan in March 2016 and it became effective in connection with our initial public offering ("IPO"). As a result, at the time of the IPO, we ceased granting additional stock awards under the 2010 Plan and 2011 Plan and both plans were terminated. Any outstanding stock awards under the 2010 Plan and 2011 Plan remain outstanding, subject to the terms of the applicable plan and award agreements, until such shares are issued under those stock awards, by exercise of stock options or settlement of restricted stock units ("RSUs"), or until those stock awards become vested or expired by their terms. In December 2025, our stockholders approved the amendment and restatement of the 2016 Plan to, among other things, extend the term of the plan, establish a new fixed maximum aggregate share res erve of 19,500,000 shares, and eliminate the annual evergreen feature that automatically increased the share reserve each year. Under the 2016 Plan, we may grant incentive stock options, non-statutory stock options, restricted stock, RSUs, stock appreciation rights, performance units and performance shares to employees, directors and consultants. As of April 30, 2026, we had reserved approximately 29.2 million shares for the issuance of equity awards under the Stock Plans, of which approximately 15.4 million shares were still available for grant. Restricted Stock Units RSUs settle into shares of Class A common stock upon vesting. We fund withholding taxes due on the vesting of employee RSUs by net share settlement. The payment of the withheld taxes to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows. Performance RSUs From time to time, we grant RSUs that have both service and performance conditions to our executives and employees ("PRSUs"). Vesting of PRSUs is subject to continuous service and the satisfaction of certain performance targets. While we recognize cumulative stock-based compensation expense for the portion of the awards for which both the service condition has been satisfied and it is probable that the performance conditions will be met, the actual vesting and settlement of PRSUs are subject to the performance conditions actually being met. Market Stock Units We also grant RSUs that have both service and market-based conditions to our executives and employees ("MSUs"). Vesting of MSUs is subject to continuous service and the satisfaction of certain market-based performance targets. While we recognize cumulative stock-based compensation expense for the portion of the awards for which the service condition has been satisfied, regardless of achievement of the specified targets, the actual vesting and settlement of MSUs are subject to the market-based conditions actually being met. In September 2024, the Compensation Committee of our Board of Directors approved the grant of approximately 0.4 million MSUs to certain of our executives. These MSUs have a weighted average grant date fair value of approximately $92.22 per unit and will vest up to 200% of the target number of MSUs based upon our total shareholder return relative to the total shareholder return of companies in the Nasdaq Composite Index over a performance period of approximately 3.0 years, subject to continuous service on each vesting date. Additional MSUs have been granted with similar terms but were not material. In November 2025, the Compensation Committee of our Board of Directors approved the grant of approximately 0.5 million MSUs to certain of our executives. These MSUs have a weighted average grant date fair value of approximately $124.96 per unit and will vest up to 200% of the target number of MSUs based upon our total shareholder return relative to the total shareholder return of companies in the Nasdaq Composite Index over a performance period of approximately 2.8 years, subject to continuous service on each vesting date. Additional MSUs have been granted with similar terms but were not material. Below is a summary of RSU activity and PRSU and MSU (collectively, "PSU") activity under the Stock Plans:
|  | RSUs |  |  | PSUs |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
|  | (in thousands) |  |  |  |  |  | (in thousands) |  |  |  |
Outstanding at July 31, 2025 |  |  | 14,431 |  |  | $ | 38.46 |  |  |  | 1,813 |  |  | $ | 62.63 |
Granted (1) |  |  | 4,810 |  |  | $ | 67.83 |  |  |  | 694 |  |  | $ | 99.27 |
Released (1) |  |  | (6,066 | ) |  | $ | 34.96 |  |  |  | (931 | ) |  | $ | 44.75 |
Forfeited |  |  | (950 | ) |  | $ | 43.13 |  |  |  | (15 | ) |  | $ | 102.13 |
Outstanding at April 30, 2026 |  |  | 12,225 |  |  | $ | 51.39 |  |  |  | 1,561 |  |  | $ | 89.20 |
(1) For PSUs, includes additional shares granted upon vesting due to achievement over 100%. Stock Options We did no t grant any stock options during the nine months ended April 30, 2026. Option exercises during the nine months ended April 30, 2026 were no t material. As of April 30, 2026, the remaining outstanding stock options were no t material. Employee Stock Purchase Plan In December 2015, our Board of Directors adopted the 2016 Employee Stock Purchase Plan, which was subsequently amended in January 2016 and September 2016 and approved by our stockholders in March 2016 (the "Original 2016 ESPP"). The Original 2016 ESPP became effective in connection with our IPO. Our stockholders subsequently approved amendments to the Original 2016 ESPP in December 2019 and December 2022 (as amended, the "2016 ESPP"). Under the 2016 ESPP, the maximum number of shares of Class A common stock available for sale is 13.8 million shares. The 2016 ESPP allows eligible employees to purchase shares of our Class A common stock at a discount through payroll deductions of up to 15% of eligible compensation, subject to caps of $25,000 in any calendar year and 1,000 shares on any purchase date. The 2016 ESPP provides for 12-month offering periods, generally beginning in March and September of each year, and each offering period consists of two six-month purchase periods. On each purchase date, participating employees will purchase Class A common stock at a price per share equal to 85% of the lesser of the fair market value of our Class A common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period. If the stock price of our Class A common stock on any purchase date in an offering period is lower than the stock price on the enrollment date of that offering period, the offering period will immediately reset after the purchase of shares on such purchase date and automatically roll into a new offering period. During the nine months ended April 30, 2026, approx imately 1.5 million shares of common stock were purchased under the 2016 ESPP for an aggregate amount of approximately $61.4 million. As of April 30, 2026, approximately 7.7 million shares were available for future issuance under the 2016 E SPP. We use the Black-Scholes option pricing model to determine the fair value of shares purchased under the 2016 ESPP with the following weighted average assumptions on the date of grant:
|  | Nine Months Ended April 30, |
|  | 2025 |  |  | 2026 |
Expected term (in years) |  |  | 0.72 |  |  |  | 0.81 |
Risk-free interest rate |  |  | 4.9 | % |  |  | 3.9 | %
Volatility |  |  | 46.2 | % |  |  | 47.9 | %
Dividend yield |  |  | — | % |  |  | — | %
Stock-Based Compensation Total stock-based compensation expense recognized in the condensed consolidated statements of operations is as follows:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2025 |  |  | 2026 |  |  | 2025 |  |  | 2026 |
|  | (in thousands) |
Cost of revenue: |  |  |  |  |  |  |  |  |  |  |  |
Product |  | $ | 401 |  |  | $ | 364 |  |  | $ | 2,425 |  |  | $ | 1,150 |
Support, maintenance and other services |  |  | 6,623 |  |  |  | 5,710 |  |  |  | 20,768 |  |  |  | 20,132 |
Sales and marketing |  |  | 19,513 |  |  |  | 19,556 |  |  |  | 61,558 |  |  |  | 60,070 |
Research and development |  |  | 42,162 |  |  |  | 44,757 |  |  |  | 132,489 |  |  |  | 135,363 |
General and administrative |  |  | 15,543 |  |  |  | 12,431 |  |  |  | 49,179 |  |  |  | 46,427 |
Total stock-based compensation expense |  | $ | 84,242 |  |  | $ | 82,818 |  |  | $ | 266,419 |  |  | $ | 263,142 |
As of April 30, 2026, unrecognized stock-based compensation expense related to outstanding stock awards was approximately $684.2 million and is expected to be recognized over a weighted average period of approximately 2.1 years.

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