Fair Value Measurements (Tables)

9 Months Ended

Oct. 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 October 31, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	1,117,544	$	—	$	—	$	1,117,544
Time deposits	—		116,675		—		116,675
U.S. government securities and agency securities	—		104,907		—		104,907
Commercial paper	—		60,161		—		60,161
Corporate notes and bonds	—		1,824		—		1,824

Short-term investments:
Corporate notes and bonds	—		976,480		—		976,480
U.S. government and agency securities	—		269,363		—		269,363
Certificates of deposit	—		87,568		—		87,568
Commercial paper	—		78,037		—		78,037

Long-term investments:
Corporate notes and bonds	—		753,843		—		753,843
U.S. government and agency securities	—		287,631		—		287,631

Strategic investments—included in other assets:
Marketable equity securities	8,622		—		—		8,622
Non-marketable debt securities	—		—		10,000		10,000
Derivative assets—included in prepaid expenses and other current assets:
Foreign currency forward contracts	—		4,542		—		4,542
Total assets	$	1,126,166	$	2,741,031	$	10,000	$	3,877,197
Liabilities:
Derivative liabilities—included in accrued expenses and other current liabilities:
Foreign currency forward contracts	$	—	$	(1,692)	$	—	$	(1,692)
Total liabilities	$	—	$	(1,692)	$	—	$	(1,692)

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—included in other assets:
Marketable equity securities	13,833		—		—		13,833
Non-marketable debt securities	—		—		750		750
Derivative assets—included in prepaid expenses and other current assets:
Foreign currency forward contracts	—		1,579		—		1,579
Total assets	$	1,754,922	$	3,176,979	$	750	$	4,932,651
Liabilities:
Derivative liabilities—included in accrued expenses and other current 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):


	October 31, 2025		January 31, 2025

Foreign currency forward contracts not designated as hedging instruments	$	180,898	$	222,027
Foreign currency forward contracts designated as cash flow hedges	60,818		—
Total derivative financial instruments	$	241,716	$	222,027