Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 2025

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of July 31, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	1,320,540	$	—	$	—	$	1,320,540
Time deposits	—		115,074		—		115,074
U.S. government securities	—		52,850		—		52,850
Corporate notes and bonds	—		10,834		—		10,834


Short-term investments:
Corporate notes and bonds	—		1,079,287		—		1,079,287
U.S. government and agency securities	—		373,662		—		373,662
Commercial paper	—		135,091		—		135,091
Certificates of deposit	—		117,948		—		117,948
Long-term investments:
Corporate notes and bonds	—		814,778		—		814,778
U.S. government and agency securities	—		198,126		—		198,126

Strategic investments:
Marketable equity securities	8,385		—		—		8,385
Non-marketable debt securities	—		—		11,000		11,000
Derivative assets:
Foreign currency forward contracts	—		7,255		—		7,255
Total assets	$	1,328,925	$	2,904,905	$	11,000	$	4,244,830
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(1,458)	$	—	$	(1,458)
Total liabilities	$	—	$	(1,458)	$	—	$	(1,458)

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	1,741,089	$	—	$	—	$	1,741,089
U.S. government securities	—		388,670		—		388,670
Time deposits	—		113,851		—		113,851
Corporate notes and bonds	—		4,466		—		4,466
Commercial paper	—		3,064		—		3,064
Short-term investments:
Corporate notes and bonds	—		1,059,181		—		1,059,181
U.S. government and agency securities	—		456,673		—		456,673
Commercial paper	—		307,856		—		307,856
Certificates of deposit	—		185,163		—		185,163
Long-term investments:					—
Corporate notes and bonds	—		501,369		—		501,369
U.S. government and agency securities	—		153,065		—		153,065
Certificates of deposit	—		2,042		—		2,042
Strategic investments:
Marketable equity securities	13,833		—		—		13,833
Non-marketable debt securities	—		—		750		750
Derivative assets:
Foreign currency forward contracts	—		1,579		—		1,579
Total assets	$	1,754,922	$	3,176,979	$	750	$	4,932,651
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(1,639)	$	—	$	(1,639)
Total liabilities	$	—	$	(1,639)	$	—	$	(1,639)

Schedule of Derivative Instruments

The following table summarizes the notional amounts of the Company’s outstanding derivative financial instruments (in thousands):


	July 31, 2025		January 31, 2025

Foreign currency forward contracts not designated as hedging instruments	$	167,790	$	222,027
Foreign currency forward contracts designated as cash flow hedges	78,144		—
Total derivative financial instruments	$	245,934	$	222,027