Investments and Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

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, 2026								January 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
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 investments	12,710		—		—		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.

Schedule of Privately Held Equity Securities and Gains and Losses on Strategic Investments

The Company’s investments in privately held securities as of January 31, 2026, consisted of the following (in thousands):


	Privately held equity securities		Privately held debt and other securities		Total
Initial total cost	$	75,007	$	—	$	75,007
Cumulative net gains	1,825		—		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 securities		Privately held debt and other securities		Total
Initial total cost	$	68,140	$	1,000	$	69,140
Cumulative net gains	3,404		—		3,404
Carrying amount, end of period	$	71,544	$	1,000	$	72,544

The components of gains and losses on strategic investments were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024

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 securities	4,161		6,975		3,936
Realized losses recognized on sales of privately held equity securities	—		(654)		—
Realized gains, net	4,161		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)