6 unchanged sentences
The expanding global scope of our business exposes us to the risk of fluctuations in foreign currency markets, including emerging markets.
−Removed: This exposure is the result of selling in multiple currencies, operating in countries where the functional currency is the local currency and growth in our international investments, including data center expansion, costs associated with third-party infrastructure providers and additional headcount in foreign countries.
+Added: This exposure is the result of selling in multiple currencies, operating in countries where the functional currency is the local currency and growth in our international investments, including infrastructure expansion, costs associated with third-party infrastructure providers and additional headcount in foreign countries.
Specifically, our results of operations and cash flows are subject to fluctuations in the following currencies:
13 unchanged sentences
Fluctuations in foreign currencies impact the amount of total assets, liabilities, revenues, operating expenses and cash flows that we repor t for our foreign subsidiaries upon the translation of these amounts into USD .
−Removed: Total revenue during fiscal 2025 was minimally impacted by fluctuations in foreign currencies compared to fiscal 2024 .
−Removed: In addition, fluctuations in foreign currencies negatively impacted our current remaining performance obligation growth rate as of January 31, 2025 by approximately two percent compared to what we would have reported as of January 31, 2024 using constant currency rates.
+Added: Total revenue during fiscal 2026 was positively impacted by approximately one percent due to fluctuations in foreign currencies compared to fiscal 2025.
+Added: In addition, fluctuations in foreign currencies positively impacted our current remaining performance obligation growth rate as of January 31, 2026 by approximately three percent compared to what we would have reported as of January 31, 2025 using constant currency rates.
Interest Rate Sensitivity
12 unchanged sentences
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
−Removed: Fluctuations in the value of our investment securities caused by a change in interest rates (gains or losses on the carrying value) are recorded in other comprehensive income, net, and are realized only if we sell the underlying securities.
+Added: Fluctuations in the value of our investment securities caused by a change in interest rates (gains or losses on the carrying value) are recorded in comprehensive income, net, and are realized only if we sell the underlying securities.
At January 31, 2025, we had cash, cash equivalents and marketable securities totaling $14.0 billion.
4 unchanged sentences
Instrument Maturity Date Principal Outstanding as of January 31, 2026 Interest Terms Contractual Interest Rate
−Removed: Credit Facility October 2029 0 Floating N/A
+Added: 364-day Informatica Credit Agreement (1) November 2026 $ 4,000 Floating 4.42%
+Added: Three-year Informatica Credit Agreement (1) November 2028 2,000 Floating 4.42
+Added: Revolving Loan Credit Agreement October 2029 0 Floating N/A
2028 Senior Notes April 2028 1,500 Fixed 3.70
4 unchanged sentences
2061 Senior Notes July 2061 1,250 Fixed 3.05
−Removed: Any borrowings under our Credit Facility bear interest, at our option, at a base rate plus a spread of 0.00% or an adjusted benchmark rate plus a spread of 0.50% to 0.85%, in each case with such spread being determined based on our credit rating.
+Added: (1) The 364-day and Three-year Informatica Credit Agreements were drawn in November 2025 upon the acquisition of Informatica.
+Added: The contractual interest rate represents the weighted-average for the period outstanding.
+Added: The borrowings under the Informatica Credit Agreements bear interest at a fluctuating rate per annum equal to, at our option, an alternate base rate or term Secured Overnight Financing Rate (“SOFR”), in each case, plus an applicable margin calculated based on our credit ratings.
+Added: As of January 31, 2026, the entire amount available was outstanding under the Informatica Credit Agreements.
+Added: Any borrowings under our Revolving Loan Credit Agreement bear interest, at our option, at a base rate plus a spread of 0.00% or an adjusted benchmark rate plus a spread of 0.50% to 0.85%, in each case, with such spread being determined based on our credit rating.
We are also obligated to pay an ongoing commitment fee on undrawn amounts.
7 unchanged sentences
Strategic Investments
−Removed: As of January 31, 2025, our strategic investment portfolio consisted of investments in ove r 400 companies wit h a combined carrying value of $4.9 billion, includ ing four privately he ld investments with carrying values that were individually greater th an five percent of t he total strategic investments portfolio and repres ented 24 percent of th e portfolio in aggregate.
+Added: As of January 31, 2026, our strategic investment portfolio consisted of in vestments in over 450 companies with a combined carrying value of $7.6 billion, including two privately held investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represented 35 percent of the portfolio in aggregate.
The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of January 31, 2026 and excludes exited investments (in millions):
7 unchanged sentences
For example, our five largest privately held equity securities represent $3.5 billion in total strategic investments as of January 31, 2026.
−Removed: If the enterprise value of the companies in which we hold those securities decreased by ten percent, the carrying value of our investment portfolio would decline by approximatel y $84 million.
+Added: If the enterprise value of the companies in which we hold those securities decreased by ten percent, the carrying value of our investment portfolio would decline by approximately $292 million.
We anticipate future volatility in our consolidated statements of operations due to changes in market prices, observable price changes and impairments of our strategic investments.
1 unchanged sentence
We continually evaluate our investments in privately held and publicly traded companies.
−Removed: In certain cases, our ability to sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
+Added: In certain cases, our ability to
+Added: sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
In addition, the financial success of our investment in any company is typically dependent on a liquidity event, such as a public offering, acquisition or other favorable market event reflecting appreciation to the cost of our initial investment.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.