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Investments and Fair Value Measurements
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The Company follows ASC 820, Fair Value Measurements, with respect to cash equivalents and deferred compensation investments that are measured at fair value on a recurring basis. Under the standard, fair value is defined as the exit price, or the amount that would be received to sell an asset or a liability in an orderly transaction between market participants as of the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.
The hierarchy is broken down into three levels as follows:
Level 1    Assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in active markets
Level 2    Assets and liabilities whose values are based on quoted prices in markets that are not active or inputs that are observable for substantially the full term of the asset or liability
Level 3    Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement
Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):
January 31, 2026January 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(1)
Money market funds$1,407,062 $— $— $1,407,062 $1,470,040 $— $— $1,470,040 
U.S. Treasury securities— 598,398 — 598,398 — 2,490,097 — 2,490,097 
Other assets
Deferred compensation investments12,710 — — 12,710 5,496 — — 5,496 
Total assets$1,419,772 $598,398 $— $2,018,170 $1,475,536 $2,490,097 $— $3,965,633 
(1)Cash equivalents exclude $1.1 billion of time deposits, which are carried at cost and approximate fair value as of January 31, 2026.
There were no transfers between the levels of the fair value hierarchy during the periods presented.
As of January 31, 2026, and January 31, 2025, the Company’s U.S. Treasury securities are carried at fair value, and there were no material realized or unrealized gains or losses, either individually or in aggregate.
The total estimated fair value of the Company’s financing receivables approximates their carrying amounts as of January 31, 2026. The fair value of the Company’s financing receivables is considered to be a Level 3 measurement as unobservable inputs are used in determining discounted cash flows to estimate fair value.
Strategic Investments
The Company’s investments in privately held securities as of January 31, 2026, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$75,007 $— $75,007 
Cumulative net gains1,825 — 1,825 
Carrying amount, end of period$76,832 $— $76,832 
The Company’s investments in privately held securities as of January 31, 2025, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$68,140 $1,000 $69,140 
Cumulative net gains3,404 — 3,404 
Carrying amount, end of period$71,544 $1,000 $72,544 
As of January 31, 2026, the cumulative net gains of $1.8 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $5.5 million. As of January 31, 2025, the cumulative net gains of $3.4 million are comprised of upward adjustments of $7.3 million, less downward adjustments and impairment of $3.9 million.
Gains and Losses on Strategic Investments
The components of gains and losses on strategic investments were as follows (in thousands):
Year Ended January 31,
202620252024
Unrealized losses recognized on privately held equity securities including impairment$(1,579)$(1,000)$(1,459)
Unrealized losses(1,579)(1,000)(1,459)
Realized gains recognized on sales of privately held equity securities4,161 6,975 3,936 
Realized losses recognized on sales of privately held equity securities— (654)— 
Realized gains, net4,161 6,321 3,936 
Gains on strategic investments, net$2,582 $5,321 $2,477 
Unrealized losses recognized during the reporting period on
privately held equity securities still held at the reporting date 		$(1,579)$(1,000)$(1,459)
Unrealized gains recognized on privately held equity securities includes upward adjustments from equity securities accounted for under the measurement alternative while unrealized losses recognized on privately held equity securities includes downward adjustments and impairment.
Realized gains and losses recognized on sales of privately held equity securities reflect the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.