Debt

6 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

The components of the Company's borrowings were as follows (in millions):

Instrument	Date of Issuance	Maturity Date	Contractual Interest Rate		Outstanding Principal as of July 31, 2025	Carrying Value as of July 31, 2025		Carrying Value as of January 31, 2025
2028 Senior Notes	April 2018	April 2028	3.70	%	1,500	1,496		1,496
2028 Senior Sustainability Notes	July 2021	July 2028	1.50		1,000	996		995
2031 Senior Notes	July 2021	July 2031	1.95		1,500	1,492		1,491
2041 Senior Notes	July 2021	July 2041	2.70		1,250	1,237		1,236
2051 Senior Notes	July 2021	July 2051	2.90		2,000	1,979		1,979
2061 Senior Notes	July 2021	July 2061	3.05		1,250	1,236		1,236
Total carrying value of debt					8,500	8,436		8,433
Less current portion of debt						0		0
Total noncurrent debt						$	8,436	$	8,433

The Company was in compliance with all debt covenants as of July 31, 2025.

The total estimated fair value of the Company's outstanding senior unsecured notes (the “Senior Notes”) above was $6.7 billion and $6.6 billion as of July 31, 2025 and January 31, 2025, respectively. The fair value was determined based on the closing trading price per $100 of the Senior Notes as of the last day of trading of the second quarter of fiscal 2026 and the last day of trading of fiscal 2025, and are deemed Level 2 liabilities within the fair value measurement framework.

The contractual future principal payments for all borrowings as of July 31, 2025 were as follows (in millions):

Fiscal Period:
Remaining six months of fiscal 2026	$	0
Fiscal 2027	0
Fiscal 2028	0
Fiscal 2029	2,500
Fiscal 2030	0
Thereafter	6,000
Total principal outstanding	$	8,500

Interest expense, primarily from the Company’s debt instruments, was $67 million and $68 million for the three months ended July 31, 2025 and 2024, respectively, and $135 million and $137 million for the six months ended July 31, 2025 and 2024, respectively, and is included in other income in the condensed consolidated statements of operations.

Revolving Credit Facility

In October 2024, the Company entered into a Credit Agreement with the lenders and issuing lenders party thereto, and Bank of America, N.A., as administrative agent (the “Revolving Loan Credit Agreement”). The Revolving Loan Credit Agreement replaced the Credit Agreement, dated December 23, 2020 (as amended, the “Prior Credit Agreement”), among the Company, the lenders and the issuing lenders party thereto, and Citibank, N.A., as administrative agent, which provided for a $3.0 billion unsecured revolving credit facility that was scheduled to mature on December 23, 2025. There were no outstanding borrowings under the Prior Credit Agreement.

The Revolving Loan Credit Agreement provides for a $5.0 billion unsecured revolving credit facility (“Credit Facility”) and matures in October 2029. The Company may use the proceeds of future borrowings under the Credit Facility for general corporate purposes. There were no outstanding borrowings under the Credit Facility as of July 31, 2025.

Informatica-Related Financing

In June 2025, the Company entered into a 364-Day Credit Agreement that provides the Company with the ability to borrow up to $4.0 billion and a three-year Credit Agreement that provides the Company with the ability to borrow up to $2.0 billion, both on an unsecured basis, to finance a portion of the cash consideration for the Company’s pending acquisition of Informatica, the repayment of certain debt of Informatica and the payment of fees, costs and expenses related thereto. The availability and funding of each credit agreement is conditioned on the consummation of the acquisition of Informatica in accordance with the terms of the merger agreement and is subject to certain exceptions, qualifications and certain other conditions. There were no outstanding borrowings on the Informatica credit agreements as of July 31, 2025.

For more information regarding the acquisition of Informatica, see Note 6 “Business Combinations.”