NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

12 Months Ended

Jan. 31, 2026

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, restricted common stock, RSUs, PSUs, shares purchased pursuant to our ESPP, and early exercised stock options are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

Basic and diluted net loss per share attributable to common stockholders was as follows (in thousands, except share and per share data):


	Year Ended January 31,
		2026		2025		2024
Numerator:
Net loss attributable to Class A and Class B common stockholders		$	(450,735)	$	(288,441)	$	(338,693)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		330,111,148		314,811,783		294,923,536
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted		$	(1.37)	$	(0.92)	$	(1.15)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	As of January 31,
	2026	2025	2024
RSUs and PSUs	34,438,058	28,016,619	27,406,457
Stock options	9,443,196	13,164,743	21,159,850
Restricted common stock	3,484,135	1,497,212	10,621
ESPP	606,693	520,701	107,924
Shares subject to repurchase	—	—	16,543

Total	47,972,082	43,199,275	48,701,395