4 unchanged sentences
We primarily conduct our business in the following locations:
−Removed: the United States, Europe, Canada, Latin America, Asia Pacific and Japan.
+Added: the United States, Europe, Canada, Latin America, and Asia Pacific.
The expanding global scope of our business exposes us to the risk of fluctuations in foreign currency markets, including emerging markets.
1 unchanged sentence
Specifically, our results of operations and cash flows are subject to fluctuations in the following currencies:
−Removed: the Euro, British Pound Sterling, Japanese Yen, Canadian Dollar, Australian Dollar and Brazilian Real against the United States Dollar (“USD”).
+Added: the Euro, British Pound Sterling, Japanese Yen, Canadian Dollar, Australian Dollar, Indian Rupee, and Brazilian Real against the United States Dollar (“USD”).
These exposures may change over time as business practices evolve and economic conditions change.
5 unchanged sentences
Our foreign currency forward contracts are generally short-term in duration.
−Removed: For minimizing the effect of foreign exchange rates on assets or liabilities we record the fair values of these contracts as of the end of our reporting period to our consolidated balance sheets with changes in fair values recorded to our consolidated statements of operations.
+Added: We record the fair value of forward contracts used to minimize the effect of foreign exchange rates on our assets or liabilities at the end of each reporting period, with changes in fair values recorded to other income (loss) on our consolidated statements of operations.
We enter into foreign currency forward contracts, which we designate as cash flow hedges, to manage the volatility in cash flows associated with forecasted revenue denominated in certain currencies other than the U.S.
1 unchanged sentence
All of our foreign currency forward contracts mature within twelve months.
−Removed: These forward contracts reduce, but not entirely eliminate, the impact of currency exchange rate movements in the current period.
+Added: These forward contracts reduce, but do not entirely eliminate, the impact of currency exchange rate movements in the current period.
Given the short duration of the forward contracts, the amount recorded is not significant.
2 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 the three months ended April 30, 2026 were positively impacted by approximately two percent due to fluctuations in foreign currencies compared to the three months ended April 30, 2025.
−Removed: In addition, fluctuations in foreign currencies positively impacted our current remaining performance obligation growth rate as of April 30, 2026 by approximately one percent compared to what we would have reported as of April 30, 2025 using constant currency rates.
+Added: Total revenue during the three months ended July 31, 2026 were minimally impacted by fluctuations in foreign currencies compared to the three months ended July 31, 2025.
+Added: In addition, fluctuations in foreign currencies minimally impacted our current remaining performance obligation growth rate as of July 31, 2026 compared to what we would have reported as of July 31, 2025 using constant currency rates.
Interest Rate Sensitivity
−Removed: As of April 30, 2026, we had cash, cash equivalents and marketable securities totaling $11.8 billion.
+Added: As of July 31, 2026, we had cash, cash equivalents and marketable securities totaling $11.4 billion.
This amount was invested primarily in money market funds, time deposits, corporate notes and bonds, government securities and other debt securities with credit ratings of BBB or better.
−Removed: The cash, cash equivalents and marketable securities are held for general corporate purposes, including share repurchases, dividend payments, acquisitions of, or investments in, complementary businesses, services or technologies, working capital and capital expenditures.
+Added: The cash, cash equivalents and marketable securities are held for general corporate purposes, including share repurchases, dividend payments, acquisitions of, or investments in, complementary
+Added: businesses, services or technologies, working capital and capital expenditures.
Our investments are made for capital preservation purposes.
6 unchanged sentences
Our fixed-income portfolio is also subject to interest rate risk.
−Removed: An immediate increase or decrease in interest rates of 100 basis points at April 30, 2026 could result in a $50 million market value reduction or increase of the same amount.
+Added: An immediate increase or decrease in interest rates of 100 basis points at July 31, 2026 could result in a $36 million market value reduction or increase of the same amount.
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
5 unchanged sentences
We maintain debt obligations that are subject to market interest risk, as follows (in millions):
−Removed: Instrument Maturity Date Principal Outstanding as of April 30, 2026 Interest Terms Contractual Interest Rate
+Added: Instrument Maturity Date Principal Outstanding as of July 31, 2026 Interest Terms Contractual Interest Rate
March 2028 Senior Notes March 2028 $ 3,500 Fixed 4.50%
18 unchanged sentences
We are also obligated to pay an ongoing commitment fee on undrawn amounts.
−Removed: As of April 30, 2026, there was no outstanding borrowing amount under the Credit Facility.
+Added: As of July 31, 2026, there was no outstanding borrowing amount under the Credit Facility.
The borrowings under the 2026 Term Loan Credit Agreement bear interest at a fluctuating rate per annum equal to, at our option, an alternate base rate or an adjusted Term Secured Overnight Financing Rate (“SOFR”), in each case, plus an applicable margin calculated based on our credit ratings.
−Removed: As of April 30, 2026, the entire $6.0 billion principal amount was outstanding under the 2026 Term Loan Credit Agreement.
+Added: As of July 31, 2026, the entire $6.0 billion principal amount was outstanding under the 2026 Term Loan Credit Agreement.
In March 2026, we issued the March 2026 Notes with an aggregate principal of $25.0 billion and maturities ranging from 2028 to 2066.
8 unchanged sentences
Strategic Investments
−Removed: As of April 30, 2026, our strategic investment portfolio consisted of in vestments in over 450 companies with a combined carrying value of $7.8 billion, including two privately held investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represented 37 percent of the portfolio in aggregate.
−Removed: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of April 30, 2026 and excludes exited investments (in millions):
−Removed: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of April 30, 2026
+Added: As of July 31, 2026, our strategic investment portfolio consisted of in vestments in over 450 companies with a combined carrying value of $11.3 billion, including the Company’s investment in Anthropic PBC (“Anthropic”) which represented approximately $5.1 billion of the total strategic investments portfolio.
+Added: No other privately held investments had carrying values that were individually greater than ten percent of the Company’s strategic investments portfolio.
+Added: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of July 31, 2026 and excludes exited investments (in millions):
+Added: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of July 31, 2026
Publicly held equity securities $ 3 $ 1 $ (1) $ 3
4 unchanged sentences
The particular securities we hold, and their rights and preferences relative to other securities within the capital structure of a company, may impact the magnitude by which our investment value moves in relation to changes in the total fair value of that company.
−Removed: For example, our five largest privately held equity securities represent $3.7 billion in total strategic investments as of April 30, 2026.
+Added: Our five largest privately held equity securities represent $7.0 billion in total strategic investments as of July 31, 2026.
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 $641 million.
6 unchanged sentences
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.