Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):

	Fiscal Year Ended January 31,
	2026		2025		2024
U.S.	$	(1,377,141)	$	(1,341,798)	$	(875,703)
Foreign	65,231		56,699		26,480
Loss before income taxes	$	(1,311,910)	$	(1,285,099)	$	(849,223)

Schedule of Provision for (Benefit from) Income Taxes

The provision for (benefit from) income taxes consists of the following (in thousands):

	Fiscal Year Ended January 31,
	2026		2025		2024
Current provision:
State	$	285	$	806	$	754
Foreign	19,177		10,978		14,775
Deferred benefit:
Federal	(5,392)		(6,294)		(15,376)
State	(1,130)		(1,011)		(4,700)
Foreign	4,185		(366)		(6,686)
Provision for (benefit from) income taxes	$	17,125	$	4,113	$	(11,233)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the federal statutory tax amount and rate to the Company’s actual global effective tax amount and rate for the fiscal year ended January 31, 2026:

	Fiscal Year Ended January 31, 2026
	Amount (in thousands)		Percent
Federal statutory tax rate	$	(275,501)	21.0	%
State and local income taxes, net of federal income tax effect(1)	(11,049)		0.8
Foreign tax effects	6,016		(0.4)
Effect of cross-border tax laws	(12,112)		0.9
Tax credits:
Research and development tax credits	(122,741)		9.4
Change in valuation allowances	490,646		(37.4)
Nontaxable or nondeductible items:
Section 162(m) - limitation on executive compensation	25,271		(1.9)
Stock-based compensation	(128,731)		9.8
Other	6,032		(0.5)
Worldwide changes in unrecognized tax benefits	39,294		(3.0)
Provision for income taxes	$	17,125	(1.3%)

________________

(1)State and local income tax benefits, net of federal income tax effect, was primarily attributable to California, which made up the majority (greater than 50 percent) of the tax effect in this category.

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the federal statutory income tax amount to the Company’s actual global effective tax amount for the fiscal years ended January 2025 and 2024 (in thousands):

	Fiscal Year Ended January 31,
	2025		2024
Income tax benefit computed at federal statutory rate	$	(269,871)	$	(178,337)
State taxes, net of federal benefit	33,910		26,380
Research and development credits	(133,266)		(101,725)
Stock-based compensation	(7,667)		(148,600)
Change in valuation allowance	363,422		371,767
IRC Section 59A waived deductions	—		11,550
Other	17,585		7,732
Provision for (benefit from) income taxes	$	4,113	$	(11,233)

Schedule of Cash Flow, Supplemental Disclosures

The following table presents the required disclosure pursuant to ASU 2023-09 regarding the amount of income taxes paid, net of refunds received (in thousands):

	Fiscal Year Ended January 31, 2026
Federal	$	—
State	533
Foreign:
Netherlands	3,449
India	2,665
France	1,062
Germany	942
Other Foreign	4,668
Total cash paid for income taxes, net of refunds received	$	13,319

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands):

	January 31, 2026		January 31, 2025
Deferred tax assets:
Net operating losses carryforwards	$	1,967,803	$	1,707,649
Capitalized research and development	913,392		725,823
Tax credit carryforwards	648,589		511,504
Operating lease liabilities	113,268		104,517
Deferred revenue	67,582		95,779
Stock-based compensation	40,935		36,044
Capped call transactions	32,288		45,032
Net unrealized losses on strategic investments	21,850		6,143
Other	84,115		50,790
Total deferred tax assets	3,889,822		3,283,281
Less: valuation allowance	(3,696,149)		(3,104,505)
Net deferred tax assets	193,673		178,776
Deferred tax liabilities:
Intangible assets	(19,021)		(27,481)
Operating lease right-of-use assets	(72,684)		(94,997)
Deferred commissions	(103,104)		(56,662)
Other	(3,286)		(234)
Total deferred tax liabilities	(198,095)		(179,374)
Net deferred tax liabilities	$	(4,422)	$	(598)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands):

	Fiscal Year Ended January 31,
	2026		2025		2024
Beginning balance	$	151,660	$	115,253	$	75,180
Increases based on tax positions during the prior period	3,689		655		12,708
Increases based on tax positions during the current period	37,778		35,752		27,365
Foreign currency translation adjustments	(193)		—		—
Ending balance	$	192,934	$	151,660	$	115,253