0001327567-24-000040 | 10-Q | XBRL Viewer

Goodwill and Intangible Assets

3 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table presents details of our goodwill during the three months ended October 31, 2024 (in millions):


	Amount
Balance as of July 31, 2024	$	3,350.1
Goodwill acquired	700.7

Balance as of October 31, 2024	$	4,050.8

Purchased Intangible Assets

The following table presents details of our purchased intangible assets as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024						July 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	825.9	$	(555.3)	$	270.6	$	813.9	$	(526.2)	$	287.7
Customer relationships	636.7		(107.7)		529.0		172.7		(96.1)		76.6
Acquired intellectual property	18.2		(8.4)		9.8		18.2		(7.9)		10.3
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	0.9		(0.7)		0.2		0.9		(0.6)		0.3



Total purchased intangible assets	$	1,491.1	$	(681.5)	$	809.6	$	1,015.1	$	(640.2)	$	374.9

We recognized amortization expense of $41.3 million and $24.9 million for the three months ended October 31, 2024 and 2023, respectively.

The following table summarizes estimated future amortization expense of our intangible assets subject to amortization as of October 31, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2025		2026		2027		2028		2029		2030 and Thereafter
Future amortization expense	$	809.6	$	124.5	$	140.6	$	109.7	$	88.8	$	62.8	$	283.2

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net income	$ 350.7	$ 194.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Acquisition (Intangible Assets Acquired as Part of Business Combination) (Details) $ in Millions	Aug. 31, 2024 USD ($)
Business Acquisition
Fair Value	$ 476.0
IBM’s QRadar Assets \| Customer relationships
Business Acquisition
Fair Value	$ 464.0
Estimated Useful Life	12 years
IBM’s QRadar Assets \| Developed technology
Business Acquisition
Fair Value	$ 12.0
Estimated Useful Life	2 years

Debt (Components of Convertible Senior Notes) (Details) - 2025 Notes - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Debt Instrument, Redemption
Principal	$ 646.6	$ 965.6
Less: debt issuance costs, net of amortization	(0.8)	(1.7)
Net carrying amount	$ 645.8	$ 963.9

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common stock	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Common stock, beginning balance (in shares) at Jul. 31, 2023		308,300,000
Beginning balance at Jul. 31, 2023	$ 1,748.4		$ 3,019.0	$ (43.2)	$ (1,227.4)
Increase (decrease) in stockholders' equity
Net income	194.2				194.2
Other comprehensive loss	(49.8)			(49.8)
Issuance of common stock in connection with employee equity incentive plans (in shares)		2,600,000
Issuance of common stock in connection with employee equity incentive plans	87.0		87.0
Taxes paid related to net share settlement of equity awards	(15.5)		(15.5)
Share-based compensation for equity-based awards	273.1		273.1
Repurchase and retirement of common stock (in shares)		(300,000)
Repurchase and retirement of common stock	(66.7)		(66.7)
Settlement of convertible notes (in shares)		300,000
Settlement of convertible notes	(0.2)		(0.2)
Settlement of note hedges (in shares)		(300,000)
Settlement of warrants (in shares)		3,100,000
Common stock, ending balance (in shares) at Oct. 31, 2023		313,700,000
Ending balance at Oct. 31, 2023	$ 2,170.5		3,296.7	(93.0)	(1,033.2)
Common stock, beginning balance (in shares) at Jul. 31, 2024	325,100,000	325,100,000
Beginning balance at Jul. 31, 2024	$ 5,169.7		3,821.1	(1.6)	1,350.2
Increase (decrease) in stockholders' equity
Net income	350.7				350.7
Other comprehensive loss	(2.4)			(2.4)
Issuance of common stock in connection with employee equity incentive plans (in shares)		2,600,000
Issuance of common stock in connection with employee equity incentive plans	120.7		120.7
Taxes paid related to net share settlement of equity awards	(21.4)		(21.4)
Share-based compensation for equity-based awards	294.6		294.6
Settlement of convertible notes (in shares)		2,300,000
Settlement of convertible notes	$ (0.1)		(0.1)
Settlement of note hedges (in shares)		(2,300,000)
Common stock, ending balance (in shares) at Oct. 31, 2024	327,700,000	327,700,000
Ending balance at Oct. 31, 2024	$ 5,911.8		$ 4,214.9	$ (4.0)	$ 1,700.9

Net Income Per Share

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed by dividing net income by basic weighted-average shares outstanding during the period. Diluted net income per share is computed by dividing net income by diluted weighted-average shares outstanding during the period giving effect to all potentially dilutive securities to the extent they are dilutive. We compute the dilutive effect of shares issuable upon conversion of our convertible senior notes using the if-converted method, and the dilutive effect of warrants related to the issuance of convertible senior notes and equity awards under our employee equity incentive plans using the treasury stock method.

The following table presents the computation of basic and diluted net income per share of common stock (in millions, except per share data):


	Three Months Ended October 31,
		2024		2023
Net income		$	350.7	$	194.2

Weighted-average shares used to compute net income per share, basic		326.8		310.1
Weighted-average effect of potentially dilutive securities:
Convertible senior notes		5.9		11.6
Warrants related to the issuance of convertible senior notes		12.2		16.0
Employee equity incentive plans		9.6		12.1
Weighted-average shares used to compute net income per share, diluted		354.5		349.8

Net income per share, basic		$	1.07	$	0.63
Net income per share, diluted		$	0.99	$	0.56

The following securities were excluded from the computation of diluted net income per share of common stock as their effect would have been antidilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the applicable period (in millions):


	Three Months Ended October 31,
		2024	2023


Employee equity incentive plans		1.6	2.6

Goodwill and Intangible Assets (Goodwill) (Details) $ in Millions	3 Months Ended
	Oct. 31, 2024 USD ($)
Goodwill Rollforward
Balance as of July 31, 2024	$ 3,350.1
Goodwill acquired	700.7
Balance as of October 31, 2024	$ 4,050.8

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Oct. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of future non-cancelable purchase commitments

The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of October 31, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2025		2026		2027		2028		2029		2030 and Thereafter
Cloud	$	4,088.9	$	56.7	$	435.7	$	518.1	$	599.6	$	686.1	$	1,792.7
Manufacturing	205.7		165.7		40.0		—		—		—		—
Other	155.8		41.3		57.7		42.4		7.5		3.4		3.5
Total purchase commitments	$	4,450.4	$	263.7	$	533.4	$	560.5	$	607.1	$	689.5	$	1,796.2

Equity Award Plans (RSU and PSU Activities) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
RSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	9.0
Granted (in shares)	0.4
Vested (in shares)	(1.3)
Forfeited (in shares)	(0.3)
Balance, ending (in shares)	7.8
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 205.18
Granted (in usd per share)	351.52
Vested (in usd per share)	163.72
Forfeited (in usd per share)	197.36
Balance, ending (in usd per share)	$ 221.08
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 2,813.8	$ 2,924.4
PSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	5.0
Granted (in shares)	1.6
Vested (in shares)	(0.6)
Forfeited (in shares)	(1.5)
Balance, ending (in shares)	4.5
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 155.89
Granted (in usd per share)	404.69
Vested (in usd per share)	129.35
Forfeited (in usd per share)	181.44
Balance, ending (in usd per share)	$ 272.87
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 1,633.6	$ 1,624.2

Debt (Revolving Credit Facility) (Details) - Revolving credit facility - USD ($)	Apr. 13, 2023	Oct. 31, 2024
Line of Credit Facility
Current borrowing capacity	$ 400,000,000
Option for additional borrowing capacity	$ 350,000,000
Revolving credit facility amount outstanding		$ 0
Minimum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.09%
Maximum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.15%
Base Rate \| Minimum
Line of Credit Facility
Spread on variable rate	0.00%
Base Rate \| Maximum
Line of Credit Facility
Spread on variable rate	0.375%
Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility
Spread on variable rate	1.00%
Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility
Spread on variable rate	1.375%

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Oct. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Share Repurchase Program In February 2019, our board of directors authorized a $1.0 billion share repurchase program, which is funded from available working capital. In December 2020, August 2021, August 2022, November 2023, and August 2024, our board of directors authorized additional $700.0 million, $676.1 million, $915.0 million, $316.7 million and $500.0 million increases to this share repurchase program, respectively, bringing the total authorization under this share repurchase program to $4.1 billion (our “current authorization”). The expiration date of our current authorization was extended to December 31, 2025, and our repurchase program may be suspended or discontinued at any time. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. We did not repurchase shares of our common stock during the three months ended October 31, 2024. During the three months ended October 31, 2023, we repurchased and retired 0.3 million shares of our common stock under our current repurchase authorization for an aggregate purchase price of $66.7 million, including transaction costs, at an average price of $226.67. As of October 31, 2024, $1.0 billion remained available for future share repurchases under our current repurchase authorization. The total price of the shares repurchased and related transaction costs are reflected as a reduction to common stock and additional paid-in capital on our condensed consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Revenue (Remaining Performance Obligations) (Details) $ in Billions	Oct. 31, 2024 USD ($)
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 12.6
Remaining Performance Obligations, Expected Timing of Satisfaction, Start Date: 2024-11-01
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 5.9
Remaining performance obligations, expected timing of satisfaction, period	12 months

Commitments and Contingencies (Purchase Commitments) (Details) $ in Millions	Oct. 31, 2024 USD ($)
Aggregate Future Purchase Commitments
Total	$ 4,450.4
Remaining 2025	263.7
2026	533.4
2027	560.5
2028	607.1
2029	689.5
2030 and Thereafter	1,796.2
Cloud
Aggregate Future Purchase Commitments
Total	4,088.9
Remaining 2025	56.7
2026	435.7
2027	518.1
2028	599.6
2029	686.1
2030 and Thereafter	1,792.7
Manufacturing
Aggregate Future Purchase Commitments
Total	205.7
Remaining 2025	165.7
2026	40.0
2027	0.0
2028	0.0
2029	0.0
2030 and Thereafter	0.0
Other
Aggregate Future Purchase Commitments
Total	155.8
Remaining 2025	41.3
2026	57.7
2027	42.4
2028	7.5
2029	3.4
2030 and Thereafter	$ 3.5

Acquisition

3 Months Ended

Oct. 31, 2024

Business Combinations [Abstract]

Acquisition

IBM QRadar Assets

On August 31, 2024, we completed the acquisition of certain IBM QRadar assets, including certain intellectual property rights, customer relationships, and software as a service customer contracts. We expect the acquisition will help accelerate the growth of our Cortex business. The total purchase consideration for the acquisition was $1.1 billion, which consisted of the following (in millions):


	Amount
Cash	$	500.0
Fair value of contingent consideration liability	648.9
Return of purchase consideration	(6.3)
Total	$	1,142.6

As part of the acquisition, we agreed to make post-closing payments to IBM contingent upon customers entering into qualified new transactions through June 30, 2028. We also expect to receive a return of purchase consideration of $6.3 million due to timing of transition of certain underlying customer contracts. In addition, we have entered into a transition services arrangement with IBM, under which IBM will perform certain services supporting the acquired assets and customers for a limited period of time.

Payments related to the contingent consideration liability are expected to begin in the fiscal quarter ending April 2025 and continue through the fiscal quarter ending October 2028. The estimated range of undiscounted contingent consideration is between $0.5 billion and $0.9 billion. Refer to Note 3. Fair Value Measurements, for more information on the fair value of our contingent consideration liability.

We have accounted for this transaction as a business combination and allocated the purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values, as presented in the following table (in millions):


	Amount
Goodwill	$	700.7
Identified intangible assets	476.0

Net liabilities assumed	(34.1)
Total	$	1,142.6

Goodwill generated from this business combination is primarily attributable to the expected post-acquisition synergies from increased market penetration to support the growth of our Cortex business. The goodwill is deductible for U.S. income tax purposes.

The following table presents details of the identified intangible assets acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Customer relationships	$	464.0	12 years
Developed technology	12.0		2 years
Total	$	476.0

Pro forma results of operations have not been presented because the effects of the acquisition were not material to our condensed consolidated statements of operations.

Additional information related to the acquisition existing as of the acquisition date may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.

Acquisition (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Oct. 31, 2024	Aug. 31, 2024	Jul. 31, 2024
Business Acquisition
Goodwill	$ 4,050.8		$ 3,350.1
IBM’s QRadar Assets
Business Acquisition
Goodwill		$ 700.7
Identified intangible assets		476.0
Net liabilities assumed		(34.1)
Total		$ 1,142.6

- Definition

+ References

+ Details

Financing Receivables (Tables)

3 Months Ended

Oct. 31, 2024

Receivables [Abstract]

Schedule of short and long-term financing receivables

The following table summarizes our short-term and long-term financing receivables as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024		July 31, 2024
Short-term financing receivables, gross	$	911.6	$	830.2
Unearned income	(99.0)		(95.7)
Allowance for credit losses	(7.5)		(8.6)
Short-term financing receivables, net	$	805.1	$	725.9
Long-term financing receivables, gross	$	1,191.5	$	1,286.4
Unearned income	(91.4)		(94.6)
Allowance for credit losses	(7.9)		(9.7)
Long-term financing receivables, net	$	1,092.2	$	1,182.1

The following table presents amortized cost basis of our financing receivables categorized by internal risk rating and year of origination (in millions):

Schedule of financing receivable credit quality indicators


Internal Risk Rating(1)	October 31, 2024												July 31, 2024
	Fiscal Year of Origination												Fiscal Year of Origination
	2025		2024		2023		2022		2021		Total		2024		2023		2022		2021		Total
1 to 4	$	7.4	$	916.1	$	387.5	$	9.9	$	26.7	$	1,347.6	$	885.9	$	477.3	$	14.7	$	44.4	$	1,422.3
5 to 6	43.7		330.1		152.3		3.1		1.1		530.3		272.2		172.0		21.1		1.1		466.4
7 to 10	0.1		2.2		22.9		0.3		9.3		34.8		3.2		25.0		0.3		9.1		37.6
Amortized cost basis of financing receivables	$	51.2	$	1,248.4	$	562.7	$	13.3	$	37.1	$	1,912.7	$	1,161.3	$	674.3	$	36.1	$	54.6	$	1,926.3

(1)Internal risk ratings are categorized as 1 through 10, with the lowest rating representing the highest quality.

Revenue (Tables)

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenue from external customers by geographic areas

The following table presents revenue by geographic theater (in millions):


	Three Months Ended October 31,
		2024		2023
Revenue:
Americas
United States		$	1,344.1	$	1,204.3
Other Americas		98.0		82.3
Total Americas		1,442.1		1,286.6
Europe, the Middle East, and Africa (“EMEA”)		441.4		364.9
Asia Pacific and Japan (“APAC”)		255.3		226.6
Total revenue		$	2,138.8	$	1,878.1

Schedule of revenue from external customers by products and services

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended October 31,
		2024		2023
Revenue:
Product		$	353.8	$	341.1
Subscription and support
Subscription		1,191.8		988.3
Support		593.2		548.7
Total subscription and support		1,785.0		1,537.0
Total revenue		$	2,138.8	$	1,878.1

Revenue

3 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents revenue by geographic theater (in millions):


	Three Months Ended October 31,
		2024		2023
Revenue:
Americas
United States		$	1,344.1	$	1,204.3
Other Americas		98.0		82.3
Total Americas		1,442.1		1,286.6
Europe, the Middle East, and Africa (“EMEA”)		441.4		364.9
Asia Pacific and Japan (“APAC”)		255.3		226.6
Total revenue		$	2,138.8	$	1,878.1

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended October 31,
		2024		2023
Revenue:
Product		$	353.8	$	341.1
Subscription and support
Subscription		1,191.8		988.3
Support		593.2		548.7
Total subscription and support		1,785.0		1,537.0
Total revenue		$	2,138.8	$	1,878.1

Deferred Revenue

During the three months ended October 31, 2024 and 2023, we recognized approximately $1.6 billion and $1.4 billion of revenue pertaining to amounts that were deferred as of July 31, 2024 and 2023, respectively.

Remaining Performance Obligations

Remaining performance obligations were $12.6 billion as of October 31, 2024, of which we expect to recognize as revenue approximately $5.9 billion over the next 12 months and the remainder thereafter.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cash Equivalents and Investments (Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Debt Securities, Available-for-sale
Amortized Cost	$ 5,541.3
Fair Value	5,565.6
Cash equivalents:
Debt Securities, Available-for-sale
Amortized Cost	337.7	$ 467.4
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	337.7	467.4
Cash equivalents: \| Commercial paper
Debt Securities, Available-for-sale
Amortized Cost	228.7	299.6
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	228.7	299.6
Cash equivalents: \| Corporate debt securities
Debt Securities, Available-for-sale
Amortized Cost	34.2	18.2
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	34.2	18.2
Cash equivalents: \| U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	74.8	149.6
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	74.8	149.6
Investments:
Debt Securities, Available-for-sale
Amortized Cost	5,203.6	5,188.9
Unrealized Gains	32.9	35.4
Unrealized Losses	(8.6)	(7.5)
Fair Value	5,227.9	5,216.8
Investments: \| Corporate debt securities
Debt Securities, Available-for-sale
Amortized Cost	4,115.2	4,065.5
Unrealized Gains	25.3	28.3
Unrealized Losses	(7.8)	(6.6)
Fair Value	4,132.7	4,087.2
Investments: \| U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	21.9	21.9
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	(0.2)
Fair Value	21.9	21.7
Investments: \| Certificates of deposit
Debt Securities, Available-for-sale
Amortized Cost	15.7	20.6
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	15.7	20.6
Investments: \| Commercial paper
Debt Securities, Available-for-sale
Amortized Cost	36.1	79.9
Unrealized Gains	0.0	0.1
Unrealized Losses	0.0	(0.1)
Fair Value	36.1	79.9
Investments: \| Non-U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	38.6	57.9
Unrealized Gains	0.5	0.7
Unrealized Losses	0.0	0.0
Fair Value	39.1	58.6
Investments: \| Asset-backed securities
Debt Securities, Available-for-sale
Amortized Cost	976.1	943.1
Unrealized Gains	7.1	6.3
Unrealized Losses	(0.8)	(0.6)
Fair Value	$ 982.4	$ 948.8

Debt (Schedule of Interest Expense Recognized) (Details) - 2025 Notes - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Debt Instrument, Redemption
Contractual interest expense	$ 0.7	$ 1.9
Amortization of debt issuance costs	0.5	1.0
Total interest expense	$ 1.2	$ 2.9
Effective interest rate	0.60%	0.60%

Equity Award Plans (Tables)

3 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of RSU and PSU activities

The following table summarizes the RSU and PSU activity under our stock plans during the three months ended October 31, 2024 (in millions, except per share amounts):


	Unvested RSUs			Unvested PSUs
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2024	9.0	$	205.18	$	2,924.4	5.0	$	155.89	$	1,624.2
Granted(1)	0.4	$	351.52			1.6	$	404.69
Vested(2)	(1.3)	$	163.72			(0.6)	$	129.35
Forfeited	(0.3)	$	197.36			(1.5)	$	181.44
Balance—October 31, 2024	7.8	$	221.08	$	2,813.8	4.5	$	272.87	$	1,633.6

(1)For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

(2)Includes time-based vesting for PSUs.

Schedule of assumptions used and resulting grant-date fair values

The following table summarizes the assumptions used and the resulting grant-date fair value of our PSUs subject to market conditions granted during the three months ended October 31, 2024:



	Three Months Ended October 31,
		2024		2023
Volatility		44.1% - 47.6%		40.8% - 43.4%
Expected term (in years)		1.0 - 2.9		0.9 - 2.9
Dividend yield		0.0	%	0.0	%
Risk-free interest rate		3.7% - 4.5%		4.9% - 5.3%
Grant-date fair value per share		$529.01 - $611.65		$346.92 - $394.63

Schedule of PSO activity

The following table summarizes the PSO activity under our stock plans during the three months ended October 31, 2024 (in millions, except per share amounts):



	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2024	4.8	$	65.33	1.2	$	1,244.9

Exercised	(0.6)	$	65.63

Balance—October 31, 2024	4.2	$	65.29	1.0	$	1,251.3
Exercisable—October 31, 2024	4.2	$	65.29	1.0	$	1,251.3

Schedule of allocation of share-based compensation expense

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended October 31,
		2024		2023
Cost of product revenue		$	1.3	$	2.4
Cost of subscription and support revenue		30.4		30.6
Research and development		137.8		120.1
Sales and marketing		76.4		79.2
General and administrative		48.4		38.7
Total share-based compensation		$	294.3	$	271.0

Fair Value Measurements - Schedule of fair value of financial assets and liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Other assets:
Foreign currency forward contracts	Other assets	Other assets
Accrued and other liabilities:
Foreign currency forward contracts	Accrued and other liabilities	Accrued and other liabilities
Other long-term liabilities:
Foreign currency forward contracts	Other long-term liabilities	Other long-term liabilities
Fair value, measurements, recurring
Cash equivalents:
Cash equivalents	$ 1,443.0	$ 961.4
Prepaid expenses and other current assets:
Foreign currency forward contracts	5.3	4.1
Total prepaid expenses and other current assets	5.3	4.1
Other assets:
Total other assets	0.0	0.1
Total assets measured at fair value	6,676.2	6,182.4
Accrued and other liabilities:
Contingent consideration	238.5	0.0
Total accrued and other liabilities	250.3	15.3
Other long-term liabilities:
Contingent consideration	416.7	0.0
Total other long-term liabilities	416.7	0.9
Total liabilities measured at fair value	667.0	16.2
Fair value, measurements, recurring \| Short-Term Investments
Short-term investments:
Short and long-term investments	1,108.2	1,043.6
Fair value, measurements, recurring \| Long-Term Investments
Short-term investments:
Short and long-term investments	4,119.7	4,173.2
Fair value, measurements, recurring \| Level 1
Cash equivalents:
Cash equivalents	1,105.3	494.0
Prepaid expenses and other current assets:
Foreign currency forward contracts	0.0	0.0
Total prepaid expenses and other current assets	0.0	0.0
Other assets:
Total other assets	0.0	0.0
Total assets measured at fair value	1,105.3	494.0
Accrued and other liabilities:
Contingent consideration	0.0	0.0
Total accrued and other liabilities	0.0	0.0
Other long-term liabilities:
Contingent consideration	0.0	0.0
Total other long-term liabilities	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Fair value, measurements, recurring \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Level 1 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Level 2
Cash equivalents:
Cash equivalents	337.7	467.4
Prepaid expenses and other current assets:
Foreign currency forward contracts	5.3	4.1
Total prepaid expenses and other current assets	5.3	4.1
Other assets:
Total other assets	0.0	0.1
Total assets measured at fair value	5,570.9	5,688.4
Accrued and other liabilities:
Contingent consideration	0.0	0.0
Total accrued and other liabilities	11.8	15.3
Other long-term liabilities:
Contingent consideration	0.0	0.0
Total other long-term liabilities	0.0	0.9
Total liabilities measured at fair value	11.8	16.2
Fair value, measurements, recurring \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	1,108.2	1,043.6
Fair value, measurements, recurring \| Level 2 \| Long-Term Investments
Short-term investments:
Short and long-term investments	4,119.7	4,173.2
Fair value, measurements, recurring \| Level 3
Cash equivalents:
Cash equivalents	0.0	0.0
Prepaid expenses and other current assets:
Foreign currency forward contracts	0.0	0.0
Total prepaid expenses and other current assets	0.0	0.0
Other assets:
Total other assets	0.0	0.0
Total assets measured at fair value	0.0	0.0
Accrued and other liabilities:
Contingent consideration	238.5	0.0
Total accrued and other liabilities	238.5	0.0
Other long-term liabilities:
Contingent consideration	416.7	0.0
Total other long-term liabilities	416.7	0.0
Total liabilities measured at fair value	655.2	0.0
Fair value, measurements, recurring \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Level 3 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Money market funds
Cash equivalents:
Cash equivalents	1,105.3	494.0
Fair value, measurements, recurring \| Money market funds \| Level 1
Cash equivalents:
Cash equivalents	1,105.3	494.0
Fair value, measurements, recurring \| Money market funds \| Level 2
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Money market funds \| Level 3
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Commercial paper
Cash equivalents:
Cash equivalents	228.7	299.6
Fair value, measurements, recurring \| Commercial paper \| Short-Term Investments
Short-term investments:
Short and long-term investments	36.1	79.9
Fair value, measurements, recurring \| Commercial paper \| Level 1
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Commercial paper \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Commercial paper \| Level 2
Cash equivalents:
Cash equivalents	228.7	299.6
Fair value, measurements, recurring \| Commercial paper \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	36.1	79.9
Fair value, measurements, recurring \| Commercial paper \| Level 3
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Commercial paper \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities
Cash equivalents:
Cash equivalents	34.2	18.2
Fair value, measurements, recurring \| Corporate debt securities \| Short-Term Investments
Short-term investments:
Short and long-term investments	1,037.5	935.9
Fair value, measurements, recurring \| Corporate debt securities \| Long-Term Investments
Short-term investments:
Short and long-term investments	3,095.2	3,151.3
Fair value, measurements, recurring \| Corporate debt securities \| Level 1
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities \| Level 1 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities \| Level 2
Cash equivalents:
Cash equivalents	34.2	18.2
Fair value, measurements, recurring \| Corporate debt securities \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	1,037.5	935.9
Fair value, measurements, recurring \| Corporate debt securities \| Level 2 \| Long-Term Investments
Short-term investments:
Short and long-term investments	3,095.2	3,151.3
Fair value, measurements, recurring \| Corporate debt securities \| Level 3
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Corporate debt securities \| Level 3 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities
Cash equivalents:
Cash equivalents	74.8	149.6
Fair value, measurements, recurring \| U.S. government and agency securities \| Short-Term Investments
Short-term investments:
Short and long-term investments	4.2	2.7
Fair value, measurements, recurring \| U.S. government and agency securities \| Long-Term Investments
Short-term investments:
Short and long-term investments	17.7	19.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 1
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 1 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 2
Cash equivalents:
Cash equivalents	74.8	149.6
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	4.2	2.7
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 2 \| Long-Term Investments
Short-term investments:
Short and long-term investments	17.7	19.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 3
Cash equivalents:
Cash equivalents	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| U.S. government and agency securities \| Level 3 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Certificates of deposit \| Short-Term Investments
Short-term investments:
Short and long-term investments	15.7	20.6
Fair value, measurements, recurring \| Certificates of deposit \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Certificates of deposit \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	15.7	20.6
Fair value, measurements, recurring \| Certificates of deposit \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	4.2
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Long-Term Investments
Short-term investments:
Short and long-term investments	39.1	54.4
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 1 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	4.2
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 2 \| Long-Term Investments
Short-term investments:
Short and long-term investments	39.1	54.4
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Non-U.S. government and agency securities \| Level 3 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Asset-backed securities \| Short-Term Investments
Short-term investments:
Short and long-term investments	14.7	0.3
Fair value, measurements, recurring \| Asset-backed securities \| Long-Term Investments
Short-term investments:
Short and long-term investments	967.7	948.5
Fair value, measurements, recurring \| Asset-backed securities \| Level 1 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Asset-backed securities \| Level 1 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Asset-backed securities \| Level 2 \| Short-Term Investments
Short-term investments:
Short and long-term investments	14.7	0.3
Fair value, measurements, recurring \| Asset-backed securities \| Level 2 \| Long-Term Investments
Short-term investments:
Short and long-term investments	967.7	948.5
Fair value, measurements, recurring \| Asset-backed securities \| Level 3 \| Short-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Asset-backed securities \| Level 3 \| Long-Term Investments
Short-term investments:
Short and long-term investments	0.0	0.0
Fair value, measurements, recurring \| Foreign Exchange Forward
Other assets:
Foreign currency forward contracts	0.0	0.1
Accrued and other liabilities:
Foreign currency forward contracts	11.8	15.3
Other long-term liabilities:
Foreign currency forward contracts	0.0	0.9
Fair value, measurements, recurring \| Foreign Exchange Forward \| Level 1
Other assets:
Foreign currency forward contracts	0.0	0.0
Accrued and other liabilities:
Foreign currency forward contracts	0.0	0.0
Other long-term liabilities:
Foreign currency forward contracts	0.0	0.0
Fair value, measurements, recurring \| Foreign Exchange Forward \| Level 2
Other assets:
Foreign currency forward contracts	0.0	0.1
Accrued and other liabilities:
Foreign currency forward contracts	11.8	15.3
Other long-term liabilities:
Foreign currency forward contracts	0.0	0.9
Fair value, measurements, recurring \| Foreign Exchange Forward \| Level 3
Other assets:
Foreign currency forward contracts	0.0	0.0
Accrued and other liabilities:
Foreign currency forward contracts	0.0	0.0
Other long-term liabilities:
Foreign currency forward contracts	$ 0.0	$ 0.0

Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and liabilities

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024								July 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,105.3	$	—	$	—	$	1,105.3	$	494.0	$	—	$	—	$	494.0

Commercial paper	—		228.7		—		228.7		—		299.6		—		299.6
Corporate debt securities	—		34.2		—		34.2		—		18.2		—		18.2
U.S. government and agency securities	—		74.8		—		74.8		—		149.6		—		149.6

Total cash equivalents	1,105.3		337.7		—		1,443.0		494.0		467.4		—		961.4
Short-term investments:
Certificates of deposit	—		15.7		—		15.7		—		20.6		—		20.6
Commercial paper	—		36.1		—		36.1		—		79.9		—		79.9
Corporate debt securities	—		1,037.5		—		1,037.5		—		935.9		—		935.9
U.S. government and agency securities	—		4.2		—		4.2		—		2.7		—		2.7
Non-U.S. government and agency securities	—		—		—		—		—		4.2		—		4.2
Asset-backed securities	—		14.7		—		14.7		—		0.3		—		0.3
Total short-term investments	—		1,108.2		—		1,108.2		—		1,043.6		—		1,043.6
Long-term investments:

Corporate debt securities	—		3,095.2		—		3,095.2		—		3,151.3		—		3,151.3
U.S. government and agency securities	—		17.7		—		17.7		—		19.0		—		19.0
Non-U.S. government and agency securities	—		39.1		—		39.1		—		54.4		—		54.4
Asset-backed securities	—		967.7		—		967.7		—		948.5		—		948.5
Total long-term investments	—		4,119.7		—		4,119.7		—		4,173.2		—		4,173.2
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		5.3		—		5.3		—		4.1		—		4.1
Total prepaid expenses and other current assets	—		5.3		—		5.3		—		4.1		—		4.1
Other assets:
Foreign currency forward contracts	—		—		—		—		—		0.1		—		0.1
Total other assets	—		—		—		—		—		0.1		—		0.1
Total assets measured at fair value	$	1,105.3	$	5,570.9	$	—	$	6,676.2	$	494.0	$	5,688.4	$	—	$	6,182.4


	October 31, 2024								July 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	11.8	$	—	$	11.8	$	—	$	15.3	$	—	$	15.3
Contingent consideration	—		—		238.5		238.5		—		—		—		—
Total accrued and other liabilities	—		11.8		238.5		250.3		—		15.3		—		15.3
Other long-term liabilities:
Foreign currency forward contracts	—		—		—		—		—		0.9		—		0.9
Contingent consideration	—		—		416.7		416.7		—		—		—		—
Total other long-term liabilities	—		—		416.7		416.7		—		0.9		—		0.9
Total liabilities measured at fair value	$	—	$	11.8	$	655.2	$	667.0	$	—	$	16.2	$	—	$	16.2

Schedule of reconciliation beginning and ending amount of contingent consideration liabilities

The following table presents a reconciliation of our contingent consideration liability (in millions):


	Three Months Ended October 31, 2024
Contingent consideration liability at the beginning of the period	$	—
Initial valuation on the acquisition date	648.9
Change in fair value	6.3

Contingent consideration liability at the end of the period	$	655.2

Financing Receivables

3 Months Ended

Oct. 31, 2024

Receivables [Abstract]

Financing Receivables

The following table summarizes our short-term and long-term financing receivables as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024		July 31, 2024
Short-term financing receivables, gross	$	911.6	$	830.2
Unearned income	(99.0)		(95.7)
Allowance for credit losses	(7.5)		(8.6)
Short-term financing receivables, net	$	805.1	$	725.9
Long-term financing receivables, gross	$	1,191.5	$	1,286.4
Unearned income	(91.4)		(94.6)
Allowance for credit losses	(7.9)		(9.7)
Long-term financing receivables, net	$	1,092.2	$	1,182.1

The following table presents amortized cost basis of our financing receivables categorized by internal risk rating and year of origination (in millions):


Internal Risk Rating(1)	October 31, 2024												July 31, 2024
	Fiscal Year of Origination												Fiscal Year of Origination
	2025		2024		2023		2022		2021		Total		2024		2023		2022		2021		Total
1 to 4	$	7.4	$	916.1	$	387.5	$	9.9	$	26.7	$	1,347.6	$	885.9	$	477.3	$	14.7	$	44.4	$	1,422.3
5 to 6	43.7		330.1		152.3		3.1		1.1		530.3		272.2		172.0		21.1		1.1		466.4
7 to 10	0.1		2.2		22.9		0.3		9.3		34.8		3.2		25.0		0.3		9.1		37.6
Amortized cost basis of financing receivables	$	51.2	$	1,248.4	$	562.7	$	13.3	$	37.1	$	1,912.7	$	1,161.3	$	674.3	$	36.1	$	54.6	$	1,926.3

(1)Internal risk ratings are categorized as 1 through 10, with the lowest rating representing the highest quality.

There was no significant activity in allowance for credit losses during the three months ended October 31, 2024 and 2023. Past due amounts on financing receivables were not material as of October 31, 2024 and July 31, 2024.

Acquisition (Tables)

3 Months Ended

Oct. 31, 2024

Business Combinations [Abstract]

Schedule of purchase consideration

The total purchase consideration for the acquisition was $1.1 billion, which consisted of the following (in millions):


	Amount
Cash	$	500.0
Fair value of contingent consideration liability	648.9
Return of purchase consideration	(6.3)
Total	$	1,142.6

Schedule of recognized identified assets acquired and liabilities assumed


	Amount
Goodwill	$	700.7
Identified intangible assets	476.0

Net liabilities assumed	(34.1)
Total	$	1,142.6

Schedule of finite-lived intangible assets acquired as part of business combination

The following table presents details of the identified intangible assets acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Customer relationships	$	464.0	12 years
Developed technology	12.0		2 years
Total	$	476.0

Financing Receivables - Summary of Receivables (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Receivables [Abstract]
Short-term financing receivables, gross	$ 911.6	$ 830.2
Unearned income	(99.0)	(95.7)
Allowance for credit losses	(7.5)	(8.6)
Short-term financing receivables, net	805.1	725.9
Long-term financing receivables, gross	1,191.5	1,286.4
Unearned income	(91.4)	(94.6)
Allowance for credit losses	(7.9)	(9.7)
Long-term financing receivables, net	$ 1,092.2	$ 1,182.1

Debt (Convertible Senior Notes) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2020 USD ($) shares day $ / shares	Oct. 31, 2024 USD ($) shares	Oct. 31, 2023 USD ($) shares	Jul. 31, 2024 USD ($)
Debt Instrument, Redemption
Repayments of debt \| $		$ 319.0	$ 46.0
2025 Notes
Debt Instrument, Redemption
Aggregate principal amount \| $	$ 2,000.0
Contractual interest rate (in percentage)	0.375%	0.75%
Threshold percentage of stock price trigger (in percentage)	130.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Redemption price (in percentage)	100.00%
Number of common stock convertible at initial conversion rate (in shares) \| shares	20.1
Initial conversion rate (in shares per $1,000 principal amount)	0.0100806
Initial conversion price (in usd per share) \| $ / shares	$ 99.20
Repurchase price as percentage of principal amount in event of change (in percentage)	100.00%
Repayments of debt \| $		$ 319.0	$ 46.0
Settlement of convertible notes (in shares) \| shares		2.3	0.3
2025 Notes \| Level 2
Debt Instrument, Redemption
Fair value of convertible senior notes \| $		$ 2,300.0		$ 3,200.0
Option to Convert - 2025 Notes \| Circumstance 1
Debt Instrument, Redemption
Threshold percentage of stock price trigger (in percentage)	130.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Option to Convert - 2025 Notes \| Circumstance 2
Debt Instrument, Redemption
Threshold percentage of stock price trigger (in percentage)	98.00%
Threshold trading days (in days)	5
Threshold consecutive trading days (in days)	5

Other Income, Net

3 Months Ended

Oct. 31, 2024

Other Income and Expenses [Abstract]

Other Income, Net

The following table sets forth the components of other income, net (in millions):


	Three Months Ended October 31,
		2024		2023
Interest income		$	85.7	$	71.2
Foreign currency exchange gains (losses), net		(7.5)		5.1
Other, net		5.1		(6.0)
Total other income, net		$	83.3	$	70.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Current assets:
Allowance for doubtful accounts	$ 8.6	$ 7.5
Stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	327,700,000	325,100,000
Common stock, shares outstanding (in shares)	327,700,000	325,100,000

Acquisition (Schedule of Purchase Consideration) (Details) - IBM’s QRadar Assets $ in Millions	Aug. 31, 2024 USD ($)
Business Acquisition
Cash	$ 500.0
Fair value of contingent consideration liability	648.9
Return of purchase consideration	(6.3)
Total	$ 1,142.6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenue:
Revenue:	$ 2,138.8	$ 1,878.1
Cost of revenue:
Cost of revenue:	554.1	472.8
Total gross profit	1,584.7	1,405.3
Operating expenses:
Research and development	480.4	409.5
Sales and marketing	720.1	660.5
General and administrative	97.7	120.1
Total operating expenses	1,298.2	1,190.1
Operating income	286.5	215.2
Interest expense	1.2	2.9
Other income, net	83.3	70.3
Income before income taxes	368.6	282.6
Provision for income taxes	17.9	88.4
Net income	$ 350.7	$ 194.2
Net income per share, basic (in usd per share)	$ 1.07	$ 0.63
Net income per share, diluted (in usd per share)	$ 0.99	$ 0.56
Weighted-average shares used to compute net income per share, basic (in shares)	326.8	310.1
Weighted-average shares used to compute net income per share, diluted (in shares)	354.5	349.8
Product
Revenue:
Revenue:	$ 353.8	$ 341.1
Cost of revenue:
Cost of revenue:	75.0	77.4
Subscription and support
Revenue:
Revenue:	1,785.0	1,537.0
Cost of revenue:
Cost of revenue:	$ 479.1	$ 395.4

Cash Equivalents and Investments (Marketable Equity Securities) (Details) - Marketable equity securities - Money market funds - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Debt and Equity Securities, FV-NI
Securities unrealized gains (losses) recognized	$ 0	$ 0
Cash and cash equivalents
Debt and Equity Securities, FV-NI
Carrying value	$ 1,100,000,000		$ 494,000,000

Goodwill and Intangible Assets (Tables)

3 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table presents details of our goodwill during the three months ended October 31, 2024 (in millions):


	Amount
Balance as of July 31, 2024	$	3,350.1
Goodwill acquired	700.7

Balance as of October 31, 2024	$	4,050.8

Schedule of purchased finite-lived intangible assets by major class

The following table presents details of our purchased intangible assets as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024						July 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	825.9	$	(555.3)	$	270.6	$	813.9	$	(526.2)	$	287.7
Customer relationships	636.7		(107.7)		529.0		172.7		(96.1)		76.6
Acquired intellectual property	18.2		(8.4)		9.8		18.2		(7.9)		10.3
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	0.9		(0.7)		0.2		0.9		(0.6)		0.3



Total purchased intangible assets	$	1,491.1	$	(681.5)	$	809.6	$	1,015.1	$	(640.2)	$	374.9

Schedule of future amortization expense of intangible assets

The following table summarizes estimated future amortization expense of our intangible assets subject to amortization as of October 31, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2025		2026		2027		2028		2029		2030 and Thereafter
Future amortization expense	$	809.6	$	124.5	$	140.6	$	109.7	$	88.8	$	62.8	$	283.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Debt (Warrants) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Jul. 31, 2018 USD ($) day $ / shares shares	Oct. 31, 2024 day	Oct. 31, 2023 USD ($) shares
Class of Warrant or Right
Warrant trading days \| day			60
2025 Notes
Class of Warrant or Right
Sale price of warrants (in percentage)	0.375%		0.75%
2023 Warrants
Class of Warrant or Right
Warrant trading days \| day		60
Initial number of shares (in shares) \| shares		19.1
Strike price per share (in usd per share) \| $ / shares		$ 139.27
Proceeds from issuance of warrants \| $		$ 145.4
Settlement of warrants (in shares) \| shares				3.1
Settlement of warrants \| $				$ 763.5
2025 Warrants
Class of Warrant or Right
Initial number of shares (in shares) \| shares	20.1
Strike price per share (in usd per share) \| $ / shares	$ 136.16
Proceeds from issuance of warrants \| $	$ 202.8

Other Income, Net (Tables)

3 Months Ended

Oct. 31, 2024

Other Income and Expenses [Abstract]

Schedule of components of other income, net

The following table sets forth the components of other income, net (in millions):


	Three Months Ended October 31,
		2024		2023
Interest income		$	85.7	$	71.2
Foreign currency exchange gains (losses), net		(7.5)		5.1
Other, net		5.1		(6.0)
Total other income, net		$	83.3	$	70.3

Equity Award Plans (Valuation Assumptions) (Details) - PSUs subject to service, performance, and market conditions - $ / shares	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	3.70%	4.90%
Risk-free interest rate, maximum	4.50%	5.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Volatility	44.10%	40.80%
Expected term (in years)	1 year	10 months 24 days
Grant-date fair value per share (in usd per share)	$ 529.01	$ 346.92
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Volatility	47.60%	43.40%
Expected term (in years)	2 years 10 months 24 days	2 years 10 months 24 days
Grant-date fair value per share (in usd per share)	$ 611.65	$ 394.63

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Oct. 31, 2024	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (in percentage)	4.90%	31.30%

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Derivative [Line Items]
Unrealized gains (losses) in AOCI related to cash flow hedges	$ (7.5)	$ (10.6)
Losses expected to be recognized into earnings within the next 12 months	(5.8)
Cash Flow Hedging
Derivative [Line Items]
Total notional amount	656.6	804.8
Not Designated as Hedging Instrument
Derivative [Line Items]
Total notional amount	$ 483.8	$ 375.6
Foreign exchange contract
Derivative [Line Items]
Maximum contract term of cash flow hedge	24 months

Cover Page - shares shares in Millions	3 Months Ended
Cover Page - shares shares in Millions	Oct. 31, 2024	Nov. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-35594
Entity Registrant Name	PALO ALTO NETWORKS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2530195
Entity Address, Address Line One	3000 Tannery Way
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	753-4000
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	PANW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		328.1
Entity Central Index Key	0001327567
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Document Fiscal Year End Date	--07-31

Income Taxes	3 Months Ended
Income Taxes	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended October 31, 2024 and 2023, our provision for income taxes reflected effective tax rates of 4.9% and 31.3%, respectively. Our income taxes for the three months ended October 31, 2024 and 2023 were primarily due to U.S. federal and state income taxes, withholding taxes, and foreign income taxes. Our effective tax rate for the three months ended October 31, 2024 differed from the U.S. statutory tax rate primarily due to excess tax benefits from share-based compensation. Our effective tax rate for the three months ended October 31, 2023 differed from the U.S. statutory tax rate primarily due to changes in our valuation allowance and excess tax benefits from share-based compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity Award Plans (PSO Activities) (Details) - PSOs - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
PSOs, Outstanding Roll Forward
Balance, beginning (in shares)	4.8
Exercised (in shares)	(0.6)
Balance, ending (in shares)	4.2	4.8
Options exercisable (in shares)	4.2
PSOs, Outstanding, Weighted-Average Exercise Price Roll Forward
Balance, beginning (in usd per share)	$ 65.33
Exercised (in usd per share)	65.63
Balance, ending (in usd per share)	65.29	$ 65.33
Options exercisable, weighted-average exercise price (in usd per share)	$ 65.29
PSOs, Additional Disclosures
Weighted-average remaining contractual life (in years)	1 year	1 year 2 months 12 days
Options exercisable, weighted-average remaining contractual term (in years)	1 year
Aggregate intrinsic value	$ 1,251.3	$ 1,244.9
Options exercisable, aggregate intrinsic value	$ 1,251.3

Debt

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes

In June 2020, we issued $2.0 billion aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes bear interest at a fixed rate of 0.375% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The 2025 Notes are governed by an indenture between us, as the issuer, and U.S. Bank National Association, as Trustee (the “Indenture”). The 2025 Notes are unsecured, unsubordinated obligations and the Indenture governing the 2025 Notes does not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness, or the issuance or repurchase of securities by us or any of our subsidiaries. The 2025 Notes mature on June 1, 2025. We may redeem for cash all or any portion of the 2025 Notes, at our option, on or after June 5, 2023 and prior to the 31st scheduled trading day immediately preceding the maturity date if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period ending on and including the trading day preceding the date on which we provide notice of redemption. The redemption will be at a price equal to 100% of the principal amount of the 2025 Notes and adjusted for interest. If we call any or all of the 2025 Notes for redemption, holders may convert such 2025 Notes called for redemption at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date.

The 2025 Notes are convertible for an initial 20.1 million shares of our common stock at a conversion rate of approximately 10.0806 shares of common stock per $1,000 principal amount, which is equal to an initial conversion price of approximately $99.20 per share of common stock, subject to adjustments. Holders of the 2025 Notes may surrender their 2025 Notes for conversion at their option at any time prior to the close of business on the business day immediately preceding March 1, 2025 only under the following circumstances:

•during any fiscal quarter commencing after the fiscal quarters ending on October 31, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the 2025 Notes on each applicable trading day (the “sale price condition”);

•during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the 2025 Notes on each such trading day; or

•upon the occurrence of specified corporate events.

On or after March 1, 2025, holders may surrender all or any portion of their 2025 Notes for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions, and such conversions will be settled upon the maturity date. Upon conversion, holders of the 2025 Notes will receive cash equal to the aggregate principal amount of the 2025 Notes to be converted, and, at our election, cash and/or shares of our common stock for any amounts in excess of the aggregate principal amount of the 2025 Notes being converted.

The conversion price will be subject to adjustment in some events. Holders of the 2025 Notes who convert their 2025 Notes in connection with certain corporate events that constitute a “make-whole fundamental change” under the Indenture are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, upon the occurrence of a corporate event that constitutes a “fundamental change” under the Indenture, holders of the 2025 Notes may require us to repurchase for cash all or a portion of the 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Holders of the 2025 Notes were able to early convert their 2025 Notes during the fiscal quarter ended October 31, 2024 as the sales price condition had been met during the fiscal quarter ended July 31, 2024. During the three months ended October 31, 2024 and 2023, holders of the 2025 Notes converted $319.0 million and $46.0 million, respectively, in aggregate principal amount of the 2025 Notes, which we repaid in cash. We also issued 2.3 million and 0.3 million shares of our common stock to the holders of the 2025 Notes during the three months ended October 31, 2024 and 2023, respectively, for the conversion value in excess of the principal amount. These shares were fully offset by shares we received from the corresponding exercise of the note hedges. Refer to Note 16. Subsequent Events for additional information regarding conversion of the 2025 Notes after October 31, 2024 through the filing date of this Quarterly Report on Form 10-Q.

The sale price condition for the 2025 Notes was met during the fiscal quarter ended October 31, 2024 and as a result, holders may convert their 2025 Notes during the fiscal quarter ending January 31, 2025. The net carrying amount of the 2025 Notes was classified as a current liability on our condensed consolidated balance sheet as of October 31, 2024.

The following table sets forth the net carrying amount of our 2025 Notes (in millions):


	October 31, 2024		July 31, 2024


Principal	$	646.6		$	965.6
Less: debt issuance costs, net of amortization	(0.8)			(1.7)
Net carrying amount	$	645.8		$	963.9

The total estimated fair value of the 2025 Notes was $2.3 billion as of October 31, 2024 and $3.2 billion as of July 31, 2024. The fair value was determined based on the closing trading price per $100 of the 2025 Notes as of the last day of trading for the period. We consider the fair value of the 2025 Notes as of October 31, 2024 and July 31, 2024 to be a Level 2 measurement. The fair value of the 2025 Notes is primarily affected by the trading price of our common stock and market interest rates.

The following table sets forth interest expense recognized related to the 2025 Notes (dollars in millions):


	Three Months Ended October 31,
		2024	2023

Contractual interest expense				$	0.7		$	1.9
Amortization of debt issuance costs				0.5			1.0
Total interest expense				$	1.2		$	2.9
Effective interest rate				0.6		%	0.6		%

Note Hedges

To minimize the impact of potential economic dilution upon conversion of our convertible senior notes, we entered into separate convertible note hedge transactions (the “2025 Note Hedges”) with respect to our common stock concurrent with the issuance of the 2025 Notes.

The 2025 Note Hedges cover up to 20.1 million shares of our common stock at a strike price per share that corresponds to the initial conversion price of the 2025 Notes, which are also subject to adjustment, and are exercisable upon conversion of the 2025 Notes. The 2025 Note Hedges will expire upon maturity of the 2025 Notes. The 2025 Note Hedges are separate transactions and are not part of the terms of the 2025 Notes. Holders of the 2025 Notes will not have any rights with respect to the 2025 Note Hedges. Any shares of our common stock receivable by us under the 2025 Note Hedges are excluded from the calculation of diluted earnings per share as they are antidilutive. We paid an aggregate amount of $370.8 million for the 2025 Note Hedges, which is included in additional paid-in capital on our condensed consolidated balance sheets.

As a result of the conversions of the 2025 Notes settled during the three months ended October 31, 2024 and 2023, we exercised the corresponding portion of our 2025 Note Hedges and received 2.3 million and 0.3 million shares of our common stock during the respective periods.

Warrants

Separately, but concurrently with the issuance of each series of our convertible senior notes, we entered into transactions whereby we sold warrants (the “2023 Warrants,” with respect to the 0.75% convertible senior notes due 2023 issued in July 2018, the “2025 Warrants,” with respect to the 2025 Notes, and the 2023 Warrants together with the 2025 Warrants, the “Warrants”) to acquire shares of our common stock, subject to anti-dilution adjustments. The 2023 Warrants and 2025 Warrants are exercisable over 60 scheduled trading days beginning October 2023 and September 2025, respectively.

The following table presents details of our Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants (1)	19.1	$	139.27	$	145.4
2025 Warrants	20.1	$	136.16	$	202.8

(1)The 2023 Warrants were net settled during the 60 scheduled trading days from October to December 2023.

The shares issuable under the Warrants are included in the calculation of diluted earnings per share when the average market value per share of our common stock for the reporting period exceeds the applicable strike price for such series of Warrants. The Warrants are separate transactions and are not part of either series of Notes or Note Hedges and are not remeasured through earnings each reporting period. Holders of the Notes of either series will not have any rights with respect to the Warrants. The aggregate proceeds received from the sale of the Warrants are included in additional paid-in capital on our condensed consolidated balance sheets.

During the three months ended October 31, 2023, we net settled a portion of the 2023 Warrants with 3.1 million shares of our common stock with a fair value of $763.5 million. The number of net shares issued was determined based on the number of 2023 Warrants exercised multiplied by the difference between the strike price of the 2023 Warrants and their daily volume-weighted-average stock price.

Revolving Credit Facility

On April 13, 2023, we entered into a credit agreement (the “Credit Agreement”) with certain institutional lenders that provides for a $400.0 million unsecured revolving credit facility (the “Credit Facility”), with an option to increase the amount of the Credit Facility by up to an additional $350.0 million, subject to certain conditions. The Credit Facility matures on April 13, 2028.

The borrowings under the Credit Facility bear interest, at our option, at a base rate plus a spread of 0.000% to 0.375%, or an adjusted term Secured Overnight Financing Rate (“SOFR”) plus a spread of 1.000% to 1.375%, in each case with such spread being determined based on our leverage ratio. We are obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.090% to 0.150%, depending on our leverage ratio. The interest rates and commitment fees are also subject to upward and downward adjustments based on our progress towards the achievement of certain sustainability goals related to greenhouse gas emissions.

As of October 31, 2024, there were no amounts outstanding and we were in compliance with all covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2025 Notes Conversion Subsequent to October 31, 2024, $106.0 million in aggregate principal amount of the 2025 Notes was converted or had been submitted by the holders for conversion and will settle during the fiscal quarter ending January 31, 2025. Stock Split On November 19, 2024, our board of directors approved a two-for-one stock split (the “stock split”) of our outstanding shares of common stock. The stock split is to be effected through an amendment to our restated certificate of incorporation, which will also effect a proportionate increase in the number of authorized shares of our common stock from 1.0 billion to 2.0 billion. As a result of the stock split, each stockholder of record as of the close of trading on December 12, 2024 (the “record date”), will receive, after the close of trading on December 13, 2024, one additional share for every share held on the record date. Trading is expected to begin on a split-adjusted basis on December 16, 2024.

Subsequent Events (Details) $ in Millions		1 Months Ended	3 Months Ended
Subsequent Events (Details) $ in Millions	Nov. 19, 2024	Nov. 20, 2024 USD ($)	Oct. 31, 2024 USD ($) shares	Oct. 31, 2023 USD ($)	Dec. 12, 2024 shares	Dec. 11, 2024 shares	Jul. 31, 2024 shares
Subsequent Event
Repayments of debt			$ 319.0	$ 46.0
Common stock, shares authorized (in shares) \| shares			1,000,000,000				1,000,000,000
Subsequent Event
Subsequent Event
Stock split, conversion ratio	2
Common stock, shares authorized (in shares) \| shares					2,000,000,000	1,000,000,000
2025 Notes
Subsequent Event
Repayments of debt			$ 319.0	$ 46.0
2025 Notes \| Subsequent Event
Subsequent Event
Repayments of debt		$ 106.0

Goodwill and Intangible Assets (Purchased Intangible Assets by Major Class) (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Intangible assets subject to amortization:
Total purchased intangible assets, gross carrying amount	$ 1,491.1	$ 1,015.1
Accumulated Amortization	(681.5)	(640.2)
Total	809.6
Total purchased intangible assets, net carrying amount	809.6	374.9
Developed technology
Intangible assets subject to amortization:
Gross Carrying Amount	825.9	813.9
Accumulated Amortization	(555.3)	(526.2)
Total	270.6	287.7
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	636.7	172.7
Accumulated Amortization	(107.7)	(96.1)
Total	529.0	76.6
Acquired intellectual property
Intangible assets subject to amortization:
Gross Carrying Amount	18.2	18.2
Accumulated Amortization	(8.4)	(7.9)
Total	9.8	10.3
Trade name and trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	9.4	9.4
Accumulated Amortization	(9.4)	(9.4)
Total	0.0	0.0
Other
Intangible assets subject to amortization:
Gross Carrying Amount	0.9	0.9
Accumulated Amortization	(0.7)	(0.6)
Total	$ 0.2	$ 0.3

Commitments and Contingencies (Narrative) (Details) $ in Millions			3 Months Ended
	Oct. 03, 2024 USD ($) patent	Jan. 22, 2024 patent	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
Long-Term Purchase Commitment
Patents infringed \| patent	3	4
Verdict	$ 113.6				$ 151.5
Accrued amount for verdict			$ 141.4	$ 184.4
Decrease in estimate			(43.0)
Service Provider
Long-Term Purchase Commitment
Minimum purchase commitment			$ 137.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities
Net income	$ 350.7	$ 194.2
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation for equity-based awards	294.3	271.0
Deferred income taxes	(137.4)	(0.3)
Depreciation and amortization	83.9	64.3
Amortization of deferred contract costs	110.4	105.5
Amortization of debt issuance costs	0.5	1.0
Change in fair value of contingent consideration liability	6.3	0.0
Reduction of operating lease right-of-use assets	16.0	12.4
Amortization of investment premiums, net of accretion of purchase discounts	(15.0)	(14.7)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	1,485.7	1,050.2
Financing receivables, net	10.7	(43.6)
Deferred contract costs	(78.9)	(63.3)
Prepaid expenses and other assets	(3.6)	54.0
Accounts payable	96.8	(0.4)
Accrued compensation	(200.2)	(216.9)
Accrued and other liabilities	(94.0)	(33.8)
Deferred revenue	(416.6)	146.4
Net cash provided by operating activities	1,509.6	1,526.0
Cash flows from investing activities
Purchases of investments	(660.0)	(854.7)
Proceeds from sales of investments	291.3	304.6
Proceeds from maturities of investments	369.0	457.9
Business acquisitions, net of cash and restricted cash acquired	(500.0)	0.0
Purchases of property, equipment, and other assets	(44.1)	(36.8)
Net cash used in investing activities	(543.8)	(129.0)
Cash flows from financing activities
Repayments of convertible senior notes	(319.0)	(46.0)
Repurchases of common stock	0.0	(66.7)
Proceeds from sales of shares through employee equity incentive plans	120.7	86.4
Payments for taxes related to net share settlement of equity awards	(21.4)	(15.5)
Net cash used in financing activities	(219.7)	(41.8)
Net increase in cash, cash equivalents, and restricted cash	746.1	1,355.2
Cash, cash equivalents, and restricted cash - beginning of period	1,546.8	1,142.2
Cash, cash equivalents, and restricted cash - end of period	2,292.9	2,497.4
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	2,282.8	2,491.4
Restricted cash included in prepaid expenses and other current assets	10.1	6.0
Total cash, cash equivalents, and restricted cash	2,292.9	2,497.4
Non-cash investing and financing activities
Contingent consideration for a business acquisition	$ (648.9)	$ 0.0

Net Income Per Share (Schedule of Antidilutive Securities Excluded from Computation) (Details) - shares shares in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Employee equity incentive plans
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1.6	2.6

Financing Receivables - Internal Credit Risk (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Remainder of fiscal year	$ 51.2
Current fiscal year	1,248.4	$ 1,161.3
Fiscal year before current fiscal year	562.7	674.3
Two years before current fiscal year	13.3	36.1
Three years before current fiscal year	37.1	54.6
Total	1,912.7	1,926.3
1 to 4
Financing Receivable, Credit Quality Indicator [Line Items]
Remainder of fiscal year	7.4
Current fiscal year	916.1	885.9
Fiscal year before current fiscal year	387.5	477.3
Two years before current fiscal year	9.9	14.7
Three years before current fiscal year	26.7	44.4
Total	1,347.6	1,422.3
5 to 6
Financing Receivable, Credit Quality Indicator [Line Items]
Remainder of fiscal year	43.7
Current fiscal year	330.1	272.2
Fiscal year before current fiscal year	152.3	172.0
Two years before current fiscal year	3.1	21.1
Three years before current fiscal year	1.1	1.1
Total	530.3	466.4
7 to 10
Financing Receivable, Credit Quality Indicator [Line Items]
Remainder of fiscal year	0.1
Current fiscal year	2.2	3.2
Fiscal year before current fiscal year	22.9	25.0
Two years before current fiscal year	0.3	0.3
Three years before current fiscal year	9.3	9.1
Total	$ 34.8	$ 37.6

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 41.3	$ 24.9

Cash Equivalents and Investments (Available-for-sale Debt Securities Narrative) (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Gross unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 months	$ (7.3)	$ (1.5)
Available-for-sale debt securities in a continuous unrealized loss position for less than 12 months	1,200.0	949.4
Gross unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for more than 12 months	(1.3)	(6.0)
Available-for-sale debt securities in a continuous unrealized loss position for more than 12 months	$ 372.5	$ 915.3

Net Income Per Share (Tables)

3 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income per share of common stock

The following table presents the computation of basic and diluted net income per share of common stock (in millions, except per share data):


	Three Months Ended October 31,
		2024		2023
Net income		$	350.7	$	194.2

Weighted-average shares used to compute net income per share, basic		326.8		310.1
Weighted-average effect of potentially dilutive securities:
Convertible senior notes		5.9		11.6
Warrants related to the issuance of convertible senior notes		12.2		16.0
Employee equity incentive plans		9.6		12.1
Weighted-average shares used to compute net income per share, diluted		354.5		349.8

Net income per share, basic		$	1.07	$	0.63
Net income per share, diluted		$	0.99	$	0.56

Schedule of antidilutive securities excluded from the computation of net income per share


	Three Months Ended October 31,
		2024	2023


Employee equity incentive plans		1.6	2.6

Debt (Tables)

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Schedule of components of convertible senior notes

The following table sets forth the net carrying amount of our 2025 Notes (in millions):


	October 31, 2024		July 31, 2024


Principal	$	646.6		$	965.6
Less: debt issuance costs, net of amortization	(0.8)			(1.7)
Net carrying amount	$	645.8		$	963.9

Schedule of interest expense recognized related to the convertible senior notes

The following table sets forth interest expense recognized related to the 2025 Notes (dollars in millions):


	Three Months Ended October 31,
		2024	2023

Contractual interest expense				$	0.7		$	1.9
Amortization of debt issuance costs				0.5			1.0
Total interest expense				$	1.2		$	2.9
Effective interest rate				0.6		%	0.6		%

Schedule of warrants

The following table presents details of our Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants (1)	19.1	$	139.27	$	145.4
2025 Warrants	20.1	$	136.16	$	202.8

(1)The 2023 Warrants were net settled during the 60 scheduled trading days from October to December 2023.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,282.8	$ 1,535.2
Short-term investments	1,108.2	1,043.6
Accounts receivable, net of allowance for credit losses of $8.6 and $7.5 as of October 31, 2024 and July 31, 2024, respectively	1,132.9	2,618.6
Short-term financing receivables, net	805.1	725.9
Short-term deferred contract costs	367.6	369.0
Prepaid expenses and other current assets	546.1	557.4
Total current assets	6,242.7	6,849.7
Property and equipment, net	361.0	361.1
Operating lease right-of-use assets	389.0	385.9
Long-term investments	4,119.7	4,173.2
Long-term financing receivables, net	1,092.2	1,182.1
Long-term deferred contract costs	531.9	562.0
Goodwill	4,050.8	3,350.1
Intangible assets, net	809.6	374.9
Deferred tax assets	2,397.5	2,399.0
Other assets	380.2	352.9
Total assets	20,374.6	19,990.9
Current liabilities:
Accounts payable	211.6	116.3
Accrued compensation	354.5	554.7
Accrued and other liabilities	683.1	506.7
Deferred revenue	5,507.7	5,541.1
Convertible senior notes, net	645.8	963.9
Total current liabilities	7,402.7	7,682.7
Long-term deferred revenue	5,585.9	5,939.4
Deferred tax liabilities	250.8	387.7
Long-term operating lease liabilities	379.6	380.5
Other long-term liabilities	843.8	430.9
Total liabilities	14,462.8	14,821.2
Commitments and contingencies (Note $10)
Stockholders’ equity:
Preferred stock; $0.0001 par value; 100.0 shares authorized; none issued and outstanding as of October 31, 2024 and July 31, 2024	0.0	0.0
Common stock and additional paid-in capital; $0.0001 par value; 1,000.0 shares authorized; 327.7 and 325.1 shares issued and outstanding as of October 31, 2024 and July 31, 2024, respectively	4,214.9	3,821.1
Accumulated other comprehensive loss	(4.0)	(1.6)
Retained earnings	1,700.9	1,350.2
Total stockholders’ equity	5,911.8	5,169.7
Total liabilities and stockholders’ equity	$ 20,374.6	$ 19,990.9

Fair Value Measurements - Schedule of Reconciliation Beginning and Ending Amount of Contingent Consideration Liabilities (Details) $ in Millions	3 Months Ended
	Oct. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration liability at the beginning of the period	$ 0.0
Initial valuation on the acquisition date	648.9
Change in fair value	(6.3)
Contingent consideration liability at the end of the period	$ 655.2

Revenue (Disaggregation of Revenue - Geographic Theater) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Disaggregation of Revenue
Revenue:	$ 2,138.8	$ 1,878.1
United States
Disaggregation of Revenue
Revenue:	1,344.1	1,204.3
Other Americas
Disaggregation of Revenue
Revenue:	98.0	82.3
Total Americas
Disaggregation of Revenue
Revenue:	1,442.1	1,286.6
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue
Revenue:	441.4	364.9
Asia Pacific and Japan (“APAC”)
Disaggregation of Revenue
Revenue:	$ 255.3	$ 226.6

- 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, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2024	Aug. 31, 2024	Nov. 30, 2023	Aug. 31, 2022	Aug. 31, 2021	Dec. 31, 2020	Feb. 28, 2019
Equity [Abstract]
Share repurchase, authorized amount		$ 4,100.0	$ 500.0	$ 316.7	$ 915.0	$ 676.1	$ 700.0	$ 1,000.0
Number of shares repurchased (in shares)	0.3
Aggregate purchase price	$ 66.7
Weighted average price per share (in dollars per share)	$ 226.67
Stock repurchase, remaining authorized repurchase amount		$ 1,000.0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Cash Equivalents and Investments (Available-for-Sale Securities, Contractual Maturities) (Details) $ in Millions	Oct. 31, 2024 USD ($)
Amortized Cost
Due within one year	$ 1,445.9
Due between one and three years	1,843.2
Due between three and five years	1,925.5
Due between five and ten years	217.7
Due after ten years	109.0
Amortized Cost	5,541.3
Fair Value
Due within one year	1,445.9
Due between one and three years	1,853.4
Due between three and five years	1,937.9
Due between five and ten years	218.2
Due after ten years	110.2
Fair Value	$ 5,565.6

Derivative Instruments	3 Months Ended
Derivative Instruments	Oct. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We are exposed to foreign currency exchange risk. Our revenue is primarily transacted in U.S. dollars, however, a portion of our operating expenditures are incurred outside of the United States and are denominated in foreign currencies, making them subject to fluctuations in foreign currency exchange rates. We enter into foreign currency derivative contracts with maturities of 24 months or less, which we designate as cash flow hedges, to manage the foreign currency exchange risk associated with our operating expenditures. As of October 31, 2024 and July 31, 2024, the total notional amount of our outstanding foreign currency forward contracts designated as cash flow hedges was $656.6 million and $804.8 million, respectively. Refer to Note 3. Fair Value Measurements for the fair value of our derivative instruments as reported on our condensed consolidated balance sheets as of October 31, 2024 and July 31, 2024. As of October 31, 2024, unrealized gains and losses in accumulated other comprehensive income (“AOCI”) related to our cash flow hedges were a $7.5 million net loss, of which $5.8 million in losses are expected to be recognized into earnings within the next 12 months. As of July 31, 2024, unrealized gains and losses in AOCI related to our cash flow hedges were a $10.6 million net loss. As of October 31, 2024 and July 31, 2024, the notional amount of our outstanding foreign currency forward contracts not designated as hedging instruments was $483.8 million and $375.6 million, respectively.

Acquisition (Narrative) (Details) - IBM’s QRadar Assets $ in Millions	Aug. 31, 2024 USD ($)
Business Acquisition
Return of purchase consideration	$ (6.3)
Undiscounted contingent consideration, value, low	500.0
Undiscounted contingent consideration, value, high	$ 900.0

Goodwill and Intangible Assets (Future Amortization Expense of Intangible Assets) (Details) $ in Millions	Oct. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2025	$ 124.5
2026	140.6
2027	109.7
2028	88.8
2029	62.8
2030 and Thereafter	283.2
Total	$ 809.6

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on September 6, 2024. The condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. We evaluate our estimates on an ongoing basis. Management estimates include, but are not limited to, the standalone selling price for our products and services, share-based compensation, fair value of assets acquired and liabilities assumed in business combinations, fair value of contingent consideration liability, the assessment of recoverability of our intangibles and goodwill, valuation allowance against deferred tax assets, manufacturing partner and supplier liabilities, deferred contract cost benefit period, and loss contingencies. We base our estimates on assumptions, both historical and forward looking, that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the current economic environment.
Business Combinations	Business Combinations We include the results of operations of the businesses that we acquire as of the respective dates of acquisition. We allocate the fair value of the purchase price of our acquisitions to the assets acquired and liabilities assumed, including contingent consideration, generally based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Additional information existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded. Contingent consideration obligations incurred in connection with a business combination are recorded at fair value on the acquisition date and remeasured at each subsequent reporting period until the related contingencies have been resolved, with the change in fair value recognized in general and administrative expense on our condensed consolidated statements of operations. Payments not made soon after the acquisition date to settle a contingent consideration liability are classified as cash flows from financing activities up to the amount of the contingent consideration liability recognized at the acquisition date.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for our annual period in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026, and requires retrospective application for all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance that requires consistent categories and greater disaggregation of information in the effective tax rate reconciliation and additional disclosures of income taxes paid by jurisdiction. The standard is effective for our annual period in fiscal 2026 and could be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements.

Revenue (Disaggregation of Revenue - Type of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenue:
Revenue:	$ 2,138.8	$ 1,878.1
Product
Revenue:
Revenue:	353.8	341.1
Subscription
Revenue:
Revenue:	1,191.8	988.3
Support
Revenue:
Revenue:	593.2	548.7
Subscription and support
Revenue:
Revenue:	$ 1,785.0	$ 1,537.0

- Definition

+ References

+ Details

Revenue (Deferred Revenue) (Details) - USD ($) $ in Billions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from opening deferred revenue balance	$ 1.6	$ 1.4

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Palo Alto Networks, Inc. (the “Company,” “we,” “us,” or “our”), headquartered in Santa Clara, California, was incorporated in March 2005 under the laws of the State of Delaware and commenced operations in April 2005. We empower enterprises, organizations, service providers, and government entities to secure their users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence and automation. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on September 6, 2024. The condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. We evaluate our estimates on an ongoing basis. Management estimates include, but are not limited to, the standalone selling price for our products and services, share-based compensation, fair value of assets acquired and liabilities assumed in business combinations, fair value of contingent consideration liability, the assessment of recoverability of our intangibles and goodwill, valuation allowance against deferred tax assets, manufacturing partner and supplier liabilities, deferred contract cost benefit period, and loss contingencies. We base our estimates on assumptions, both historical and forward looking, that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the current economic environment. Summary of Significant Accounting Policies There have been no material changes to our significant accounting policies as of and for the three months ended October 31, 2024, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, except for the update to the disclosure of our accounting policies as described below resulting from our recent acquisition of certain QRadar assets from International Business Machines Corporation (“IBM”). Refer to Note 7. Acquisition for additional information. Business Combinations We include the results of operations of the businesses that we acquire as of the respective dates of acquisition. We allocate the fair value of the purchase price of our acquisitions to the assets acquired and liabilities assumed, including contingent consideration, generally based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Additional information existing as of the acquisition date but unknown to us may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded. Contingent consideration obligations incurred in connection with a business combination are recorded at fair value on the acquisition date and remeasured at each subsequent reporting period until the related contingencies have been resolved, with the change in fair value recognized in general and administrative expense on our condensed consolidated statements of operations. Payments not made soon after the acquisition date to settle a contingent consideration liability are classified as cash flows from financing activities up to the amount of the contingent consideration liability recognized at the acquisition date. Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for our annual period in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026, and requires retrospective application for all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance that requires consistent categories and greater disaggregation of information in the effective tax rate reconciliation and additional disclosures of income taxes paid by jurisdiction. The standard is effective for our annual period in fiscal 2026 and could be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements.

Equity Award Plans (Allocation of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 294.3	$ 271.0
Cost of revenue \| Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	1.3	2.4
Cost of revenue \| Cost of subscription and support revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	30.4	30.6
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	137.8	120.1
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	76.4	79.2
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 48.4	$ 38.7

Debt (Note Hedges) (Details) - 2025 Note Hedges - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Oct. 31, 2024	Oct. 31, 2023
Schedule of Note Hedge Transactions
Initial number of shares (in shares)	20.1
Aggregate proceeds	$ 370.8
Common stock shares received from exercise of note hedges (in shares)		2.3	0.3

Net Income Per Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 350.7	$ 194.2
Weighted-average shares used to compute net income per share, basic (in shares)	326.8	310.1
Weighted-average effect of potentially dilutive securities:
Convertible senior notes (in shares)	5.9	11.6
Warrants related to the issuance of convertible senior notes (in shares)	12.2	16.0
Employee equity incentive plans (in shares)	9.6	12.1
Weighted-average shares used to compute net income per share, diluted (in shares)	354.5	349.8
Net income per share, basic (in usd per share)	$ 1.07	$ 0.63
Net income per share, diluted (in usd per share)	$ 0.99	$ 0.56

Equity Award Plans (RSU, PSU and PSO Activities, Additional Information) (Details) shares in Millions	3 Months Ended
	Oct. 31, 2024 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	0.4
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	1.6
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	4 years
PSUs subject to service, performance, and market conditions
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	1.6
Approved for future grant (in shares)	1.3
PSUs subject to service, performance, and market conditions \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Service period	1 year
PSUs subject to service, performance, and market conditions \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Service period	3 years
PSOs \| Maximum \| Fiscal Year 2018
Share-based Compensation Arrangement by Share-based Payment Award
Service period	7 years 6 months
PSOs \| Maximum \| Fiscal Year 2019
Share-based Compensation Arrangement by Share-based Payment Award
Service period	7 years 6 months

Insider Trading Arrangements

3 Months Ended

Oct. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Set forth below is certain information regarding Rule 10b5-1 trading plans adopted or terminated by our directors and officers (as defined in Rule 16a-1(f)) during the first quarter of fiscal 2025. The Rule 10b5-1 trading plans listed below are each intended to satisfy the affirmative defense of Rule 10b5-1(c).

Name

Title

Date Plan Was Adopted

Date Plan was Terminated

Expiration Date

Total Amount of Common Stock to be Sold Under the Plan

Lee Klarich

Executive Vice President, Chief Product Officer

September 27, 2024

Not applicable

January 8, 2026 or when all shares have been sold

711,088

Mary Pat McCarthy

Director

September 12, 2024

Not applicable

November 30, 2025 or when all shares have been sold

6,000

Josh Paul

Senior Vice President, Chief Accounting Officer

October 1, 2024

Not applicable

December 31, 2025 or when all shares have been sold

4,500

Nir Zuk

Executive Vice President, Chief Technology Officer

April 1, 2024

October 2, 2024

Not applicable

432,000

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Lee Klarich [Member]

Trading Arrangements, by Individual

Name

Lee Klarich

Title

Executive Vice President, Chief Product Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

September 27, 2024

Arrangement Duration

468 days

Aggregate Available

711,088

Mary Pat McCarthy [Member]

Trading Arrangements, by Individual

Name

Mary Pat McCarthy

Title

Director

Rule 10b5-1 Arrangement Adopted

true

September 12, 2024

444 days

6,000

Trading Arrangements, by Individual

Name

Josh Paul

Title

Senior Vice President, Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

October 1, 2024

456 days

4,500

Trading Arrangements, by Individual

Name

Nir Zuk

Title

Executive Vice President, Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

April 1, 2024

Rule 10b5-1 Arrangement Terminated

true

Termination Date

October 2, 2024

Aggregate Available

432,000

Equity Award Plans (Allocation of Share-based Compensation, Additional Information) (Details) $ in Billions	3 Months Ended
	Oct. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unvested share-based awards not yet recognized	$ 2.2
Weighted-average recognition period	2 years 6 months

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Oct. 31, 2024	Oct. 31, 2023
Other Income and Expenses [Abstract]
Interest income	$ 85.7	$ 71.2
Foreign currency exchange gains (losses), net	(7.5)	5.1
Other, net	5.1	(6.0)
Total other income, net	$ 83.3	$ 70.3

Equity Award Plans

3 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Award Plans

Restricted Stock Unit (“RSU”) and Performance-Based Stock Unit (“PSU”) Activities

The following table summarizes the RSU and PSU activity under our stock plans during the three months ended October 31, 2024 (in millions, except per share amounts):


	Unvested RSUs			Unvested PSUs
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2024	9.0	$	205.18	$	2,924.4	5.0	$	155.89	$	1,624.2
Granted(1)	0.4	$	351.52			1.6	$	404.69
Vested(2)	(1.3)	$	163.72			(0.6)	$	129.35
Forfeited	(0.3)	$	197.36			(1.5)	$	181.44
Balance—October 31, 2024	7.8	$	221.08	$	2,813.8	4.5	$	272.87	$	1,633.6

(1)For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

(2)Includes time-based vesting for PSUs.

Our RSUs generally vest over a period of three to four years from the date of grant. Until vested, RSUs do not have the voting and dividend participation rights of common stock and the shares underlying the awards are not considered issued and outstanding.

Our PSUs generally vest over a period of one to four years from the date of grant. The number of PSUs eligible to vest is determined based on the level of achievement against certain performance conditions, market conditions, and a combination thereof.

During the three months ended October 31, 2024, we granted 1.6 million shares of PSUs that contain service, performance, and market conditions. The service conditions are satisfied after a period of one to three years. The performance conditions are based on an average of next-generation security annualized recurring revenue and non-GAAP net income per diluted share. The market condition is measured based on our total shareholder return (“TSR”) relative to the TSR of the companies listed in the Standard & Poor’s 500 index. As of October 31, 2024, we have approved 1.3 million shares of PSUs, which will be granted upon the performance condition being established during the next two fiscal years.

The fair value of the PSUs subject to market conditions is estimated on the grant date using a Monte Carlo simulation model. The following table summarizes the assumptions used and the resulting grant-date fair value of our PSUs subject to market conditions granted during the three months ended October 31, 2024:



	Three Months Ended October 31,
		2024		2023
Volatility		44.1% - 47.6%		40.8% - 43.4%
Expected term (in years)		1.0 - 2.9		0.9 - 2.9
Dividend yield		0.0	%	0.0	%
Risk-free interest rate		3.7% - 4.5%		4.9% - 5.3%
Grant-date fair value per share		$529.01 - $611.65		$346.92 - $394.63

Performance Stock Option (“PSO”) Activities

We have granted PSOs with both service and market conditions. The market conditions were achieved when certain stock price targets were met. As of October 31, 2024, all of our outstanding PSOs have been fully vested. The maximum contractual term of our outstanding PSOs is seven and a half years from the date of grant in fiscal year 2018 and 2019.

The following table summarizes the PSO activity under our stock plans during the three months ended October 31, 2024 (in millions, except per share amounts):



	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2024	4.8	$	65.33	1.2	$	1,244.9

Exercised	(0.6)	$	65.63

Balance—October 31, 2024	4.2	$	65.29	1.0	$	1,251.3
Exercisable—October 31, 2024	4.2	$	65.29	1.0	$	1,251.3

Share-Based Compensation

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended October 31,
		2024		2023
Cost of product revenue		$	1.3	$	2.4
Cost of subscription and support revenue		30.4		30.6
Research and development		137.8		120.1
Sales and marketing		76.4		79.2
General and administrative		48.4		38.7
Total share-based compensation		$	294.3	$	271.0

As of October 31, 2024, total compensation cost related to unvested share-based awards not yet recognized was $2.2 billion. This cost is expected to be amortized over a weighted-average period of approximately 2.5 years.

Cash Equivalents and Investments (Tables)

3 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale debt securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	228.7	$	—	$	—	$	228.7
Corporate debt securities	34.2		—		—		34.2
U.S. government and agency securities	74.8		—		—		74.8

Total available-for-sale cash equivalents	$	337.7	$	—	$	—	$	337.7
Investments:
Certificates of deposit	$	15.7	$	—	$	—	$	15.7
Commercial paper	36.1		—		—		36.1
Corporate debt securities	4,115.2		25.3		(7.8)		4,132.7
U.S. government and agency securities	21.9		—		—		21.9
Non-U.S. government and agency securities	38.6		0.5		—		39.1
Asset-backed securities	976.1		7.1		(0.8)		982.4
Total available-for-sale investments	$	5,203.6	$	32.9	$	(8.6)	$	5,227.9


	July 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	299.6	$	—	$	—	$	299.6
Corporate debt securities	18.2		—		—		18.2
U.S. government and agency securities	149.6		—		—		149.6

Total available-for-sale cash equivalents	$	467.4	$	—	$	—	$	467.4
Investments:
Certificates of deposit	$	20.6	$	—	$	—	$	20.6
Commercial paper	79.9		0.1		(0.1)		79.9
Corporate debt securities	4,065.5		28.3		(6.6)		4,087.2
U.S. government and agency securities	21.9		—		(0.2)		21.7
Non-U.S. government and agency securities	57.9		0.7		—		58.6
Asset-backed securities	943.1		6.3		(0.6)		948.8
Total available-for-sale investments	$	5,188.9	$	35.4	$	(7.5)	$	5,216.8

Schedule of contractual maturities of available-for-sale debt securities

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of October 31, 2024, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,445.9	$	1,445.9
Due between one and three years	1,843.2		1,853.4
Due between three and five years	1,925.5		1,937.9
Due between five and ten years	217.7		218.2
Due after ten years	109.0		110.2
Total	$	5,541.3	$	5,565.6

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 350.7	$ 194.2
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments	(3.6)	(18.2)
Cash flow hedges:
Change in unrealized gains (losses)	0.0	(40.9)
Net realized (gains) losses reclassified into earnings	1.2	9.3
Net change on cash flow hedges	1.2	(31.6)
Other comprehensive loss	(2.4)	(49.8)
Comprehensive income	$ 348.3	$ 144.4

Fair Value Measurements

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024								July 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,105.3	$	—	$	—	$	1,105.3	$	494.0	$	—	$	—	$	494.0

Commercial paper	—		228.7		—		228.7		—		299.6		—		299.6
Corporate debt securities	—		34.2		—		34.2		—		18.2		—		18.2
U.S. government and agency securities	—		74.8		—		74.8		—		149.6		—		149.6

Total cash equivalents	1,105.3		337.7		—		1,443.0		494.0		467.4		—		961.4
Short-term investments:
Certificates of deposit	—		15.7		—		15.7		—		20.6		—		20.6
Commercial paper	—		36.1		—		36.1		—		79.9		—		79.9
Corporate debt securities	—		1,037.5		—		1,037.5		—		935.9		—		935.9
U.S. government and agency securities	—		4.2		—		4.2		—		2.7		—		2.7
Non-U.S. government and agency securities	—		—		—		—		—		4.2		—		4.2
Asset-backed securities	—		14.7		—		14.7		—		0.3		—		0.3
Total short-term investments	—		1,108.2		—		1,108.2		—		1,043.6		—		1,043.6
Long-term investments:

Corporate debt securities	—		3,095.2		—		3,095.2		—		3,151.3		—		3,151.3
U.S. government and agency securities	—		17.7		—		17.7		—		19.0		—		19.0
Non-U.S. government and agency securities	—		39.1		—		39.1		—		54.4		—		54.4
Asset-backed securities	—		967.7		—		967.7		—		948.5		—		948.5
Total long-term investments	—		4,119.7		—		4,119.7		—		4,173.2		—		4,173.2
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		5.3		—		5.3		—		4.1		—		4.1
Total prepaid expenses and other current assets	—		5.3		—		5.3		—		4.1		—		4.1
Other assets:
Foreign currency forward contracts	—		—		—		—		—		0.1		—		0.1
Total other assets	—		—		—		—		—		0.1		—		0.1
Total assets measured at fair value	$	1,105.3	$	5,570.9	$	—	$	6,676.2	$	494.0	$	5,688.4	$	—	$	6,182.4


	October 31, 2024								July 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	11.8	$	—	$	11.8	$	—	$	15.3	$	—	$	15.3
Contingent consideration	—		—		238.5		238.5		—		—		—		—
Total accrued and other liabilities	—		11.8		238.5		250.3		—		15.3		—		15.3
Other long-term liabilities:
Foreign currency forward contracts	—		—		—		—		—		0.9		—		0.9
Contingent consideration	—		—		416.7		416.7		—		—		—		—
Total other long-term liabilities	—		—		416.7		416.7		—		0.9		—		0.9
Total liabilities measured at fair value	$	—	$	11.8	$	655.2	$	667.0	$	—	$	16.2	$	—	$	16.2

The fair value of contingent consideration liability is estimated using a discounted cash flow valuation technique. We consider the fair value of our contingent consideration liability to be a Level 3 measurement as we use unobservable inputs in determining discounted cash flows to estimate the fair value. The significant unobservable inputs include an estimate of future cash payments related to customers entering into qualified new transactions as well as a risk-adjusted discount rate used to present value the expected cash flows. A significant change in any of these assumptions could have a material impact to the fair value of our contingent consideration liability.

The following table presents a reconciliation of our contingent consideration liability (in millions):


	Three Months Ended October 31, 2024
Contingent consideration liability at the beginning of the period	$	—
Initial valuation on the acquisition date	648.9
Change in fair value	6.3

Contingent consideration liability at the end of the period	$	655.2

The total estimated fair value of our financing receivables approximates their carrying amounts as of October 31, 2024 and July 31, 2024. We consider the fair value of our financing receivables to be a Level 3 measurement as we use unobservable inputs in determining discounted cash flows to estimate the fair value.

Refer to Note 9. Debt for the carrying amount and estimated fair value of our convertible senior notes as of October 31, 2024 and July 31, 2024.

- 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/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 2: 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 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: 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 12: 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

Commitments and Contingencies

3 Months Ended

Oct. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

We have entered into various non-cancelable agreements with cloud service providers, under which we are committed to minimum or fixed purchases of certain cloud services. In addition, in order to reduce manufacturing lead times and plan for adequate supply, we have entered into agreements with manufacturing partners and component suppliers to procure inventory based on our demand forecasts. The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of October 31, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2025		2026		2027		2028		2029		2030 and Thereafter
Cloud	$	4,088.9	$	56.7	$	435.7	$	518.1	$	599.6	$	686.1	$	1,792.7
Manufacturing	205.7		165.7		40.0		—		—		—		—
Other	155.8		41.3		57.7		42.4		7.5		3.4		3.5
Total purchase commitments	$	4,450.4	$	263.7	$	533.4	$	560.5	$	607.1	$	689.5	$	1,796.2

Additionally, we have a $137.2 million minimum purchase commitment with a cloud service provider through September 2027 with no specified annual commitments.

Litigation

We are subject to legal proceedings, claims, tax matters, and litigation arising in the ordinary course of business, including, for instance, intellectual property and patent litigation. We accrue for contingencies when we believe that a loss is probable and that we can reasonably estimate the amount of any such loss.

Legal matters could include speculative, substantial, or indeterminate monetary amounts. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of a loss related to such matters, and we may be unable to estimate the reasonably possible loss or range of loss. The outcomes of outstanding legal matters are inherently unpredictable, and could, either individually or in aggregate, have a material adverse effect on us and our results of operations. To the extent there is a reasonable possibility that a loss exceeding any amounts already recognized may be incurred, we will either disclose the estimated additional loss or state that such an estimate cannot be made.

The following matters arose in the ordinary course of business.

Centripetal Networks, Inc. v. Palo Alto Networks

On March 12, 2021, Centripetal Networks, Inc., filed a lawsuit against us in the United States District Court for the Eastern District of Virginia. The lawsuit alleges that our products infringe multiple Centripetal patents. We successfully challenged certain of these patents, which were found unpatentable by the U.S. Patent and Trademark Office (“PTO”). The case went to jury trial on January 22, 2024, on four patents. On January 31, 2024, the jury returned a verdict of non-willful infringement with a lump sum amount of $151.5 million, plus statutory interest. After post-trial motions, a judgment was issued on October 3, 2024 affirming infringement on three patents, reversing infringement on the fourth patent, and subsequently, reducing the damages amount to $113.6 million. We posted a surety bond that was agreed upon by the parties and approved by the court. This bond prevents execution of the judgment while appeals are pending. In addition, Centripetal filed infringement contentions on certain of their patents in the European Patent Office in Germany, to which we filed invalidity challenges. Those matters are still pending.

As of July 31, 2024, we accrued $184.4 million for the verdict amount and estimated interest. As of October 31, 2024, we reassessed our loss accrual and reduced the amount to $141.4 million based on the judgment and estimated interest, which is recorded in other long-term liabilities on our condensed consolidated balance sheets. The corresponding amount released was $43.0 million for the three months ended October 31, 2024, which is included in general and administrative expense on our condensed consolidated statements of operations.

Finjan, Inc. v. Palo Alto Networks

On November 4, 2014, Finjan, Inc., filed a lawsuit against us in the United States District Court for the Northern District of California. The lawsuit alleges that our products infringe multiple Finjan patents. The complaint requests injunctive relief, monetary damages, and attorneys fees. A trial date is set for June 9, 2025. We are unable, at this time, to reasonably estimate a possible loss or potential range of loss, if any.

Cash Equivalents and Investments

3 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

Available-for-sale Debt Securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	228.7	$	—	$	—	$	228.7
Corporate debt securities	34.2		—		—		34.2
U.S. government and agency securities	74.8		—		—		74.8

Total available-for-sale cash equivalents	$	337.7	$	—	$	—	$	337.7
Investments:
Certificates of deposit	$	15.7	$	—	$	—	$	15.7
Commercial paper	36.1		—		—		36.1
Corporate debt securities	4,115.2		25.3		(7.8)		4,132.7
U.S. government and agency securities	21.9		—		—		21.9
Non-U.S. government and agency securities	38.6		0.5		—		39.1
Asset-backed securities	976.1		7.1		(0.8)		982.4
Total available-for-sale investments	$	5,203.6	$	32.9	$	(8.6)	$	5,227.9


	July 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	299.6	$	—	$	—	$	299.6
Corporate debt securities	18.2		—		—		18.2
U.S. government and agency securities	149.6		—		—		149.6

Total available-for-sale cash equivalents	$	467.4	$	—	$	—	$	467.4
Investments:
Certificates of deposit	$	20.6	$	—	$	—	$	20.6
Commercial paper	79.9		0.1		(0.1)		79.9
Corporate debt securities	4,065.5		28.3		(6.6)		4,087.2
U.S. government and agency securities	21.9		—		(0.2)		21.7
Non-U.S. government and agency securities	57.9		0.7		—		58.6
Asset-backed securities	943.1		6.3		(0.6)		948.8
Total available-for-sale investments	$	5,188.9	$	35.4	$	(7.5)	$	5,216.8

As of October 31, 2024, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $7.3 million, which were related to $1.2 billion of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $1.3 million, which were related to $372.5 million of available-for-sale debt securities. As of July 31, 2024 the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $1.5 million, which were related to $949.4 million of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $6.0 million, which were related to $915.3 million of available-for-sale debt securities.

Unrealized losses related to our available-for-sale debt securities are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three months ended October 31, 2024 and 2023.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of October 31, 2024, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,445.9	$	1,445.9
Due between one and three years	1,843.2		1,853.4
Due between three and five years	1,925.5		1,937.9
Due between five and ten years	217.7		218.2
Due after ten years	109.0		110.2
Total	$	5,541.3	$	5,565.6

Marketable Equity Securities

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our condensed consolidated balance sheets. As of October 31, 2024 and July 31, 2024, the carrying values of our marketable equity securities were $1.1 billion and $494.0 million, respectively. There were no unrealized gains or losses recognized for these securities during the three months ended October 31, 2024 and 2023.