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Equity (Tables)
 6 Months Ended
Jul. 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 under the Company’s equity incentive plans as follows (in thousands):

July 31, 2025January 31, 2025
2012 Equity Incentive Plan:
Options outstanding15,655 20,067 
2020 Equity Incentive Plan:
Options outstanding1,586 1,586 
Restricted stock units outstanding25,267 24,790 
Shares available for future grants77,906 64,834 
2020 Employee Stock Purchase Plan:
Shares available for future grants19,230 16,446 
Total
139,644 127,723 
Class of Treasury Stock
The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):

Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Number of shares repurchased— 2,957 3,214 5,939 
Weighted-average price per share(1)
$— $135.28 $152.63 $154.29 
Aggregate purchase price(1)
$— $399,955 $490,590 $916,239 
________________
(1)Excludes transaction costs and excise tax, if any, associated with the repurchases.
Option Activity Rollforward
A summary of stock option activity during the six months ended July 31, 2025 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, 2025
21,653 $20.83 4.2$3,493,648 
Exercised(847)$7.34 
Canceled0 $12.85 
Balance—April 30, 2025
20,806 $21.37 4.0$2,903,841 
Exercised(3,565)$8.54 
Balance—July 31, 2025
17,241 $24.03 3.8$3,439,121 
Vested and expected to vest as of July 31, 2025
17,241 $24.03 3.8$3,439,121 
Exercisable as of July 31, 2025
16,407 $16.71 3.7$3,392,863 
Schedule of Unvested RSU Rollforward
A summary of equity-classified RSUs activity during the six months ended July 31, 2025 is as follows:

Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2025
23,354 $151.30 
Granted
5,459 $147.06 
Vested(2,425)$158.50 
Forfeited(1,013)$156.70 
Performance adjustment(1)
(176)$163.04 
Unvested Balance—April 30, 2025
25,199 $149.39 
Granted
1,844 $201.47 
Vested(2,347)$155.74 
Forfeited(846)$154.37 
Unvested Balance—July 31, 2025
23,850 $152.62 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the six months ended July 31, 2024, based on the actual achievement of the associated Company annual performance targets for fiscal 2025.
A summary of liability-classified RSUs activity during the six months ended July 31, 2025 is as follows:

Number of Shares
(in thousands)
Unvested Balance—January 31, 2025
1,436 
Forfeited(2)
Unvested Balance—April 30, 2025
1,434 
Forfeited(17)
Unvested Balance—July 31, 2025
1,417 
Schedule of Unvested RSA Rollforward
A summary of restricted common stock activity during the six months ended July 31, 2025 is as follows:

Outside of the Plans
Number of Shares
(in thousands)		Weighted-Average Grant Date
Fair Value
per Share
Unvested Balance—January 31, 2025
821 $180.82 
Vested(116)$222.05 
Unvested Balance—April 30, 2025
705 $174.01 
Vested(24)$194.28 
Unvested Balance—July 31, 2025
681 $173.31 
Valuation Assumptions Schedule The following table summarizes the assumptions used in estimating the fair values of a stock option granted to employees during the three and six months ended July 31, 2024:
Three Months Ended July 31, 2024Six Months Ended July 31, 2024
Expected term (in years)6.0
4.8 - 6.0
Expected volatility56.6 %
56.6% - 56.7%
Risk-free interest rate4.4 %
4.2% - 4.4%
Expected dividend yield—%
0%
Valuation Assumptions Other Than Stock Options Schedule
The following table summarizes the assumptions used in estimating the fair values of employee stock purchase rights granted under the 2020 ESPP (ESPP Rights) during each of the six months ended July 31, 2025 and 2024:

Six Months Ended July 31,
20252024
Expected term (in years)0.50.5
Expected volatility54.1%49.6%
Risk-free interest rate4.3%5.4%
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 July 31, 2025 and January 31, 2025:

July 31, 2025January 31, 2025
Expected volatility49.0%50.0%
Risk-free interest rate4.0%4.2%
Share-based Compensation Schedule
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Cost of revenue$35,421 $34,815 $69,236 $67,223 
Sales and marketing95,253 80,676 182,769 154,083 
Research and development236,300 204,917 457,213 399,589 
General and administrative37,243 35,592 74,459 67,041 
Stock-based compensation, net of amounts capitalized404,217 356,000 783,677 687,936 
Capitalized stock-based compensation— 7,846 — 17,141 
Total stock-based compensation$404,217 $363,846 $783,677 $705,077