0001713683-26-000048 | 10-Q | XBRL Viewer

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Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 995,685	$ 915,153
Less: Accumulated depreciation and amortization	(451,062)	(371,776)
Total property and equipment, net	544,623	543,377
Property and equipment not placed in service	101,900	163,500
Hosting equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	594,404	571,312
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	376,579	322,265
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,366	9,138
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,102	1,102
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,484	1,195
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 11,750	$ 10,141

Business and Summary of Significant Accounting Policies	6 Months Ended
Business and Summary of Significant Accounting Policies	Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Description of the Business Zscaler, Inc. ("Zscaler," the "Company," "we," "us," or "our") is a cloud security company that developed a platform incorporating core security functionalities needed to enable fast and secure access to cloud resources based on identity, context and an organization’s policies. Our solution is a purpose-built, multi-tenant, distributed cloud platform that implements Zero Trust principles to securely connect users, devices, applications and workloads (including AI agents) without relying on traditional network-based security. We deliver our solutions using a software-as-a-service ("SaaS") business model and sell subscriptions to customers to access our cloud platform, together with related support services. Our ever-evolving platform provides our customers with a flexible and scalable approach to better secure their operations, optimize user experience, eliminate complexity, reduce costs and respond to the challenges and opportunities of AI and future new technologies. We were incorporated in Delaware in September 2007 and conduct business worldwide, with presence in North America, South America, Europe and Asia. Our headquarters are in San Jose, California. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") and applicable regulations of the SEC regarding interim financial reporting and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company's audited consolidated financial statements and related notes in its Annual Report on Form 10-K for the fiscal year ended July 31, 2025 (the "Fiscal 2025 Form 10-K"), as filed with the SEC on September 11, 2025. Interim Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of July 31, 2025 was derived from the audited consolidated financial statements as of that date. The accompanying interim unaudited condensed consolidated financial statements, including the condensed consolidated balance sheet as of January 31, 2026, the condensed consolidated statements of operations for the three and six months ended January 31, 2026 and 2025, the condensed consolidated statements of comprehensive loss for the three and six months ended January 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity for the three and six months ended January 31, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended January 31, 2026 and 2025 are unaudited. The related financial data and the other financial information disclosed in the accompanying notes to these interim unaudited condensed consolidated financial statements are also unaudited. These interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual consolidated financial statements and, in our opinion, include all normal recurring adjustments necessary to state fairly our quarterly results. The results of operations for the three and six months ended January 31, 2026 are not necessarily indicative of the results to be expected for our fiscal year ending July 31, 2026 or for any other future fiscal year or interim period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, the determination of revenue recognition, deferred revenue, deferred contract acquisition costs, capitalized internal-use software, valuation of acquired intangible assets, period of benefit generated from our deferred contract acquisition costs, allowance for doubtful accounts, valuation of common stock options and stock-based awards, useful lives of property and equipment, useful lives of acquired intangible assets, recoverability of goodwill, valuation of deferred tax assets and liabilities, loss contingencies related to litigation, fair value of convertible senior notes and the discount rate used for operating leases. Management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ significantly from these estimates, and such differences may be material to the condensed consolidated financial statements. Due to uncertainty in the macroeconomic and geopolitical environment, there is ongoing disruption in the global economy and financial markets. We are not aware of any specific event or circumstances that would require an update to our estimates, judgments or assumptions or a revision to the carrying value of our assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates, judgments and assumptions may change in the future, as new events occur or additional information is obtained. Fiscal Year Our fiscal year ends on July 31. References to fiscal 2026, for example, refer to our fiscal year ending July 31, 2026. Significant Accounting Policies Our significant accounting policies are described in the Fiscal 2025 Form 10-K. There have been no significant changes to these policies that have had a material impact on the condensed consolidated financial statements and related notes for the three and six months ended January 31, 2026. Recently Issued Accounting Pronouncements In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This standard is intended to make targeted improvements to the accounting and application of guidance related to costs incurred to develop software for internal use. This standard is effective for us in the annual and interim periods beginning in the first quarter of fiscal 2029. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard amends guidance on measuring expected credit losses for current accounts receivable and contract assets arising from revenue contracts. The amended guidance requires estimation of credit losses for these short-term assets based on the economic conditions that exist as of the balance sheet date, without forecasting future economic conditions. This standard is effective for us in the annual and interim periods beginning in the first quarter of fiscal 2027. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. This standard requires disclosures of additional information about specific expense categories in the notes to the financial statements for interim and annual reporting periods. This standard is effective for us in the annual periods beginning in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosures of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). This standard is effective for us in the annual periods beginning in fiscal 2026. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures.

Stock-Based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Outstanding Stock Options
Beginning balance (in shares)	177,000
Granted (in shares)	0	118,800,000
Exercised (in shares)	(26,000)
Canceled, forfeited or expired (in shares)	0
Ending balance (in shares)	151,000		177,000
Exercisable and expected to vest (in shares)	44,000		47,000
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 220.95
Granted (in dollars per share)	0
Exercised (in dollars per share)	152.99
Canceled, forfeited or expired (in dollars per share)	0
Ending balance (in dollars per share)	232.74		$ 220.95
Exercisable and expected to vest (in dollars per share)	$ 200.47		$ 172.65
Weighted-Average Remaining Contractual Term (in years)
Options outstanding, weighted average remaining contractual term	8 years 8 months 12 days		7 years 9 months 18 days
Exercisable and expected to vest, weighted average remaining contractual term	8 years 2 months 12 days		3 years 9 months 18 days
Aggregate Intrinsic Value
Options outstanding, aggregate intrinsic value	$ 118		$ 11,854
Exercised, aggregate intrinsic value	3,679	$ 57,300
Exercisable and expected to vest, aggregate intrinsic value	$ 73		$ 5,304

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 216,553	$ 172,117	$ 405,146	$ 329,295
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	22,743	17,194	42,675	32,420
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	79,556	67,955	148,204	131,134
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	83,573	64,499	157,132	122,570
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 30,681	$ 22,469	$ 57,135	$ 43,171

Business Combinations

6 Months Ended

Jan. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

SPLXAI Inc.

On October 31, 2025, we acquired all the equity of SPLXAI Inc. ("SPLX"), an early-stage technology company incorporated in the United States. We plan to integrate SPLX's technology with our AI Security offerings.

We acquired SPLX for a total cash purchase price consideration of $40.6 million. In accordance with the purchase agreement, certain SPLX employees who became our employees are entitled to receive restricted shares of our common stock contingent upon their continued employment. The total grant-date fair value of these awards was $16.6 million. Since these awards are conditioned on future service, they are recognized as stock-based compensation expense over the post-combination requisite service period.

During the three months ended January 31, 2026 and within the measurement period, we adjusted the preliminary valuation of the acquired intangible assets from $14.1 million to $3.3 million, which was allocated to the acquired developed technology. This change resulted from transitioning from a benchmarking valuation approach to a replacement cost approach, which we believe provides a more appropriate fair value measurement. As a result of these adjustments and related tax impact, goodwill increased from $32.2 million to $39.2 million. The estimated useful life of the acquired developed technology is four years.

Goodwill represents the excess purchase price over the fair value of the net assets acquired and is primarily attributable to the assembled workforce and anticipated operational synergies. The acquisition qualified as a stock transaction for tax purposes. As such, the goodwill arising from this transaction is not expected to be deductible for income tax purposes.

Transaction-related expenses associated with this acquisition were not material and were recorded within general and administrative expenses in our condensed consolidated statement of operations for the three months ended October 31, 2025.

During the measurement period, which may be up to one year from the date of acquisition, we may record adjustments to the preliminary fair value of the acquired intangible assets, tax assets and liabilities and goodwill.

Red Canary Inc.

On August 1, 2025, we acquired all the equity of Red Canary Inc. ("Red Canary"), a managed detection and response technology company incorporated in the United States. With this acquisition, we plan to accelerate innovations in Agentic AI-driven security operations.

We acquired Red Canary for a total cash purchase price consideration of $651.4 million. In accordance with the purchase agreement, certain Red Canary employees who became our employees are entitled to receive restricted shares of our common stock contingent upon their continued employment. The total grant-date fair value of these awards was $20.2 million. Since these awards are conditioned on future services, they are recognized as stock-based compensation expense over the post-combination requisite service period.

As of August 1, 2025, we estimated fair value of the acquired intangible assets using the income approach. Based on this valuation approach, the estimated the fair value of acquired customer relationships, developed technology and trademarks was $90.8 million, $61.1 million and $10.6 million, respectively.

This transaction resulted in goodwill of $544.5 million. Goodwill represents the excess purchase price over the fair value of the net assets acquired and is primarily attributable to the assembled workforce and anticipated operational synergies. Transaction-related expenses associated with this acquisition were not material and were recorded within general and administrative expenses in our condensed consolidated statement of operations for the three months ended October 31, 2025.

The acquisition qualified as a stock transaction for tax purposes. As such, the goodwill arising from this transaction is not expected to be deductible for income tax purposes.

During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the preliminary fair value of the acquired intangible assets, tax assets and liabilities and goodwill.

The preliminary allocation of the purchase price consideration consisted of the following:


	Amount		Estimated Useful Life

	(in thousands)
Assets acquired:
Cash, cash equivalents and other assets	$	41,584
Acquired intangible assets:

Customer relationships	90,800		7 years
Developed technology	61,100		5 years
Trademarks	10,600		5 years
Goodwill	544,512
Total	$	748,596
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities	$	22,754
Deferred revenue	72,714
Deferred tax liability	1,682
Total	$	97,150

Total purchase price consideration	$	651,446

Pro Forma Financial Information

The pro forma financial information from the above business acquisitions, assuming the acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of the acquisition, as well as revenue and earnings generated during the period after the acquisition date, were not material for disclosure purposes.

- Definition

The entire disclosure for business combination.

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+ Details

Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2025	Jan. 31, 2026
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 4,700	$ 4,741

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Net Loss Per Share

6 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The computation of basic and diluted net loss per share consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands, except per share data)
Net loss	$	(34,312)	$	(7,724)	$	(45,927)	$	(19,775)

Weighted-average shares used in computing net loss per share, basic and diluted	159,683		153,672		159,139		153,114


Net loss per share, basic and diluted	$	(0.21)	$	(0.05)	$	(0.29)	$	(0.13)

Since we have reported net losses for all periods presented, we have excluded all potentially dilutive securities from the calculation of the diluted net loss per share as their effect is antidilutive and accordingly, the basic and diluted net loss per share is the same for all periods presented.

We calculate the potential dilutive effect of the convertible senior notes under the if-converted method. Under this method, diluted earnings per share are determined by assuming that outstanding convertible senior notes were converted into shares of our common stock at the beginning of the reporting period. In connection with the issuance of the convertible senior notes, we entered into the capped call transactions, which were not included for purposes of calculating the number of diluted

shares outstanding, as their effect would have been anti-dilutive. The capped call transactions are expected to partially offset the potential dilution to our common stock upon any conversion of the convertible senior notes.

The following table summarizes the outstanding potentially dilutive securities that were excluded from the computation of diluted net loss per share as their effect would be antidilutive:


	January 31,
	2026	2025

	(in thousands)

Unvested RSUs and shares of common stock	9,103	10,489
Unvested PSAs (1)	955	1,081
Share purchase rights under the ESPP	250	767
Stock options	151	181





2028 Notes (2)	3,925	—
2025 Notes (2)	—	7,626
Total	14,384	20,144

(1) The number of unvested PSAs is estimated at 100% of the target number of shares granted and excludes unvested PSAs for which performance conditions have not been established as of January 31, 2026 and 2025, as they are not considered outstanding for accounting purposes. For further information refer to Note 13, Stock-Based Compensation.

(2) Based on the initial conversion price, the entire outstanding principal amount of the 2028 Notes as of January 31, 2026 and the 2025 Notes as of January 31, 2025 would have been convertible into approximately 3.9 million shares and 7.6 million shares of our common stock, respectively, which are reflected in the table above.

Convertible Senior Notes - Schedule of Interest Expense (Details) - Convertible Senior Notes Due 2025 - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2025	Jan. 31, 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 359	$ 718
Amortization of debt issuance costs	982	1,963
Total	$ 1,341	$ 2,681

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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+ Details

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 815,751	$ 647,900	$ 1,603,863	$ 1,275,855
Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 815,751	$ 647,900	$ 1,603,863	$ 1,275,855
Revenue percentage	100.00%	100.00%	100.00%	100.00%
Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 815,751	$ 647,900	$ 1,603,863	$ 1,275,855
Revenue percentage	100.00%	100.00%	100.00%	100.00%
Revenue Benchmark \| Customer Concentration Risk \| Channel partners
Disaggregation of Revenue [Line Items]
Revenue	$ 688,456	$ 572,988	$ 1,354,468	$ 1,131,347
Revenue percentage	84.00%	88.00%	84.00%	89.00%
Revenue Benchmark \| Customer Concentration Risk \| Direct customers
Disaggregation of Revenue [Line Items]
Revenue	$ 127,295	$ 74,912	$ 249,395	$ 144,508
Revenue percentage	16.00%	12.00%	16.00%	11.00%
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 432,158	$ 328,389	$ 859,289	$ 647,700
Revenue percentage	53.00%	51.00%	54.00%	51.00%
Europe, Middle East and Africa \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 228,337	$ 192,912	$ 440,670	$ 378,981
Revenue percentage	28.00%	30.00%	27.00%	30.00%
Asia Pacific \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 126,207	$ 102,817	$ 246,659	$ 202,199
Revenue percentage	15.00%	16.00%	15.00%	16.00%
Other \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue	$ 29,049	$ 23,782	$ 57,245	$ 46,975
Revenue percentage	4.00%	3.00%	4.00%	3.00%

Cash Equivalents and Short-Term Investments - Schedule of Continuous Unrealized Position (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 506,709	$ 553,333
Less than 12 months, unrealized losses	(642)	(1,037)
Greater than 12 months, fair value	0	0
Greater than 12 months, unrealized losses	0	0
Total fair value	506,709	553,333
Total unrealized losses	(642)	(1,037)
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	120,128	156,395
Less than 12 months, unrealized losses	(43)	(250)
Greater than 12 months, fair value	0	0
Greater than 12 months, unrealized losses	0	0
Total fair value	120,128	156,395
Total unrealized losses	(43)	(250)
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	24,930	36,098
Less than 12 months, unrealized losses	(57)	(40)
Greater than 12 months, fair value	0	0
Greater than 12 months, unrealized losses	0	0
Total fair value	24,930	36,098
Total unrealized losses	(57)	(40)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	347,130	360,840
Less than 12 months, unrealized losses	(502)	(747)
Greater than 12 months, fair value	0	0
Greater than 12 months, unrealized losses	0	0
Total fair value	347,130	360,840
Total unrealized losses	(502)	$ (747)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	14,521
Less than 12 months, unrealized losses	(40)
Greater than 12 months, fair value	0
Greater than 12 months, unrealized losses	0
Total fair value	14,521
Total unrealized losses	$ (40)

Business Combinations - Schedule of Purchase Price Consideration (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 01, 2025	Jan. 31, 2026	Jul. 31, 2025
Assets acquired:
Goodwill		$ 1,001,401	$ 417,730
Liabilities assumed:
Estimated Useful Life		5 years 1 month 6 days
Customer relationships
Liabilities assumed:
Estimated Useful Life		6 years 4 months 24 days
Developed technology
Liabilities assumed:
Estimated Useful Life		3 years 10 months 24 days
Trademarks
Liabilities assumed:
Estimated Useful Life		4 years 7 months 6 days
Red Canary, Inc
Assets acquired:
Cash, cash equivalents and other assets	$ 41,584
Goodwill	544,512
Total	748,596
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities	22,754
Deferred revenue	72,714
Deferred tax liability	1,682
Total	97,150
Total purchase price consideration	651,446
Red Canary, Inc \| Customer relationships
Assets acquired:
Acquired intangible assets	$ 90,800
Liabilities assumed:
Estimated Useful Life	7 years
Red Canary, Inc \| Developed technology
Assets acquired:
Acquired intangible assets	$ 61,100
Liabilities assumed:
Estimated Useful Life	5 years
Red Canary, Inc \| Trademarks
Assets acquired:
Acquired intangible assets	$ 10,600
Liabilities assumed:
Estimated Useful Life	5 years

Fair Value Measurements

6 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Our money market funds are classified within Level I due to the highly liquid nature of these assets and have quoted prices in active markets. Our investments in U.S. treasury securities, U.S. government agency securities, certificates of deposit, corporate debt securities, asset-backed securities, as well as assets and liabilities arising from our foreign currency forward contracts and interest rate swap contracts, are classified within Level II. The fair value of our Level II financial assets and liabilities is determined by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments, for substantially the full term of the financial assets and liabilities.

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2026:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	928,783	$	928,783	$	—	$	—



Certificates of deposit	123,089		—		123,089		—

Total cash equivalents	$	1,051,872	$	928,783	$	123,089	$	—

Short-term investments:
U.S. treasury securities	$	348,373	$	—	$	348,373	$	—
U.S. government agency securities	67,375		—		67,375		—
Corporate debt securities	1,708,279		—		1,708,279		—

Asset-backed securities	185,973		—		185,973		—
Total short-term investments	$	2,310,000	$	—	$	2,310,000	$	—

Total cash equivalents and short-term investments	$	3,361,872	$	928,783	$	2,433,089	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	17,998	$	—	$	17,998	$	—
Foreign currency contracts assets-noncurrent (2)	$	3,106	$	—	$	3,106	$	—
Foreign currency contracts liabilities-current (3)	$	8,141	$	—	$	8,141	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	2,397	$	—	$	2,397	$	—


Interest rate contracts liabilities-current (3)	$	1,629	$	—	$	1,629	$	—
Interest rate contracts liabilities-noncurrent (4)	$	420	$	—	$	420	$	—

Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,302	$	—	$	5,302	$	—
Foreign currency contracts liabilities-current (3)	$	3,688	$	—	$	3,688	$	—

(1) Included within prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2) Included within other noncurrent assets in the condensed consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the condensed consolidated balance sheets.

(4) Included within other noncurrent liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2025:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	1,403,678	$	—	$	—

Corporate debt securities	8,468		—		8,468		—
Certificates of deposit	131,463		—		131,463		—
Total cash equivalents	$	1,543,609	$	1,403,678	$	139,931	$	—

Short-term investments:
U.S. treasury securities	$	230,999	$	—	$	230,999	$	—
U.S. government agency securities	74,992		—		74,992		—
Corporate debt securities	877,395		—		877,395		—
Total short-term investments	$	1,183,386	$	—	$	1,183,386	$	—

Total cash equivalents and short-term investments	$	2,726,995	$	1,403,678	$	1,323,317	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	10,713	$	—	$	10,713	$	—
Foreign currency contract assets-noncurrent (2)	$	3,705	$	—	$	3,705	$	—
Foreign currency contracts liabilities-current (3)	$	4,006	$	—	$	4,006	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	1,319	$	—	$	1,319	$	—


Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,115	$	—	$	5,115	$	—
Foreign currency contracts liabilities-current (3)	$	3,956	$	—	$	3,956	$	—

(1) Included within prepaid expenses and other current assets in the consolidated balance sheets.

(2) Included within other noncurrent assets in the consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the consolidated balance sheets.

(4) Included within other noncurrent liabilities in the consolidated balance sheets.

We did not have transfers between levels of the fair value hierarchy of assets measured at fair value during the periods presented.

Refer to Note 10, Convertible Senior Notes, for the carrying amount and estimated fair value of our convertible senior notes as of January 31, 2026 and July 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Convertible Senior Notes (Tables)

6 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The net carrying amount of the 2028 Notes consisted of the following:


	January 31,		July 31,
	2026		2025

	(in thousands)
Principal amount	$	1,725,000	$	1,725,000
Less:
Unamortized debt issuance costs	20,195		24,273
Hedge accounting fair value adjustments	2,087		—
Total	$	1,702,718	$	1,700,727

The interest expense of the 2025 Notes consisted of the following:


		Three Months Ended January 31,		Six Months Ended January 31,
		2025
	(in thousands)
Contractual interest expense		$	359	$	718
Amortization of debt issuance costs		982		1,963
Total		$	1,341	$	2,681

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	6 Months Ended
	Jan. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 6,050.8
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, term of contract	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, term of contract	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	47.00%
Recognized transaction price period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	91.00%
Recognized transaction price period	3 years

Restructuring and Other Charges (Tables)

6 Months Ended

Jan. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The components of restructuring charges recognized in the condensed consolidated statement of operations for the six months ended January 31, 2026 consisted of the following:


	Amount

	(in thousands)
Cost of revenue	$	750
Sales and marketing	2,809
Research and development	1,182

Total	$	4,741

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jan. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of acquired intangible assets	$ 11,100	$ 4,200	$ 19,747	$ 8,485

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Cash Flows From Operating Activities
Net loss	$ (45,927)	$ (19,775)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense	67,595	45,911
Amortization expense of acquired intangible assets	19,747	8,485
Amortization of deferred contract acquisition costs	97,633	79,191
Amortization of debt issuance costs	4,078	1,963
Non-cash operating lease costs	38,756	31,565
Stock-based compensation expense	405,146	329,295
Accretion of investments purchased at a discount	(3,635)	(10,110)
Unrealized (gains) losses on hedging transactions	(1,061)	3,036
Deferred income taxes	(1,553)	(17,359)
Other	2,438	1,303
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	461,531	222,043
Deferred contract acquisition costs	(107,396)	(74,158)
Prepaid expenses, other current and noncurrent assets	(30,222)	(12,144)
Accounts payable	(22,117)	98
Accrued expenses, other current and noncurrent liabilities	6,252	(11,481)
Accrued compensation	(29,535)	(20,380)
Deferred revenue	(187,081)	(16,469)
Operating lease liabilities	(22,296)	(30,246)
Net cash provided by operating activities	652,353	510,768
Cash Flows From Investing Activities
Purchases of property, equipment and other assets	(35,066)	(32,043)
Capitalized internal-use software	(34,862)	(43,416)
Payments for business acquisitions, net of cash acquired	(672,780)	(834)
Purchase of strategic investments	(2,008)	(786)
Purchases of short-term investments	(1,401,469)	(729,066)
Proceeds from maturities of short-term investments	242,803	605,003
Proceeds from sale of short-term investments	40,258	0
Net cash used in investing activities	(1,863,124)	(201,142)
Cash Flows From Financing Activities
Proceeds from issuance of common stock upon exercise of stock options	3,984	3,456
Proceeds from issuance of common stock under the employee stock purchase plan	21,506	22,344
Payment of deferred consideration related to business acquisitions	(110)	0
Payments for issuance costs related to the 2028 Notes	(684)	0
Purchases of capped calls related to the 2028 Notes	(197)	0
Net cash provided by financing activities	24,499	25,800
Net increase (decrease) in cash and cash equivalents	(1,186,272)	335,426
Cash and cash equivalents at beginning of period	2,389,023	1,423,080
Cash and cash equivalents at end of period	1,202,751	1,758,506
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes, net of tax refunds	24,659	16,901
Cash paid for interest expense	0	718
Non-Cash Activities
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of terminations	84,165	23,086
Net change in purchased equipment included in accounts payable and accrued expenses	$ (6,685)	$ 1,017

Business Combinations (Tables)

6 Months Ended

Jan. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Consideration

The preliminary allocation of the purchase price consideration consisted of the following:


	Amount		Estimated Useful Life

	(in thousands)
Assets acquired:
Cash, cash equivalents and other assets	$	41,584
Acquired intangible assets:

Customer relationships	90,800		7 years
Developed technology	61,100		5 years
Trademarks	10,600		5 years
Goodwill	544,512
Total	$	748,596
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities	$	22,754
Deferred revenue	72,714
Deferred tax liability	1,682
Total	$	97,150

Total purchase price consideration	$	651,446

Stock-Based Compensation (Tables)

6 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options

The activity of stock options for the six months ended January 31, 2026 consisted of the following:


	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

	(in thousands, except per share amounts and years)
Balance as of July 31, 2025	177	$	220.95	7.8	$	11,854
Granted	—	$	—
Exercised	(26)	$	152.99		$	3,679
Canceled, forfeited or expired	—	$	—
Balance as of January 31, 2026	151	$	232.74	8.7	$	118
Exercisable and expected to vest as of July 31, 2025	47	$	172.65	3.8	$	5,304
Exercisable and expected to vest as of January 31, 2026	44	$	200.47	8.2	$	73

Schedule of Valuation Assumptions

We estimate the fair value of stock options using the Black-Scholes option pricing model with the following assumptions:


						Six Months Ended January 31,
						2025


Expected term (in years)						6.0
Expected stock price volatility						57.7%
Risk-free interest rate						4.1%
Dividend yield						—%

Schedule of Restricted Stock Units and Performance Stock Awards Activity

The activity of restricted stock units ("RSUs") and performance stock awards ("PSAs") consisted of the following for the six months ended January 31, 2026:


	Underlying Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value

	(in thousands, except per share data)
Balance as of July 31, 2025	9,444	$	175.55	$	2,697,026
Granted	3,149	$	283.59
Vested	(1,998)	$	182.26	$	516,651
Canceled or forfeited	(892)	$	165.27
Balance as of January 31, 2026	9,703	$	210.16	$	1,940,823

Schedule of ESPP Valuation Assumptions

The fair value of the purchase right for the ESPP was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended January 31,
	2026	2025


Expected term (in years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	36.4% - 42.7%	43.6% - 47.6%
Risk-free interest rate	3.5% - 3.6%	4.2% - 4.3%
Dividend yield	—%	—%

Schedule of Allocation of Stock-based Compensation Expense

The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands)
Cost of revenue	$	22,743	$	17,194	$	42,675	$	32,420
Sales and marketing	79,556		67,955		148,204		131,134
Research and development	83,573		64,499		157,132		122,570
General and administrative	30,681		22,469		57,135		43,171
Total	$	216,553	$	172,117	$	405,146	$	329,295

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (34,312)	$ (7,724)	$ (45,927)	$ (19,775)
Available-for-sale securities:
Change in net unrealized gains on available-for-sale securities	1,348	3	4,686	1,044
Cash flow hedging instruments:
Change in net unrealized gains (losses)	8,250	(20,974)	6,789	(20,505)
Net realized (gains) losses reclassified into net loss	(2,300)	3,154	(4,369)	1,946
Net change on cash flow hedges	5,950	(17,820)	2,420	(18,559)
Other comprehensive income (loss)	7,298	(17,817)	7,106	(17,515)
Comprehensive loss	$ (27,014)	$ (25,541)	$ (38,821)	$ (37,290)

Balance Sheet Components (Tables)

6 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Hosting equipment (1)	$	594,404	$	571,312
Capitalized internal-use software	376,579		322,265
Computers and equipment	10,366		9,138
Purchased software	1,102		1,102
Furniture and fixtures	1,484		1,195
Leasehold improvements	11,750		10,141
Total property and equipment, gross	995,685		915,153
Less: Accumulated depreciation and amortization	(451,062)		(371,776)
Total property and equipment, net	$	544,623	$	543,377

(1) Includes purchased equipment that had not been placed in service, totaling $101.9 million and $163.5 million as of January 31, 2026 and July 31, 2025, respectively.

Schedule of Finite-Lived Intangible Assets

These assets are included within other noncurrent assets in the condensed consolidated balance sheets.

Purchased intangible assets consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Internet protocol addresses and source codes	$	21,247	$	20,264
Accumulated amortization	(5,754)		(4,641)
Total purchased intangible assets, net	$	15,493	$	15,623

Schedule Of Accrued Compensation

Accrued compensation consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Accrued commissions	$	34,588	$	59,429
Accrued bonuses	61,797		51,598
Accrued payroll and related expenses	50,547		61,370
Employee stock purchase plan	13,583		9,410

Total accrued compensation	$	160,515	$	181,807

Convertible Senior Notes

6 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Convertible Senior Notes

2028 Convertible Senior Notes

On July 3, 2025, we issued $1,725.0 million in aggregate principal amount of 0.0% convertible senior notes due 2028 (the "2028 Notes"), including the exercise in full by the initial purchasers of their option to purchase an additional $225.0 million principal amount of the 2028 Notes. The 2028 Notes are unsecured obligations and do not bear regular cash interest and the principal amount of the 2028 Notes will not accrete. The 2028 Notes mature on July 15, 2028, unless earlier converted or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and other debt issuance costs, was $1,700.0 million. Refer to Note 10, Convertible Senior Notes, to the audited consolidated financial statements included in our Fiscal 2025 Form 10-K for further information on the 2028 Notes.

During the three months ended January 31, 2026, the conditions allowing holders of the 2028 Notes to convert were not met. Since we have the election of repaying the 2028 Notes in cash, shares of our common stock, or a combination of both, we have classified the 2028 Notes as a noncurrent liability in the condensed consolidated balance sheet as of January 31, 2026.

During the three months ended October 31, 2025, we entered into interest rate swap contracts designated as fair value hedges covering a portion of the outstanding 2028 Notes. For further information refer to Note 8, Derivative Instruments.

The net carrying amount of the 2028 Notes consisted of the following:


	January 31,		July 31,
	2026		2025

	(in thousands)
Principal amount	$	1,725,000	$	1,725,000
Less:
Unamortized debt issuance costs	20,195		24,273
Hedge accounting fair value adjustments	2,087		—
Total	$	1,702,718	$	1,700,727

The total fair value of the 2028 Notes was $1,606.1 million and $1,686.5 million as of January 31, 2026 and July 31, 2025. The fair value was determined based on the closing trading price per $1,000 of the 2028 Notes as of the last day of trading for the reporting period. We considered the fair value of the 2028 Notes as of January 31, 2026 to be a Level II measurement as they are not actively traded.

The interest expense of the 2028 Notes for the three and six months ended January 31, 2026 was $2.0 million and $4.1 million, which consisted of the amortization of debt issuance costs.

2028 Capped Call Transactions

In connection with the pricing of the 2028 Notes, we entered into capped call transactions (the "2028 Capped Calls") with certain financial institutions (the "Option Counterparties"). The 2028 Capped Calls have an initial strike price of $439.52 per share of our common stock, subject to certain adjustments, which corresponds to the initial conversion price of the 2028 Notes. The 2028 Capped Calls have an initial cap price of $784.85 per share of our common stock, subject to certain adjustments. The 2028 Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2028 Notes, the number of shares of our common stock underlying the 2028 Notes. The 2028 Capped Calls are generally expected to reduce potential dilution to our common stock upon any conversion of the 2028 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted 2028 Notes, as the case may be, with such reduction and/or offset subject to a cap. As of January 31, 2026, the terms of the 2028 Capped Calls have not been adjusted. Refer to Note 10, Convertible Senior Notes, to the audited consolidated financial statements included in our Fiscal 2025 Form 10-K for further information on the 2028 Capped Calls.

2025 Convertible Senior Notes and 2025 Capped Call Transactions

On June 25, 2020, we issued $1,150.0 million in aggregate principal amount of 0.125% convertible senior notes due 2025 (the "2025 Notes"). The 2025 Notes were unsecured obligations and bore a contractual interest rate of 0.125% per year with interest payable semiannually in arrears on January 1 and July 1 of each year. The 2025 Notes matured on July 1, 2025. We repaid the 2025 Notes in full by paying the principal amount of $1,150.0 million in cash and settling the premium amount by issuing 3.8 million new shares of our common stock. Additionally, we received 2.4 million shares of our common stock from the capped call transactions related to the 2025 Notes (the "2025 Capped Calls").

The interest expense of the 2025 Notes consisted of the following:


		Three Months Ended January 31,		Six Months Ended January 31,
		2025
	(in thousands)
Contractual interest expense		$	359	$	718
Amortization of debt issuance costs		982		1,963
Total		$	1,341	$	2,681

Leases (Details) a in Thousands, $ in Thousands	Jan. 31, 2026 USD ($) a	Jul. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 138,333	$ 89,772
Office Building
Lessee, Lease, Description [Line Items]
Rentable area \| a	301
Operating lease right-of-use assets	$ 14,800
Operating lease liability	$ 29,400

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Cash equivalents:
Cash equivalents	$ 1,051,872	$ 1,543,609
Short-term investments:
Short-term investments	2,310,000	1,183,386
Total cash equivalents and short-term investments	3,361,872	2,726,995
Fair Value, Measurements, Recurring
Cash equivalents:
Cash equivalents	1,051,872	1,543,609
Short-term investments:
Short-term investments	2,310,000	1,183,386
Total cash equivalents and short-term investments	3,361,872	2,726,995
Fair Value, Measurements, Recurring \| Foreign currency contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	17,998	10,713
Contract assets-noncurrent	3,106	3,705
Foreign currency contracts liabilities-current	8,141	4,006
Foreign currency contracts liabilities-noncurrent	2,397	1,319
Non-designated derivative instruments:
Foreign currency contracts assets-current	17,998	10,713
Foreign currency contracts liabilities-current	8,141	4,006
Fair Value, Measurements, Recurring \| Foreign currency contracts \| Not Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	5,302	5,115
Foreign currency contracts liabilities-current	3,688	3,956
Non-designated derivative instruments:
Foreign currency contracts assets-current	5,302	5,115
Foreign currency contracts liabilities-current	3,688	3,956
Fair Value, Measurements, Recurring \| Interest rate contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts liabilities-current	1,629
Foreign currency contracts liabilities-noncurrent	420
Non-designated derivative instruments:
Foreign currency contracts liabilities-current	1,629
Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Cash equivalents	928,783	1,403,678
Short-term investments:
Short-term investments	0	0
Total cash equivalents and short-term investments	928,783	1,403,678
Fair Value, Measurements, Recurring \| Level I \| Foreign currency contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	0	0
Contract assets-noncurrent	0	0
Foreign currency contracts liabilities-current	0	0
Foreign currency contracts liabilities-noncurrent	0	0
Non-designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Fair Value, Measurements, Recurring \| Level I \| Foreign currency contracts \| Not Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Non-designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Fair Value, Measurements, Recurring \| Level I \| Interest rate contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts liabilities-current	0
Foreign currency contracts liabilities-noncurrent	0
Non-designated derivative instruments:
Foreign currency contracts liabilities-current	0
Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Cash equivalents	123,089	139,931
Short-term investments:
Short-term investments	2,310,000	1,183,386
Total cash equivalents and short-term investments	2,433,089	1,323,317
Fair Value, Measurements, Recurring \| Level II \| Foreign currency contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	17,998	10,713
Contract assets-noncurrent	3,106	3,705
Foreign currency contracts liabilities-current	8,141	4,006
Foreign currency contracts liabilities-noncurrent	2,397	1,319
Non-designated derivative instruments:
Foreign currency contracts assets-current	17,998	10,713
Foreign currency contracts liabilities-current	8,141	4,006
Fair Value, Measurements, Recurring \| Level II \| Foreign currency contracts \| Not Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	5,302	5,115
Foreign currency contracts liabilities-current	3,688	3,956
Non-designated derivative instruments:
Foreign currency contracts assets-current	5,302	5,115
Foreign currency contracts liabilities-current	3,688	3,956
Fair Value, Measurements, Recurring \| Level II \| Interest rate contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts liabilities-current	1,629
Foreign currency contracts liabilities-noncurrent	420
Non-designated derivative instruments:
Foreign currency contracts liabilities-current	1,629
Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Cash equivalents	0	0
Short-term investments:
Short-term investments	0	0
Total cash equivalents and short-term investments	0	0
Fair Value, Measurements, Recurring \| Level III \| Foreign currency contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	0	0
Contract assets-noncurrent	0	0
Foreign currency contracts liabilities-current	0	0
Foreign currency contracts liabilities-noncurrent	0	0
Non-designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Fair Value, Measurements, Recurring \| Level III \| Foreign currency contracts \| Not Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Non-designated derivative instruments:
Foreign currency contracts assets-current	0	0
Foreign currency contracts liabilities-current	0	0
Fair Value, Measurements, Recurring \| Level III \| Interest rate contracts \| Designated as Hedging Instrument
Designated derivative instruments:
Foreign currency contracts liabilities-current	0
Foreign currency contracts liabilities-noncurrent	0
Non-designated derivative instruments:
Foreign currency contracts liabilities-current	0
U.S. treasury securities
Short-term investments:
Short-term investments	348,373	230,999
U.S. treasury securities \| Fair Value, Measurements, Recurring
Short-term investments:
Short-term investments	348,373	230,999
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level I
Short-term investments:
Short-term investments	0	0
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level II
Short-term investments:
Short-term investments	348,373	230,999
U.S. treasury securities \| Fair Value, Measurements, Recurring \| Level III
Short-term investments:
Short-term investments	0	0
U.S. government agency securities
Short-term investments:
Short-term investments	67,375	74,992
U.S. government agency securities \| Fair Value, Measurements, Recurring
Short-term investments:
Short-term investments	67,375	74,992
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level I
Short-term investments:
Short-term investments	0	0
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level II
Short-term investments:
Short-term investments	67,375	74,992
U.S. government agency securities \| Fair Value, Measurements, Recurring \| Level III
Short-term investments:
Short-term investments	0	0
Corporate debt securities
Short-term investments:
Short-term investments	1,708,279	877,395
Corporate debt securities \| Fair Value, Measurements, Recurring
Short-term investments:
Short-term investments	1,708,279	877,395
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level I
Short-term investments:
Short-term investments	0	0
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level II
Short-term investments:
Short-term investments	1,708,279	877,395
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level III
Short-term investments:
Short-term investments	0	0
Asset-backed securities
Short-term investments:
Short-term investments	185,973
Asset-backed securities \| Fair Value, Measurements, Recurring
Short-term investments:
Short-term investments	185,973
Asset-backed securities \| Fair Value, Measurements, Recurring \| Level I
Short-term investments:
Short-term investments	0
Asset-backed securities \| Fair Value, Measurements, Recurring \| Level II
Short-term investments:
Short-term investments	185,973
Asset-backed securities \| Fair Value, Measurements, Recurring \| Level III
Short-term investments:
Short-term investments	0
Money market funds
Cash equivalents:
Cash equivalents	928,783	1,403,678
Money market funds \| Fair Value, Measurements, Recurring
Cash equivalents:
Cash equivalents	928,783	1,403,678
Money market funds \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Cash equivalents	928,783	1,403,678
Money market funds \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Cash equivalents	0	0
Money market funds \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Cash equivalents	0	0
Corporate debt securities
Cash equivalents:
Cash equivalents		8,468
Corporate debt securities \| Fair Value, Measurements, Recurring
Cash equivalents:
Cash equivalents		8,468
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Cash equivalents		0
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Cash equivalents		8,468
Corporate debt securities \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Cash equivalents		0
Certificates of deposit
Cash equivalents:
Cash equivalents	123,089	131,463
Certificates of deposit \| Fair Value, Measurements, Recurring
Cash equivalents:
Cash equivalents	123,089	131,463
Certificates of deposit \| Fair Value, Measurements, Recurring \| Level I
Cash equivalents:
Cash equivalents	0	0
Certificates of deposit \| Fair Value, Measurements, Recurring \| Level II
Cash equivalents:
Cash equivalents	123,089	131,463
Certificates of deposit \| Fair Value, Measurements, Recurring \| Level III
Cash equivalents:
Cash equivalents	$ 0	$ 0

Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2026	Jul. 31, 2025
Cash and Cash Equivalents [Abstract]
Accrued interest receivable	$ 23.7	$ 17.9
Investment carrying value	$ 12.6	$ 10.6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2026	Jul. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	160,570,000	158,301,000
Common stock, shares outstanding (in shares)	160,570,000	158,301,000

Leases	6 Months Ended
Leases	Jan. 31, 2026
Leases [Abstract]
Leases	Leases During the three months ended January 31, 2026, we took possession of our new headquarters located in Santa Clara, California. This lease, which was executed in fiscal 2025, consists of approximately 301,000 square feet of rentable space with a rent commencement date of August 15, 2026 and an expiration date of April 30, 2032. In accordance with ASU No. 842, Leases, we recognized in the condensed consolidated balance sheet a right-of-use asset of $14.8 million and a corresponding operating lease liability of $29.4 million upon possession.

Revenue Recognition (Tables)

6 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes the revenue by region based on the shipping address of customers who have contracted to use our cloud platform:


	Three Months Ended January 31,								Six Months Ended January 31,
	2026				2025				2026				2025
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except for percentage data)
United States	$	432,158	53	%	$	328,389	51	%	$	859,289	54	%	$	647,700	51	%
Europe, Middle East and Africa	228,337		28	%	192,912		30	%	440,670		27	%	378,981		30	%
Asia Pacific	126,207		15	%	102,817		16	%	246,659		15	%	202,199		16	%
Other	29,049		4	%	23,782		3	%	57,245		4	%	46,975		3	%
Total	$	815,751	100	%	$	647,900	100	%	$	1,603,863	100	%	$	1,275,855	100	%

The following table summarizes the revenue from contracts by type of customer:


	Three Months Ended January 31,								Six Months Ended January 31,
	2026				2025				2026				2025
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except for percentage data)
Channel partners	$	688,456	84	%	$	572,988	88	%	$	1,354,468	84	%	$	1,131,347	89	%
Direct customers	127,295		16	%	74,912		12	%	249,395		16	%	144,508		11	%
Total	$	815,751	100	%	$	647,900	100	%	$	1,603,863	100	%	$	1,275,855	100	%

Schedules of Significant Customers

The following table summarizes the concentration of 10% or more of the total balance of accounts receivable, net:


	January 31, 2026	July 31, 2025
Channel partner A	*	12%

(*) Represents less than 10%.

Schedule of Capitalized Contract Cost

The activity of the deferred contract acquisition costs consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands)
Beginning balance	$	505,119	$	439,131	$	509,541	$	445,398
Capitalization of contract acquisition costs	63,736		41,357		107,396		74,158
Amortization of deferred contract acquisition costs	(49,551)		(40,123)		(97,633)		(79,191)

Ending balance	$	519,304	$	440,365	$	519,304	$	440,365

The outstanding balance of the deferred contract acquisition costs consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Deferred contract acquisition costs, current	$	188,696	$	180,819
Deferred contract acquisition costs, noncurrent	330,608		328,722
Total deferred contract acquisition costs	$	519,304	$	509,541

Balance Sheet Components

6 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Balance Sheet Components

Property and Equipment

Property and equipment consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Hosting equipment (1)	$	594,404	$	571,312
Capitalized internal-use software	376,579		322,265
Computers and equipment	10,366		9,138
Purchased software	1,102		1,102
Furniture and fixtures	1,484		1,195
Leasehold improvements	11,750		10,141
Total property and equipment, gross	995,685		915,153
Less: Accumulated depreciation and amortization	(451,062)		(371,776)
Total property and equipment, net	$	544,623	$	543,377

(1) Includes purchased equipment that had not been placed in service, totaling $101.9 million and $163.5 million as of January 31, 2026 and July 31, 2025, respectively.

We recognized depreciation and amortization expense on property and equipment of $34.3 million and $24.2 million for the three months ended January 31, 2026 and 2025, respectively, and $66.4 million and $45.2 million for the six months ended January 31, 2026 and 2025, respectively. Additionally, we recognized stock-based compensation expense on the amortization of capitalized stock-based compensation associated with capitalized internal-use software of $7.5 million and $5.0 million for the three months ended January 31, 2026 and 2025, respectively, and $14.4 million and $9.2 million for the six months ended January 31, 2026 and 2025, respectively.

Purchased Intangible Assets

Purchased intangible assets are amortized on a straight-line basis over an estimated useful life of 10 years. These assets are included within other noncurrent assets in the condensed consolidated balance sheets.

Purchased intangible assets consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Internet protocol addresses and source codes	$	21,247	$	20,264
Accumulated amortization	(5,754)		(4,641)
Total purchased intangible assets, net	$	15,493	$	15,623

We recognized amortization expense on purchased intangible assets of $0.6 million and $0.4 million for the three months ended January 31, 2026 and 2025, respectively, and $1.1 million and $0.8 million for the six months ended January 31, 2026 and 2025, respectively.

Accrued Compensation

Accrued compensation consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Accrued commissions	$	34,588	$	59,429
Accrued bonuses	61,797		51,598
Accrued payroll and related expenses	50,547		61,370
Employee stock purchase plan	13,583		9,410

Total accrued compensation	$	160,515	$	181,807

Income Taxes	6 Months Ended
Income Taxes	Jan. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision for (benefit from) interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update our estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. Our quarterly tax provision for (benefit from), and estimate of our annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in our business operations and changes in tax laws. Our estimated annual effective tax rate for the year differs from the U.S. statutory rate of 21% as a result of our U.S. losses for which no tax benefit will be realized, as well as our foreign operations which are subject to tax rates that differ from those in the United States. For the three months ended January 31, 2026 and 2025, we recorded provision for (benefit from) income taxes of $13.0 million and $(8.8) million, respectively. We recorded provision for (benefit from) income taxes of $16.3 million and $(1.2) million for the six months ended January 31, 2026 and 2025, respectively. Our provision for income taxes is primarily attributable to the mix of earnings in countries with different statutory tax rates, partially offset by excess tax benefits related to stock-based compensation. The change in the income tax provision for the three and six months ended January 31, 2026, as compared to the same periods in the prior year, was primarily driven by a non-recurring release of the valuation allowance on our United Kingdom deferred tax assets in the prior year. We are subject to income tax in the U.S. as well as other tax jurisdictions in which we conduct business. Earnings from our non-U.S. operations are subject to income taxes in the countries in which we operate. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We assess our ability to realize the deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. Due to the weight of objectively verifiable negative evidence, including our history of losses in certain jurisdictions, we believe that it is more likely than not that our U.S. federal, state and certain foreign jurisdictions deferred tax assets will not be realized. Accordingly, we have maintained a valuation allowance on our U.S. federal, state and certain foreign jurisdiction deferred tax assets. On July 4, 2025, the United States enacted tax reform legislation through the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We began accounting for the provisions in the legislation in fiscal 2026, which resulted in an immaterial favorable effect on the income tax provision, mainly due to the Company's valuation allowance. The OECD's January 2026, guidance introduced a "Side-by-Side Safe Harbor" that may exempt our U.S. operations from certain global minimum tax rules effective for fiscal years beginning on or after January 1, 2026. However, this relief does not extend to foreign jurisdictions where local minimum tax requirements remain applicable. We continue to monitor these developments and are assessing the potential impact on the income tax provision beginning in fiscal 2027.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Gross Carrying Amount
Intangible Assets, Gross, beginning balance			$ 109,924
Additions			165,800
Intangible Assets, Gross, ending balance	$ 275,724		275,724
Accumulated Amortization
Accumulated Amortization, beginning balance			(62,601)
Amortization Expense	(11,100)	$ (4,200)	(19,747)	$ (8,485)
Accumulated Amortization, ending balance	(82,348)		(82,348)
Net Carrying Amount
Total	193,376		$ 193,376		$ 47,323
Weighted Average Remaining Useful life			5 years 1 month 6 days
Developed technology
Gross Carrying Amount
Intangible Assets, Gross, beginning balance			$ 99,964
Additions			64,400
Intangible Assets, Gross, ending balance	164,364		164,364
Accumulated Amortization
Accumulated Amortization, beginning balance			(57,772)
Amortization Expense			(12,609)
Accumulated Amortization, ending balance	(70,381)		(70,381)
Net Carrying Amount
Total	93,983		$ 93,983		42,192
Weighted Average Remaining Useful life			3 years 10 months 24 days
Customer relationships
Gross Carrying Amount
Intangible Assets, Gross, beginning balance			$ 9,960
Additions			90,800
Intangible Assets, Gross, ending balance	100,760		100,760
Accumulated Amortization
Accumulated Amortization, beginning balance			(4,829)
Amortization Expense			(6,255)
Accumulated Amortization, ending balance	(11,084)		(11,084)
Net Carrying Amount
Total	89,676		$ 89,676		5,131
Weighted Average Remaining Useful life			6 years 4 months 24 days
Trademarks
Gross Carrying Amount
Intangible Assets, Gross, beginning balance			$ 0
Additions			10,600
Intangible Assets, Gross, ending balance	10,600		10,600
Accumulated Amortization
Accumulated Amortization, beginning balance			0
Amortization Expense			(883)
Accumulated Amortization, ending balance	(883)		(883)
Net Carrying Amount
Total	$ 9,717		$ 9,717		$ 0
Weighted Average Remaining Useful life			4 years 7 months 6 days

Derivative Instruments

6 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Foreign Currency Forward Contracts

We use foreign currency forward contracts to manage risks related to fluctuations in exchange rates. We designate certain of these instruments as cash flow hedges to mitigate the impact of currency fluctuations on forecasted operating expenses, typically with maturities of up to 21 months.

We also utilize non-designated forward contracts to manage exposure from the remeasurement of monetary assets and liabilities, typically with maturities of one to four months. Changes in the fair value of these non-designated derivatives are recorded in other income (expense), net, and were not material for the periods presented.

As of January 31, 2026 and July 31, 2025, the total notional amount of our outstanding designated foreign currency forward contracts was $791.1 million and $693.1 million, respectively, and for our outstanding non-designated foreign currency forward contracts was $501.3 million and $549.5 million, respectively. As of January 31, 2026, an estimated $9.1 million of the unrealized gain related to our cash flow hedges are expected to be released into earnings over the next 12 months. Refer to Note 4, Fair Value Measurements, for the fair value of our derivative instruments as reported on the condensed consolidated balance sheet as of January 31, 2026 and July 31, 2025.

The changes in accumulated other comprehensive income (losses) ("AOCI(L)") related to our cash flow hedges consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,

	2026		2025		2026		2025
	(in thousands)
Balance of AOCI(L) as of the beginning of the period	$	3,808	$	(4,963)	$	7,338	$	(4,224)
Net unrealized gains (losses) recognized in accumulated other comprehensive income	8,250		(20,974)		6,789		(20,505)
(Gains) losses reclassified from AOCI(L) into the condensed consolidated statement of operations (1)	(2,300)		3,154		(4,369)		1,946
Balance of AOCI(L) as of the end of the period	$	9,758	$	(22,783)	$	9,758	$	(22,783)

(1) (Gains) losses related to our cash flow hedges reclassified from AOCI(L) into the condensed consolidated statement of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,

	2026		2025		2026		2025
	(in thousands)
Cost of revenue	$	(244)	$	513	$	(501)	$	236
Sales and marketing	(1,256)		2,229		(2,721)		1,557
Research and development	(741)		347		(1,017)		186
General and administrative	(59)		65		(130)		(33)
Total	$	(2,300)	$	3,154	$	(4,369)	$	1,946

Our derivative contracts expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the underlying contracts. We mitigate this credit risk by transacting with major financial institutions with high credit ratings and standards. We periodically assess the creditworthiness of our counterparties to ensure they continue to meet our credit quality requirements. We also enter into master netting arrangements, which permit net settlement of transactions with the

same counterparty. The potential impact of these rights of set-off associated with our derivative instruments was not material as of January 31, 2026 and July 31, 2025. We are not required to pledge, and are not entitled to receive, cash collateral related to these derivative instruments. We do not enter into derivative contracts for trading or speculative purposes.

Interest Rate Swap Contracts

During the three months ended October 31, 2025, we entered into interest rate swap contracts covering the interest rate applicable to a portion of the outstanding 2028 Notes, maturing on July 15, 2028, and designated as fair value hedges. The interest rate swap contracts are intended to hedge a portion of our fair value risk exposure related to changing interest rates by effectively converting the fixed interest rate of a portion of our 2028 Notes to a floating interest rate. The interest rate swap contracts related to the 2025 Notes (as defined below) matured on July 1, 2025. As of January 31, 2026, the carrying amount of the hedged 2028 Notes (as defined below) was $749.1 million and the total notional amount of outstanding interest rate swaps was $750.0 million.

The gains and losses related to changes in the fair value of the interest rate swap contracts are included within interest expense in the condensed consolidated statement of operations. As of January 31, 2026, the cumulative amount of fair value hedge accounting adjustments included in the carrying amount of the convertible senior notes was $2.1 million.

The gains and losses effect of derivative instruments designated as fair value hedges included within interest expense in the condensed statement of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
	(in thousands)
Gains (losses) on interest rate swaps:
Hedge accounting fair value adjustments	$	(807)	$	(732)	$	2,087	$	(3,275)
Derivatives designated as hedging instruments	(105)		674		(2,049)		3,075
Total	$	(912)	$	(58)	$	38	$	(200)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years
Expected stock price volatility		57.70%
Risk-free interest rate		4.10%
Dividend yield		0.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility, minimum	36.40%	43.60%
Expected stock price volatility, maximum	42.70%	47.60%
Risk-free interest rate, minimum	3.50%	4.20%
Risk-free interest rate, maximum	3.60%	4.30%
Dividend yield	0.00%	0.00%
Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Business Combinations - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Oct. 31, 2025	Aug. 01, 2025	Jan. 31, 2026	Jul. 31, 2025
Business Combination [Line Items]
Estimated useful life			5 years 1 month 6 days
Goodwill			$ 1,001,401	$ 417,730
Developed technology
Business Combination [Line Items]
Estimated useful life			3 years 10 months 24 days
Customer relationships
Business Combination [Line Items]
Estimated useful life			6 years 4 months 24 days
Trademarks
Business Combination [Line Items]
Estimated useful life			4 years 7 months 6 days
SPLXAI Inc
Business Combination [Line Items]
Purchase price consideration	$ 40,600
Goodwill	32,200		$ 39,200
SPLXAI Inc \| Restricted Stock
Business Combination [Line Items]
Fair value of contingent consideration	16,600
SPLXAI Inc \| Developed technology
Business Combination [Line Items]
Finite-lived intangibles	$ 14,100		$ 3,300
Estimated useful life	4 years
Red Canary, Inc
Business Combination [Line Items]
Purchase price consideration		$ 651,400
Fair value of contingent consideration		20,200
Goodwill		544,512
Red Canary, Inc \| Developed technology
Business Combination [Line Items]
Finite-lived intangibles		$ 61,100
Estimated useful life		5 years
Red Canary, Inc \| Customer relationships
Business Combination [Line Items]
Finite-lived intangibles		$ 90,800
Estimated useful life		7 years
Red Canary, Inc \| Trademarks
Business Combination [Line Items]
Finite-lived intangibles		$ 10,600
Estimated useful life		5 years

Restructuring and Other Charges

6 Months Ended

Jan. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

During the three months ended October 31, 2025, we carried out and completed a restructuring plan as a part of our planned efforts to streamline operations and to align people, roles and projects to our strategic priorities. As a result, we recognized $4.7 million of restructuring charges consisting of employee severance and benefit payments.

The components of restructuring charges recognized in the condensed consolidated statement of operations for the six months ended January 31, 2026 consisted of the following:


	Amount

	(in thousands)
Cost of revenue	$	750
Sales and marketing	2,809
Research and development	1,182

Total	$	4,741

Revenue Recognition - Schedule of Capitalized Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Changes in Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 505,119	$ 439,131	$ 509,541	$ 445,398
Capitalization of contract acquisition costs	63,736	41,357	107,396	74,158
Amortization of deferred contract acquisition costs	(49,551)	(40,123)	(97,633)	(79,191)
Ending balance	519,304	440,365	519,304	440,365
Deferred contract acquisition costs, current	188,696		188,696		$ 180,819
Deferred contract acquisition costs, noncurrent	330,608		330,608		328,722
Total deferred contract acquisition costs	$ 519,304	$ 440,365	$ 519,304	$ 440,365	$ 509,541

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 13,014	$ (8,813)	$ 16,255	$ (1,176)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations In the normal course of business, we enter into non-cancelable purchase commitments with various third parties to purchase products and services such as cloud infrastructure capacity, subscription-based cloud service arrangements, technology equipment, corporate and marketing events and consulting services. As of January 31, 2026, there have been no material changes outside the ordinary course of our business to our non-cancelable purchase obligations from those disclosed in the Fiscal 2025 Form 10-K. Legal Matters We are a party to various litigation matters from time to time and subject to claims that arise in the ordinary course of business, including patent, commercial, product liability, employment, class action, whistleblower and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. There is no pending or threatened legal proceeding to which we are a party that, in our opinion, is likely to have a material adverse effect on our future financial results or operations; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. The expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change and could adversely affect our results of operations.

Subsequent Events	6 Months Ended
Subsequent Events	Jan. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn February 5, 2026, we acquired all the equity of SquareX Holdings, Inc. (“SquareX”), a privately held cybersecurity company specializing in web-based threat protection. We anticipate that this acquisition will extend our browser capabilities to unmanaged devices. The total purchase price for the transaction was approximately $113.0 million, subject to certain purchase price adjustments, and is payable in cash. Certain of the consideration was withheld at the closing to secure certain indemnity obligations. We will allocate the purchase price to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Due to the proximity of the closing, the initial accounting is currently incomplete; accordingly, we cannot yet disclose the preliminary fair values of the acquired net assets. We expect to complete the initial accounting during the third quarter of fiscal 2026

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") and applicable regulations of the SEC regarding interim financial reporting and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the applicable required disclosures and regulations of the SEC. Therefore, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company's audited consolidated financial statements and related notes in its Annual Report on Form 10-K for the fiscal year ended July 31, 2025 (the "Fiscal 2025 Form 10-K"), as filed with the SEC on September 11, 2025.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, the determination of revenue recognition, deferred revenue, deferred contract acquisition costs, capitalized internal-use software, valuation of acquired intangible assets, period of benefit generated from our deferred contract acquisition costs, allowance for doubtful accounts, valuation of common stock options and stock-based awards, useful lives of property and equipment, useful lives of acquired intangible assets, recoverability of goodwill, valuation of deferred tax assets and liabilities, loss contingencies related to litigation, fair value of convertible senior notes and the discount rate used for operating leases. Management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ significantly from these estimates, and such differences may be material to the condensed consolidated financial statements. Due to uncertainty in the macroeconomic and geopolitical environment, there is ongoing disruption in the global economy and financial markets. We are not aware of any specific event or circumstances that would require an update to our estimates, judgments or assumptions or a revision to the carrying value of our assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates, judgments and assumptions may change in the future, as new events occur or additional information is obtained.
Fiscal Year	Fiscal Year Our fiscal year ends on July 31. References to fiscal 2026, for example, refer to our fiscal year ending July 31, 2026.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This standard is intended to make targeted improvements to the accounting and application of guidance related to costs incurred to develop software for internal use. This standard is effective for us in the annual and interim periods beginning in the first quarter of fiscal 2029. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard amends guidance on measuring expected credit losses for current accounts receivable and contract assets arising from revenue contracts. The amended guidance requires estimation of credit losses for these short-term assets based on the economic conditions that exist as of the balance sheet date, without forecasting future economic conditions. This standard is effective for us in the annual and interim periods beginning in the first quarter of fiscal 2027. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. This standard requires disclosures of additional information about specific expense categories in the notes to the financial statements for interim and annual reporting periods. This standard is effective for us in the annual periods beginning in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosures of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). This standard is effective for us in the annual periods beginning in fiscal 2026. We are currently evaluating the potential impact of this standard on our consolidated financial statement disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Depreciation and amortization expense	$ 34,300	$ 24,200	$ 66,400	$ 45,200
Capitalization of development costs of software for internal-use	216,553	172,117	405,146	329,295
Amortization expense of acquired intangible assets	11,100	4,200	19,747	8,485
Capitalized internal-use software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Capitalization of development costs of software for internal-use	$ 7,500	5,000	$ 14,400	9,200
Internet Protocol Addresses
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful life	10 years		10 years
Purchased Intangibles
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amortization expense of acquired intangible assets	$ 600	$ 400	$ 1,100	$ 800

- Definition

+ References

+ Details

Convertible Senior Notes - Schedule of Carrying Amounts (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Less:
Hedge accounting fair value adjustments	$ 2,100
Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Principal amount	1,725,000	$ 1,725,000
Less:
Unamortized debt issuance costs	20,195	24,273
Hedge accounting fair value adjustments	2,087	0
Total	$ 1,702,718	$ 1,700,727

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Restructuring and Other Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2025	Jan. 31, 2026
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,700	$ 4,741
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring charges		750
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2,809
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1,182

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised, aggregate intrinsic value			$ 3,679	$ 57,300
Granted (in shares)			0	118,800,000
Capitalized stock-based compensation	$ 10,100	$ 12,300	$ 19,400	$ 24,700
Employee Stock \| 2018 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under the employee stock purchase plan (in shares)	100,000
Common stock under the ESPP at average purchase price (in USD per share)	$ 175.05		$ 175.05
Cash proceeds	$ 21,500
Accrued compensation	$ 13,600		$ 13,600		$ 9,400

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2026	Jul. 31, 2025
Derivative [Line Items]
Unrealized gain related to our cash flow hedges	$ 9.1
Hedged liability, fair value hedge, cumulative increase (decrease)	2.1
Long-term Debt
Derivative [Line Items]
Hedged liability, fair value hedge	749.1
Foreign currency contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	501.3	$ 549.5
Foreign currency contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	791.1	$ 693.1
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 750.0
Minimum \| Foreign currency contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Term of derivative	1 month
Maximum
Derivative [Line Items]
Term of derivative	21 months
Maximum \| Foreign currency contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Term of derivative	4 months

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Concentration Risk [Line Items]
Deferred revenue	$ 2,355.4		$ 2,355.4		$ 2,468.0
Contract with customer, liability, revenue recognized			$ 1,327.0	$ 1,080.2
Transferred Over Time \| Product Concentration Risk \| Subscription And Support \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	98.00%	98.00%	98.00%	97.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
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-Paragraph 18
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
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-Paragraph 18
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Convertible Senior Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			3 Months Ended		6 Months Ended
	Jul. 03, 2025	Jun. 25, 2020	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2025
Debt Instrument [Line Items]
Fair value of notes			$ 1,606,100		$ 1,606,100		$ 1,686,500
Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Principal amount	$ 1,725,000
Interest rate	0.00%
Proceeds from debt issuance	$ 1,700,000
Amortization of debt issuance costs			$ 2,000		$ 4,100
Initial strike price (in dollars per share)	$ 439.52
Initial cap price (in dollars per shares)	$ 784.85
Additional 2028 Notes
Debt Instrument [Line Items]
Principal amount	$ 225,000
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount		$ 1,150,000
Interest rate		0.125%
Amortization of debt issuance costs				$ 982		$ 1,963
New shares of our common stock (in shares)		3.8
Common stock from the capped call transactions		$ 2,400

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,202,751	$ 2,389,023
Short-term investments	2,310,000	1,183,386
Accounts receivable, net	551,820	992,181
Deferred contract acquisition costs	188,696	180,819
Prepaid expenses and other current assets	197,496	148,881
Total current assets	4,450,763	4,894,290
Property and equipment, net	544,623	543,377
Operating lease right-of-use assets	138,333	89,772
Deferred contract acquisition costs, noncurrent	330,608	328,722
Acquired intangible assets, net	193,376	47,323
Goodwill	1,001,401	417,730
Other noncurrent assets	94,724	98,674
Total assets	6,753,828	6,419,888
Current liabilities:
Accounts payable	29,031	46,906
Accrued expenses and other current liabilities	100,264	93,984
Accrued compensation	160,515	181,807
Deferred revenue	1,983,569	2,054,417
Operating lease liabilities	67,587	52,497
Total current liabilities	2,340,966	2,429,611
Convertible senior notes	1,702,718	1,700,727
Deferred revenue, noncurrent	371,786	413,609
Operating lease liabilities, noncurrent	94,083	43,352
Other noncurrent liabilities	48,327	33,316
Total liabilities	4,557,880	4,620,615
Commitments and contingencies (Note 12)
Stockholders’ Equity
Preferred stock; $0.001 par value; 200,000 shares authorized as of January 31, 2026 and July 31, 2025; no shares issued and outstanding as of January 31, 2026 and July 31, 2025	0	0
Common stock; $0.001 par value; 1,000,000 shares authorized as of January 31, 2026 and July 31, 2025; 160,570 and 158,301 shares issued and outstanding as of January 31, 2026 and July 31, 2025, respectively	161	159
Additional paid-in capital	3,416,085	2,980,591
Accumulated other comprehensive income	15,187	8,081
Accumulated deficit	(1,235,485)	(1,189,558)
Total stockholders’ equity	2,195,948	1,799,273
Total liabilities and stockholders’ equity	$ 6,753,828	$ 6,419,888

Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2026:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	928,783	$	928,783	$	—	$	—



Certificates of deposit	123,089		—		123,089		—

Total cash equivalents	$	1,051,872	$	928,783	$	123,089	$	—

Short-term investments:
U.S. treasury securities	$	348,373	$	—	$	348,373	$	—
U.S. government agency securities	67,375		—		67,375		—
Corporate debt securities	1,708,279		—		1,708,279		—

Asset-backed securities	185,973		—		185,973		—
Total short-term investments	$	2,310,000	$	—	$	2,310,000	$	—

Total cash equivalents and short-term investments	$	3,361,872	$	928,783	$	2,433,089	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	17,998	$	—	$	17,998	$	—
Foreign currency contracts assets-noncurrent (2)	$	3,106	$	—	$	3,106	$	—
Foreign currency contracts liabilities-current (3)	$	8,141	$	—	$	8,141	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	2,397	$	—	$	2,397	$	—


Interest rate contracts liabilities-current (3)	$	1,629	$	—	$	1,629	$	—
Interest rate contracts liabilities-noncurrent (4)	$	420	$	—	$	420	$	—

Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,302	$	—	$	5,302	$	—
Foreign currency contracts liabilities-current (3)	$	3,688	$	—	$	3,688	$	—

(1) Included within prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2) Included within other noncurrent assets in the condensed consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the condensed consolidated balance sheets.

(4) Included within other noncurrent liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2025:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	1,403,678	$	—	$	—

Corporate debt securities	8,468		—		8,468		—
Certificates of deposit	131,463		—		131,463		—
Total cash equivalents	$	1,543,609	$	1,403,678	$	139,931	$	—

Short-term investments:
U.S. treasury securities	$	230,999	$	—	$	230,999	$	—
U.S. government agency securities	74,992		—		74,992		—
Corporate debt securities	877,395		—		877,395		—
Total short-term investments	$	1,183,386	$	—	$	1,183,386	$	—

Total cash equivalents and short-term investments	$	2,726,995	$	1,403,678	$	1,323,317	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	10,713	$	—	$	10,713	$	—
Foreign currency contract assets-noncurrent (2)	$	3,705	$	—	$	3,705	$	—
Foreign currency contracts liabilities-current (3)	$	4,006	$	—	$	4,006	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	1,319	$	—	$	1,319	$	—


Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,115	$	—	$	5,115	$	—
Foreign currency contracts liabilities-current (3)	$	3,956	$	—	$	3,956	$	—

(1) Included within prepaid expenses and other current assets in the consolidated balance sheets.

(2) Included within other noncurrent assets in the consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the consolidated balance sheets.

(4) Included within other noncurrent liabilities in the consolidated balance sheets.

Schedule of Fair Value, Liabilities Measured on Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of January 31, 2026:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	928,783	$	928,783	$	—	$	—



Certificates of deposit	123,089		—		123,089		—

Total cash equivalents	$	1,051,872	$	928,783	$	123,089	$	—

Short-term investments:
U.S. treasury securities	$	348,373	$	—	$	348,373	$	—
U.S. government agency securities	67,375		—		67,375		—
Corporate debt securities	1,708,279		—		1,708,279		—

Asset-backed securities	185,973		—		185,973		—
Total short-term investments	$	2,310,000	$	—	$	2,310,000	$	—

Total cash equivalents and short-term investments	$	3,361,872	$	928,783	$	2,433,089	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	17,998	$	—	$	17,998	$	—
Foreign currency contracts assets-noncurrent (2)	$	3,106	$	—	$	3,106	$	—
Foreign currency contracts liabilities-current (3)	$	8,141	$	—	$	8,141	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	2,397	$	—	$	2,397	$	—


Interest rate contracts liabilities-current (3)	$	1,629	$	—	$	1,629	$	—
Interest rate contracts liabilities-noncurrent (4)	$	420	$	—	$	420	$	—

Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,302	$	—	$	5,302	$	—
Foreign currency contracts liabilities-current (3)	$	3,688	$	—	$	3,688	$	—

(1) Included within prepaid expenses and other current assets in the condensed consolidated balance sheets.

(2) Included within other noncurrent assets in the condensed consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the condensed consolidated balance sheets.

(4) Included within other noncurrent liabilities in the condensed consolidated balance sheets.

Assets that are measured at fair value on a recurring basis consisted of the following as of July 31, 2025:


			Level I		Level II		Level III
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	1,403,678	$	—	$	—

Corporate debt securities	8,468		—		8,468		—
Certificates of deposit	131,463		—		131,463		—
Total cash equivalents	$	1,543,609	$	1,403,678	$	139,931	$	—

Short-term investments:
U.S. treasury securities	$	230,999	$	—	$	230,999	$	—
U.S. government agency securities	74,992		—		74,992		—
Corporate debt securities	877,395		—		877,395		—
Total short-term investments	$	1,183,386	$	—	$	1,183,386	$	—

Total cash equivalents and short-term investments	$	2,726,995	$	1,403,678	$	1,323,317	$	—

Designated derivative instruments:
Foreign currency contracts assets-current (1)	$	10,713	$	—	$	10,713	$	—
Foreign currency contract assets-noncurrent (2)	$	3,705	$	—	$	3,705	$	—
Foreign currency contracts liabilities-current (3)	$	4,006	$	—	$	4,006	$	—
Foreign currency contracts liabilities-noncurrent (4)	$	1,319	$	—	$	1,319	$	—


Non-designated derivative instruments:
Foreign currency contracts assets-current (1)	$	5,115	$	—	$	5,115	$	—
Foreign currency contracts liabilities-current (3)	$	3,956	$	—	$	3,956	$	—

(1) Included within prepaid expenses and other current assets in the consolidated balance sheets.

(2) Included within other noncurrent assets in the consolidated balance sheets.

(3) Included within accrued expenses and other current liabilities in the consolidated balance sheets.

(4) Included within other noncurrent liabilities in the consolidated balance sheets.

Cash Equivalents and Short-Term Investments

6 Months Ended

Jan. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of January 31, 2026:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	928,783	$	—	$	—	$	928,783



Certificates of deposit	123,089		—		—		123,089

Total cash equivalents	$	1,051,872	$	—	$	—	$	1,051,872

Short-term investments:
U.S. treasury securities	$	347,934	$	482	$	(43)	$	348,373
U.S. government agency securities	67,396		36		(57)		67,375
Corporate debt securities	1,703,458		5,323		(502)		1,708,279

Asset-backed securities	185,785		228		(40)		185,973
Total short-term investments	$	2,304,573	$	6,069	$	(642)	$	2,310,000

Total cash equivalents and short-term investments	$	3,356,445	$	6,069	$	(642)	$	3,361,872

Cash equivalents and short-term investments consisted of the following as of July 31, 2025:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	—	$	—	$	1,403,678
Corporate debt securities	8,468		—		—		8,468

Certificates of deposit	131,463		—		—		131,463
Total cash equivalents	$	1,543,609	$	—	$	—	$	1,543,609

Short-term investments:
U.S. treasury securities	$	231,193	$	56	$	(250)	$	230,999
U.S. government agency securities	75,006		26		(40)		74,992
Corporate debt securities	876,330		1,812		(747)		877,395
Total short-term investments	$	1,182,529	$	1,894	$	(1,037)	$	1,183,386

Total cash equivalents and short-term investments	$	2,726,138	$	1,894	$	(1,037)	$	2,726,995

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of January 31, 2026:


	Amortized Cost		Fair Value

	(in thousands)
Due within one year	$	469,524	$	470,742
Due between one to three years	1,649,264		1,653,285
Asset-backed securities	185,785		185,973
Total	$	2,304,573	$	2,310,000

Short-term investments that were in continuous unrealized loss position as of January 31, 2026 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	120,128	$	(43)	$	—	$	—	$	120,128	$	(43)
U.S. government agency securities	24,930		(57)		—		—		24,930		(57)
Corporate debt securities	347,130		(502)		—		—		347,130		(502)
Asset-backed securities	14,521		(40)		—		—		14,521		(40)
Total	$	506,709	$	(642)	$	—	$	—	$	506,709	$	(642)

Short-term investments that were in continuous unrealized loss position as of July 31, 2025 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	156,395	$	(250)	$	—	$	—	$	156,395	$	(250)
U.S. government agency securities	36,098		(40)		—		—		36,098		(40)
Corporate debt securities	360,840		(747)		—		—		360,840		(747)
Total	$	553,333	$	(1,037)	$	—	$	—	$	553,333	$	(1,037)

We review the individual securities that have unrealized losses in our short-term investment portfolio on a regular basis. We evaluate, among other criteria, whether we have the intention to sell any of these investments and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met in any period presented. We additionally evaluate whether the decline in fair value of the corporate debt securities below their amortized cost basis is related to credit losses or other factors. Based on this evaluation, we determined that unrealized losses of the above securities were primarily attributable to changes in interest rates and non-credit related factors. Accordingly, we determined that an allowance for credit losses was unnecessary for our short-term investments as of January 31, 2026 and July 31, 2025.

As of January 31, 2026 and July 31, 2025, we recorded $23.7 million and $17.9 million, respectively, of accrued interest receivable within prepaid expenses and other current assets in the condensed consolidated balance sheets.

Strategic Investments

Our strategic investments consist primarily of non-marketable equity securities of privately held companies, which do not have a readily determinable fair value. As of January 31, 2026 and July 31, 2025, the carrying amount of our strategic investments was $12.6 million and $10.6 million, respectively, and is included within other noncurrent assets in the condensed consolidated balance sheets. There were no material events or circumstances impacting their carrying amounts during the periods presented.

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares shares in Thousands	6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	14,384	20,144
2028 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares if notes converted (in shares)	3,900
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares if notes converted (in shares)		7,600
Unvested RSUs and shares of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	9,103	10,489
Unvested PSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	955	1,081
Number of unvested PSAs as a percentage of target	100.00%	100.00%
Share purchase rights under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	250	767
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	151	181
Notes \| 2028 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,925	0
Notes \| 2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	7,626

Stock-Based Compensation

6 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plan

Equity incentive awards which may be granted to eligible participants under our Amended and Restated FY 2018 Equity Incentive Plan include restricted stock units, restricted stock, stock options, nonstatutory stock options, stock appreciation rights, performance units and performance shares.

Stock Options

The activity of stock options for the six months ended January 31, 2026 consisted of the following:


	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

	(in thousands, except per share amounts and years)
Balance as of July 31, 2025	177	$	220.95	7.8	$	11,854
Granted	—	$	—
Exercised	(26)	$	152.99		$	3,679
Canceled, forfeited or expired	—	$	—
Balance as of January 31, 2026	151	$	232.74	8.7	$	118
Exercisable and expected to vest as of July 31, 2025	47	$	172.65	3.8	$	5,304
Exercisable and expected to vest as of January 31, 2026	44	$	200.47	8.2	$	73

The total intrinsic value of options exercised for the six months ended January 31, 2026 and 2025 was $3.7 million and $57.3 million, respectively. The weighted-average grant date fair value per share of stock options granted in the six months ended January 31, 2025 was $118.8 million.

We estimate the fair value of stock options using the Black-Scholes option pricing model with the following assumptions:


						Six Months Ended January 31,
						2025


Expected term (in years)						6.0
Expected stock price volatility						57.7%
Risk-free interest rate						4.1%
Dividend yield						—%

There were no stock options granted during six months ended January 31, 2026.

Restricted Stock Units and Performance Stock Awards

The activity of restricted stock units ("RSUs") and performance stock awards ("PSAs") consisted of the following for the six months ended January 31, 2026:


	Underlying Shares	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value

	(in thousands, except per share data)
Balance as of July 31, 2025	9,444	$	175.55	$	2,697,026
Granted	3,149	$	283.59
Vested	(1,998)	$	182.26	$	516,651
Canceled or forfeited	(892)	$	165.27
Balance as of January 31, 2026	9,703	$	210.16	$	1,940,823

Employee Stock Purchase Plan

In fiscal 2018, we adopted the FY 2018 Employee Stock Purchase Plan (the "ESPP"). During the three months ended January 31, 2026, employees purchased 0.1 million shares of our common stock under the ESPP at average purchase price of $175.05 per share, resulting in cash proceeds of $21.5 million. ESPP employee payroll contributions accrued as of January 31, 2026 and July 31, 2025, were $13.6 million and $9.4 million, respectively, and are included within accrued compensation in the condensed consolidated balance sheets. Payroll contributions accrued as of January 31, 2026 will be used to purchase shares at the end of the current ESPP purchase period ending on June 15, 2026. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date.

The fair value of the purchase right for the ESPP was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended January 31,
	2026	2025


Expected term (in years)	0.5 - 2.0	0.5 - 2.0
Expected stock price volatility	36.4% - 42.7%	43.6% - 47.6%
Risk-free interest rate	3.5% - 3.6%	4.2% - 4.3%
Dividend yield	—%	—%

Stock-based Compensation Expense

The components of stock-based compensation expense recognized in the condensed consolidated statements of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands)
Cost of revenue	$	22,743	$	17,194	$	42,675	$	32,420
Sales and marketing	79,556		67,955		148,204		131,134
Research and development	83,573		64,499		157,132		122,570
General and administrative	30,681		22,469		57,135		43,171
Total	$	216,553	$	172,117	$	405,146	$	329,295

During the three months ended January 31, 2026 and 2025, we capitalized stock-based compensation primarily associated with the development of software for internal-use of $10.1 million and $12.3 million, respectively. During the six months ended January 31, 2026 and 2025, the amount capitalized was $19.4 million and $24.7 million, respectively.

Segment Information (Tables)

6 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Schedule of Adjusted Segment Expenses And Other Segment Items

The following table sets forth our segment revenue, significant adjusted segment expenses and other segment items to reconcile to condensed consolidated net loss:


	Three Months Ended January 31,			Six Months Ended January 31,
		2026		2025		2026		2025

		(in thousands)
Revenue		$	815,751	$	647,900	$	1,603,863	$	1,275,855
Less:
Adjusted cost of revenue (1)		161,463		127,064		319,792		249,058
Adjusted sales and marketing expenses (1)		283,102		237,468		579,346		478,264
Adjusted research and development expenses (1)		144,448		104,959		268,528		200,208
Adjusted general and administrative expenses (2)		45,772		37,948		83,375		73,717
Stock-based compensation expense and related payroll taxes		220,413		176,356		414,174		336,930
Amortization expense of acquired intangible assets		11,114		4,245		19,747		8,485
Restructuring and other charges		—		—		4,741		—
Acquisition-related expenses		1,212		—		2,295		—
Add: Other segment items, net (3)		17,461		32,416		42,208		51,032
Net loss		$	(34,312)	$	(7,724)	$	(45,927)	$	(19,775)

(1) Cost of revenue, sales and marketing expense and research and development expense, adjusted to exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets and restructuring and other charges.

(2) General and administrative expense adjusted to exclude stock-based compensation and related employer payroll taxes and acquisition-related expenses.

(3) Other segment items, net include interest income, interest expense, other expense, net and provision for income taxes.

Balance Sheet Components- Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Property, Plant and Equipment [Abstract]
Accrued commissions	$ 34,588	$ 59,429
Accrued bonuses	61,797	51,598
Accrued payroll and related expenses	50,547	61,370
Employee stock purchase plan	13,583	9,410
Total accrued compensation	$ 160,515	$ 181,807

Derivative Instruments (Tables)

6 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Changes of AOCI Related to our Cash Flow Hedges and Cash Flow Hedges on our Consolidated Statement of Operations

The changes in accumulated other comprehensive income (losses) ("AOCI(L)") related to our cash flow hedges consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,

	2026		2025		2026		2025
	(in thousands)
Balance of AOCI(L) as of the beginning of the period	$	3,808	$	(4,963)	$	7,338	$	(4,224)
Net unrealized gains (losses) recognized in accumulated other comprehensive income	8,250		(20,974)		6,789		(20,505)
(Gains) losses reclassified from AOCI(L) into the condensed consolidated statement of operations (1)	(2,300)		3,154		(4,369)		1,946
Balance of AOCI(L) as of the end of the period	$	9,758	$	(22,783)	$	9,758	$	(22,783)

(1) (Gains) losses related to our cash flow hedges reclassified from AOCI(L) into the condensed consolidated statement of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,

	2026		2025		2026		2025
	(in thousands)
Cost of revenue	$	(244)	$	513	$	(501)	$	236
Sales and marketing	(1,256)		2,229		(2,721)		1,557
Research and development	(741)		347		(1,017)		186
General and administrative	(59)		65		(130)		(33)
Total	$	(2,300)	$	3,154	$	(4,369)	$	1,946

Schedule of Derivative Instruments Designated as Fair Value Hedges

The gains and losses effect of derivative instruments designated as fair value hedges included within interest expense in the condensed statement of operations consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
	(in thousands)
Gains (losses) on interest rate swaps:
Hedge accounting fair value adjustments	$	(807)	$	(732)	$	2,087	$	(3,275)
Derivatives designated as hedging instruments	(105)		674		(2,049)		3,075
Total	$	(912)	$	(58)	$	38	$	(200)

Goodwill and Acquired Intangible Assets

6 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the six months ended January 31, 2026 consisted of the following:


	Amount
	(in thousands)
Balance as of July 31, 2025	$	417,730
Goodwill acquired	583,671
Balance as of January 31, 2026	$	1,001,401

Acquired Intangible Assets

Acquired intangible assets consist of developed technology, customer relationships and trademarks acquired through our business acquisitions. Acquired intangible assets are amortized using the straight-line method over their estimated useful lives.

During three and six months ended January 31, 2026, in connection with the acquisition of SPLX and Red Canary, we acquired certain intangible assets, as further described in Note 6, Business Combinations.

Changes in acquired intangible assets for the six months ended January 31, 2026 consisted of the following:


	Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount				Weighted Average Remaining Useful life
	July 31, 2025		Additions		January 31, 2026		July 31, 2025		Amortization Expense		January 31, 2026		July 31, 2025		January 31, 2026		January 31, 2026
	(in thousands)																(years)
Developed technology	$	99,964	$	64,400	$	164,364	$	(57,772)	$	(12,609)	$	(70,381)	$	42,192	$	93,983	3.9
Customer relationships	9,960		90,800		100,760		(4,829)		(6,255)		(11,084)		5,131		89,676		6.4
Trademarks	—		10,600		10,600		—		(883)		(883)		—		9,717		4.6
Total	$	109,924	$	165,800	$	275,724	$	(62,601)	$	(19,747)	$	(82,348)	$	47,323	$	193,376	5.1

Amortization expense of acquired intangible assets for the three and six months ended January 31, 2026 was $11.1 million and $19.7 million, respectively, and for the three and six months ended January 31, 2025 was $4.2 million and $8.5 million, respectively. Amortization expense of developed technology is included primarily within cost of revenue and amortization expense of customer relationships and trademarks is included primarily within sales and marketing expenses, in the condensed consolidated statements of operations.

Future amortization expense of acquired intangible assets as of January 31, 2026 consisted of the following:


	Amount

Fiscal Year ending July 31,	(in thousands)
2026 (remaining six months)	$	21,741
2027	41,146
2028	39,313
2029	35,415
2030	27,543
Thereafter	28,218
Total	$	193,376

Derivative Instruments - Schedule of Changes of AOCI Related to our Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,982,328	$ 1,428,545	$ 1,799,273	$ 1,274,102
Net unrealized gains (losses) recognized in accumulated other comprehensive income	8,250	(20,974)	6,789	(20,505)
(Gains) losses reclassified from AOCI into the condensed consolidated statement of operations	(2,300)	3,154	(4,369)	1,946
Ending balance	2,195,948	1,607,346	2,195,948	1,607,346
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,808	(4,963)	7,338	(4,224)
Ending balance	$ 9,758	$ (22,783)	$ 9,758	$ (22,783)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Cash Equivalents and Short-Term Investments - Schedule of Maturities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Amortized Cost
Due within one year	$ 469,524
Due between one to three years	1,649,264
Asset-backed securities	185,785
Amortized Cost	2,304,573	$ 1,182,529
Fair Value
Due within one year	470,742
Due between one to three years	1,653,285
Asset-backed securities	185,973
Fair Value	$ 2,310,000	$ 1,183,386

Stock-Based Compensation - Schedule of RSU and PSA Activity (Details) - Restricted Stock Units and Performance Stock Awards $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jan. 31, 2026 USD ($) $ / shares shares
Underlying Shares
Beginning balance (in shares) \| shares	9,444
Granted (in shares) \| shares	3,149
Vested (in shares) \| shares	(1,998)
Canceled or forfeited (in shares) \| shares	(892)
Ending balance (in shares) \| shares	9,703
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 175.55
Granted (in dollars per share) \| $ / shares	283.59
Vested (in dollars per share) \| $ / shares	182.26
Canceled or forfeited (in dollars per share) \| $ / shares	165.27
Ending balance (in dollars per share) \| $ / shares	$ 210.16
Aggregate Intrinsic Value
Beginning balance \| $	$ 2,697,026
Vested \| $	516,651
Ending balance \| $	$ 1,940,823

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Income Statement [Abstract]
Revenue	$ 815,751	$ 647,900	$ 1,603,863	$ 1,275,855
Cost of revenue	191,260	148,498	376,013	289,960
Gross profit	624,491	499,402	1,227,850	985,895
Operating expenses:
Sales and marketing	368,946	307,872	742,508	613,959
Research and development	229,137	170,860	429,635	325,114
General and administrative	78,181	60,810	143,842	117,629
Total operating expenses	676,264	539,542	1,315,985	1,056,702
Loss from operations	(51,773)	(40,140)	(88,135)	(70,807)
Interest income	33,893	30,878	67,047	60,926
Interest expense	(4,221)	(2,339)	(6,348)	(5,482)
Other income (expense), net	803	(4,936)	(2,236)	(5,588)
Loss before income taxes	(21,298)	(16,537)	(29,672)	(20,951)
Provision for (benefit from) income taxes	13,014	(8,813)	16,255	(1,176)
Net loss	$ (34,312)	$ (7,724)	$ (45,927)	$ (19,775)
Net loss per share, basic and diluted
Basic (in dollars per share)	$ (0.21)	$ (0.05)	$ (0.29)	$ (0.13)
Diluted (in dollars per share)	$ (0.21)	$ (0.05)	$ (0.29)	$ (0.13)
Weighted-average shares used in computing net loss per share, basic and diluted
Basic (in shares)	159,683	153,672	159,139	153,114
Diluted (in shares)	159,683	153,672	159,139	153,114

Derivative Instruments - Schedule of Cash Flow Hedges on our Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (2,300)	$ 3,154	$ (4,369)	$ 1,946
Cost of revenue
Derivative Instruments, Gain (Loss) [Line Items]
Total	(244)	513	(501)	236
Sales and marketing
Derivative Instruments, Gain (Loss) [Line Items]
Total	(1,256)	2,229	(2,721)	1,557
Research and development
Derivative Instruments, Gain (Loss) [Line Items]
Total	(741)	347	(1,017)	186
General and administrative
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (59)	$ 65	$ (130)	$ (33)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
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+ Details

Segment Information - Schedule of Adjusted Segment Expenses And Other Segment Items (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 815,751	$ 647,900	$ 1,603,863	$ 1,275,855
Adjusted cost of revenue	191,260	148,498	376,013	289,960
Adjusted sales and marketing expenses	368,946	307,872	742,508	613,959
Adjusted research and development expenses	229,137	170,860	429,635	325,114
Adjusted general and administrative expenses	78,181	60,810	143,842	117,629
Amortization expense of acquired intangible assets	11,100	4,200	19,747	8,485
Net loss	(34,312)	(7,724)	(45,927)	(19,775)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	815,751	647,900	1,603,863	1,275,855
Adjusted cost of revenue	161,463	127,064	319,792	249,058
Adjusted sales and marketing expenses	283,102	237,468	579,346	478,264
Adjusted research and development expenses	144,448	104,959	268,528	200,208
Adjusted general and administrative expenses	45,772	37,948	83,375	73,717
Stock-based compensation expense and related payroll taxes	220,413	176,356	414,174	336,930
Amortization expense of acquired intangible assets	11,114	4,245	19,747	8,485
Restructuring and other charges	0	0	4,741	0
Acquisition-related expenses	1,212	0	2,295	0
Add: Other segment items, net	17,461	32,416	42,208	51,032
Net loss	$ (34,312)	$ (7,724)	$ (45,927)	$ (19,775)

Cash Equivalents and Short-Term Investments - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Cash equivalents:
Amortized Cost	$ 1,051,872	$ 1,543,609
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	1,051,872	1,543,609
Short-term investments:
Amortized Cost	2,304,573	1,182,529
Unrealized Gains	6,069	1,894
Unrealized Losses	(642)	(1,037)
Fair Value	2,310,000	1,183,386
Total cash equivalents and short-term investments, amortized cost	3,356,445	2,726,138
Total cash equivalents and short-term investments, unrealized gains	6,069	1,894
Total cash equivalents and short-term investments, unrealized losses	(642)	(1,037)
Total cash equivalents and short-term investments	3,361,872	2,726,995
U.S. treasury securities
Short-term investments:
Amortized Cost	347,934	231,193
Unrealized Gains	482	56
Unrealized Losses	(43)	(250)
Fair Value	348,373	230,999
U.S. government agency securities
Short-term investments:
Amortized Cost	67,396	75,006
Unrealized Gains	36	26
Unrealized Losses	(57)	(40)
Fair Value	67,375	74,992
Corporate debt securities
Short-term investments:
Amortized Cost	1,703,458	876,330
Unrealized Gains	5,323	1,812
Unrealized Losses	(502)	(747)
Fair Value	1,708,279	877,395
Asset-backed securities
Short-term investments:
Amortized Cost	185,785
Unrealized Gains	228
Unrealized Losses	(40)
Fair Value	185,973
Money market funds
Cash equivalents:
Amortized Cost	928,783	1,403,678
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	928,783	1,403,678
Corporate debt securities
Cash equivalents:
Amortized Cost		8,468
Unrealized Gains		0
Unrealized Losses		0
Fair Value		8,468
Certificates of deposit
Cash equivalents:
Amortized Cost	123,089	131,463
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 123,089	$ 131,463

Revenue Recognition - Schedules of Significant Customers (Details)	12 Months Ended
	Jul. 31, 2025
Customer Concentration Risk \| Channel partner A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	12.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Internet protocol addresses and source codes	$ 275,724	$ 109,924
Accumulated amortization	(82,348)	(62,601)
Total	193,376	47,323
Internet Protocol Addresses
Intangible Asset, Acquired, Finite-Lived [Line Items]
Internet protocol addresses and source codes	21,247	20,264
Accumulated amortization	(5,754)	(4,641)
Total	$ 15,493	$ 15,623

Net Loss Per Share (Tables)

6 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share, Basic and Diluted

The computation of basic and diluted net loss per share consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands, except per share data)
Net loss	$	(34,312)	$	(7,724)	$	(45,927)	$	(19,775)

Weighted-average shares used in computing net loss per share, basic and diluted	159,683		153,672		159,139		153,114


Net loss per share, basic and diluted	$	(0.21)	$	(0.05)	$	(0.29)	$	(0.13)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following table summarizes the outstanding potentially dilutive securities that were excluded from the computation of diluted net loss per share as their effect would be antidilutive:


	January 31,
	2026	2025

	(in thousands)

Unvested RSUs and shares of common stock	9,103	10,489
Unvested PSAs (1)	955	1,081
Share purchase rights under the ESPP	250	767
Stock options	151	181





2028 Notes (2)	3,925	—
2025 Notes (2)	—	7,626
Total	14,384	20,144

Cash Equivalents and Short-Term Investments (Tables)

6 Months Ended

Jan. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents and Short-Term Investments

Cash equivalents and short-term investments consisted of the following as of January 31, 2026:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	928,783	$	—	$	—	$	928,783



Certificates of deposit	123,089		—		—		123,089

Total cash equivalents	$	1,051,872	$	—	$	—	$	1,051,872

Short-term investments:
U.S. treasury securities	$	347,934	$	482	$	(43)	$	348,373
U.S. government agency securities	67,396		36		(57)		67,375
Corporate debt securities	1,703,458		5,323		(502)		1,708,279

Asset-backed securities	185,785		228		(40)		185,973
Total short-term investments	$	2,304,573	$	6,069	$	(642)	$	2,310,000

Total cash equivalents and short-term investments	$	3,356,445	$	6,069	$	(642)	$	3,361,872

Cash equivalents and short-term investments consisted of the following as of July 31, 2025:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

Cash equivalents:	(in thousands)
Money market funds	$	1,403,678	$	—	$	—	$	1,403,678
Corporate debt securities	8,468		—		—		8,468

Certificates of deposit	131,463		—		—		131,463
Total cash equivalents	$	1,543,609	$	—	$	—	$	1,543,609

Short-term investments:
U.S. treasury securities	$	231,193	$	56	$	(250)	$	230,999
U.S. government agency securities	75,006		26		(40)		74,992
Corporate debt securities	876,330		1,812		(747)		877,395
Total short-term investments	$	1,182,529	$	1,894	$	(1,037)	$	1,183,386

Total cash equivalents and short-term investments	$	2,726,138	$	1,894	$	(1,037)	$	2,726,995

Schedule of Maturities

The amortized cost and fair value of our short-term investments based on their stated maturities consisted of the following as of January 31, 2026:


	Amortized Cost		Fair Value

	(in thousands)
Due within one year	$	469,524	$	470,742
Due between one to three years	1,649,264		1,653,285
Asset-backed securities	185,785		185,973
Total	$	2,304,573	$	2,310,000

Schedule of Continuous Unrealized Loss on Investments

Short-term investments that were in continuous unrealized loss position as of January 31, 2026 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	120,128	$	(43)	$	—	$	—	$	120,128	$	(43)
U.S. government agency securities	24,930		(57)		—		—		24,930		(57)
Corporate debt securities	347,130		(502)		—		—		347,130		(502)
Asset-backed securities	14,521		(40)		—		—		14,521		(40)
Total	$	506,709	$	(642)	$	—	$	—	$	506,709	$	(642)

Short-term investments that were in continuous unrealized loss position as of July 31, 2025 consisted of the following:


	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
U.S. treasury securities	$	156,395	$	(250)	$	—	$	—	$	156,395	$	(250)
U.S. government agency securities	36,098		(40)		—		—		36,098		(40)
Corporate debt securities	360,840		(747)		—		—		360,840		(747)
Total	$	553,333	$	(1,037)	$	—	$	—	$	553,333	$	(1,037)

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (34,312)	$ (7,724)	$ (45,927)	$ (19,775)
Weighted-average shares used in computing net loss per share, basic (in shares)	159,683	153,672	159,139	153,114
Weighted-average shares used in computing net loss per share, diluted (in shares)	159,683	153,672	159,139	153,114
Net loss per share, basic and diluted
Basic (in dollars per share)	$ (0.21)	$ (0.05)	$ (0.29)	$ (0.13)
Diluted (in dollars per share)	$ (0.21)	$ (0.05)	$ (0.29)	$ (0.13)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Subsequent Events (Details) $ in Millions	Feb. 05, 2026 USD ($)
Subsequent Event \| SquareX Holdings, Inc
Subsequent Event [Line Items]
Purchase price consideration	$ 113.0

Derivative Instruments - Schedule of Derivative Instruments Designated as Fair Value Hedges (Details) - Gains (losses) on interest rate swaps: - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge accounting fair value adjustments	$ (807)	$ (732)	$ 2,087	$ (3,275)
Derivatives designated as hedging instruments	(105)	674	(2,049)	3,075
Total	$ (912)	$ (58)	$ 38	$ (200)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Jul. 31, 2024		152,490
Beginning balance at Jul. 31, 2024	$ 1,274,102	$ 152	$ 2,426,819	$ (4,789)	$ (1,148,080)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		322
Issuance of common stock upon exercise of stock options	3,456		3,456
Issuance of common stock under the employee stock purchase plan (in shares)		186
Issuance of common stock under the employee stock purchase plan	22,344		22,344
Vesting of restricted stock units and performance stock awards (in shares)		1,727
Vesting of restricted stock units and performance stock awards	0	$ 3	(3)
Stock-based compensation	344,734		344,734
Other comprehensive (loss) income	(17,515)			(17,515)
Net loss	(19,775)				(19,775)
Ending balance (in shares) at Jan. 31, 2025		154,725
Ending balance at Jan. 31, 2025	1,607,346	$ 155	2,797,350	(22,304)	(1,167,855)
Beginning balance (in shares) at Oct. 31, 2024		153,415
Beginning balance at Oct. 31, 2024	1,428,545	$ 153	2,593,010	(4,487)	(1,160,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		235
Issuance of common stock upon exercise of stock options	2,566		2,566
Issuance of common stock under the employee stock purchase plan (in shares)		186
Issuance of common stock under the employee stock purchase plan	22,344		22,344
Vesting of restricted stock units and performance stock awards (in shares)		889
Vesting of restricted stock units and performance stock awards	0	$ 2	(2)
Stock-based compensation	179,432		179,432
Other comprehensive (loss) income	(17,817)			(17,817)
Net loss	(7,724)				(7,724)
Ending balance (in shares) at Jan. 31, 2025		154,725
Ending balance at Jan. 31, 2025	$ 1,607,346	$ 155	2,797,350	(22,304)	(1,167,855)
Beginning balance (in shares) at Jul. 31, 2025	158,301	158,301
Beginning balance at Jul. 31, 2025	$ 1,799,273	$ 159	2,980,591	8,081	(1,189,558)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	26	26
Issuance of common stock upon exercise of stock options	$ 3,984		3,984
Issuance of common stock under the employee stock purchase plan (in shares)		123
Issuance of common stock under the employee stock purchase plan	21,506		21,506
Vesting of restricted stock units and performance stock awards (in shares)		1,998
Vesting of restricted stock units and performance stock awards	0	$ 2	(2)
Issuance of common stock in connection with business acquisitions subject to future vesting (in shares)		122
Stock-based compensation	410,006		410,006
Other comprehensive (loss) income	7,106			7,106
Net loss	$ (45,927)				(45,927)
Ending balance (in shares) at Jan. 31, 2026	160,570	160,570
Ending balance at Jan. 31, 2026	$ 2,195,948	$ 161	3,416,085	15,187	(1,235,485)
Beginning balance (in shares) at Oct. 31, 2025		159,468
Beginning balance at Oct. 31, 2025	1,982,328	$ 159	3,175,453	7,889	(1,201,173)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the employee stock purchase plan (in shares)		123
Issuance of common stock under the employee stock purchase plan	21,506		21,506
Vesting of restricted stock units and performance stock awards (in shares)		979
Vesting of restricted stock units and performance stock awards	0	$ 2	(2)
Stock-based compensation	219,128		219,128
Other comprehensive (loss) income	7,298			7,298
Net loss	$ (34,312)				(34,312)
Ending balance (in shares) at Jan. 31, 2026	160,570	160,570
Ending balance at Jan. 31, 2026	$ 2,195,948	$ 161	$ 3,416,085	$ 15,187	$ (1,235,485)

Goodwill and Acquired Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 417,730
Goodwill acquired	583,671
Goodwill, ending balance	$ 1,001,401

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the six months ended January 31, 2026 consisted of the following:


	Amount
	(in thousands)
Balance as of July 31, 2025	$	417,730
Goodwill acquired	583,671
Balance as of January 31, 2026	$	1,001,401

Schedule of Acquired Intangible Assets

Changes in acquired intangible assets for the six months ended January 31, 2026 consisted of the following:


	Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount				Weighted Average Remaining Useful life
	July 31, 2025		Additions		January 31, 2026		July 31, 2025		Amortization Expense		January 31, 2026		July 31, 2025		January 31, 2026		January 31, 2026
	(in thousands)																(years)
Developed technology	$	99,964	$	64,400	$	164,364	$	(57,772)	$	(12,609)	$	(70,381)	$	42,192	$	93,983	3.9
Customer relationships	9,960		90,800		100,760		(4,829)		(6,255)		(11,084)		5,131		89,676		6.4
Trademarks	—		10,600		10,600		—		(883)		(883)		—		9,717		4.6
Total	$	109,924	$	165,800	$	275,724	$	(62,601)	$	(19,747)	$	(82,348)	$	47,323	$	193,376	5.1

Schedule of Future Amortization Expense

Future amortization expense of acquired intangible assets as of January 31, 2026 consisted of the following:


	Amount

Fiscal Year ending July 31,	(in thousands)
2026 (remaining six months)	$	21,741
2027	41,146
2028	39,313
2029	35,415
2030	27,543
Thereafter	28,218
Total	$	193,376

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Goodwill and Acquired Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jul. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (remaining six months)	$ 21,741
2027	41,146
2028	39,313
2029	35,415
2030	27,543
Thereafter	28,218
Total	$ 193,376	$ 47,323

Cover Page - shares	6 Months Ended
Cover Page - shares	Jan. 31, 2026	Feb. 19, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2026
Document Transition Report	false
Entity File Number	001-38413
Entity Registrant Name	ZSCALER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1173892
Entity Address, Address Line One	120 Holger Way
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	533-0288
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	ZS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Shares Outstanding		160,790,703
Entity Central Index Key	0001713683
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Revenue Recognition

6 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Subscription and support revenue is recognized over time and accounted for approximately 98% of our revenue for the three and six months ended January 31, 2026, respectively, and 98% and 97% of our revenue for the three and six months ended January 31, 2025, respectively.

The following table summarizes the revenue by region based on the shipping address of customers who have contracted to use our cloud platform:


	Three Months Ended January 31,								Six Months Ended January 31,
	2026				2025				2026				2025
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except for percentage data)
United States	$	432,158	53	%	$	328,389	51	%	$	859,289	54	%	$	647,700	51	%
Europe, Middle East and Africa	228,337		28	%	192,912		30	%	440,670		27	%	378,981		30	%
Asia Pacific	126,207		15	%	102,817		16	%	246,659		15	%	202,199		16	%
Other	29,049		4	%	23,782		3	%	57,245		4	%	46,975		3	%
Total	$	815,751	100	%	$	647,900	100	%	$	1,603,863	100	%	$	1,275,855	100	%

The following table summarizes the revenue from contracts by type of customer:


	Three Months Ended January 31,								Six Months Ended January 31,
	2026				2025				2026				2025
	Amount		% Revenue		Amount		% Revenue		Amount		% Revenue		Amount		% Revenue

	(in thousands, except for percentage data)
Channel partners	$	688,456	84	%	$	572,988	88	%	$	1,354,468	84	%	$	1,131,347	89	%
Direct customers	127,295		16	%	74,912		12	%	249,395		16	%	144,508		11	%
Total	$	815,751	100	%	$	647,900	100	%	$	1,603,863	100	%	$	1,275,855	100	%

Significant Customers

No single customer accounted for 10% or more of the total revenue during the periods presented. The following table summarizes the concentration of 10% or more of the total balance of accounts receivable, net:


	January 31, 2026	July 31, 2025
Channel partner A	*	12%

(*) Represents less than 10%.

Contract Balances

Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. Deferred revenue, including current and noncurrent balances as of January 31, 2026 and July 31, 2025 was $2,355.4 million and $2,468.0 million, respectively. In the six months ended January 31, 2026 and 2025, we recognized revenue of $1,327.0 million and $1,080.2 million, respectively, that was included in the corresponding contract liability balance at the beginning of these periods.

Remaining Performance Obligations

The typical subscription and support term is one to three years. Most of our subscription and support contracts are non-cancelable over the contractual term. However, customers typically have the right to terminate their contracts for cause, if we fail to perform. As of January 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,050.8 million. We expect to recognize 47% of the transaction price over the next 12 months and 91% of the transaction price over the next three years, with the remainder recognized thereafter.

Costs to Obtain and Fulfill a Contract

We capitalize sales commission and associated payroll taxes paid to sales personnel that are incremental to the acquisition of customer contracts. These costs are recorded as deferred contract acquisition costs in the condensed consolidated balance sheets.

The activity of the deferred contract acquisition costs consisted of the following:


	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025

	(in thousands)
Beginning balance	$	505,119	$	439,131	$	509,541	$	445,398
Capitalization of contract acquisition costs	63,736		41,357		107,396		74,158
Amortization of deferred contract acquisition costs	(49,551)		(40,123)		(97,633)		(79,191)

Ending balance	$	519,304	$	440,365	$	519,304	$	440,365

The outstanding balance of the deferred contract acquisition costs consisted of the following:


	January 31, 2026		July 31, 2025

	(in thousands)
Deferred contract acquisition costs, current	$	188,696	$	180,819
Deferred contract acquisition costs, noncurrent	330,608		328,722
Total deferred contract acquisition costs	$	519,304	$	509,541

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information

6 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Segment Information

We operate globally as a single operating and reportable segment with one primary business activity. Using a SaaS business model, we primarily generate revenue from sales of subscriptions to grant customers access to our cloud platform along with related support services. Our chief operating decision maker ("CODM") is our chief executive officer. Consolidated financial information, including revenue and significant adjusted segment expenses, is regularly provided to the CODM for purposes of allocating resources and evaluating financial performance. This information is also used in our annual budgeting and forecasting processes to establish goals and compare actual results against both budgeted targets and historical

performance. Our CODM uses consolidated net loss as the measure of our segment profit or loss. The measure of our segment assets is reported as total assets on the consolidated balance sheets.

The following table sets forth our segment revenue, significant adjusted segment expenses and other segment items to reconcile to condensed consolidated net loss:


	Three Months Ended January 31,			Six Months Ended January 31,
		2026		2025		2026		2025

		(in thousands)
Revenue		$	815,751	$	647,900	$	1,603,863	$	1,275,855
Less:
Adjusted cost of revenue (1)		161,463		127,064		319,792		249,058
Adjusted sales and marketing expenses (1)		283,102		237,468		579,346		478,264
Adjusted research and development expenses (1)		144,448		104,959		268,528		200,208
Adjusted general and administrative expenses (2)		45,772		37,948		83,375		73,717
Stock-based compensation expense and related payroll taxes		220,413		176,356		414,174		336,930
Amortization expense of acquired intangible assets		11,114		4,245		19,747		8,485
Restructuring and other charges		—		—		4,741		—
Acquisition-related expenses		1,212		—		2,295		—
Add: Other segment items, net (3)		17,461		32,416		42,208		51,032
Net loss		$	(34,312)	$	(7,724)	$	(45,927)	$	(19,775)

(2) General and administrative expense adjusted to exclude stock-based compensation and related employer payroll taxes and acquisition-related expenses.

(3) Other segment items, net include interest income, interest expense, other expense, net and provision for income taxes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details