Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations

9 Months Ended

Oct. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations

Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations

Disaggregation of Revenue

Revenue consists of the following (in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Product revenue	$	1,158,377	$	900,282	$	3,245,686	$	2,519,119
Professional services and other revenue	54,532		41,812		154,266		120,507
Total	$	1,212,909	$	942,094	$	3,399,952	$	2,639,626

Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Americas:
United States	$	912,638	$	719,325	$	2,558,614	$	2,014,996
Other Americas(1)	32,166		26,269		92,397		72,781
EMEA(1)(2)	199,421		147,205		553,545		416,734
Asia-Pacific and Japan(1)	68,684		49,295		195,396		135,115
Total	$	1,212,909	$	942,094	$	3,399,952	$	2,639,626

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(1)No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented.

(2)Includes Europe, the Middle East and Africa.

Accounts Receivable, Net

As of October 31, 2025 and January 31, 2025, allowance for credit losses of $3.7 million and $4.8 million, respectively, was included in the Company’s accounts receivable, net balance.

Significant Customers

For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of October 31, 2025 and January 31, 2025, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the three and nine months ended October 31, 2025 and 2024.

Deferred Revenue

The Company recognized $897.0 million and $678.5 million of revenue for the three months ended October 31, 2025 and 2024, respectively, from the deferred revenue balances as of July 31, 2025 and 2024, respectively.

The Company recognized $1.9 billion and $1.6 billion of revenue for the nine months ended October 31, 2025 and 2024, respectively, from the deferred revenue balances as of January 31, 2025 and 2024, respectively.

Remaining Performance Obligations

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates.

As of October 31, 2025, the Company’s RPO was $7.9 billion, of which the Company expects approximately 48% to be recognized as revenue in the 12 months ending October 31, 2026 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.