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Equity
 9 Months Ended
Oct. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Common Stock—On July 3, 2025, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware effecting (i) the elimination of the Company’s Class B common stock, and (ii) the renaming of the Company’s Class A common stock to “common stock”. Upon the effectiveness of the certificate, the Company’s total number of authorized shares of Class B common stock was reduced from 185.5 million shares to zero. Holders of common stock are entitled to one vote per share on all matters subject to a stockholder vote. This amendment had no impact on the Company’s issued and outstanding shares, additional paid-in capital, or accumulated deficit. Unless otherwise noted, all references herein to the Company’s common stock refer to the Class A common stock prior to the effectiveness of the certificate.

The Company had reserved shares of common stock for future issuance under the Company’s equity incentive plans as follows (in thousands):

October 31, 2025January 31, 2025
2012 Equity Incentive Plan:
Options outstanding13,155 20,067 
2020 Equity Incentive Plan:
Options outstanding1,556 1,586 
Restricted stock units outstanding23,434 24,790 
Shares available for future grants78,186 64,834 
2020 Employee Stock Purchase Plan:
Shares available for future grants18,967 16,446 
Total
135,298 127,723 

Stock Repurchase Program and Treasury Stock—In February 2023, the Company’s board of directors authorized a stock repurchase program of up to $2.0 billion of the Company’s outstanding common stock. Repurchases may be effected, from time to time, either on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. In August 2024, the Company’s board of directors authorized the repurchase of an additional $2.5 billion of its outstanding common stock and extended the expiration date of the stock repurchase program from March 2025 to March 2027.

The following table summarizes the stock repurchase activity under the Company’s stock repurchase program (in thousands, except per share data):

Three Months Ended October 31,Nine Months Ended October 31,
2025202420252024
Number of shares repurchased1,043 8,826 4,257 14,765 
Weighted-average price per share(1)
$223.35 $115.11 $169.95 $130.87 
Aggregate purchase price(1)
$232,881 $1,015,925 $723,471 $1,932,164 
________________
(1)Excludes transaction costs and excise tax, if any, associated with the repurchases.
All repurchases presented in the table above were made in open market transactions, except for the 3.6 million shares of the Company’s outstanding common stock that were repurchased during the three months ended October 31, 2024 for $399.6 million from purchasers of the Notes in the offering in privately negotiated transactions entered into in connection with the Notes offering at a purchase price of $112.50 per share. See Note 10, “Convertible Senior Notes,” for further details.
As of October 31, 2025, approximately $1.3 billion remained available for future stock repurchases under the stock repurchase program (exclusive of any transaction costs associated with repurchases). The first 0.5 million shares repurchased under the Company’s authorized stock repurchased program were recorded in treasury stock as a reduction to the stockholders’ equity on the condensed consolidated balance sheets. All shares of common stock subsequently repurchased were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price (including associated transaction costs) over par value was recorded entirely to retained earnings (accumulated deficit) on the condensed consolidated balance sheets.

Equity Incentive Plans—The Company’s 2020 Equity Incentive Plan (2020 Plan), which became effective in connection with its Initial Public Offering (IPO), provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (RSUs), performance awards and other forms of equity compensation (collectively, equity awards). All shares that remain available for future grants are under the 2020 Plan.

The Company’s 2012 Equity Incentive Plan (2012 Plan) provided for the grant of equity awards to employees, non-employee directors, and other service providers of the Company. The 2012 Plan was terminated in September 2020 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2012 Plan. Upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding equity awards granted under the 2012 Plan, an equal number of shares of common stock will become available for grant under the 2020 Plan. No further equity awards will be granted under the 2012 Plan.

The Company’s 2020 Employee Stock Purchase Plan (2020 ESPP) authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. Offering periods are generally six months long and begin on the first trading day immediately after the last day of the prior offering period, typically around March 15 and September 15 of each year, except for the first two offering periods. The initial offering period began on September 15, 2020 and ended on February 26, 2021. The second offering period began on March 1, 2021 and ended on September 14, 2021.

On February 1, 2025, the shares available for grant under the 2020 Plan and the 2020 ESPP were automatically increased by 16.7 million shares and 3.3 million shares, respectively, pursuant to the annual evergreen increase provisions under the 2020 Plan and the 2020 ESPP.

Stock Options—Stock options granted under the 2012 Plan and the 2020 Plan (collectively, the Plans) generally vest based on continued service over four years and expire ten years from the date of grant. Certain stock options granted under the 2012 Plan are exercisable at any time following the date of grant and expire ten years from the date of grant.

A summary of stock option activity during the nine months ended October 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 
Canceled— $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 
Exercised(2,530)$10.64 
Balance—October 31, 2025
14,711 $26.33 3.5$3,656,727 
Vested and expected to vest as of October 31, 2025
14,711 $26.33 3.5$3,656,727 
Exercisable as of October 31, 2025
13,965 $18.83 3.4$3,575,826 
No options were granted during the nine months ended October 31, 2025. The weighted-average grant-date fair value of options granted during the nine months ended October 31, 2024, was $79.16 per share. The intrinsic value of options exercised in the nine months ended October 31, 2025 and 2024 was $1.4 billion and $687.0 million, respectively. The aggregate grant-date fair value of options that vested during the nine months ended October 31, 2025 and 2024 was $23.0 million and $23.5 million, respectively.

Equity-Classified RSUs—RSUs granted under the 2012 Plan are equity-classified and had both service-based and performance-based vesting conditions, of which the performance-based vesting condition was satisfied upon the effectiveness of the IPO in September 2020. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. Stock-based compensation associated with RSUs granted under the 2012 Plan was recognized using an accelerated attribution method from the time it was deemed probable that the vesting condition was met through the time the service-based vesting condition had been achieved.

Equity-classified RSUs granted under the 2020 Plan include those that only contain a service-based vesting condition that is typically satisfied over four years, and the related stock-based compensation for these RSUs is recognized on a straight-line basis over the requisite service period. In addition, under the 2020 Plan, the Company granted 0.4 million and 0.8 million equity-classified RSUs (Leadership PRSUs) to its executive officers and certain other members of its senior leadership team during the nine months ended October 31, 2025 and 2024, respectively. These Leadership PRSUs were granted at 120% of the target number of these awards, representing the maximum number of Leadership PRSUs that may be eligible to vest over their full term, and have both service-based and performance-based vesting conditions. The service-based vesting condition for these Leadership PRSUs is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied upon the achievement of certain Company annual performance targets set by the compensation committee of the board of directors of the Company. The ultimate number of the Leadership PRSUs eligible to vest ranges between 0% to 120% of the target number of the Leadership PRSUs based on the weighted-average achievement of such Company annual performance metrics for the respective fiscal year. Stock-based compensation associated with these Leadership PRSUs is recognized using an accelerated attribution method over the requisite service period, based on the Company’s periodic assessment of the probability that the performance condition will be achieved. Stock-based compensation recognized for these Leadership PRSUs was $13.5 million and $42.6 million for the three and nine months ended October 31, 2025, respectively, and $20.2 million and $41.4 million for the three and nine months ended October 31, 2024, respectively.
A summary of equity-classified RSUs activity during the nine months ended October 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 
Granted
1,421 $227.16 
Vested(2,386)$154.96 
Forfeited(906)$150.03 
Unvested Balance—October 31, 2025
21,979 $157.29 
________________
(1)Represents an adjustment in the number of shares outstanding, with regards to Leadership PRSUs granted during the nine months ended October 31, 2024, based on the actual achievement of the associated Company annual performance targets for fiscal 2025.

Liability-Classified RSUs—During the fourth quarter of fiscal 2024, in connection with a business combination, the Company agreed to grant, under the 2020 Plan, RSUs that contain both post-combination service-based and performance-based vesting conditions (Acquisition PRSUs) to eligible existing or future employees, subject to a maximum total number of approximately 1.7 million shares. The post-combination service-based vesting condition for these Acquisition PRSUs is satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is contingent on the achievement of certain performance metric over the 12-month period ending January 31, 2027. Acquisition PRSUs will vest when both service-based and performance-based conditions are satisfied. The ultimate number of Acquisition PRSUs eligible to vest is determined based on the actual achievement of the performance metric, which takes into account certain factors including the Company’s stock price and market capitalization.

Once granted, Acquisition PRSUs are initially liability-classified and recorded in other liabilities on the Company’s condensed consolidated balance sheets, as the monetary value of the obligation under each potential outcome of the performance condition is predominantly based on a fixed monetary amount known at inception and will be settled in a variable number of shares. Subsequently, these awards are remeasured to the fair value at each reporting date until the number of Acquisition PRSUs eligible to vest is fixed, at which time these awards will be reclassified to equity. Stock-based compensation associated with these awards is recognized based on the probable outcome of the performance condition, using an accelerated attribution method over the requisite service period, with a cumulative catch-up adjustment recognized for changes in the fair value estimated at each reporting date. As of October 31, 2025, the liabilities associated with these Acquisition PRSUs were not material. As of January 31, 2025, the liabilities associated with these Acquisition PRSUs were $11.1 million.
A summary of liability-classified RSUs activity during the nine months ended October 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 
Granted
38 
Unvested Balance—October 31, 2025
1,455 

Restricted Common Stock—From time to time, the Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests.

A summary of restricted common stock activity during the nine months ended October 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 
Vested(76)$136.67 
Unvested Balance—October 31, 2025
605 $177.93 

Stock-Based Compensation—The following table summarizes the assumptions used in estimating the fair values of a stock option granted to employees during the nine months ended October 31, 2024:

Nine Months Ended October 31, 2024
Expected term (in years)
4.8 - 6.0
Expected volatility
56.6% - 56.7%
Risk-free interest rate
4.2% - 4.4%
Expected dividend yield—%

In addition, for the stock option granted during the three months ended April 30, 2024, the shares to be issued upon exercise are subject to a one-year holding period. As such, the Company applied a 7.6% discount for lack of marketability to the fair value estimated using the Black-Scholes option-pricing model, based on the assumptions included in the table above.

No stock options were granted during the three months ended October 31, 2024, or each of the three and nine months ended October 31, 2025.
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 three and nine months ended October 31, 2025 and 2024:

Three Months Ended October 31,Nine Months Ended October 31,
2025202420252024
Expected term (in years)0.50.50.50.5
Expected volatility48.4%46.3%
48.4% - 54.1%
46.3% - 49.6%
Risk-free interest rate3.8%4.5%
3.8% - 4.3%
4.5% - 5.4%
Expected dividend yield—%—%—%—%

Expected term—For stock options considered to be “plain vanilla” options, the Company estimates the expected term based on the simplified method, which is essentially the weighted average of the vesting period and contractual term, as the Company’s historical option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected term for ESPP Rights approximates the offering period.

Expected volatility—The Company uses the average of (i) the historical volatility of its common stock, and (ii) the implied volatility from publicly traded options on its common stock to develop an expected volatility assumption.

Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term consistent with the expected life of the awards in effect at the time of grant.

Expected dividend yield—Because the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero.

Fair value of underlying common stock—The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the New York Stock Exchange.

The following table summarizes the assumptions used in estimating the fair value of liability-classified Acquisition PRSUs as of October 31, 2025 and January 31, 2025:

October 31, 2025January 31, 2025
Expected volatility52.0%50.0%
Risk-free interest rate3.6%4.2%

Expected volatility—The Company uses the average of (i) the historical volatility of its common stock, and (ii) the implied volatility from publicly traded options on its common stock to develop an expected volatility assumption.

Risk-free interest rate—Risk-free rate is estimated based upon quoted market yields for the United States Treasury debt securities for a term that approximates the period from the reporting date to January 31, 2027.
Stock-based compensation included in the condensed consolidated statements of operations was as follows (in thousands):

Three Months Ended October 31,Nine Months Ended October 31,
2025202420252024
Cost of revenue$35,438 $36,358 $104,674 $103,581 
Sales and marketing104,632 86,035 287,401 240,118 
Research and development236,895 199,980 694,108 599,569 
General and administrative35,313 40,886 109,772 107,927 
Stock-based compensation, net of amounts capitalized412,278 363,259 1,195,955 1,051,195 
Capitalized stock-based compensation— 11,940 — 29,081 
Total stock-based compensation$412,278 $375,199 $1,195,955 $1,080,276 

As of October 31, 2025, total compensation cost related to unvested awards not yet recognized was $3.3 billion, which will be recognized over a weighted-average period of 2.7 years.