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Stock-Based Compensation | 12 Months Ended
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Jan. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 11. Stock-Based Compensation Employee Equity Plans In January 2015, our Board of Directors adopted the 2015 Plan, which became effective prior to the completion of our IPO. Awards granted under the 2015 Plan may be (i) incentive stock options, (ii) nonstatutory stock options, (iii) restricted stock units, (iv) restricted stock awards or (v) stock appreciation rights, as determined by our Board of Directors at the time of grant. Generally, our restricted stock units vest over four years and, (a) for employee new hire restricted stock unit grants, twenty-five percent vest one year from the vesting commencement date and continue to vest 1/16th per quarter thereafter; or (b) for employee refresh restricted stock unit grants, 1/16 th per quarter vest from the vesting commencement date. On July 2, 2024, our stockholders approved the amended and restated 2015 Plan. Subject to the adjustment provisions, the maximum number of shares that may be issued under the 2015 Plan is (a) 9,000,000 shares of our Class A common stock, plus (b) any shares subject to awards granted under our 2011 Equity Incentive Plan, as amended, and the 2015 Plan that were outstanding on or prior to the approval of the amended and restated 2015 Plan, and that subsequently expire, are forfeited to or repurchased, or otherwise terminate without having been exercised or issued in full, up to a maximum of 20,228,040 shares. As of January 31, 2026, 9,021,758 shares were reserved for future issuance under the 2015 Plan. In January 2015, our Board of Directors adopted the 2015 ESPP, which became effective prior to the completion of our IPO. The 2015 ESPP allows eligible employees to purchase shares of our Class A common stock at a discount of up to 15% through payroll deductions of their eligible compensation, subject to any plan limitations. The 2015 ESPP provides for 24-month offering periods beginning March 16 and September 16 of each year, and each offering period consists of four six-month purchase periods. On each purchase date, eligible employees may purchase our stock at a price per share equal to 85% of the lesser of (1) the fair market value of our stock on the offering date or (2) the fair market value of our stock on the purchase date. In the event the price is lower on the last day of any purchase price period, in addition to using that price as the basis for that purchase period, the offering period resets and the new lower price becomes the new offering price for a new 24 month offering period. As of January 31, 2026, 7,591,319 shares were reserved for future issuance under the 2015 ESPP. Stock Options The following table summarizes the stock option activity under the equity incentive plans and related information:
|  | Shares Subject to Options Outstanding |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average Remaining |  |  |  |
|  |  |  |  | Average Exercise |  |  | Contractual Life |  |  | Aggregate |
|  | Shares |  |  | Price |  |  | (Years) |  |  | Intrinsic Value |
|  |  |  |  |  |  |  |  |  |  | (in thousands) |
Balance as of January 31, 2024 |  |  | 2,283,543 |  |  | $ | 17.69 |  |  |  | 2.93 |  |  | $ | 18,975 |
Options exercised |  |  | (1,271,158 | ) |  |  | 17.52 |  |  |  |  |  |  |
Balance as of January 31, 2025 |  |  | 1,012,385 |  |  |  | 17.90 |  |  |  | 2.80 |  |  |  | 15,679 |
Options exercised |  |  | (83,033 | ) |  |  | 17.52 |  |  |  |  |  |  |
Balance as of January 31, 2026 |  |  | 929,352 |  |  | $ | 17.94 |  |  |  | 2.02 |  |  | $ | 6,954 |
Exercisable as of January 31, 2026 |  |  | 929,352 |  |  | $ | 17.94 |  |  |  | 2.02 |  |  | $ | 6,954 |
Shares Subject to Options Outstanding Weighted-Average Weighted-Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Balance as of January 31, 2019 Options granted Option exercised Options forfeited/cancelled Balance as of January 31, 2020 Options granted Option exercised Options forfeited/cancelled Balance as of January 31, 2021 Vested and expected to vest as of January 31, 2021 Exercisable as of January 31, 2021 9,096,961 $9.01 4.97 $ 108,731 577,082 19.89 (659,34) 9.05 (242,110) 17.63 8,772,585 $ 9.48 4.27 $ 60,221 31,666 12.48 (1,994,667) 5.14 (192,547) 10.73 6,617,037 $ 10.773.77 $ 48,098 6,554,892 $ 10.68 3.74 $ 48,092 5,348,780 $ 8.59 2.87 $ 47,974 The aggregate intrinsic value of exercisable options as of January 31, 2026 is calculated based on the difference between the exercise price and the current fair value of our common stock. The aggregate intrinsic value of exercised options for the years ended January 31, 2026, 2025 and 2024 was $1.5 million, $14.8 million, and $1.6 million, respectively. During the years ended January 31, 2026, 2025, and 2024, realized tax benefits in connection with stock options exercised were no t material. No stock options vested during the years ended January 31, 2026 and 2025 and the aggregate estimated fair value of stock options that vested during the year ended January 31, 2024 was no t material. There were no options granted to employees during the years ended January 31, 2026, 2025 and 2024. Restricted Stock Units The following table summarizes the restricted stock unit activity, inclusive of performance-based and market-based restricted stock units, under the equity incentive plans and related information:
|  | Number of |  |  | Weighted- |
|  | Restricted |  |  | Average |
|  | Stock Units |  |  | Grant Date |
|  | Outstanding |  |  | Fair Value |
Unvested balance - January 31, 2024 |  |  | 14,079,595 |  |  | $ | 26.17 |
Granted |  |  | 10,058,585 |  |  |  | 29.05 |
Vested |  |  | (7,628,341 | ) |  |  | 26.15 |
Forfeited/cancelled |  |  | (1,833,465 | ) |  |  | 27.02 |
Unvested balance - January 31, 2025 |  |  | 14,676,374 |  |  |  | 28.04 |
Granted |  |  | 9,061,638 |  |  |  | 30.87 |
Vested |  |  | (7,796,622 | ) |  |  | 28.22 |
Forfeited/cancelled |  |  | (1,809,177 | ) |  |  | 28.25 |
Unvested balance - January 31, 2026 |  |  | 14,132,213 |  |  | $ | 29.74 |
er of Weighted- Restricted Average Stock Units Grant Date Outstanding Fair Value Unvested balance - January 31, 2019 18,098,707 $ 19.35 Granted 12,436,586 18.81 Vested, net of shares withheld for employee payroll taxes (4,166,907 ) 19.92 Forfeited/cancelled (4,560,279 ) 19.77 Unvested balance - January 31, 2020 21,808,107 $ 18.85 Granted 10,702,574 15.82 Vested, net of shares withheld for employee payroll taxes (5,100,239 ) 18.28 Forfeited/cancelled (13,079,764 ) 17.87 Unvested balance - January 31, 2021 14,330,678 $ 17.68 The total fair value of vested restricted stock units for the years ended January 31, 2026, 2025 and 2024 was $249.4 million, $226.9 million, and $214.6 million. During the years ended January 31, 2026 and 2025, we realized tax benefits in connection with the vesting and issuance of restricted stock units of $46.2 million and $42.1 million, respectively. The tax benefits realized in connection with the vesting and issuance of restricted stock units during the year ended January 31, 2024 were not material. As of January 31, 2026, there was $366.4 million of unrecognized stock-based compensation expense related to outstanding restricted stock units, inclusive of performance-based and market-based restricted stock units, granted to employees that is expected to be recognized over a weighted-average period of 2.54 years. Executive Bonus Plan We use performance-based incentives for certain employees, including our named executive officers, to achieve our annual financial and operational objectives, while making progress towards our longer-term strategic and growth goals (the “Executive Bonus Plan”). Based on a review of our actual achievement of the pre-established corporate financial objectives and additional inputs from our Compensation Committee, the Executive Bonus Plan for fiscal year 2025 was determined, settled and paid out in the first quarter of fiscal year 2026 in the form of fully vested restricted stock units and cash. During the first quarter of fiscal year 2026, our Compensation Committee also adopted and approved the performance criteria and targets for the Executive Bonus Plan for fiscal year 2026, which is expected to be paid out in the form of fully vested restricted stock units and cash in the first quarter of fiscal year 2027. During the years ended January 31, 2026 and 2025, we recognized stock-based compensation expense related to Executive Bonus Plans in the amount of $15.9 million and $13.4 million, respectively. The unrecognized compensation expense related to the ungranted and unvested Executive Bonus Plan for fiscal year 2026 is $3.4 million, based on the expected performance against the pre-established corporate financial objectives as of January 31, 2026, which is expected to be recognized during the first quarter of fiscal year 2027. Performance-Based and Market-Based Restricted Stock Units During the years ended January 31, 2026, 2025 and 2024, we granted performance-based restricted stock units to our named executive officers. The performance-based restricted stock units are subject to vesting based on the achievement of both performance-based and service-based conditions. The performance-based restricted stock units vest annually over a period of three years from the date of grant, subject to the executive's continued employment. The number of shares that can be earned ranges from 0% to 150% of the target number of shares granted based on the relative performance of the company compared to the specific performance metrics. In order to vest, the performance condition is only required to be met in the first year following the grant date. In December 2024, we granted 600,000 market-based restricted stock units, subject to vesting based on the achievement of both market-based and service-based conditions. The market-based restricted stock units are eligible to vest based on the achievement of stock price goals over a performance period that ends on the fourth anniversary of the grant date. The total number of market-based restricted stock units is divided into three equal tranches with each tranche subject to both a stock price goal and a minimum service requirement. The $20.59 average grant date fair value per market-based restricted stock unit was determined using a Monte Carlo simulation model and stock-based compensation expense is recognized over the requisite service period based on the accelerated attribution method, even if the Price Hurdles are not met. During the years ended January 31, 2026, 2025, and 2024, stock-based compensation expense related to performance-based and market-based restricted stock units was $11.7 million, $5.5 million, and $2.8 million, respectively. 2015 ESPP As of January 31, 2026, there was $14.3 million of unrecognized stock-based compensation expense related to the 2015 ESPP that is expected to be recognized over a weighted-average period of 1.53 years. Stock-Based Compensation The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations (in thousands):
|  | Year Ended January 31, |
|  | 2026 |  |  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 21,831 |  |  | $ | 18,656 |  |  | $ | 19,111 |
Research and development |  |  | 81,364 |  |  |  | 77,557 |  |  |  | 70,240 |
Sales and marketing |  |  | 76,568 |  |  |  | 75,281 |  |  |  | 65,886 |
General and administrative |  |  | 53,953 |  |  |  | 47,509 |  |  |  | 43,546 |
Total stock-based compensation |  | $ | 233,716 |  |  | $ | 219,003 |  |  | $ | 198,783 |
Year Ended January 31, 2021 2020 2019 Cost of revenue $ 18,936 $ 16,769 $ 14,065 Research and development 61,145 62,565 45,189 Sales and marketing 42,015 38,030 36,864 General and administrative 32,196 28,624 23,178 Total stock-based compensation $ 154,292 $ 145,988 $ 119,296 During the years ended January 31, 2026, 2025 and 2024, we capitalized $13.3 million, $10.6 million, and $7.0 million, respectively, of stock-based compensation expense related to eligible capitalized software development projects. Determination of Fair Value We estimated the fair value of 2015 ESPP purchase rights using a Black-Scholes option pricing model with the following assumptions:
| Year Ended January 31, |
| 2026 |  |  | 2025 |  |  | 2024 |
Employee Stock Purchase Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  | 0.5 |  | – |  | 2.0 |  |  |  | 0.5 |  | – |  | 2.0 |  |  |  | 0.5 |  | – |  | 2.0 |
Risk-free interest rate |  | 3.5 | % | – |  | 4.3 | % |  |  | 3.6 | % | – |  | 5.4 | % |  |  | 4.1 | % | – |  | 5.5 | %
Volatility |  | 23 | % | – |  | 32 | % |  |  | 28 | % | – |  | 35 | % |  |  | 27 | % | – |  | 40 | %
Dividend yield |  |  |  |  | 0 | % |  |  |  |  |  | 0 | % |  |  |  |  |  | 0 | %
Year Ended January 31, 2021 2020 2019 Employee Stock Options Expected term (in years) 5.8 5.5 – 5.8 5.5 – 5.8 Risk-free interest rate 0.6% 1.8% 2.8% – 3.1% Volatility 46% 45% 45% Dividend yield 0% 0% 0% Employee Stock Purchase Plan Expected term (in years) 0.5 – 2.0 0.5 – 2.0 0.5 – 2.0 Risk-free interest rate 0.1% – 0.4% 1.7% – 2.5% 2.0% – 2.8% Volatility 44% – 54% 34% – 55% 37% – 50% Dividend yield 0% 0% 0% The assumptions used in the Black-Scholes option pricing model were determined as follows: Fair Value of Common Stock. We use the market closing price for our Class A common stock as reported on the New York Stock Exchange to determine the fair value of our common stock at each grant date. Expected Term. The expected term represents the period that our share-based awards are expected to be outstanding. The expected term assumptions were determined based on the vesting terms, exercise terms and contractual lives of the options and 2015 ESPP purchase rights. Expected Volatility. We estimate the expected volatility of the stock option grants and 2015 ESPP purchase rights based on the historical volatility of our Class A common stock over a period equivalent to the expected term of the stock option grants and 2015 ESPP purchase rights, respectively. Risk-free Interest Rate. The risk-free rate that we use is based on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options and 2015 ESPP purchase rights. Dividend Yield. We have never declared or paid any cash dividends on our Class A common stock and do not plan to pay cash dividends on our Class A common stock in the foreseeable future, and, therefore, use an expected dividend yield of zero.

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