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Equity (Tables)
 12 Months Ended
Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Reserved for Future Issuance
The Company had reserved shares of common stock for future issuance as follows (in thousands):

January 31, 2025January 31, 2024
2012 Equity Incentive Plan:
Options outstanding20,067 26,767 
Restricted stock units outstanding— 789 
2020 Equity Incentive Plan:
Options outstanding1,586 602 
Restricted stock units outstanding24,790 20,168 
Shares available for future grants64,834 59,371 
2020 Employee Stock Purchase Plan:
Shares available for future grants16,446 13,764 
Total shares of common stock reserved for future issuance127,723 121,461 
Share Repurchase Activity
The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):

Fiscal Year Ended January 31,
20252024
Number of shares repurchased14,765 4,012 
Weighted-average price per share(1)
$130.87 $147.49 
Aggregate purchase price(1)
$1,932,164 $591,673 
________________
(1)Excludes transaction costs associated with the repurchases.
Option Activity Rollforward
A summary of stock option activity during the fiscal years ended January 31, 2025, 2024, and 2023 is as follows:

Number of Options Outstanding
(in thousands)		Weighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Life
(in years)		Aggregate
Intrinsic
Value
(in thousands)
Balance—January 31, 2022
42,043$7.53 6.9$11,283,299 
Granted642$207.56 
Exercised(6,118)$6.50 
Canceled(713)$8.02 
Balance—January 31, 2023
35,854$11.27 5.9$5,237,549 
Exercised(8,357)$6.84 
Canceled(128)$70.59 
Balance—January 31, 2024
27,369$12.35 5.0$5,023,664 
Granted1,037$163.17 
Exercised(6,608)$6.79 
Canceled(145)$78.83 
Balance—January 31, 2025
21,653$20.83 4.2$3,493,648 
Vested and expected to vest as of January 31, 2025
21,653$20.83 4.2$3,493,648 
Exercisable as of January 31, 2025
20,645$13.53 4.1$3,478,059 
Option Rollforward Schedule
A summary of stock option activity during the fiscal years ended January 31, 2025, 2024, and 2023 is as follows:

Number of Options Outstanding
(in thousands)		Weighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Life
(in years)		Aggregate
Intrinsic
Value
(in thousands)
Balance—January 31, 2022
42,043$7.53 6.9$11,283,299 
Granted642$207.56 
Exercised(6,118)$6.50 
Canceled(713)$8.02 
Balance—January 31, 2023
35,854$11.27 5.9$5,237,549 
Exercised(8,357)$6.84 
Canceled(128)$70.59 
Balance—January 31, 2024
27,369$12.35 5.0$5,023,664 
Granted1,037$163.17 
Exercised(6,608)$6.79 
Canceled(145)$78.83 
Balance—January 31, 2025
21,653$20.83 4.2$3,493,648 
Vested and expected to vest as of January 31, 2025
21,653$20.83 4.2$3,493,648 
Exercisable as of January 31, 2025
20,645$13.53 4.1$3,478,059 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the fiscal years ended January 31, 2025, 2024, and 2023 is as follows:

Number of Shares
(in thousands)
Weighted-Average Grant-Date Fair Value
per Share
Unvested Balance—January 31, 2022
9,612 $180.08 
Granted10,788 $180.65 
Vested(3,348)$165.30 
Forfeited(1,492)$206.02 
Unvested Balance—January 31, 2023
15,560 $181.17 
Granted
12,706 $158.28 
Vested(6,810)$172.38 
Forfeited(1,881)$176.44 
Unvested Balance—January 31, 2024
19,575 $169.82 
Granted
17,096 $142.07 
Vested(9,900)$168.04 
Forfeited(3,367)$163.07 
Performance adjustment(1)
(50)$139.58 
Unvested Balance—January 31, 2025
23,354 $151.30 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the fiscal year ended January 31, 2024, based on the actual achievement of the associated Company annual performance targets for fiscal 2024.
A summary of liability-classified RSUs activity during the fiscal years ended January 31, 2025 and 2024 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2023
— 
Granted(1)
1,382 
Unvested Balance—January 31, 2024
1,382 
Granted(1)
118 
Forfeited(64)
Unvested Balance—January 31, 2025
1,436 
________________
(1)Represents the maximum number of Acquisition PRSUs that may be eligible to vest with respect to these awards over their full term.
Schedule of Unvested RSA Rollforward
A summary of restricted common stock activity outside of the Plans during the fiscal years ended January 31, 2025, 2024, and 2023 is as follows:

Outside of the Plans
Number of Shares
(in thousands)
Weighted-Average Grant-Date Fair Value
per Share
Unvested Balance—January 31, 2022
380 $2.11 
Granted409 $229.13 
Vested(361)$2.10 
Unvested Balance—January 31, 2023
428 $219.26 
Granted385 $194.28 
Vested(142)$199.28 
Unvested Balance—January 31, 2024
671 $209.15 
Granted445 $162.15 
Vested(219)$213.81 
Forfeited(76)$226.91 
Unvested Balance—January 31, 2025
821 $180.82 
Schedule of Valuation Assumptions The following table summarizes the assumptions used in estimating the grant-date fair values of stock options granted to employees during the fiscal years ended January 31, 2025 and 2023:
Fiscal Year Ended January 31,
20252023
Expected term (in years)
4.8 - 6.0
6.0
Expected volatility
56.6% - 56.7%
50.0 %
Risk-free interest rate
4.2% - 4.4%
1.8 %
Expected dividend yield— %— %
Schedule of Valuation Assumptions Other than Stock Options
The following table summarizes the assumptions used in estimating the fair values of ESPP Rights granted under the 2020 ESPP during the fiscal years ended January 31, 2025, 2024, and 2023:

Fiscal Year Ended January 31,
202520242023
Expected term (in years)0.50.50.5
Expected volatility
46.3% - 49.6%
48.4% - 71.3%
58.9% - 74.8%
Risk-free interest rate
4.5% - 5.4%
4.7% - 5.5%
0.9% - 3.8%
Expected dividend yield— %— %— %
Schedule of Valuation Assumptions, Liability-Classified Performance Shares
The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of January 31, 2025 and 2024:

January 31, 2025January 31, 2024
Expected volatility50.0 %60.0 %
Risk-free interest rate4.2 %4.0 %
Share-based Compensation Schedule
Stock-based compensation included in the consolidated statements of operations was as follows (in thousands):

Fiscal Year Ended January 31,
202520242023
Cost of revenue$142,163 $123,363 $106,302 
Sales and marketing331,807 299,657 246,811 
Research and development852,027 644,928 407,524 
General and administrative153,317 100,067 100,896 
Stock-based compensation, net of amounts capitalized1,479,314 1,168,015 861,533 
Capitalized stock-based compensation38,493 48,830 29,417 
Total stock-based compensation$1,517,807 $1,216,845 $890,950