v3.25.4
Investments (Tables)
 12 Months Ended
Jan. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
As of January 31, 2026, marketable securities consisted of the following (in millions):
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Corporate notes and obligations$1,343 $10 $0 $1,353 
U.S. treasury securities168 2 0 170 
Mortgage-backed obligations32 0 (1)31 
Asset-backed securities618 4 0 622 
Municipal securities17 0 0 17 
Commercial paper30 0 0 30 
Covered bonds1 0 0 1 
Other14 0 0 14 
Total marketable securities$2,223 $16 $(1)$2,238 
As of January 31, 2025, marketable securities consisted of the following (in millions):
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Corporate notes and obligations$2,574 $6 $(23)$2,557 
U.S. treasury securities546 0 (4)542 
Mortgage-backed obligations128 0 (6)122 
Asset-backed securities1,218 3 (4)1,217 
Municipal securities108 0 (1)107 
Commercial paper506 0 0 506 
Covered bonds29 0 (2)27 
Other106 0 0 106 
Total marketable securities$5,215 $9 $(40)$5,184 
Schedule of Short-Term and Long-Term Marketable Securities
The contractual maturities of the investments classified as marketable securities were as follows (in millions):
 As of
 January 31, 2026January 31, 2025
Due within 1 year$460 $2,081 
Due in 1 year through 5 years1,777 3,098 
Due in 5 years through 10 years1 5 
$2,238 $5,184 
Schedules of Strategic Investments
Strategic investments by form and measurement category as of January 31, 2026 were as follows (in millions):
 Measurement Category
 Fair ValueMeasurement AlternativeOtherTotal
Equity securities$5 $7,415 $127 $7,547 
Other investments 0 0 44 44 
Balance as of January 31, 2026
$5 $7,415 $171 $7,591 
Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):
 Measurement Category
 Fair ValueMeasurement AlternativeOtherTotal
Equity securities$69 $4,617 $125 $4,811 
Other investments0 0 41 41 
Balance as of January 31, 2025
$69 $4,617 $166 $4,852 
The components of gains (losses) on strategic investments, net were as follows (in millions):
4Fiscal Year Ended January 31,
202620252024
Unrealized gains (losses) recognized on publicly traded equity securities, net$(4)$(16)$29 
Unrealized gains recognized on privately held equity securities, net1,470 358 119 
Impairments on privately held equity securities and other investments(496)(582)(466)
Unrealized gains (losses), net970 (240)(318)
Realized gains (losses) on sales of securities, net47 119 41 
Gains (losses) on strategic investments, net $1,017 $(121)$(277)