XML 22 R12.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Measurements
 6 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments Measured at Fair Value on a Recurring Basis
The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the key valuation inputs utilized to determine such fair value:
As of July 31, 2026
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$427,186 $427,186 $— $— 
Treasury bills9,987 — 9,987 — 
Commercial paper72,869 — 72,869 — 
Corporate and other debt securities3,077 — 3,077 — 
Cash equivalents513,119 427,186 85,933 — 
U.S. government agency securities2,651,480 — 2,651,480 — 
Agency bonds921,817 — 921,817 — 
Corporate and other debt securities2,111,509 — 2,111,509 
Treasury bills114,957 — 114,957 — 
Commercial paper517,966 — 517,966 
Marketable securities6,317,729 — 6,317,729 — 
Privately held debt securities included in strategic investments3,988 — — 3,988 
Total financial assets$6,834,836 $427,186 $6,403,662 $3,988 
As of January 31, 2026
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$724,236 $724,236 $— $— 
Treasury bills16,876 — 16,876 — 
Agency bonds22,298 — 22,298 — 
Cash equivalents763,410 724,236 39,174 — 
U.S. government agency securities5,383,887 — 5,383,887 — 
Agency bonds1,095,471 — 1,095,471 — 
Treasury bills64,673 — 64,673 — 
Marketable securities6,544,031 — 6,544,031 — 
Privately held debt securities included in strategic investments3,968 — — 3,968 
Total financial assets$7,311,409 $724,236 $6,583,205 $3,968 
We classify our highly liquid money market funds as Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, and treasury bills as Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded. We classify our privately held debt securities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.
Investments Measured at Fair Value on a Nonrecurring Basis
Non-marketable equity securities accounted for under the measurement alternative are investments in privately held companies without readily determinable market values. The carrying value of these non-marketable equity securities is adjusted upward or downward to fair value upon observable transactions for identical or similar investments of the same issuer or when
the investment is determined to be impaired. Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy, and remeasurements due to impairment are classified within Level 3.
As of July 31, 2026, the carrying value of our non-marketable equity securities accounted for under the measurement alternative was $3,657.5 million, of which $3,142.4 million was remeasured at fair value during the three months ended July 31, 2026 and was primarily classified within Level 2 of the fair value hierarchy at the time of measurement.