v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Oct. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table is a summary of stock option activity for the nine months ended October 31, 2025:
Number of
Shares		Weighted-Average
Exercise Price
Per Share
(in thousands)
Options outstanding at January 31, 20251,251 $10.23 
Granted44 $44.95 
Exercised(305)$8.62 
Canceled(3)$23.89 
Options outstanding at October 31, 2025987 $12.23 
Options vested and expected to vest at October 31, 2025987 $12.23 
Options exercisable at October 31, 2025931 $10.64 
Schedule of RSU, PSU and Special PSU Awards Activity
The following table is a summary of RSUs, PSUs and the Special PSU Awards activities for the nine months ended October 31, 2025:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Per Share
(in thousands)
RSUs and PSUs outstanding at January 31, 202511,024 $227.55 
Granted1,932 $419.39 
Released(3,583)$220.88 
Performance adjustment (1)
(55)$296.43 
Forfeited(807)$249.26 
RSUs and PSUs outstanding at October 31, 20258,511 $271.42 
RSUs and PSUs expected to vest at October 31, 2025 (2)
8,011 $268.34 
(1)The performance adjustment represents adjustments in shares outstanding due to the actual achievement of performance-based awards, the achievement of which was based upon pre-defined financial performance targets.
(2)Excludes in progress PSUs and Special PSUs where pre-defined targets have not yet been achieved.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine the fair value of employee stock purchase rights granted under the Company’s ESPP:
Nine Months Ended October 31,
20252024
Expected term (in years)
0.5 – 2.0
0.5 – 2.0
Risk-free interest rate
3.9% – 5.3%
3.4% – 5.3%
Expected stock price volatility
44.5% – 59.8%
40.8% – 59.8%
Dividend yield— %— %
Schedule of Stock-based Compensation Expense
Stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2025202420252024
Subscription cost of revenue$23,601 $18,613 $72,520 $49,261 
Professional services cost of revenue9,433 7,498 29,505 21,115 
Sales and marketing73,798 56,251 211,217 165,914 
Research and development109,033 81,874 332,119 224,467 
General and administrative67,096 44,652 178,357 132,133 
Total stock-based compensation expense$282,961 $208,888 $823,718 $592,890