The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Cost of revenue	$	6,199	$	5,399	$	12,094	$	10,064
Research and development	28,401		24,289		57,349		45,230
Sales and marketing	21,472		21,338		41,757		44,253
General and administrative	25,221		22,858		44,982		43,028
Restructuring	10,821		—		10,821		(36)
Total	$	92,114	$	73,884	$	167,003	$	142,539

Stock-based compensation expense related to equity awards associated with the Prompt and Observo acquisitions totaled $1.7 million and $6.0 million for the three months ended July 31, 2026, and $3.3 million and $11.7 million for the six months ended July 31, 2026, respectively.

A summary of our RSU activity is as follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2026	31,653,685	$	18.99
Granted	23,559,499	13.60
Released	(6,243,585)	19.44
Forfeited	(5,751,782)	17.50
Outstanding as of July 31, 2026	43,217,817	$	16.19

As of July 31, 2026, we had unrecognized stock-based compensation expense related to unvested RSUs of $636.5 million that is expected to be recognized on a straight-line basis over a weighted-average period of 3.0 years.

During the three and six months ended July 31, 2026, we granted PSUs to certain executives with terms similar to our outstanding executive PSUs issued during fiscal 2026 and fiscal 2025, which are subject to predetermined service-based and performance-based vesting conditions. These executive PSUs may vest from 0% to 225% of the number of target shares based on the achievement of certain financial performance metrics and vest contingently over a period of one to four years, subject to continuous service with us. We recorded $9.4 million and $11.8 million of stock-based compensation expense related to our outstanding executive PSUs during the three and six months ended July 31, 2026, respectively, and $2.2 million and $3.4 million during the three and six months ended July 31, 2025, respectively.

In connection with the acquisition of Observo, during fiscal 2026, we granted PSUs subject to service-based and performance-based vesting conditions. These PSUs will fully vest upon the achievement of specified performance objectives, subject to the employees’ continued service to us from the grant date through the milestone events or target dates. During the three and six months ended July 31, 2026, we recorded $0.1 million of stock-based compensation expense and a net reversal of $0.2 million, respectively, related to these PSUs.

During fiscal 2026, in connection with the post-acquisition integration of Prompt and Observo, we granted PSUs to an executive subject to performance-based vesting conditions tied to the annualized recurring revenue (ARR) of the acquired business. These PSUs may vest from 0% to 200% of the target number of shares based on the achievement of specific ARR milestones, subject to the executive’s continued service through the performance period. During the three and six months ended July 31, 2026, we recorded $0.5 million and $1.0 million, respectively, of stock-based compensation expense related to these awards.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2026	1,246,801	$	17.06
Granted	1,535,924	15.74
Released	(477,776)	17.39
Forfeited	(130,715)	17.06
Outstanding as of July 31, 2026	2,174,234	$	16.06

As of July 31, 2026, we had unrecognized stock-based compensation expense related to unvested PSUs of $35.2 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.8 years.

A summary of our stock option activity is as follows:


	Number of Options	Weighted-Average Exercise Price
Outstanding as of January 31, 2026	9,443,196	$	6.92

Exercised	(957,402)	3.29
Forfeited	(17,252)	1.64
Outstanding as of July 31, 2026	8,468,542	$	7.34
Vested and expected to vest as of July 31, 2026	8,468,542	$	7.34
Vested and exercisable as of July 31, 2026	6,895,757	$	7.14

As of July 31, 2026, we had unrecognized stock-based compensation expense related to unvested options of $4.3 million that is expected to be recognized on a straight-line basis over a weighted-average period of 0.4 years.

We recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $1.5 million and $2.9 million, respectively, during the three and six months ended July 31, 2026. We recognized stock-based compensation expense of $1.9 million and $3.4 million, respectively, during the three and six months ended July 31, 2025.

Restricted common stock is included in issued and outstanding shares as they are legally issued and outstanding but are not deemed outstanding for accounting purposes until the shares vest. A summary of our restricted common stock activity is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 31, 2026	3,484,135	$	20.60

Vested	(1,120,114)	23.82
Unvested balance as of July 31, 2026	2,364,021	$	19.07

As of July 31, 2026, we had unrecognized stock-based compensation expense related to unvested restricted common stock of $41.9 million that is expected to be recognized on a straight-line basis over a weighted-average period of 1.2 years.

In connection with the restructuring plan initiated in May 2026, certain stock-based awards were accelerated or modified, including (i) revested shares held by certain founders of previously acquired companies that vest upon termination without cause, (ii) RSUs held by certain founders of previously acquired companies for which the compensation committee of our board of directors approved acceleration, and (iii) awards held by other affected employees who received accelerated vesting. Stock-based compensation expense recognized in connection with the acceleration or modification of these awards was $10.8 million during both the three and six months ended July 31, 2026.

During the six months ended July 31, 2025, certain members of our management team converted to non-employee consultants or to positions that no longer provide substantive service to the Company (Management Transitions). These Management Transitions have been accounted for as modifications, under which the unvested awards were accelerated, the exercise period of certain vested awards was extended, or a certain number of unvested awards will continue to vest through the end of the agreements entered into in connection with the Management Transitions. During the three and six months ended July 31, 2025, we recognized no incremental charge and $3.4 million, respectively, regarding these modifications. No incremental stock-based compensation expense was recognized related to these modifications during the three and six months ended July 31, 2026.