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Equity (Tables)
 9 Months Ended
Oct. 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):

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 
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 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.
Option Activity Rollforward
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 
Schedule of Unvested RSU Rollforward
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.
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 
Schedule of Unvested RSA Rollforward
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 
Valuation Assumptions Schedule 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—%
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 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—%—%—%—%
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 October 31, 2025 and January 31, 2025:

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