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EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Retirement Benefits [Abstract]
Defined contribution retirement plans	$ 8.2	$ 6.1	$ 7.4

DEBT - Warehouse Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Debt Instrument [Line Items]
Payments of borrowings of debt		$ 550,511	$ 35,758	$ 725
Revolving Credit Facility \| Warehouse credit facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	$ 200,000	$ 250,000
Minimum utilization	50.00%	40.00%
Unused capacity, commitment fee	0.50%
Commitment fee	$ 2,000	$ 2,800	1,400
Proceeds from borrowings of debt		35,000	37,800
Payments of borrowings of debt		131,100	30,000
Interest expense		15,600	22,900	15,000
Interest paid and payable		14,300	21,400	14,000
Amortization of debt issuance costs		$ 1,300	$ 1,500	$ 1,000
Revolving Credit Facility \| Warehouse Credit Facility, Class A Facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	171,100
Revolving Credit Facility \| Warehouse Credit Facility, Class B Facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	$ 28,900

REVENUE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Disaggregation of Revenue [Line Items]
Unbilled receivables, current	$ 72,300	$ 51,900
Contract with customer, liability, revenue recognized	31,400	27,700
Capitalized contract acquisition cost, net	24,000	23,700
acquisition costs			$ 0
Amortization of contract acquisition costs	6,298	$ 5,647	$ 7,033
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 62,700
Revenue, remaining performance obligation, percentage	54.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	32.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01 \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01 \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	24 months

INCOME TAXES - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Deferred tax assets:
Net operating loss carryforwards	$ 222,333	$ 211,217
Research and development credits	20,508	18,156
Reserves and accruals	45,349	23,841
Depreciation and amortization	140	611
Capitalized research and development costs	57,838	52,012
Operating lease liabilities	9,817	12,100
Stock-based compensation	36,764	41,834
Total deferred tax assets	392,749	359,771
Less: Valuation allowance	(369,044)	(336,627)
Net deferred tax assets	23,705	23,144
Deferred tax liabilities:
Operating lease right-of-use asset	(8,527)	(10,499)
Reserves and accruals	(164)	(45)
Depreciation and amortization	(4,455)	(13,164)
Stock-based compensation	(341)	(621)
Total deferred tax liabilities	(13,487)	(24,329)
Total net deferred tax assets (liabilities)		$ (1,185)
Total net deferred tax assets (liabilities)	$ 10,218

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Navan, Inc. (the “Company”, “we”, “our”), together with its subsidiaries, is a cloud-based technology platform built to solve the comprehensive needs of frequent travelers. We offer a comprehensive, all-in-one, AI-powered travel, payments and expense management solution designed to streamline the entire travel lifecycle, from booking and policy enforcement to payment processing, expense reconciliation, and reporting. The Company was incorporated in the state of Delaware in February 2015. The Company is currently headquartered in Palo Alto, California and has operations in North America, Asia Pacific, the Middle East, and Europe.

Initial Public Offering

On October 31, 2025, the Company completed its initial public offering (the “IPO”) in which the Company issued and sold 30,000,000 shares of its Class A common stock at a public offering price of $25.00 per share, which resulted in net proceeds of $713.3 million after deducting underwriting discounts and before deducting offering costs. In addition, selling stockholders sold 6,924,406 shares of Class A common stock in the IPO at the public offering price of $25.00 per share. The Company did not receive any proceeds from the sale of Class A common stock by the selling stockholders. The underwriters’ option to purchase an additional 5,538,660 shares of Class A common stock at the public offering price of $25.00 less underwriting discounts expired unexercised during the year ended January 31, 2026.

In connection with the IPO, the Company adopted an amended and restated certificate of incorporation and amended and restated bylaws, which became effective immediately prior to the completion of the IPO and authorized 2,070,000,000 shares of capital stock, consisting of: (a) 2,050,000,000 shares of Common Stock divided into two series with (i) 2,000,000,000 shares of the Common Stock being a series designated as Class A common stock and (ii) 50,000,000 shares of the Common Stock being a series designated as Class B common stock; and (b) 20,000,000 shares of undesignated preferred stock. In addition, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 146,599,125 shares of Class A common stock. Refer to Note 11 — Stockholder’s Equity (Deficit) for additional information.

In connection with the IPO, all shares of the Company’s common stock outstanding prior to completion of the IPO were exchanged into an equivalent number of shares of Class A common stock. In addition, pursuant to an exchange agreement with the Company’s two co-founders (the “Co-Founders”) and certain of their affiliates, which became effective as of the completion of the IPO, 15,304,696 shares of the Company’s Class A common stock beneficially owned by the Co-Founders and their respective affiliated entities were exchanged for an equivalent number of shares of our Class B common stock. Subject to separate equity exchange right agreements entered into with them in connection with the IPO, each Co-Founder has a right (but not an obligation) to require the Company to exchange, for shares of Class B common stock, any shares of Class A common stock received by him upon the exercise or settlement of equity awards that were granted to the respective Co-Founders prior to the effectiveness of the filing of our amended and restated certificate of incorporation (the “Equity Exchange Rights”).

In connection with the IPO, the Company recognized a one-time cumulative stock-based compensation expense charge of $81.8 million associated with the satisfaction of the performance-based vesting condition for outstanding restricted stock units (“RSUs”) which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date, of which $0.9 million was capitalized related to software development. To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 709,106 shares underlying such equity awards, resulting in the net issuance of 934,353 shares of Class A common stock.

Based on the IPO price of $25.00 per share, the Company’s related tax withholding obligation was $17.7 million, all of which was paid during the year ended January 31, 2026. Refer to Note 10 — Equity Incentive Plans for additional information.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). We consolidate our wholly-owned subsidiaries and variable interest entities (“VIEs”) where we are deemed to be the primary beneficiary. Refer to Note 9 — Variable Interest Entities for further details. All intercompany profits, transactions and balances have been eliminated in consolidation.

The Company’s fiscal year ends on January 31. References made to “fiscal 2026”, “fiscal 2025”, and “fiscal 2024” refer to the Company’s fiscal years ending January 31, 2026, January 31, 2025, and January 31, 2024, respectively.

Prior period amounts within Note 4 — Supplemental Financial Statement Information have been reclassified to conform to the current period presentation. These reclassifications had no impact on our previously reported total current assets, total assets, total current liabilities, total liabilities, results of operations, comprehensive income (loss) or net cash flows from operating, financing, or investing activities.

On September 18, 2025, the Company effected a one-for-three reverse stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the reverse stock split for all periods presented.

Use of Estimates

The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: carrying values and useful lives of long-lived assets and intangible assets; capitalization of internal-use software costs; the expected period of benefit for contract acquisition costs; the estimate of expected credit losses on accounts receivable; fair values of assets acquired and liabilities assumed in business combinations; fair values of financial instruments; fair values of stock-based awards issued; the vested and unpaid rewards earned by users of our platform; variable consideration related to achieving specified contractual thresholds in our revenue generating arrangements with travel supply partners; the incremental borrowing rate used for operating lease liabilities; and assumptions used in accounting for income taxes. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, investments in marketable debt securities, and accounts receivable. The Company maintains its cash, cash equivalents, restricted cash, and marketable debt securities with high-quality financial institutions primarily in the United States, where the composition and maturities are regularly monitored by the Company. Deposits may exceed federally insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. In certain cases, based on the Company’s credit evaluations, collateral, primarily in the form of cash deposits, is required to mitigate corporate card receivable collection risk.

No customers accounted for more than 10% of the Company’s revenue during the year ended January 31, 2026. One payment partner customer accounted for 11% and 12% of the Company’s revenue during the years ended January 31, 2025 and 2024, respectively.

No customers accounted for more than 10% of accounts receivable as of January 31, 2026. One platform customer accounted for 12% of accounts receivable as of January 31, 2025. The Company did not have any customers that accounted for 10% or more of corporate card receivables as of January 31, 2026 and 2025, respectively.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the local currency or U.S. dollar, depending on the primary economic environment in which the subsidiary operates. Transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate in effect on the date of the transaction and are recorded in the current period consolidated statements of operations. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured monthly using the month-end exchange rate. Gains and losses resulting from such remeasurements are recorded in other expense, net in the consolidated statements of operations. Subsidiary assets and liabilities with non-U.S. dollar functional currencies are translated at the month-end exchange rate, accumulated deficit and other equity items are translated at historical exchange rates, and revenue and expenses are translated at average exchange rates during the year. Cumulative translation adjustments are recorded within accumulated other comprehensive income (loss), a separate component of stockholders’ deficit.

Cash and Cash Equivalents

Cash and cash equivalents consists of funds deposited with banks, funds available for use held with our corporate card payment processing partner which are not earmarked to collateralize corporate card spend by our customers, and investments in money market funds and commercial paper. We consider all highly-liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash consists of (i) a portion of the balance held with our payment processing partners to fund transactions charged by our corporate card users, (ii) cash balances held at our consolidated VIE, and (iii) cash used as collateral for the letters of credit for lease agreements that have lease terms that extend beyond 12 months from the balance sheet date. Restricted cash is classified as current and non-current assets based on the contractual or estimated term of the remaining restriction.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows (in thousands):


	As of January 31,
	2026		2025		2024
Cash and cash equivalents	$	583,516	$	157,672	$	166,421
Restricted cash, current	79,647		148,157		95,961
Restricted cash, non-current	4,911		4,766		5,000
Total cash and cash equivalents and restricted cash	$	668,074	$	310,595	$	267,382

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards

Codification (“ASC”) 820, Fair Value Measurement, establishes a framework for measuring fair value and requires disclosure about the fair value measurements of assets and liabilities.

In accordance with ASC 820, we use the fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of the fair value hierarchy are set forth below:

Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs other than quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities.

Level 3—Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.

Our primary financial instruments include cash and cash equivalents, restricted cash, investments in marketable debt securities, accounts receivable, corporate card receivables, accounts payable, accrued expenses, debt, convertible debt, embedded derivatives and redeemable convertible preferred stock warrants. The estimated fair value of cash and cash equivalents, restricted cash, accounts receivable, corporate card receivables, accounts payable and accrued expenses approximate their carrying value due to the short-term maturities of these instruments. For further information regarding the fair value of our cash equivalents and investments in marketable debt securities, as well as the fair value of the Company’s convertible debt, embedded derivatives and redeemable convertible preferred stock warrants., refer to Note 3 — Investments and Fair Value Measurements and Note 8 — Debt.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are generally due within thirty days and are recorded net of an allowance for estimated uncollectible amounts. We estimate expected credit losses based on various factors, including the age of the receivable balance, credit quality of the customer, and past collection experience with the customer. We consider the need to adjust historical information used in our estimates to reflect the extent to which we expect current conditions and reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated. Long-aged balances and other higher risk amounts are reviewed individually for collectability. We recognize estimated credit losses through the income statement, and the allowance for estimated credit losses is recorded in accounts receivable, net on the consolidated balance sheets.

Corporate Card Receivables and Allowance for Expected Credit Losses

We provide virtual and physical corporate credit cards to customers of our expense management offering through issuing bank partners. Under our payment partner arrangements, we are required to prefund spend on these credit cards. We recognize a receivable for each transaction, and receivables are generally due within ten days.

Corporate card receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on our assessment of the collectability of these receivables. We consider the following factors when determining the collectability of specific customer accounts: age of the receivable balance, credit quality of the customer, and past collection experience with the customer. We consider the need to adjust historical information used in our estimates to reflect the extent to which we expect current conditions and reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated. We recognize estimated credit losses through the income statement, and the allowance for estimated credit losses is recorded in corporate card receivables, net on the consolidated balance sheets.

Investments

We account for investments in debt securities based on the legal form of the security, our intended holding period, and the nature of the transaction. Investments in debt securities include commercial paper, corporate bonds, and U.S. government and agency securities. Our investments in debt securities are classified as available-for-sale and are initially recorded at fair value. Subsequent changes in fair value are recorded in other comprehensive income (loss), net of tax. Amortization of premiums and accretion of discounts are included in other income (expense), net, in the consolidated statements of operations.

We consider our available-for-sale debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as short-term investments. We do not have any restricted investments.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specific to the security, among other factors. Credit-related losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge to other income (expense), net in the consolidated statements of operations. Non-credit related losses on available-for-sale debt securities are included in accumulated other comprehensive income (loss).

Realized gains and losses on the sale of debt securities are determined using the specific identification method and are reported in other income (expense), net, in the consolidated statements of operations.

Business Combinations

We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. The determination of fair value requires management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from trade names from a market participant perspective, acquired customers, acquired technology, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, management may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.

Variable Interest Entities

We evaluate our ownership, contractual, and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. If we determine that an entity for which we hold a contractual or ownership interest in is a VIE and that we are the primary beneficiary, we consolidate the entity in the consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE.

We evaluate our relationship with our VIEs on an ongoing basis to determine whether we are the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Refer to Note 9 — Variable Interest Entities for further information.

Leases

We determine if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date. Lease liabilities and their corresponding right-of-use (“ROU”) assets are recognized at commencement date and recorded based on the present value of lease payments over the expected lease term. The implicit rates within our operating leases are generally not determinable and therefore we use the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of the incremental borrowing rate requires judgment. We determine the incremental borrowing rate for each lease using our estimated borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The ROU asset also might include lease prepayments, offset by lease incentives. Certain leases include options to extend or terminate the lease. Lease terms include options to extend or terminate the lease when it is reasonably certain we will exercise that option.

The Company has made accounting policy elections to (i) not recognize ROU assets or lease liabilities for short-term leases (leases with lease terms of 12 months or less); and (ii) combine lease and non-lease components. Variable lease payments are recognized in the consolidated statements of operations when incurred and include certain non-lease components, such as maintenance and other services provided by the lessor to the extent the charges are variable.

Property, Equipment and Software, Net

Property, equipment and software, net are stated at cost, less accumulated depreciation and amortization. Major improvements that extend the life, capacity or efficiency, or improve the safety of an asset, are capitalized, while maintenance and repairs are expensed as incurred. When assets are retired or disposed of, the cost and related accumulated depreciation and amortization are removed from the related accounts and the resulting gain or loss is reflected in the consolidated statements of operations in the period realized.

We capitalize certain internal-use software development costs incurred during the application development stage. Such costs are amortized on a straight-line basis over the estimated useful life. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are also capitalized and expensed over the estimated useful life of the upgrades. Capitalized internal-use software development costs are included in property, equipment and software, net on the consolidated balance sheets.

Depreciation and amortization expense is recorded using the straight‑line method over the estimated useful lives of the assets as follows:


Property, Equipment and Software						Useful Life
Internal-use software						3 years
Computers and equipment						3 to 5 years
Fixtures and fittings						3 to 5 years
Leasehold improvements						Shorter of useful life or remaining lease term

Goodwill

Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized.

We test goodwill for impairment at least annually, in the fourth fiscal quarter, or more frequently if facts or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. We have one reporting unit; therefore, goodwill is tested at the enterprise level. In testing goodwill for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting units is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Intangible Assets, Net

Upon acquisition, identifiable intangible assets are recorded at fair value and are carried at cost less accumulated amortization. Identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives.


Intangible Assets						Useful Life
Trade names						3-19 years
Domain names						15 years
Customer relationships						5-13 years
Developed technology						1-2 years

Impairment of Long-Lived Assets

The valuation of long-lived assets, including intangible assets, property, equipment and software, and operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of long-lived assets or asset groups is calculated based on the estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If the carrying amount of a long-lived asset or asset group exceeds the sum of the projected undiscounted future cash flows, an impairment charge is recognized as the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Impairment testing is performed at the asset group level.

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the sale of the Company’s common stock in the IPO, were initially capitalized and recorded in prepaid expenses and other current assets on the consolidated balance sheets. We incurred $9.3 million of deferred offering costs which were recorded as a reduction of additional paid-in capital on the consolidated balance sheets as of January 31, 2026. There were no deferred offering costs capitalized as of January 31, 2025.

Revenue Recognition

We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when a customer obtains control of promised services in an amount that reflects the consideration we expect to be entitled to in exchange for these services. Our primary sources of revenue are fees earned from platform customers for access to our travel and expense management platform or on-demand travel management services, and from travel supply and payment partners for connection to our network of

travel bookings and corporate card transaction dollar volume. Fees from our platform customers are either earned on a per-booking transaction or subscription basis. Fees from our travel supply and payment partners are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Our travel supply partners include airlines, hotels, car rental companies, rail carriers, and providers of Global Distribution Systems. Our payment partners primarily include our corporate card payment processors and card issuing partners.

Platform Customers

Our primary performance obligation is to provide platform customers with continuous access to our cloud-based travel and expense management platform or to our on-demand travel management services. Transaction-based fees are generally non-refundable, and represent variable consideration allocated to the period the booking occurs. Revenue from transaction-based fees is recognized at the time of booking. Subscription fees are recognized ratably over the non-cancellable contract term.

We maintain a rewards program under which users of our platform receive credits for the purchase of future personal travel. These credits expire twelve months after they are earned. We record a rewards liability and a reduction to revenue related to the vested and unpaid rewards earned by users of our platform, net of expected breakage.

Travel Supply and Payment Partner Fees

Our primary performance obligation to our travel supply partners is to connect them to user bookings made on our cloud-based travel management platform or through our on-demand travel management services. For airline and rail carriers, we are generally entitled to fees at the time of booking. For hotel and car rental partners, we are generally entitled to fees at the completion of a traveler’s stay or at the end of the rental period, respectively. Revenue is recognized at the time we are entitled to these fees.

Our primary obligation to our payment partners is to connect them with user transaction volume on our physical and virtual corporate cards. We earn fees and other incentives from our payment partners based on the transaction dollar volume of each physical or virtual corporate card payment transaction processed, and we recognize revenue in the period each transaction occurs. We provide rebates to certain platform customers based on the dollar volume of payment transactions processed on our platform. Rebates paid to customers are recognized as a reduction to revenue.

Deferred Revenue

Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. We typically invoice platform customers for access to our cloud-based travel and expense management platforms annually in advance, upon execution of the initial contract or subsequent renewal. Invoices are generally payable within 30 to 60 days. The current portion of deferred revenue balances will be recognized during the following 12-month period. The non-current portion of deferred revenue balances will be recognized beyond the next 12-month period.

Contract Acquisition Costs

We capitalize incremental costs of obtaining a contract with a customer if the costs are recoverable. These costs, which consist of sales commissions earned at the time a platform customer enters into a contract under the terms of our sales compensation plans, are deferred and amortized on a straight-line basis over the period of benefit, which we have estimated to be five years. All other compensation earned subsequent to a customer entering into a contract, including those that may be earned at the time of customer launch, are expensed as incurred. We estimate the period of benefit by primarily taking into consideration the average customer life and life of our technology, among other factors.

Cost of Revenue

Cost of revenue consists of direct personnel-related costs associated with customer support and a portion of customer success personnel costs, including salaries, bonuses, stock-based compensation, benefits and other expenses. In addition to personnel-related costs, cost of revenue includes third-party cloud infrastructure costs incurred to deliver our cloud-based travel and expense management platform, amortization of internally developed software and acquired technology, credit card processing fees, third-party vendor fees, and the allocation of certain corporate costs.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development costs primarily consist of personnel-related costs associated with research and development personnel, including salaries, bonuses, stock-based compensation, benefits and other expenses, third-party cloud infrastructure costs incurred in developing our platform, third-party consulting costs, and the allocation of certain corporate costs.

Sales and Marketing Expenses

Sales and marketing expenses primarily consist of personnel-related expenses, including salaries, commissions, bonuses, stock-based compensation, benefits and other expenses, amortization of acquired intangible assets, other promotional and advertising expenses, and the allocation of certain corporate costs. The Company expenses certain sales and marketing costs, including promotional expenses, as incurred.

Advertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations and amounted to $35.0 million, $22.3 million and $12.4 million for the years ended January 31, 2026, 2025, and 2024, respectively.

General and Administrative Expenses

General and administrative expenses primarily consist of personnel-related expenses associated with finance, legal, information technology, payment and finance operations, executives, and human resources personnel, including salaries, bonuses, stock-based compensation, benefits and other expenses. In addition to personnel-related expenses, general and administrative expenses consist of external professional services for finance, legal, human resources and information technology, corporate insurance costs, the allocation of certain corporate costs, and bad debt expenses. General and administrative expenses are expensed as incurred.

Stock-Based Compensation

We measure stock-based compensation expense for all stock-based awards, granted or modified, based on the estimated fair value of the award on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period for stock-based awards with only time-based service vesting conditions. Forfeitures are recognized as they occur. We estimate the grant-date fair value of stock options using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock for options granted prior to the Company’s IPO, the expected term of the option and the expected volatility of the price of the Company’s common stock. The Black-Scholes assumptions as summarized as follows:

Fair value of common stock — Prior to the IPO, as the Company’s common stock was not yet publicly traded, the Company was required to estimate the fair value of its common stock, as discussed in “Common Stock Valuations” below. After the Company’s IPO, the fair value is determined using the closing price of the Company’s common stock on the grant date.

Dividend Yield — The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future and applied an expected dividend yield of zero.

Risk-Free Interest Rate — The risk-free interest rate assumption is based on the yield available on U.S. Treasury zero-coupon issues with a term that approximates the expected term of the option.

Expected Volatility — As a result of the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of peer group public companies for a period equivalent to the expected term of the option.

Expected term — The expected term of stock options represents the weighted-average period the stock options are expected to remain outstanding. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as our historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected term for options issued to non-employees is the contractual term.

Service-Based Awards

We recognize stock-based compensation expense for service-based stock options and restricted stock units (“RSUs”) on a straight-line basis over the requisite service period, which is generally four years, based on the grant date fair value. Stock options generally expire ten years after the date of grant. The Black-Scholes option pricing model is used to estimate the grant date fair value for stock options. Prior to the IPO, the grant date fair value for RSUs was estimated by the Company – refer to “Common Stock Valuations” below. The grant date fair value for RSUs granted following the IPO is based on the closing price of the Company’s common stock on the date of grant.

Performance-Based Awards

The Company has granted RSUs that vest upon satisfaction of both time-based service and performance-based conditions. The time-based service condition for these RSUs is generally four years. The performance-based condition, which was dependent upon the earlier of either a sale of the Company or following the effective date of an IPO, was satisfied in connection with the Company’s IPO. We recognize stock-based compensation expense for RSUs with both a time-based service and performance based vesting condition over the requisite service period using the accelerated attribution method.

Employee Stock Purchase Plan (“ESPP”)

We recognize stock-based compensation expense related to shares issued pursuant to our ESPP on a straight-line basis over the offering period. The ESPP provides for offering periods of approximately twelve-months, and each offering period includes two purchase periods of approximately six months. The ESPP allows eligible employees to purchase shares of our common stock at a 15 percent discount on the lower of the stock price on either (i) the date the offering period begins or (ii) the purchase date. We estimate the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. We determine volatility over an expected term of approximately six months and twelve months based on the historical volatilities of a peer group of public companies due to the lack of historical and implied volatility data of our common stock. We estimate the expected term based on the contractual term.

Common Stock Valuations

The fair value of the shares of common stock underlying stock options and RSUs has historically been determined by the Company’s board of directors as there was no public market for the Company’s common stock prior to the effectiveness of the Company’s IPO. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors including: contemporaneous valuations of common stock performed by an unrelated valuation specialist,

developments in the business and stage of development, the Company’s operational and financial performance and condition, issuances of redeemable convertible preferred stock and the rights and preferences of redeemable convertible preferred stock relative to common stock, the current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, and the lack of marketability of the Company’s common stock, amongst other factors. For financial reporting purposes, the Company considered the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination included an evaluation of whether the subsequent valuation indicated that any significant change in valuation had occurred between the previous valuation and the grant date.

Sales and Other Related Taxes

Amounts collected from customers and remitted to governmental authorities, which primarily comprise value added taxes in foreign jurisdictions and sales tax in domestic jurisdictions, are presented on a net basis in the consolidated statements of operations given taxes billed to customers are not included as a component of revenue.

Other Income (Expense), Net

Other income (expense), net primarily consists of interest income earned on cash, cash equivalents, and short-term investments, including the amortization of premiums and accretion of discounts related to our marketable debt securities, net realized gains and losses on sales of investments, foreign exchange gains and losses, and other non-operating gains and losses.

Loss on Extinguishment of Debt

Loss on extinguishment of debt consists of losses incurred on the extinguishment of debt instruments.

Gain (Loss) on Fair Value Adjustments

Gain (loss) on fair value adjustments primarily consists of gains and losses as a result of recording our SAFEs, embedded derivative and warrant liabilities at fair value at the end of each reporting period.

Income Taxes

We record a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Deferred tax assets and liabilities are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefits for which future realization is uncertain. We account for the tax effects of global intangible low tax income as a current period expense.

We use a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We account for uncertainty in tax positions recognized in the consolidated financial statements by recognizing a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be

recognized. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Refer to Note 12 — Income Taxes for further information regarding income taxes.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for companies with participating securities. We consider all series of our redeemable convertible preferred stock, together with warrants to purchase redeemable convertible preferred stock, to be participating securities as the holders of such stock have the right to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, net losses are not allocated to the participating securities as the participating securities do not have a contractual obligation to share in the Company’s losses.

Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of common stock equivalents to the extent they are dilutive. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equals diluted net loss per share.

Comprehensive Loss

Comprehensive loss is comprised of net loss and other comprehensive income (loss). The primary components of other comprehensive income (loss) are foreign currency translation adjustments arising from the consolidation of foreign legal entities, and unrealized gains and losses on marketable debt securities.

Segment Information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company operates its business in one operating segment and, therefore, has one reportable segment.

The CODM uses consolidated net loss to measure segment profit or loss in order to assess, manage, and maintain performance of the business based on resource allocations. The CODM also uses consolidated net loss to approve operating budgets and to identify product development and market expansion opportunities. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company’s operations are cost of revenue, research and development, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company’s consolidated statements of operations. Other segment items included in consolidated net loss include interest expense, other income (expense), net, loss on extinguishment of debt, gain (loss) on fair value adjustments, and income tax expense, which are presented in the Company’s consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends disclosure requirements relating to segment reporting, primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The Company adopted ASU 2023-07 as of February 1, 2024 with no material impact on its

consolidated financial statements. For further information, refer to Segment Information within Note 1 — Description of Business and Significant Accounting Policies.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 is intended to simplify the accounting for convertible instruments by removing certain separation models and to simplify the accounting for contracts in an entity’s own equity by eliminating the settlement criteria to qualify for a scope exception from derivative accounting. ASU 2020-06 also clarifies the diluted earnings per share calculation when convertible instruments and contracts in an entity’s own equity are involved. The Company adopted ASU 2020-06 as of February 1, 2024 with no material impact to its consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). This standard is effective for the Company for its fiscal year beginning February 1, 2026 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. The standard is effective for the Company for its fiscal year beginning February 1, 2027 and interim periods within its fiscal year beginning February 1, 2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2026 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when the Company is required to start capitalizing eligible costs. The guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2028. Early adoption is permitted. The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements which clarifies interim disclosure requirements and the applicability of Topic 270. The standard is effective for the Company for all interim periods within its fiscal year beginning February 1,

2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Cash flows from operating activities:
Net loss	$ (398,030)	$ (181,078)	$ (331,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation, net of amounts capitalized	182,089	76,981	75,851
Non-cash interest expense	25,724	46,450	44,647
Deferred income taxes	(11,306)	1	(3,224)
Depreciation and amortization	60,247	24,889	26,864
Amortization of contract acquisition costs	6,298	5,647	7,033
Provision for doubtful accounts	9,084	5,912	8,693
Loss (gain) on fair value adjustments	47,041	(12,200)	26,594
Debt issuance costs expensed related to SAFEs	2,913	0	0
Loss on extinguishment of debt	117,978	0	0
Other	(900)	365	159
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable	(26,031)	(24,614)	(21,149)
Prepaid expenses and other current assets	(17,712)	(1,117)	1,784
Contract acquisition costs	(23,972)	(23,685)	0
Other non-current assets	20	(1,302)	(6,933)
Accounts payable	3,082	17,093	(9,630)
Accrued expenses and other current liabilities	45,896	6,647	33,170
Deferred revenue	9,992	6,578	8,787
Operating lease right-of-use asset and operating lease liabilities, net	(383)	2,256	173
Other non-current liabilities	1,641	771	(27,630)
Net cash provided by (used in) operating activities	33,671	(50,406)	(166,363)
Cash flows from investing activities:
Capitalized software development costs	(17,990)	(15,309)	(16,743)
Purchases of property and equipment	(917)	(994)	(561)
Purchases of investments	(156,290)	0	0
(Increase) decrease in corporate card receivables	(27,481)	65,052	(84,449)
Cash consideration for business acquisition, net of cash acquired	0	(3,879)	(7,026)
Other	(354)	0	0
Net cash (used in) provided by investing activities	(203,032)	44,870	(108,779)
Cash flows from financing activities:
Proceeds from stock option exercises	23,893	4,540	9,059
Proceeds from borrowings of debt	216,482	86,187	206,419
Proceeds from issuance of SAFEs	155,000	0	0
Payments of borrowings of debt	(550,511)	(35,758)	(725)
Payments for debt issuance costs	(11,151)	(1,512)	0
Payments of deferred offering costs	(8,795)	0	0
Payment of deferred consideration in business combinations	(712)	(903)	(2,133)
Proceeds from issuance of common stock in IPO, net of underwriting costs	713,302	0	0
Taxes collected from selling shareholders stock option exercises	15,556	0	0
Taxes remitted for selling shareholders stock option exercises	(15,527)	0	0
Payment of tax withholdings on settlement of RSUs	(17,728)	0	0
Proceeds from exercise of warrants	110	0	0
Net cash provided by financing activities	519,919	52,554	212,620
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6,921	(3,805)	(414)
Net increase (decrease) in cash, cash equivalents and restricted cash	357,479	43,213	(62,936)
Cash, cash equivalents and restricted cash, beginning of period	310,595	267,382	330,318
Cash, cash equivalents and restricted cash, end of period	668,074	310,595	267,382
Supplemental disclosure of cash flow information:
Cash paid for interest	25,575	29,547	18,634
Cash paid for income taxes	17,188	8,539	6,368
Noncash investing and financing activities:
Vesting of early exercised stock options	918	1,658	312
Capitalized stock-based compensation for internal-use software development costs	4,933	2,319	1,130
Deferred offering costs not yet paid	495	0	0
Conversion of redeemable convertible preferred stock to common stock	1,301,120	0	0
Conversion of SAFEs to equity upon IPO	196,275	0	0
Reclassification of preferred stock warrants & SAFE warrants to equity upon IPO	31,343	0	0
Conversion of convertible notes to equity upon IPO	$ 320,699	$ 0	$ 0

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Variable Interest Entity [Line Items]
Restricted cash, current	$ 79,647	$ 148,157	$ 95,961
Corporate card receivables, net	206,182	157,755
Prepaid expenses and other current assets	55,241	35,628
Other non-current assets	28,645	21,246
Accrued expenses and other current liabilities	197,253	136,798
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash, current	7,142	57,535
Corporate card receivables, net	199,249	158,124
Prepaid expenses and other current assets	1,281	1,001
Other non-current assets	1,388	83
Accrued expenses and other current liabilities	8,560	1,552
Warehouse Credit Facility	$ 118,174	$ 214,238

- 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

LEASES - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 18,121	$ 12,864	$ 15,518
Operating lease right-of-use assets obtained in exchange for lease obligations	5,560	9,773	22,507
Increase (decrease) of lease liabilities due to lease modifications	812	2,240	(2,745)
Increase (decrease) of right-of-use assets due to lease modifications	812	3,032	(2,745)
Termination of operating lease liabilities	168	909	321
Termination of operating lease right-of-use assets	$ 164	$ 806	$ 284

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 30,565	$ 72,662
Accumulated Amortization	(11,291)	(17,029)
Net Amount	$ 19,274	$ 55,633
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)		15 years 2 months 12 days
Gross Carrying Amount		$ 43,579
Accumulated Amortization		(8,601)
Net Amount		$ 34,978
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)	7 years 8 months 12 days	8 years 7 months 6 days
Gross Carrying Amount	$ 29,978	$ 27,989
Accumulated Amortization	(11,167)	(7,921)
Net Amount	$ 18,811	$ 20,068
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)		3 months 18 days
Gross Carrying Amount		$ 507
Accumulated Amortization		(422)
Net Amount		$ 85
Domain names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)	11 years 9 months 18 days	12 years 9 months 18 days
Gross Carrying Amount	$ 587	$ 587
Accumulated Amortization	(124)	(85)
Net Amount	$ 463	$ 502

- 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

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+ Details

EQUITY INCENTIVE PLANS - Schedule of Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Restricted Stock Units with Performance Conditions
Number of Shares Subject to RSUs
Unvested, beginning balance (in shares)	4,551,847
Granted (in shares)	4,549,447
Forfeited (in shares)	(829,762)
Vested (in shares)	(2,049,351)
Unvested, ending balance (in shares)	6,222,181
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 23.07	$ 20.14
Granted (in dollars per share)	24.09
Forfeited (in dollars per share)	21.46
Vested (in dollars per share)	19.48
Unvested, ending balance (in dollars per share)	$ 23.07
Restricted Stock Units with Service-Only Conditions
Number of Shares Subject to RSUs
Unvested, beginning balance (in shares)	102,000
Granted (in shares)	3,092,204
Forfeited (in shares)	(73,309)
Vested (in shares)	(31,875)
Unvested, ending balance (in shares)	3,089,020
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 20.55	$ 22.38
Granted (in dollars per share)	20.54
Forfeited (in dollars per share)	21.89
Vested (in dollars per share)	22.38
Unvested, ending balance (in dollars per share)	$ 20.55

DEBT - Convertible Notes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
DEBT - Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024	Jun. 30, 2022
Debt Instrument [Line Items]
Embedded derivative liability		$ 0	$ 59,820
Loss on extinguishment of debt		$ (117,978)	$ 0	$ 0
Convertible notes \| Convertible notes
Debt Instrument [Line Items]
Debt issued	$ 125,000
Debt issuance costs	$ 2,900
Length of extension	2 years
Interest rate	7.50%				12.50%
Amount of increase to stated interest rate					1.00%
Embedded derivative liability	$ 43,100
Effective interest rate after amortization to interest expense	13.50%
Debt instrument, convertible, redemption price, percentage	12.50%
Shares converted (in shares)		12,827,963
Shares converted, discount percentage		35.00%
Loss on extinguishment of debt		$ (84,100)
Convertible notes \| Convertible notes \| Minimum
Debt Instrument [Line Items]
Conversion price percentage	0.20
Convertible notes \| Convertible notes \| Maximum
Debt Instrument [Line Items]
Conversion price percentage	0.35

NET LOSS PER SHARE - Schedule of Computation of Diluted net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (398,030)	$ (181,078)	$ (331,552)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	97,795,703	45,271,666	44,583,919
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	97,795,703	45,271,666	44,583,919
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (4.07)	$ (4.00)	$ (7.44)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (4.07)	$ (4.00)	$ (7.44)

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

REVENUE - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 5,135	$ 4,270	$ 2,270
Provision for expected credit losses	5,888	3,764	4,488
Amounts written off, recoveries and other adjustments	(4,561)	(2,899)	(2,488)
Balance at end of period	$ 6,462	$ 5,135	$ 4,270

BUSINESS COMBINATIONS	12 Months Ended
BUSINESS COMBINATIONS	Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Shorebird Technologies Private Limited On May 17, 2023, we acquired all of the outstanding stock of Shorebird Technologies Private Limited (Tripeur), an Indian-based travel management company for an aggregate purchase price of $7.2 million paid in cash. The acquisition was accounted for as a business combination and is expected to increase our market share as a provider of travel, corporate card and expense management solutions in India. Acquisition costs related to the Tripeur acquisition were approximately $0.3 million and were expensed as incurred. The purchase price was allocated to the following assets and liabilities: $6.3 million to goodwill, $0.5 million to intangible assets for acquired developed technology, $0.8 million to current assets, $0.4 million to other assets and $0.8 million to current liabilities. Goodwill was primarily attributed to the assembled workforce and expanded market opportunities from the Tripeur acquisition. None of the goodwill is deductible for U.S. federal income tax purposes. The acquired developed technology has an estimated useful life of two years. The financial results of Tripeur are included in our consolidated financial statements from the date of acquisition. Tripeur’s financial results have not been material to date. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the consolidated statements of operations. Regent International S.R.L On June 4, 2024, the Company acquired all outstanding stock of Regent International S.R.L. (“Regent”), a travel and event management company based in Rome, Italy for an aggregate purchase price of $7.9 million in cash. Of the aggregate purchase price, $6.6 million was paid at closing and the remaining $1.3 million was deferred. No deferred payments remain outstanding as of January 31, 2026. The transaction is expected to increase the Company’s market share as a provider of travel, corporate card and expense management solutions in Italy and has been accounted for as a business combination. Acquisition costs related to the Regent acquisition were approximately $0.3 million and were expensed as incurred. The purchase price was allocated to the following assets and liabilities: $11.8 million to current assets, $4.0 million to goodwill, $0.9 million to intangible assets for customer relationships, $0.4 million to other assets, $8.6 million to current liabilities, and $0.6 million to other liabilities. Goodwill was primarily attributed to the assembled workforce and expanded market opportunities from the Regent acquisition. Of the goodwill from the Regent acquisition, $2.9 million is deductible for U.S. federal income tax purposes. The acquired customer relationships have an estimated useful life of eight years. The financial results of Regent are included in our consolidated financial statements from the date of acquisition. The financial results and pro forma results of Regent from the date of acquisition are not material and are not separately presented.

- Definition

The entire disclosure for business combination.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents, and Investments

The following is a summary of the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):


	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimate Fair Value
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	40,758		—		—		40,758
Total cash equivalents	170,651		—		—		170,651
Short-term investments:
U.S. government and agency securities	103,458		38		—		103,496
Commercial paper	24,087		—		—		24,087
Corporate bonds	29,387		26		(2)		29,411
Total short-term investments	156,932		64		(2)		156,994
Total cash equivalents and investments	$	327,583	$	64	$	(2)	$	327,645

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	As of January 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	—		40,758		—		40,758
Short-term investments:
U.S. government and agency securities	—		103,496		—		103,496
Commercial paper	—		24,087		—		24,087
Corporate bonds	—		29,411		—		29,411
Total financial assets	$	129,893	$	197,752	$	—	$	327,645


	As of January 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Liabilities
Redeemable convertible preferred stock warrant liability	$	—	$	—	$	427	$	427
Embedded derivative liability	—		—		59,820		59,820
Total financial liabilities	$	—	$	—	$	60,247	$	60,247

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability as of immediately prior to conversion to equity upon the closing of the IPO on October 31, 2025, and as of January 31, 2025:


	As of
	October 31, 2025		January 31, 2025
Volatility	50.0	%	55.0	%
Risk-free interest rate	3.7	%	4.1	%
Expected term (in years)	2.9		3.9
Dividend yield	—	%	—	%

The significant unobservable inputs used in measuring the fair value of the embedded derivative liability include the following:


	As of
	January 31, 2025
Time to expiration (in years)	0.70 - 1.70
Time from conversion to maturity (in years)	0.65 - 1.65
Discount factor	9.0	%
Volatility	57.8% - 72.6%
Risk free rate	4.1% - 4.2%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in value of the redeemable convertible preferred stock warrant liability is summarized below (in thousands):


Balance as of January 31, 2024	$	297
Change in fair value	130
Balance as of January 31, 2025	427
Change in fair value	510
Reclassification to equity	(937)
Balance as of January 31, 2026	$	—

The change in value of the embedded derivative liability is summarized below (in thousands):


Balance as of January 31, 2024	$	72,150
Change in fair value	(12,330)
Balance as of January 31, 2025	59,820
Change in fair value	(25,150)
Extinguishment	(34,670)
Balance as of January 31, 2026	$	—

The following table presents a summary of the changes in the fair value of the SAFEs and common stock warrants (in thousands):


	SAFEs		Common stock warrants
Balance as of January 31, 2025	$	—	$	—
Additions in the period	127,300		27,700
Change in fair value	68,975		2,706
Reclassification to equity	—		(30,406)
Conversion	(196,275)		—
Balance as of January 31, 2026	$	—	$	—

Schedule of Other Financial Instruments Not Recognized At Fair Value On Balance Sheet

The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):


	Fair Value Hierarchy	As of January 31,
		2026		2025
Convertible notes	Level 3	$	—	$	359,200
Warehouse credit facility	Level 3	$	122,464	$	210,995
ABL facility	Level 3	$	5,563	$	—

Trade loan facility	Level 3	$	—	$	45,000
2022 promissory note	Level 3	$	—	$	179,932
Other debt	Level 3	$	618	$	933

- 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

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Depreciation and Amortization Expense (Details)	Jan. 31, 2026
Internal-use software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computers and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computers and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Fixtures and fittings \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Fixtures and fittings \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The carrying amounts of Liquid Labs’ assets and liabilities included in our consolidated balance sheets are summarized below (in thousands):


	As of January 31,
	2026		2025
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	7,142	$	57,535
Corporate card receivables(1)	$	199,249	$	158,124
Prepaid expenses and other current assets	$	1,281	$	1,001
Other non-current assets	$	1,388	$	83
Accrued expenses and other current liabilities	$	8,560	$	1,552
Warehouse Credit Facility	$	118,174	$	214,238

________________

(1)Corporate card receivables as of January 31, 2026 and 2025 represent pledged customer receivables from Navan, Inc. to Liquid Labs.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

NET LOSS PER SHARE (Tables)

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Year Ended January 31,
	2026		2025		2024
Net loss	$	(398,030)	$	(181,078)	$	(331,552)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	97,795,703		45,271,666		44,583,919
Net loss per share attributable to common stockholders, basic and diluted	$	(4.07)	$	(4.00)	$	(7.44)

Schedule of Computation of Diluted net Loss Per Share

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to

common stockholders for the periods presented because including them would have been antidilutive are as follows:


	As of January 31,
	2026	2025	2024
Redeemable convertible preferred shares	—	146,360,207	146,360,207
Stock options issued and outstanding	39,283,485	40,971,097	41,769,970
RSUs issued and outstanding	9,311,201	4,653,847	948,938
ESPP	819,987	—	—
Warrants to purchase redeemable convertible preferred stock	—	40,160	40,160
Shares of common stock subject to repurchase	5,284	49,761	133,332
Convertible notes	—	12,946,170	13,980,833
Total antidilutive securities	49,419,957	205,021,242	203,233,440

STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Schedule of Temporary Equity

The following tables summarize the Company’s outstanding redeemable convertible preferred stock (collectively, the “Preferred Stock”, as of January 31, 2025 and prior to the completion of the Company’s IPO, (in thousands, except price per share amounts and share data):


	As of January 31, 2025
	Shares Authorized	Shares Issued and Outstanding	Original Issuance Price Per Share		Liquidation Amount		Carrying Value
Series Seed	16,934,856	16,934,839	$	0.25	$	4,181	$	4,729
Series A	20,382,688	20,382,673	$	0.50	10,125		10,288
Series A-1	21,353,147	21,353,143	$	0.59	12,500		12,670
Series B	27,505,170	27,465,006	$	1.87	51,225		51,153
Series C	21,158,278	19,770,427	$	7.21	142,454		142,398
Series C-1	1,387,848	1,387,848	$	7.21	10,000		9,996
Series D	12,592,724	12,592,720	$	22.23	279,917		279,676
Series E	13,859,852	13,859,845	$	26.12	362,000		361,700
Series F	8,501,429	8,501,424	$	32.35	275,000		274,827
Series G	8,010,956	2,670,319	$	37.45	100,000		99,794
Series G-1	5,340,637	1,441,963	$	37.45	54,000		53,890
	157,027,585	146,360,207			$	1,301,402	$	1,301,121

Schedule of Capital Units

Common stock reserved for issuance as of January 31, 2026 and 2025 are summarized as follows:


	As of January 31,
	2026	2025
Redeemable convertible preferred stock	—	146,360,207
Stock options issued and outstanding	39,283,485	40,971,097
RSUs issued and outstanding	9,311,201	4,653,847
Shares of common stock available for future grants	37,811,841	5,486,445
Redeemable convertible preferred stock warrants	—	40,160
Total common stock reserved for issuance	86,406,527	197,511,756

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

EQUITY INCENTIVE PLANS (Tables)

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of the stock options granted was estimated using the following assumptions in the Black-Scholes option pricing model:


	Year Ended January 31,
	2026		2025		2024
Expected volatility	56.40% - 58.49%		56.09% - 60.19%		59.13% - 61.13%
Risk-free interest rate	3.79% - 4.07%		3.86% - 4.60%		3.49% - 4.71%
Expected term (in years)	5.23 - 6.08		5.41 - 6.06		5.23 - 6.38
Expected dividend yield	—	%	—	%	—	%

The fair value of the shares to be granted during the initial offering period under the 2025 ESPP was estimated on the date of grant using the following assumptions in the Black-Scholes option pricing model:


			Year Ended January 31,
			2026
Expected volatility			46.52% - 50.93%
Risk-free interest rate			3.66% - 3.79%
Expected term (in years)			0.59 - 1.10
Expected dividend yield			—%

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the year ended January 31, 2026 (in thousands, except price per share, share and years data):


	Number of Stock Options Outstanding	Weighted-Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value




Balance as of January 31, 2025	40,971,097	$	12.80	7.0	$	402,471
Granted	3,571,419	$	23.35
Exercised	(3,002,251)	$	7.97		$	49,674
Cancelled/forfeited/expired	(2,256,780)	$	16.49
Balance as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Vested and expected to vest as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Exercisable as of January 31, 2026	30,895,271	$	12.49	5.1	$	55,743

Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the activity related to RSUs with performance-based conditions for the year ended January 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value








Unvested Balance as of January 31, 2025	4,551,847	$	20.14
Granted	4,549,447	$	24.09
Forfeited	(829,762)	$	21.46
Vested	(2,049,351)	$	19.48
Unvested and outstanding as of January 31, 2026	6,222,181	$	23.07

The following table summarizes the activity related to RSUs with service-only conditions for the year ended January 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value
Unvested balance as of January 31, 2025	102,000	$	22.38
Granted	3,092,204	$	20.54
Forfeited	(73,309)	$	21.89
Vested	(31,875)	$	22.38
Unvested and outstanding as of January 31, 2026	3,089,020	$	20.55

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Stock-based compensation is included in the following components of expenses within the consolidated statements of operations (in thousands):


	Year Ended January 31,
	2026		2025		2024
Cost of revenue	$	9,980	$	4,577	$	4,751
Research and development	49,142		30,408		27,039
Sales and marketing	46,080		17,077		15,872
General and administrative	76,887		24,919		28,189
Total stock-based compensation expense, net of amounts capitalized	$	182,089	$	76,981	$	75,851
Capitalized stock-based compensation	4,933		2,319		1,130
Total stock-based compensation cost	$	187,022	$	79,300	$	76,981

DEBT - SAFE Warrants (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - SAFE Warrants (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Debt Instrument [Line Items]
Proceeds from issuance of SAFEs	$ 155,000	$ 0	$ 0
SAFE Warrants
Debt Instrument [Line Items]
Proceeds from issuance of SAFEs	$ 155,000
Issuance of warrant, interest rate	12.00%
Debt issuance costs	$ 2,900
Number of shares called by warrants (in shares)	1,216,187
SAFE Warrants \| Class A common stock
Debt Instrument [Line Items]
Number of shares called by warrants (in shares)	7,851,008
Warrants converted to common shares, discount price	15.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

REVENUE

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Year Ended January 31,
	2026		2025		2024
Usage-based revenue	$	640,396	$	490,356	$	371,728
Subscription revenue	61,869		46,481		30,528
Total revenue	$	702,265	$	536,837	$	402,256

Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform.

The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):


	Year Ended January 31,
	2026				2025				2024
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	435,828	62	%	$	315,807	59	%	$	217,427	54	%
United Kingdom	145,936		21	%	129,412		24	%	115,234		29	%
Rest of World(1)	120,501		17	%	91,618		17	%	69,595		17	%
Total revenue	$	702,265	100	%	$	536,837	100	%	$	402,256	100	%

________________

(1)No individual country within Rest of World comprises more than 10% of total revenue.

Unbilled Receivables

We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $72.3 million and $51.9 million, respectively, as of January 31, 2026 and 2025. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying consolidated balance sheets.

Contract Liabilities

Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments. The current portion of deferred revenue represents the amounts that are expected to be recognized within one year of the balance sheet date. The non-current portion of deferred revenue represents amounts that are expected to be recognized more than one year from the balance sheet date. During the years ended

January 31, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $31.4 million and $27.7 million.

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. We do not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which variable consideration is allocated to an unsatisfied performance obligation. Our remaining performance obligations related to multi-year subscription contracts were $62.7 million as of January 31, 2026 of which we expect to recognize approximately 54% as revenue over the next 12 months, 32% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):


	Year Ended January 31,
	2026		2025		2024
Balance at beginning of period	$	5,135	$	4,270	2,270
Provision for expected credit losses	5,888		3,764		4,488
Amounts written off, recoveries and other adjustments	(4,561)		(2,899)		(2,488)
Balance at end of period	$	6,462	$	5,135	4,270

Corporate Card Receivables and Allowance for Expected Credit Losses

The following table summarizes the corporate card receivables allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):


	Year Ended January 31,
	2026		2025		2024
Balance at beginning of period	$	380	$	566	$	595
Provision for expected credit losses	3,196		2,296		3,332
Amounts written off, recoveries and other adjustments	(1,077)		(2,482)		(3,361)
Balance at end of period	$	2,499	$	380	$	566

Contract Acquisition Costs

During the years ended January 31, 2026 and 2025, we capitalized $24.0 million, and $23.7 million, respectively, of contract acquisition costs and recognized related amortization expense of $6.3 million and $5.6 million, respectively. During the year ended January 31, 2024, no contract acquisition costs were capitalized and we recognized amortization expense of $7.0 million. Amortization expense is included in sales and marketing expense in the consolidated statements of operations.

- 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.

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+ Details

LEASES (Tables)

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

The components of lease cost were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Operating lease costs	$	17,994	$	15,047	$	15,393
Short-term lease costs	2,006		3,234		6,467
Variable lease costs	2,020		2,139		1,853
Total lease costs	$	22,020	$	20,420	$	23,713

Supplemental disclosure information related to leases was as follows:


	As of January 31,
	2026		2025
Weighted-average remaining lease term for operating leases	4.5 years		5.4 years
Weighted-average discount rate	10.8	%	11.1	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of January 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
2027	$	16,467
2028	15,048
2029	9,934
2030	7,831
2031	7,306
Thereafter	6,076
Total lease payments	62,662
Less: imputed interest	(13,102)
Present value of lease liabilities	$	49,560

Schedule of Supplemental and Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,121	$	12,864	$	15,518
Operating lease right-of-use assets obtained in exchange for lease obligations	$	5,560	$	9,773	$	22,507
Increase (decrease) of lease liabilities due to lease modifications	$	812	$	2,240	$	(2,745)
Increase (decrease) of right-of-use assets due to lease modifications	$	812	$	3,032	$	(2,745)
Termination of operating lease liabilities	$	168	$	909	$	321
Termination of operating lease right-of-use assets	$	164	$	806	$	284

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)

3 Months Ended

12 Months Ended

Oct. 31, 2025

USD ($)

Oct. 30, 2025

Sep. 18, 2025

Jan. 31, 2025

USD ($)

Jan. 31, 2026

USD ($)

segment

$ / shares

Jan. 31, 2025

USD ($)

Jan. 31, 2024

USD ($)

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

2,070,000,000

197,511,756

86,406,527

197,511,756

Preferred stock, capital shares reserved for future issuance (in shares)

20,000,000

Stock issued during period, shares, conversion of convertible securities (in shares)

146,599,125

Share-based payment arrangement, accelerated cost | $

$ 81,800,000

$ 101,800,000

Capitalized stock-based compensation | $

$ 900,000

4,933,000

$ 2,319,000

$ 1,130,000

Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)

709,106

Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)

934,353

Payment of tax withholdings on settlement of RSUs | $

17,728,000

Reverse stock splits (in shares)

Deferred offering costs | $

$ 0

9,300,000

Advertising expense | $

$ 35,000,000.0

$ 22,300,000

$ 12,400,000

Requisite service period (in years)

4 years

RSU service period (in years)

4 years

Number of operating segments | segment

Number of reportable segments | segment

Stockholders' equity note, stock split, conversion ratio

0.333

Stock options issued and outstanding

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

40,971,097

39,283,485

40,971,097

Award expiration period (in years)

10 years

Employee Stock

Class of Stock [Line Items]

Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)

Award expiration period (in years)

12 months

Purchase periods | segment

Purchase period

6 months

Discount from market price, purchase date

15.00%

One Payment Partner | Revenue Benchmark | Customer Concentration Risk

Class of Stock [Line Items]

Concentration risk, percentage

11.00%

12.00%

One Platform Customer | Accounts Receivable | Customer Concentration Risk

Class of Stock [Line Items]

Concentration risk, percentage

12.00%

Common Stock

Class of Stock [Line Items]

Stock issued during period, shares, conversion of convertible securities (in shares)

^[1]

1,742,352

Class A common stock

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

2,000,000,000

Stock issued during period, shares, conversion of convertible securities (in shares)

146,599,125

Class A common stock | Common Stock

Class of Stock [Line Items]

Conversion of Class A to Class B common stock (in shares)

15,304,696

Common Class A and B

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

2,050,000,000

Class B common stock

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

50,000,000

IPO

Class of Stock [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

30,000,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 25.00

Sale of stock, consideration received on transaction | $

$ 713,300,000

IPO | Class A common stock

Class of Stock [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

6,924,406

Sale of stock, price per share (in dollars per share) | $ / shares

$ 25.00

Over-Allotment Option

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

5,538,660

[1]

The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 1 for more information.

REVENUE - Revenue by Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 702,265	$ 536,837	$ 402,256
Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 435,828	$ 315,807	$ 217,427
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	62.00%	59.00%	54.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	$ 145,936	$ 129,412	$ 115,234
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	21.00%	24.00%	29.00%
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	$ 120,501	$ 91,618	$ 69,595
Rest of World \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	17.00%	17.00%	17.00%

- Definition

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

+ References + Details

- Definition

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

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- 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.

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+ Details

REVENUE (Tables)

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Year Ended January 31,
	2026		2025		2024
Usage-based revenue	$	640,396	$	490,356	$	371,728
Subscription revenue	61,869		46,481		30,528
Total revenue	$	702,265	$	536,837	$	402,256

Revenue from External Customers by Geographic Areas

The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):


	Year Ended January 31,
	2026				2025				2024
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	435,828	62	%	$	315,807	59	%	$	217,427	54	%
United Kingdom	145,936		21	%	129,412		24	%	115,234		29	%
Rest of World(1)	120,501		17	%	91,618		17	%	69,595		17	%
Total revenue	$	702,265	100	%	$	536,837	100	%	$	402,256	100	%

________________

(1)No individual country within Rest of World comprises more than 10% of total revenue.

Accounts Receivable, Allowance for Credit Loss

The following table summarizes the allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):


	Year Ended January 31,
	2026		2025		2024
Balance at beginning of period	$	5,135	$	4,270	2,270
Provision for expected credit losses	5,888		3,764		4,488
Amounts written off, recoveries and other adjustments	(4,561)		(2,899)		(2,488)
Balance at end of period	$	6,462	$	5,135	4,270

Contract with Customer, Asset, Allowance for Credit Loss

The following table summarizes the corporate card receivables allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):


	Year Ended January 31,
	2026		2025		2024
Balance at beginning of period	$	380	$	566	$	595
Provision for expected credit losses	3,196		2,296		3,332
Amounts written off, recoveries and other adjustments	(1,077)		(2,482)		(3,361)
Balance at end of period	$	2,499	$	380	$	566

EQUITY INCENTIVE PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 182,089	$ 76,981	$ 75,851
Capitalized stock-based compensation	$ 900	4,933	2,319	1,130
Total stock-based compensation cost		187,022	79,300	76,981
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		9,980	4,577	4,751
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		49,142	30,408	27,039
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		46,080	17,077	15,872
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 76,887	$ 24,919	$ 28,189

- Definition

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

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+ Details

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Leases [Abstract]
Operating lease costs	$ 17,994	$ 15,047	$ 15,393
Short-term lease costs	2,006	3,234	6,467
Variable lease costs	2,020	2,139	1,853
Total lease costs	$ 22,020	$ 20,420	$ 23,713

LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Leases [Abstract]
2027	$ 16,467
2028	15,048
2029	9,934
2030	7,831
2031	7,306
Thereafter	6,076
Total lease payments	62,662
Less: imputed interest	(13,102)
Present value of lease liabilities	$ 49,560

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ariel Cohen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On January 6, 2026, Ariel Cohen, our co-founder, Chief Executive Officer and chairperson of our board of directors, and certain trusts affiliated with Mr. Cohen adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that will expire on October 31, 2026. The trading plan provides for the potential sale of (i) up to 225,000 shares of our class A common stock and (ii) up to 433,098 additional shares of our class A common stock issuable upon vesting and settlement of RSUs, excluding any shares withheld by us or sold to satisfy tax withholding obligations arising from the vesting of such RSU awards.
Name	Ariel Cohen
Title	co-founder, Chief Executive Officer and chairperson of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 6, 2026
Expiration Date	October 31, 2026
Arrangement Duration	298 days
Ilan Twig [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On January 6, 2026, Ilan Twig, our co-founder, Chief Technology Officer, and member of our board of directors, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that will expire on September 30, 2026. The trading plan provides for the potential sale of up to 220,211 shares of our class A common stock issuable upon vesting and settlement of RSUs, excluding any shares withheld by us or sold to satisfy tax withholding obligations arising from the vesting of RSU awards.
Name	Ilan Twig
Title	co-founder, Chief Technology Officer, and member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 6, 2026
Expiration Date	September 30, 2026
Arrangement Duration	267 days
Aggregate Available	220,211
Michael Sindicich [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On January 5, 2026, Michael Sindicich, our President, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that will expire on December 31, 2026. The trading plan provides for the potential sale of (i) up to 33,510 shares of our class A common stock (ii) up to 46,743 additional shares of our class A common stock issuable upon vesting and settlement of RSUs, excluding any shares withheld by us or sold to satisfy tax withholding obligations arising from the vesting of such RSU awards, and (iii) up to 81,272 shares of our common class A common stock subject to stock options previously awarded to Mr. Sindicich and exercisable on or prior to December 31, 2026.
Name	Michael Sindicich
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 5, 2026
Expiration Date	December 31, 2026
Arrangement Duration	360 days
Mr. Cohen Rule Trading Arrangement, Class A Common Stock [Member] \| Ariel Cohen [Member]
Trading Arrangements, by Individual
Aggregate Available	225,000
Mr. Cohen Rule Trading Arrangement, Class A Common Stock Vesting And RSUs [Member] \| Ariel Cohen [Member]
Trading Arrangements, by Individual
Aggregate Available	433,098
Michael Sindicich Rule Trading Arrangement, Class A Common Stock [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	33,510
Michael Sindicich Rule Trading Arrangement, Class A Common Stock Vesting And RSUs [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	46,743
Michael Sindicich Rule Trading Arrangement, Stock Options [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	81,272

INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income (loss) from continuing operations before income taxes:
United States	$ (389,326)	$ (206,209)	$ (345,485)
Foreign	(6,596)	34,701	19,361
Loss before income tax expense	$ (395,922)	$ (171,508)	$ (326,124)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

The table below presents the summarized purchase obligations as of January 31, 2026 (in thousands):


	Payments Due By Period as of January 31, 2026
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Purchase obligations	$	39,575	$	18,922	$	20,653	$	—	$	—

Schedule Of Scheme Liability Balances

The NOW Scheme liability balances as of January 31, 2026 and 2025, and the changes during the year ended January 31, 2026 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	4,315
Repayments	—
Foreign currency translation impact	604
Balance as of January 31, 2026	$	4,919
Less: balance in accrued expenses and other current liabilities	(581)
Balance in other non-current liabilities	$	4,338

LEASES - Narrative (Details) $ in Millions	12 Months Ended
LEASES - Narrative (Details) $ in Millions	Jan. 31, 2024 USD ($)
Leases [Abstract]
Termination fees	$ 5.5

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Cash Equivalents, and Investments (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 327,583
Gross Unrealized Gains	64
Gross Unrealized Losses	(2)
Estimate Fair Value	327,645
Cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	170,651
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimate Fair Value	170,651
Cash equivalents: \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	129,893
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimate Fair Value	129,893
Cash equivalents: \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,758
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimate Fair Value	40,758
Short-term investments:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156,932
Gross Unrealized Gains	64
Gross Unrealized Losses	(2)
Estimate Fair Value	156,994
Short-term investments: \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,087
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimate Fair Value	24,087
Short-term investments: \| U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	103,458
Gross Unrealized Gains	38
Gross Unrealized Losses	0
Estimate Fair Value	103,496
Short-term investments: \| Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,387
Gross Unrealized Gains	26
Gross Unrealized Losses	(2)
Estimate Fair Value	$ 29,411

VARIABLE INTEREST ENTITIES

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VIEs are legal entities that lack sufficient equity to finance their activities without future subordinated financial support. We consolidate the assets and liabilities of VIEs in which we hold a variable interest and are the primary beneficiary.

Liquid Labs

In August 2022, we created Liquid Labs, a Delaware limited liability company, with the Company as the sole shareholder. Liquid Labs was established to facilitate the funding of the corporate card offering by purchasing receivables from the Company using proceeds from the Warehouse Credit Facility. Refer to Note 8 — Debt for further information on the Warehouse Credit Facility.

The Company is a limited guarantor of certain obligations of Liquid Labs related to the Warehouse Credit Facility. During the periods presented, the Company has not provided financial support to Liquid Labs. Under the Warehouse Credit Facility, Liquid Labs pledges corporate card receivables purchased from the Company as collateral.

We have determined Liquid Labs is a VIE as the equity at risk is not sufficient to finance Liquid Labs’ operations. As the sole shareholder and holder of 100% of the equity investment in the entity, we consolidate Liquid Labs as we are the primary beneficiary.

Pursuant to the contractual arrangements with Liquid Labs, the Company has the power to direct activities of the VIE and can have assets transferred freely out of the VIE without any restrictions. Therefore, we have determined that there is no asset of the consolidated VIE that can be used only to settle obligations of the VIE. The creditors of the consolidated VIE do not have recourse to the Company other than to the assets of the consolidated VIE. As a result, the material liabilities of the VIE are separately presented within the consolidated balance sheets.

The carrying amounts of Liquid Labs’ assets and liabilities included in our consolidated balance sheets are summarized below (in thousands):


	As of January 31,
	2026		2025
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	7,142	$	57,535
Corporate card receivables(1)	$	199,249	$	158,124
Prepaid expenses and other current assets	$	1,281	$	1,001
Other non-current assets	$	1,388	$	83
Accrued expenses and other current liabilities	$	8,560	$	1,552
Warehouse Credit Facility	$	118,174	$	214,238

________________

(1)Corporate card receivables as of January 31, 2026 and 2025 represent pledged customer receivables from Navan, Inc. to Liquid Labs.

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets With Finite Lives are Amortized (Details)	Jan. 31, 2026	Jan. 31, 2025
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		15 years 2 months 12 days
Domain names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years 8 months 12 days	8 years 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		3 months 18 days
Minimum \| Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum \| Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	19 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years

- 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

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and employee benefits	$ 41,636	$ 28,970
Employee contributions under employee stock purchase plan	2,515	0
Accrued expenses	34,963	27,354
Amounts due to travel supply partners	69,137	41,665
Reward liability	12,337	11,408
Customer deposits and collateral	26,357	14,319
Corporate tax payable	990	4,640
Indirect tax payable	6,404	3,489
Early exercise liability	104	976
Accrued interest	781	2,642
Other	2,029	1,335
Total accrued expenses and other current liabilities	$ 197,253	$ 136,798

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Unobservable Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Redeemable Convertible Preferred Stock Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 427	$ 297
Change in fair value	510	130
Reclassification to equity	(937)
Ending Balance	0	427
Embedded Derivative Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	59,820	72,150
Change in fair value	(25,150)	(12,330)
Reclassification to equity	(34,670)
Ending Balance	0	59,820
SAFEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Additions in the period	127,300
Change in fair value	68,975
Reclassification to equity	0
Conversion	(196,275)
Ending Balance	0	0
Common stock warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Additions in the period	27,700
Change in fair value	2,706
Reclassification to equity	(30,406)
Conversion	0
Ending Balance	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES - Schedule of Scheme Liability Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Government Grants [Roll Forward]
Government Assistance, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities
Balance as of January 31, 2025	$ 4,315
Repayments	0
Foreign currency translation impact	$ 604
Government Assistance, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
Balance as of January 31, 2026	$ 4,919
Less: balance in accrued expenses and other current liabilities	(581)
NOW Scheme contingency payable	$ 4,338	$ 3,806

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 78,458	$ 77,544
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	59,470	59,181
United Kingdom
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	9,151	10,633
All other countries
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 9,837	$ 7,730

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ / shares in Units, $ in Millions, number in Billions	Jan. 31, 2026 USD ($) shares	Oct. 30, 2025 USD ($) shares	Jan. 31, 2025 USD ($) shares	Dec. 31, 2015 $ / shares shares
Class of Warrant or Right [Line Items]
Interest receivable, current \| $	$ 0.8
Warrants, outstanding value \| $		$ 0.9
Valuation Cap Conversion Price
Class of Warrant or Right [Line Items]
Embedded derivative liability, measurement input	5
SAFE Warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	1,216,187
Series Seed
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				60,757
Exercise price (usd per share) \| $ / shares				$ 0.2469
Series A
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				30,192
Exercise price (usd per share) \| $ / shares				$ 0.4968
Series A-1
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				34,080
Exercise price (usd per share) \| $ / shares				$ 0.5853
Series B
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				40,160
Exercise price (usd per share) \| $ / shares				$ 1.8675
Outstanding warrants (in shares)		40,160	40,160
Warrants, outstanding value \| $			$ 0.4
Class A common stock
Class of Warrant or Right [Line Items]
Outstanding warrants (in shares)	0
Class A common stock \| SAFE Warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	7,851,008

DEBT

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

DEBT

The Company had the following debt outstanding (in thousands):


	As of January 31,
	2026		2025
Convertible notes	$	—	$	125,000

Warehouse credit facility	118,174		214,238
Trade loan facility	—		45,000
ABL facility	6,000		—
Notes payable:
2022 promissory note	—		150,000

Other debt	621		968
Total notes payable	621		150,968
Total principal amount of debt and borrowings	124,795		535,206
Less: unamortized debt discount and issuance costs	—		(11,324)
Plus: accrued interest	—		94,056
Net carrying value of debt and borrowings	$	124,795	$	617,938

Warehouse Credit Facility

In November 2022, Liquid Labs SPV, LLC (“Liquid Labs”), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (“Warehouse Credit Facility”). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The original terms also included a minimum utilization of 50% of the committed amount. Any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. The Warehouse Credit Facility was established to finance the Company’s corporate payments offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the loan agreement. Borrowings under the Warehouse Credit Facility are secured by the corporate card receivables.

The Warehouse Credit Facility has been amended multiple times over the term. During the year ended January 31, 2026, we executed amendments to extend the term of the Warehouse Credit Facility through February 18, 2028, and to reduce the minimum utilization to 40% of the committed amount. As of January 31, 2026, the borrowing capacity under the Warehouse Credit Facility is $250.0 million.

The Warehouse Credit Facility contains mandatory and optional redemption features upon an event of default and other potential additional interest provisions that are bifurcated and treated as embedded derivative liabilities under the accounting guidance ASC 815, Derivatives and Hedging. At inception of the Warehouse Credit Facility, and as of January 31, 2026, the fair value of the embedded derivative liabilities was determined to be immaterial.

We incurred upfront commitment fees of $2.0 million for the Warehouse Credit Facility when the agreement was executed, an incremental $1.4 million upon the execution of various amendments in the year ended January 31, 2025, and an incremental $2.8 million upon the extension of the Warehouse Credit Facility during the year ended January 31, 2026. These upfront commitment fees were recorded as a deferred cost asset on the balance sheet and are amortized on a straight-line basis as incremental interest expense.

During the years ended January 31, 2026 and 2025, we drew down an aggregate of $35.0 million, and $37.8 million, respectively and we repaid $131.1 million and $30.0 million, respectively, on the Warehouse Credit Facility.

During the years ended January 31, 2026, 2025 and 2024, we recognized $15.6 million, $22.9 million, and $15.0 million, respectively, of interest expense, comprised of $14.3 million, $21.4 million, and $14.0 million, respectively, of interest paid and payable, and $1.3 million, $1.5 million, and $1.0 million respectively, for the amortization of debt issuance costs.

As of January 31, 2026 and 2025, we remain in compliance with the covenants of the loan agreement.

ABL Facility

In March 2025, the Company executed an asset-based lending revolving line of credit (the “ABL Facility”) with Citibank, N.A. (“Citibank”), as agent for the lenders, which matures in March 2028. The ABL Facility has a borrowing limit of $100.0 million and incurs interest at SOFR plus 2.5%. Any unused portion of the ABL Facility will bear interest at 0.25% per annum. The available borrowings are based on eligible U.S. and UK travel receivables. Repayment is required if borrowings exceed stated limits. We may voluntarily prepay outstanding borrowings at any time without premium or penalty, other than customary breakage costs. We incurred fees of $1.6 million associated with entering into the ABL Facility, which are capitalized and amortized over the term.

As of January 31, 2026, the Company had a total outstanding balance of $6.0 million on the ABL Facility. The ABL Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends, and other distributions. As of January 31, 2026, we were in compliance with all covenants.

During the year ended January 31, 2026, we recognized $2.9 million of interest expense, comprised of $2.4 million of interest paid and payable, and $0.5 million for the amortization of debt issuance costs.

Contractual principal payments

Future payments of principal associated with other notes payable are as follows (in thousands):


Fiscal Year	Amount
2027	204
2028	344
2029	73
2030	—
2031	—
Thereafter	—
Total debt outstanding	$	621


Less: Notes payable, current	(584)
Notes payable, non-current	$	37

Convertible Notes

In June 2020, we issued convertible notes of $125.0 million in aggregate principal amount, net of $2.9 million in debt issuance costs, with an initial maturity of June 2025. During the year ended January 31, 2025, the holders exercised their option to extend the term of the convertible notes by two years from June 2025 to June 2027. Prior to conversion, interest accrued on the principal amount at an initial rate of 7.5% per annum and was added to the principal as payment in kind (“PIK”) interest and compounded semi-annually. Beginning in June 2022, the stated interest rate escalated 1.0% biannually to 12.5% per

annum through maturity. The interest rate remained unchanged through the extended term. The convertible notes contained certain affirmative or negative covenants applicable to the Company, including, among other things, restrictions on repurchases of stock, dividends and other distributions.

The convertible notes also contained embedded features, including conversion options that were exercisable upon the occurrence of various contingencies. The conversion options involved a discount to the conversion price ranging from 20% to 35% that increased with the passage of time. The share-settled redemption features of the convertible notes represented embedded derivatives requiring bifurcation. We recorded the initial fair value of the embedded derivative liability of $43.1 million as a discount on the convertible notes’ face amount. Refer to Note 3 — Investments and Fair Value Measurements for additional detail regarding the embedded derivative liability. The debt discount was amortized to interest expense at an effective interest rate of 13.5% through the extended maturity date. If no conversion or settlement event was triggered prior to the notes’ maturity, the convertible notes would have been redeemed at a 12.5% internal rate of return (“IRR”). The 12.5% IRR payout at maturity was incorporated into the effective interest rate calculation.

As of January 31, 2025, the convertible notes were presented within convertible notes on the consolidated balance sheets at their original issuance value plus PIK interest, net of the unamortized debt discount and issuance costs, and were not marked to fair value at each reporting period.

In connection with the IPO, the convertible notes automatically converted into 12,827,963 shares of Class A common stock at a 35% discount to the IPO price. The Company recognized an $84.1 million loss on the debt extinguishment. The loss on extinguishment of debt was recognized within the consolidated statements of operations during the year ended January 31, 2026.

Interest expense related to the convertible notes was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Amortization of debt discount	$	1,327	$	6,124	$	9,267
Amortization of debt issuance costs	89		409		618
PIK interest	18,107		21,174		16,155
Total non-cash interest expense	$	19,523	$	27,707	$	26,040

SAFEs

During the year ended January 31, 2026, we entered into SAFEs with multiple investors in exchange for cash proceeds of $155.0 million, with an interest rate of 12% per annum. We issued common stock warrants to investors together with the SAFEs. Refer to Note 3 — Investments and Fair Value Measurements for further information regarding the common stock warrants.

We incurred debt issuance costs of $2.9 million in connection with the issuance of the SAFEs and common stock warrants, which were expensed when incurred and are presented within other income (expense), net in the accompanying consolidated statements of operations.

In connection with the IPO, the SAFEs automatically converted into 7,851,008 shares of our Class A common stock at a 15% discount to the IPO price.

Vista Facility

In February 2025, we entered into a credit agreement with VCP Capital Markets, LLC, under which we issued term loans to lenders in exchange for proceeds of $130.0 million, with a maturity date of February 24, 2030 (the “Vista Facility”). In connection with the Vista Facility, we issued warrants covering 486,588 shares of common stock. The principal amount accrued cash interest at a floating rate based on

SOFR plus 5%, and PIK interest of 1.5%. Interest was payable every three months in arrears, and PIK interest was added to the principal balance and compounded every three months.

Upon closing of the Vista Facility, the common stock warrants had a fair value of $11.0 million which was recorded as a debt discount. We incurred $3.6 million of debt issuance costs, which were recorded as a reduction to the debt liability. The debt discount and debt issuance costs were amortized to interest expense at an effective interest rate of 12.8% over the term of the loan. The common stock warrants were recorded within the consolidated balance sheets as additional paid-in capital.

In connection with the IPO, we paid $133.7 million to settle the Vista Facility and recognized a $13.3 million loss on the debt extinguishment. We did not incur a prepayment penalty under the terms of the facility because we prepaid the Vista Facility in connection with a qualified IPO. The loss on extinguishment of debt was recognized within the consolidated statements of operations during the year ended January 31, 2026. We were in compliance with all affirmative or negative covenants as of the settlement date. The common stock warrants issued in connection with the Vista Facility were net exercised for 486,005 shares of Class A common stock in connection with the IPO.

Interest expense related to the Vista Facility was as follows (in thousands):


	Year Ended January 31,
	2026
Amortization of debt discount	$	1,108
Amortization of debt issuance costs	366
PIK interest	1,355
Cash interest	8,395
Total interest expense	$	11,224

Trade Loan Facility

In June 2024, the Company entered into a loan agreement with Citibank for an uncommitted revolving line of credit facility (“Trade Loan Facility”), which was subsequently amended in July 2024 with changes to certain legal requirements. The loan agreement provided for a credit facility of up to $45.0 million. Borrowings under the facility required repayment subject to the terms of each borrowing request, subject to a maximum term of 90 days. Borrowings on the Trade Loan Facility incurred interest on a floating rate based on SOFR plus 2%. Borrowings under the Trade Loan Facility were secured by the Company’s billed accounts receivables. During the year ended January 31, 2026, we paid $45.3 million to settle the Trade Loan Facility, comprised of $45.0 million for the outstanding balance and $0.3 million for interest. No balances remain outstanding as of January 31, 2026.

2022 Promissory Note

In September 2022, the Company issued a promissory note (the “2022 Promissory Note”) to a lender for $150.0 million with a maturity date of September 26, 2025. In conjunction with the 2022 Promissory Note, we issued 599,280 common stock warrants. Interest accrued on the principal amount at 11.5% per annum and was comprised of cash interest of 4% and PIK interest of 7.5%. Interest was payable quarterly in arrears and PIK interest was added to the principal balance and compounded on a quarterly basis. We had the option to prepay the 2022 Promissory Note at any time for a prepayment amount equal to the greater of: (a) 1.3 times the original promissory note amount of $150.0 million, plus any unpaid interest and expenses then accrued and unpaid as of such date, and (b) the aggregate principal amount as of such date, plus any unpaid interest and expenses then accrued and unpaid as of such date.

At issuance of the 2022 Promissory Note, the fair value of the common stock warrants was $11.8 million and was recorded as a debt discount. Debt issuance costs were approximately $0.1 million, consisting of advisor fees, legal fees, and other related expenses. Both amounts were recorded as a reduction of the carrying amount of the debt liability. The debt discount and debt issuance costs were

amortized to interest expense at an effective interest rate of 14.5% over the term of the loan. The common stock warrants were subsequently exercised during the year ended January 31, 2023.

In February 2025, we paid $198.1 million to settle the 2022 Promissory Note and recognized a $20.5 million loss on the debt extinguishment. The loss on extinguishment of debt is recognized within the consolidated statements of operations. We were in compliance with all affirmative or negative covenants as of the settlement date.

Interest expense related to the 2022 Promissory Note was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Amortization of debt discount	$	298	$	4,147	$	3,295
Amortization of debt issuance costs	3		35		28
PIK interest	839		12,831		11,910
Cash interest	448		6,843		6,335
Total interest expense	$	1,588	$	23,856	$	21,568

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: 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 22: 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 23: 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

STOCKHOLDERS’ EQUITY (DEFICIT) - Narrative (Details)	Oct. 31, 2025 shares	Oct. 30, 2025 shares	Jan. 31, 2026 vote $ / shares shares	Jan. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)	146,599,125
Preferred stock, capital shares reserved for future issuance (in shares)			20,000,000
Preferred stock, par or stated value per share (in dollars per share) \| $ / shares			$ 0.00000625	$ 0.00000625
Shares Issued (in shares)			0	146,360,207
Common stock, capital shares reserved for future issuance (in shares)		2,070,000,000	86,406,527	197,511,756
Class A common stock
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)		146,599,125
Common stock, capital shares reserved for future issuance (in shares)			2,000,000,000
Common stock, number of votes \| vote			1
Common Class A and B
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			2,050,000,000
Class B common stock
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			50,000,000
Common stock, number of votes \| vote			30

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jan. 31, 2026	Mar. 30, 2026
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2026
Current Fiscal Year End Date	--01-31
Document Transition Report	false
Entity File Number	001-42922
Registrant Name	NAVAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3424780
Entity Address, Address Line One	3045 Park Boulevard
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94306
City Area Code	888
Local Phone Number	505-8747
Title of 12(b) Security	Class A Common Stock, par value $0.00000625 per share
Trading Symbol	NAVN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float		$ 1.4
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the registrant’s 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended January 31, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Central Index Key	0001639723
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		235,456,318
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,304,696

COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Obligation (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Payments Due By Period as of January 31, 2026
Total	$ 39,575
Less than 1 Year	18,922
1 - 3 Years	20,653
3 - 5 Years	0
More than 5 Years	$ 0

REVENUE - Corporate Card Receivables Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 380	$ 566	$ 595
Provision for expected credit losses	3,196	2,296	3,332
Amounts written off, recoveries and other adjustments	(1,077)	(2,482)	(3,361)
Balance at end of period	$ 2,499	$ 380	$ 566

STOCKHOLDERS’ EQUITY (DEFICIT)

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY (DEFICIT)

Redeemable Convertible Preferred Stock

Immediately prior to the completion of the Company’s IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock were automatically converted into 146,599,125 shares of voting common stock and, in connection with the IPO, all shares of voting common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of Class A common stock.

In connection with the Company’s IPO, the restated certificate became effective, which authorized the issuance of 20,000,000 shares of preferred stock with a par value of $0.00000625 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors.


	As of January 31, 2025
	Shares Authorized	Shares Issued and Outstanding	Original Issuance Price Per Share		Liquidation Amount		Carrying Value
Series Seed	16,934,856	16,934,839	$	0.25	$	4,181	$	4,729
Series A	20,382,688	20,382,673	$	0.50	10,125		10,288
Series A-1	21,353,147	21,353,143	$	0.59	12,500		12,670
Series B	27,505,170	27,465,006	$	1.87	51,225		51,153
Series C	21,158,278	19,770,427	$	7.21	142,454		142,398
Series C-1	1,387,848	1,387,848	$	7.21	10,000		9,996
Series D	12,592,724	12,592,720	$	22.23	279,917		279,676
Series E	13,859,852	13,859,845	$	26.12	362,000		361,700
Series F	8,501,429	8,501,424	$	32.35	275,000		274,827
Series G	8,010,956	2,670,319	$	37.45	100,000		99,794
Series G-1	5,340,637	1,441,963	$	37.45	54,000		53,890
	157,027,585	146,360,207			$	1,301,402	$	1,301,121

As of January 31, 2026, there were no shares of redeemable convertible preferred stock issued and outstanding.

Common Stock

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 30 votes per share and is convertible into one share of Class A common stock.

The holders of both Class A and Class B common stock are entitled to receive dividends pro rata, on an equal priority, pari passu basis whenever funds are legally available therefore and when, as, and if declared by the Board of Directors.

Common stock reserved for issuance as of January 31, 2026 and 2025 are summarized as follows:


	As of January 31,
	2026	2025
Redeemable convertible preferred stock	—	146,360,207
Stock options issued and outstanding	39,283,485	40,971,097
RSUs issued and outstanding	9,311,201	4,653,847
Shares of common stock available for future grants	37,811,841	5,486,445
Redeemable convertible preferred stock warrants	—	40,160
Total common stock reserved for issuance	86,406,527	197,511,756

- Definition

The entire disclosure for equity.

+ References

+ Details

DEBT - 2022 Promissory Note (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2025	Sep. 30, 2022	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024	Oct. 30, 2025
Debt Instrument [Line Items]
Warrants, outstanding value						$ 900
Loss on extinguishment of debt			$ 117,978	$ 0	$ 0
2022 promissory note \| 2022 promissory note
Debt Instrument [Line Items]
Debt issued		$ 150,000
Stock issued during period, shares, warrants issued (in shares)		599,280
Interest rate		11.50%
Prepayment multiplier		1.3
Warrants, outstanding value		$ 11,800
Debt issuance costs		$ 100
Effective interest rate after amortization to interest expense		14.50%
Payments to extinguish debt	$ 198,100
Loss on extinguishment of debt	$ 20,500
2022 promissory note \| 2022 promissory note \| Cash Interest Rate
Debt Instrument [Line Items]
Interest rate, cash portion		4.00%
2022 promissory note \| 2022 promissory note \| Paid-In-Kind Interest Rate
Debt Instrument [Line Items]
Interest rate, paid-in-kind interest, portion		7.50%

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 327,645
Redeemable convertible preferred stock warrant liability		$ 427
Embedded derivative liability	0	59,820
Total financial liabilities		60,247
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	103,496
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	24,087
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	29,411
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	129,893
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	40,758
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	129,893
Redeemable convertible preferred stock warrant liability		0
Embedded derivative liability		0
Total financial liabilities		0
Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	129,893
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	197,752
Redeemable convertible preferred stock warrant liability		0
Embedded derivative liability		0
Total financial liabilities		0
Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	103,496
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	24,087
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	29,411
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	40,758
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Redeemable convertible preferred stock warrant liability		427
Embedded derivative liability		59,820
Total financial liabilities		$ 60,247
Level 3 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0

NET LOSS PER SHARE

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are the same for both Class A and Class B common stock on both an individual and combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Year Ended January 31,
	2026		2025		2024
Net loss	$	(398,030)	$	(181,078)	$	(331,552)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	97,795,703		45,271,666		44,583,919
Net loss per share attributable to common stockholders, basic and diluted	$	(4.07)	$	(4.00)	$	(7.44)

During the years ended January 31, 2026, 2025, and 2024, the Company was in a net loss position. As a result, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been antidilutive. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to

common stockholders for the periods presented because including them would have been antidilutive are as follows:


	As of January 31,
	2026	2025	2024
Redeemable convertible preferred shares	—	146,360,207	146,360,207
Stock options issued and outstanding	39,283,485	40,971,097	41,769,970
RSUs issued and outstanding	9,311,201	4,653,847	948,938
ESPP	819,987	—	—
Warrants to purchase redeemable convertible preferred stock	—	40,160	40,160
Shares of common stock subject to repurchase	5,284	49,761	133,332
Convertible notes	—	12,946,170	13,980,833
Total antidilutive securities	49,419,957	205,021,242	203,233,440

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 583,516	$ 157,672	$ 166,421
Restricted cash, current	79,647	148,157	95,961
Restricted cash, non-current	4,911	4,766	5,000
Total cash and cash equivalents and restricted cash	$ 668,074	$ 310,595	$ 267,382	$ 330,318

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 702,265	$ 536,837	$ 402,256
Usage-based revenue
Disaggregation of Revenue [Line Items]
Total revenue	640,396	490,356	371,728
Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 61,869	$ 46,481	$ 30,528

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 91
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Temporary Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Temporary Equity [Line Items]
Shares Authorized	0	157,027,585
Shares Issued (in shares)	0	146,360,207
Shares outstanding (in shares)	0	146,360,207	146,360,207	146,360,207
Liquidation Amount	$ 1,301,402	$ 1,301,402
Carrying Value	$ 0	$ 1,301,121	$ 1,301,121	$ 1,301,121
Series Seed
Temporary Equity [Line Items]
Shares Authorized		16,934,856
Shares Issued (in shares)		16,934,839
Shares outstanding (in shares)		16,934,839
Original issuance price per share (in dollars per share)		$ 0.25
Liquidation Amount		$ 4,181
Carrying Value		$ 4,729
Series A
Temporary Equity [Line Items]
Shares Authorized		20,382,688
Shares Issued (in shares)		20,382,673
Shares outstanding (in shares)		20,382,673
Original issuance price per share (in dollars per share)		$ 0.50
Liquidation Amount		$ 10,125
Carrying Value		$ 10,288
Series A-1
Temporary Equity [Line Items]
Shares Authorized		21,353,147
Shares Issued (in shares)		21,353,143
Shares outstanding (in shares)		21,353,143
Original issuance price per share (in dollars per share)		$ 0.59
Liquidation Amount		$ 12,500
Carrying Value		$ 12,670
Series B
Temporary Equity [Line Items]
Shares Authorized		27,505,170
Shares Issued (in shares)		27,465,006
Shares outstanding (in shares)		27,465,006
Original issuance price per share (in dollars per share)		$ 1.87
Liquidation Amount		$ 51,225
Carrying Value		$ 51,153
Series C
Temporary Equity [Line Items]
Shares Authorized		21,158,278
Shares Issued (in shares)		19,770,427
Shares outstanding (in shares)		19,770,427
Original issuance price per share (in dollars per share)		$ 7.21
Liquidation Amount		$ 142,454
Carrying Value		$ 142,398
Series C-1
Temporary Equity [Line Items]
Shares Authorized		1,387,848
Shares Issued (in shares)		1,387,848
Shares outstanding (in shares)		1,387,848
Original issuance price per share (in dollars per share)		$ 7.21
Liquidation Amount		$ 10,000
Carrying Value		$ 9,996
Series D
Temporary Equity [Line Items]
Shares Authorized		12,592,724
Shares Issued (in shares)		12,592,720
Shares outstanding (in shares)		12,592,720
Original issuance price per share (in dollars per share)		$ 22.23
Liquidation Amount		$ 279,917
Carrying Value		$ 279,676
Series E
Temporary Equity [Line Items]
Shares Authorized		13,859,852
Shares Issued (in shares)		13,859,845
Shares outstanding (in shares)		13,859,845
Original issuance price per share (in dollars per share)		$ 26.12
Liquidation Amount		$ 362,000
Carrying Value		$ 361,700
Series F
Temporary Equity [Line Items]
Shares Authorized		8,501,429
Shares Issued (in shares)		8,501,424
Shares outstanding (in shares)		8,501,424
Original issuance price per share (in dollars per share)		$ 32.35
Liquidation Amount		$ 275,000
Carrying Value		$ 274,827
Series G
Temporary Equity [Line Items]
Shares Authorized		8,010,956
Shares Issued (in shares)		2,670,319
Shares outstanding (in shares)		2,670,319
Original issuance price per share (in dollars per share)		$ 37.45
Liquidation Amount		$ 100,000
Carrying Value		$ 99,794
Series G-1
Temporary Equity [Line Items]
Shares Authorized		5,340,637
Shares Issued (in shares)		1,441,963
Shares outstanding (in shares)		1,441,963
Original issuance price per share (in dollars per share)		$ 37.45
Liquidation Amount		$ 54,000
Carrying Value		$ 53,890

INCOME TAXES

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

Loss before income tax expense is as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
United States	$	(389,326)	$	(206,209)	$	(345,485)
Foreign	(6,596)		34,701		19,361
Loss before income tax expense	$	(395,922)	$	(171,508)	$	(326,124)

The components of income tax expense are as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Current:
Federal	$	—	$	(259)	$	(135)
State	259		128		36
Foreign	13,155		9,700		8,751
Total current tax expense	13,414		9,569		8,652
Deferred:
Federal	—		—		—
State	11		2		(52)
Foreign	(11,317)		(1)		(3,172)
Total deferred tax expense (benefit)	(11,306)		1		(3,224)
Total income tax expense	$	2,108	$	9,570	$	5,428

During the years ended January 31, 2026 and 2025, certain non-US earnings that could be distributed tax efficiently have not been permanently reinvested where earned. As of January 31, 2026 and 2025, the Company’s deferred tax liability for additional taxes that would be incurred upon repatriation of the earnings that are no longer permanently reinvested was not material.

The income tax expense differs from the amount computed by applying the federal statutory income tax rate to income before taxes as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Loss before income tax expense	$	(395,922)	$	(171,508)	$	(326,124)
Expected tax benefit at Federal Rate of 21%	(83,144)		(36,017)		(68,486)
State taxes	273		130		(16)
Taxes on foreign earnings	3,224		2,412		1,513
Stock-based compensation	2,833		4,943		4,811
Disallowed interest on debt	31,749		3,229		11,082
Research and development credits	(2,771)		(3,912)		(4,102)
Effects of cross-border tax laws	1,482		3,476		343
Non-deductible expenses	26,488		1,484		(147)
Change in valuation allowance	21,974		33,825		60,430
Total income tax expense	$	2,108	$	9,570	$	5,428

The components of net deferred tax assets and liabilities consisted of the following (in thousands):


	Year Ended January 31,
	2026		2025
Deferred tax assets:
Net operating loss carryforwards	$	222,333	$	211,217
Research and development credits	20,508		18,156
Reserves and accruals	45,349		23,841
Depreciation and amortization	140		611
Capitalized research and development costs	57,838		52,012
Operating lease liabilities	9,817		12,100
Stock-based compensation	36,764		41,834
Total deferred tax assets	392,749		359,771
Less: Valuation allowance	(369,044)		(336,627)
Net deferred tax assets	23,705		23,144
Deferred tax liabilities:
Operating lease right-of-use asset	(8,527)		(10,499)
Reserves and accruals	(164)		(45)
Depreciation and amortization	(4,455)		(13,164)
Stock-based compensation	(341)		(621)
Total deferred tax liabilities	(13,487)		(24,329)
Total net deferred tax assets (liabilities)	$	10,218	$	(1,185)

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, the Company believes it is more likely than not that a portion of its net deferred tax assets may not be realized in the future. Accordingly, the Company established a full valuation allowance against its U.S. federal, certain states, and certain foreign deferred tax assets. The gross change in the total valuation allowance for the years ended January 31, 2026, 2025, and 2024 was an increase of approximately $32.4 million, $39.1 million, and $69.9 million respectively.

On July 4, 2025, the U.S. government enacted the H.R.1 Reconciliation Act, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”). OBBBA includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The provisions enacted by OBBBA did not result in a material impact to our provision for income taxes for the year ended January 31, 2026.

As of January 31, 2026, the Company had approximately $841.5 million of federal, $702.2 million of state, and $19.8 million of foreign net operating loss carryforwards as reported on our tax returns available to reduce future taxable income. Of the $841.5 million federal net operating loss carryforwards, $826.4 million may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $15.1 million will begin to expire in 2036. State NOL carryforwards will begin to expire in 2027, unless utilized. The foreign net operating loss carryforwards will carryforward indefinitely. As of January 31, 2026, the Company also had federal and state research and development tax credit carryforwards as reported on our tax returns of approximately $17.0 million and $13.2 million, respectively. The federal tax credits will expire at various dates beginning in 2036, unless utilized. The state tax credits do not expire and will carry forward indefinitely until utilized.

As of January 31, 2025, the Company had approximately $805.0 million of federal, $628.6 million of state, and $20.0 million of foreign net operating loss carryforwards as reported on our tax returns available to reduce future taxable income. Of the $805.0 million federal net operating loss carryforwards, $789.9 million may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $15.1 million will begin to expire in 2036. State NOL carryforwards will begin to expire in 2027, unless utilized. The foreign net operating loss carryforwards will carryforward indefinitely. As of January 31, 2025, the Company also had federal and state research and development tax credit carryforwards as reported on our tax returns of approximately $15.5 million and $11.1 million, respectively. The federal tax credits will expire at various dates beginning in 2036, unless utilized. The state tax credits do not expire and will carry forward indefinitely until utilized.

Federal and state tax laws impose substantial restrictions on the utilization of the net operating loss and credit carryforwards in the event of an ownership change as defined in Section 382 of the Internal Revenue Code. Accordingly, the Company’s ability to utilize these carryforwards may be limited as a result of such ownership change. The Company has determined that it has experienced multiple ownership changes and, as a result, the annual utilization of its net operating loss carryforwards and other pre-change attributes will be subject to limitation. However, the Company does not expect that the annual limitations will significantly impact its ability to utilize its net operating loss or tax credit carryforwards prior to expiration. Subsequent ownership changes in respect to these tax attributes may further affect the limitation in future years.

The Company recognizes uncertain tax positions in the consolidated financial statements if that position is more likely than not of being sustained upon audit, based on the technical merits of the position. In the preparation of income tax returns in federal, foreign, and state jurisdictions, the Company asserts certain tax positions based on its understanding and interpretation of income tax laws. The taxing authorities may challenge such positions, and the resolution of such matters could result in recognition of income tax expense in the Company’s consolidated financial statements. As of January 31, 2026, 2025 and 2024, the Company had unrecognized tax benefits of $10.9 million, $9.5 million, and $8.8 million, respectively, of which $2.3 million, $1.9 million, and $2.4 million, respectively, if recognized, would favorably impact the effective tax rate.

The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Beginning balance	$	9,457	$	8,783	$	7,477
Additions based on tax position related to the current year	1,398		1,641		1,521
Additions for tax positions for the prior year	307		68		361
Decrease related to prior year tax positions	(159)		(241)		(386)
Decrease related to expiration of statute of limitations	(99)		(794)		(190)
Ending balance	$	10,904	$	9,457	$	8,783

The Company includes interest and penalties related to unrecognized tax benefits through income tax expense. As of January 31, 2026 and 2025, the amount of accrued interest and penalties related to uncertain tax positions was $0.6 million and $0.4 million.

Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company files federal, state, and foreign tax returns with varying statutes of limitations. The tax years since inception of the Company in 2015 remain open to examination due to the carryover of unused net operating losses and tax credits.

- Definition

The entire disclosure for income tax.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Equipment and Software, Net

Depreciation and amortization expense is recorded using the straight‑line method over the estimated useful lives of the assets as follows:


Property, Equipment and Software						Useful Life
Internal-use software						3 years
Computers and equipment						3 to 5 years
Fixtures and fittings						3 to 5 years
Leasehold improvements						Shorter of useful life or remaining lease term

Property, equipment and software, net consisted of the following (in thousands):


	As of January 31,
	2026		2025
Capitalized software	$	46,126	$	42,317
Computers and equipment	6,868		7,349
Fixtures and fittings	2,976		3,561
Leasehold improvements	2,691		2,779
Construction in progress(1)	6,798		2,960
Property, equipment and software, gross	65,459		58,966
Less: accumulated depreciation	(30,431)		(29,428)
Property, equipment and software, net	$	35,028	$	29,538

________________

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

Schedule of Long-Lived Assets by Geographic Areas

The following table presents long-lived assets, which includes property, equipment and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region (in thousands):


	As of January 31,
	2026		2025
United States	$	59,470	$	59,181
United Kingdom	9,151		10,633
All other countries(1)	9,837		7,730
Total long-lived assets, net	$	78,458	$	77,544

________________

(1)No individual country within All other countries comprises more than 10% of Total long-lived assets, net.

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of January 31,
	2026		2025
Prepaid expenses	$	20,879	$	16,965
Payment processor advances(1)	13,231		6,801
Tax receivable	4,267		3,196

Other current assets	16,864		8,666
Total prepaid expenses and other current assets	$	55,241	$	35,628

________________

(1)Payment processor advances represent amounts prefunded to and held by payment processors in order to fund future customer spend.

Schedule of Accounts Payable and Accrued Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of January 31,
	2026		2025
Accrued compensation and employee benefits	$	41,636	$	28,970
Employee contributions under employee stock purchase plan	2,515		—
Accrued expenses	34,963		27,354
Amounts due to travel supply partners(1)	69,137		41,665
Reward liability(2)	12,337		11,408
Customer deposits and collateral	26,357		14,319
Corporate tax payable	990		4,640
Indirect tax payable	6,404		3,489
Early exercise liability	104		976
Accrued interest	781		2,642
Other	2,029		1,335
Total accrued expenses and other current liabilities	$	197,253	$	136,798

________________

(1)This balance represents the timing difference of when the Company charges customers for certain travel booking transactions, and when the balance is remitted to travel supply partners or needs to be refunded.

(2)This balance represents both (i) Navan-funded rewards, which includes the value of earned rewards we expect to be redeemed by users prior to expiration, and (ii) customer funded rewards, which are payments made by our platform customers to fund future redemptions by their employees.

Schedule of Other Noncurrent Liabilities

Other non-current liabilities consisted of the following (in thousands):


	As of January 31,
	2026		2025
Loss contingency reserves(1)	$	8,934	$	8,120
Deferred tax liability	1,007		7,655
Taxes payable for unrecognized tax benefits	2,866		2,288
Redeemable convertible preferred stock warrant liability	—		427
NOW Scheme contingency payable(2)	4,338		3,806
Other non-current liabilities	821		653
Total other non-current liabilities	$	17,966	$	22,949

________________

(1)Loss contingency reserves consist of accruals related primarily to employment taxes.

(2)Refer to Note 13 — Commitments and Contingencies for further information on the NOW Scheme.

Schedule of Other Income (Expense), Net

The components of other income (expense), net were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Foreign currency exchange gains (losses), net	$	11,642	$	(4,697)	$	(789)
Interest income	9,237		5,618		4,519
SAFE issuance costs expensed	(2,913)		—		—
Other, net	(693)		(994)		6,363
Total other income (expense), net	$	17,273	$	(73)	$	10,093

INCOME TAXES - Narrative (Details) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) $ in Thousands	Jan. 31, 2026 USD ($)	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 32,400	$ 39,100	$ 69,900
Federal	841,500	805,000
State	702,200	628,600
Foreign	19,800	20,000
Not subject to expiration	$ 826,400	$ 789,900
Carryforwards on taxable income (in percent)	0.80	0.80
Subject to expiration	$ 15,100	$ 15,100
Unrecognized tax benefits	10,904	9,457	8,783	$ 7,477
Unrecognized tax benefits that would impact effective tax rate	2,300	1,900	$ 2,400
Penalties and interest accrued	600	400
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforward	841,500	805,000
Domestic Tax Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	17,000	15,500
State and Local Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	$ 13,200	$ 11,100

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Information

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	As of January 31,
	2026		2025
Capitalized software	$	46,126	$	42,317
Computers and equipment	6,868		7,349
Fixtures and fittings	2,976		3,561
Leasehold improvements	2,691		2,779
Construction in progress(1)	6,798		2,960
Property, equipment and software, gross	65,459		58,966
Less: accumulated depreciation	(30,431)		(29,428)
Property, equipment and software, net	$	35,028	$	29,538

________________

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

For the years ended January 31, 2026, 2025, and 2024, depreciation and amortization expense related to property, equipment and software was $18.9 million, $19.7 million, and $20.5 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $14.9 million, $14.9 million and $13.8 million, for the years ended January 31, 2026, 2025 and 2024.

No impairment losses of long-lived assets, including property, equipment and software, and operating lease right-of-use (“ROU”) assets, were recognized during the years ended January 31, 2026, 2025, and 2024.

Long-Lived Assets, Net


	As of January 31,
	2026		2025
United States	$	59,470	$	59,181
United Kingdom	9,151		10,633
All other countries(1)	9,837		7,730
Total long-lived assets, net	$	78,458	$	77,544

________________

(1)No individual country within All other countries comprises more than 10% of Total long-lived assets, net.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of January 31,
	2026		2025
Prepaid expenses	$	20,879	$	16,965
Payment processor advances(1)	13,231		6,801
Tax receivable	4,267		3,196

Other current assets	16,864		8,666
Total prepaid expenses and other current assets	$	55,241	$	35,628

________________

(1)Payment processor advances represent amounts prefunded to and held by payment processors in order to fund future customer spend.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of January 31,
	2026		2025
Accrued compensation and employee benefits	$	41,636	$	28,970
Employee contributions under employee stock purchase plan	2,515		—
Accrued expenses	34,963		27,354
Amounts due to travel supply partners(1)	69,137		41,665
Reward liability(2)	12,337		11,408
Customer deposits and collateral	26,357		14,319
Corporate tax payable	990		4,640
Indirect tax payable	6,404		3,489
Early exercise liability	104		976
Accrued interest	781		2,642
Other	2,029		1,335
Total accrued expenses and other current liabilities	$	197,253	$	136,798

________________

Other Non-Current Liabilities

Other non-current liabilities consisted of the following (in thousands):


	As of January 31,
	2026		2025
Loss contingency reserves(1)	$	8,934	$	8,120
Deferred tax liability	1,007		7,655
Taxes payable for unrecognized tax benefits	2,866		2,288
Redeemable convertible preferred stock warrant liability	—		427
NOW Scheme contingency payable(2)	4,338		3,806
Other non-current liabilities	821		653
Total other non-current liabilities	$	17,966	$	22,949

________________

(1)Loss contingency reserves consist of accruals related primarily to employment taxes.

(2)Refer to Note 13 — Commitments and Contingencies for further information on the NOW Scheme.

Other Income (Expense), Net

The components of other income (expense), net were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Foreign currency exchange gains (losses), net	$	11,642	$	(4,697)	$	(789)
Interest income	9,237		5,618		4,519
SAFE issuance costs expensed	(2,913)		—		—
Other, net	(693)		(994)		6,363
Total other income (expense), net	$	17,273	$	(73)	$	10,093

LEASES - Schedule of Supplemental and Information Related to Leases (Details)	Jan. 31, 2026	Jan. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term for operating leases	4 years 6 months	5 years 4 months 24 days
Weighted-average discount rate	10.80%	11.10%

VARIABLE INTEREST ENTITIES - Narrative (Details)	Jan. 31, 2026
Liquid Labs
Variable Interest Entity [Line Items]
Subsidiary, ownership percentage, parent	100.00%

- Definition

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

+ References + Details

EQUITY INCENTIVE PLANS - Schedule of Valuation Assumptions (Details) - Stock options issued and outstanding	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	56.40%	56.09%	59.13%
Expected volatility, maximum	58.49%	60.19%	61.13%
Risk-free interest rate, minimum	3.79%	3.86%	3.49%
Risk-free interest rate, maximum	4.07%	4.60%	4.71%
Expected dividend yield	0.00%	0.00%	0.00%
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	46.52%
Expected volatility, maximum	50.93%
Risk-free interest rate, minimum	3.66%
Risk-free interest rate, maximum	3.79%
Expected dividend yield	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 2 months 23 days	5 years 4 months 28 days	5 years 2 months 23 days
Minimum \| 2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	7 months 2 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 21 days	6 years 4 months 17 days
Maximum \| 2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	1 year 1 month 6 days

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Measurement Inputs (Details) - Level 3	Jan. 31, 2026 yr	Jan. 31, 2025 yr
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.500	0.550
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.037	0.041
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	2.9	3.9
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0
Discount factor
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.090
Minimum \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.578
Minimum \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.041
Minimum \| Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.70
Minimum \| Time from conversion to maturity (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.65
Maximum \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.726
Maximum \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.042
Maximum \| Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.70
Maximum \| Time from conversion to maturity (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.65

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands			12 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Jun. 04, 2024	May 17, 2023	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Business Combination [Line Items]
Goodwill			$ 241,309	$ 219,728	$ 220,541
Estimated useful life			2 years
Regent International S.R.L
Business Combination [Line Items]
Paid in cash	$ 6,600	$ 7,200
Acquisition costs	300	300
Goodwill	4,000	6,300
Intangible assets for acquired developed technology	900	500
Current assets	11,800	800
Other assets	400	400
Current liabilities	8,600	$ 800
Purchase price in cash	7,900
Deferred	1,300
Cash payments remain unpaid			$ 0
Other liabilities	600
Federal income tax purposes	$ 2,900
Regent International S.R.L \| Customer relationships
Business Combination [Line Items]
Estimated useful life	8 years

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Other Financial Instruments (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 618	$ 933
Convertible notes \| Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	0	359,200
Warehouse credit facility \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	122,464	210,995
ABL facility \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	5,563	0
Trade loan facility \| Trade loan facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	0	45,000
2022 promissory note \| 2022 promissory note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 0	$ 179,932

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 65,459	$ 58,966
Less: accumulated depreciation	(30,431)	(29,428)
Property, equipment, and software, net	35,028	29,538
Capitalized software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	46,126	42,317
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	6,868	7,349
Fixtures and fittings
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	2,976	3,561
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	2,691	2,779
Construction in progress
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 6,798	$ 2,960

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2026
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 20,879	$ 16,965
Payment processor advances	13,231	6,801
Tax receivable	4,267	3,196
Other current assets	16,864	8,666
Total prepaid expenses and other current assets	$ 55,241	$ 35,628

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Goodwill [Line Items]
Impairments of goodwill	$ 0	$ 0	$ 0
Amortization of intangible assets	36,200,000
Impairment of intangible assets (excluding goodwill)	0	0	0
Sales and marketing
Goodwill [Line Items]
Amortization	41,300,000	5,000,000.0	4,800,000
Cost of revenue
Goodwill [Line Items]
Amortization	$ 100,000	$ 300,000	$ 1,500,000

- Definition

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

+ References

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+ Details

- Definition

Amount of impairment loss from 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 + Details

- Definition

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

+ References

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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Temporary equity, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Temporary equity, shares authorized (in shares)	0	157,027,585
Temporary equity, shares issued (in shares)	0	146,360,207
Temporary equity, shares outstanding (in shares)	0	146,360,207
Liquidation preference	$ 1,301,402	$ 1,301,402
Preferred stock, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Preferred stock, shares authorized (in shares)	20,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)		253,919,000
Common stock, shares, issued (in shares)		45,782,871
Common stock, shares, outstanding (in shares)		45,782,871
Class A common stock
Common Stock, Par or Stated Value Per Share	$ 0.00000625	$ 0.00000625
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares, issued (in shares)	233,870,081
Common stock, shares, outstanding (in shares)	233,870,081
Class B common stock
Common Stock, Par or Stated Value Per Share	$ 0.00000625	$ 0.00000625
Common stock, shares authorized (in shares)	50,000,000	0
Common stock, shares, issued (in shares)	15,304,696	0
Common stock, shares, outstanding (in shares)	15,304,696	0

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table presents the changes in the carrying value of goodwill (in thousands):


	Carrying Amount
Balance as of January 31, 2024	$	220,541
Goodwill arising from acquisitions	4,006
Foreign currency translation impact	(4,819)
Balance as of January 31, 2025	$	219,728

Foreign currency translation impact	21,581
Balance as of January 31, 2026	$	241,309

There were no impairments of goodwill recognized during the years ended January 31, 2026, 2025 and 2024, respectively.

Intangible Assets

Intangible assets consisted of the following (in thousands, except years data):


	As of January 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	7.7	29,978		(11,167)		18,811
Domain names	11.8	587		(124)		463
Total intangible assets		$	30,565	$	(11,291)	$	19,274


	As of January 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	15.2	$	43,579	$	(8,601)	$	34,978
Customer relationships	8.6	27,989		(7,921)		20,068
Developed technology	0.3	507		(422)		85
Domain names	12.8	587		(85)		502
Total intangible assets		$	72,662	$	(17,029)	$	55,633

During the years ended January 31, 2026, 2025, and 2024, amortization expense related to intangible assets of $41.3 million, $5.0 million, and $4.8 million, respectively, was recorded in sales and marketing expense, and $0.1 million, $0.3 million, and $1.5 million, respectively was recorded in cost of revenue within the consolidated statements of operations.

During the year ended January 31, 2026, we announced the retirement of the R&M brand for the purposes of conducting new corporate travel sales. As a result, we fully accelerated the recognition of amortization expense related to the R&M trade name intangible asset, and recognized $36.2 million of amortization expense recorded in sales and marketing expense during the year ended January 31, 2026.

The expected future amortization expenses related to intangible assets as of January 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
2027	$	2,726
2028	2,526
2029	2,507
2030	2,427
2031	2,186
Thereafter	6,902
Total	$	19,274

There were no impairments of intangible assets recognized during the years ended January 31, 2026, 2025 and 2024.

NET LOSS PER SHARE- Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	49,419,957	205,021,242	203,233,440
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	146,360,207	146,360,207
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	39,283,485	40,971,097	41,769,970
RSUs issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	9,311,201	4,653,847	948,938
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	819,987	0	0
Warrants to purchase redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	40,160	40,160
Shares of common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	5,284	49,761	133,332
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	12,946,170	13,980,833

DEBT - ABL Facility (Details) - ABL facility - Line of Credit - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2025	Jan. 31, 2026
Debt Instrument [Line Items]
Total commitment amount	$ 100,000
Floating interest rate	2.50%
Unused capacity, commitment fee	0.25%
Fees incurred	$ 1,600
Outstanding balance		$ 6,000
Interest expense		2,900
Interest paid and payable		2,400
Amortization of debt issuance costs		$ 500

DEBT - Vista Facility (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
DEBT - Vista Facility (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Feb. 28, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024	Oct. 30, 2025
Debt Instrument [Line Items]
Proceeds from borrowings of debt			$ 216,482	$ 86,187	$ 206,419
Warrants, outstanding value						$ 900
Loss on extinguishment of debt			117,978	$ 0	$ 0
SAFE Warrants
Debt Instrument [Line Items]
Debt issuance costs			$ 2,900
Number of shares called by warrants (in shares)			1,216,187
Vista Facility \| SAFE Warrants
Debt Instrument [Line Items]
Number of shares called by warrants (in shares)			486,005
Vista Facility \| Term Loan
Debt Instrument [Line Items]
Proceeds from borrowings of debt		$ 130,000
Stock issued during period, shares, warrants issued (in shares)		486,588
Warrants, outstanding value		$ 11,000
Debt issuance costs		$ 3,600
Effective interest rate after amortization to interest expense		12.80%
Payments to extinguish debt	$ 133,700
Loss on extinguishment of debt	$ 13,300
Vista Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Floating interest rate		5.00%
Vista Facility \| Term Loan \| Paid-In-Kind Interest Rate
Debt Instrument [Line Items]
Floating interest rate		1.50%

LEASES

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

LEASES

Our operating leases primarily include leases for office space in various locations around the world under non-cancellable operating lease arrangements that expire at various dates through fiscal year 2033. Certain leases contain escalation clauses and renewal options. Generally, our leases have no purchase options, residual value guarantees or material covenants. Our leases require us to pay certain operating expenses, such as taxes, repairs and insurance.

The components of lease cost include fixed payments on our operating leases, fixed payments on our short-term leases and variable lease payments. Variable lease payments consist of common area maintenance, utilities reimbursed to the landlord, taxes and other costs and are expensed as incurred. The components of lease cost were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Operating lease costs	$	17,994	$	15,047	$	15,393
Short-term lease costs	2,006		3,234		6,467
Variable lease costs	2,020		2,139		1,853
Total lease costs	$	22,020	$	20,420	$	23,713

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,121	$	12,864	$	15,518
Operating lease right-of-use assets obtained in exchange for lease obligations	$	5,560	$	9,773	$	22,507
Increase (decrease) of lease liabilities due to lease modifications	$	812	$	2,240	$	(2,745)
Increase (decrease) of right-of-use assets due to lease modifications	$	812	$	3,032	$	(2,745)
Termination of operating lease liabilities	$	168	$	909	$	321
Termination of operating lease right-of-use assets	$	164	$	806	$	284

During the year ended January 31, 2024, we agreed to an early termination of our office lease in Dallas, Texas and paid an aggregate of $5.5 million in early termination fees. The early termination is treated as a lease modification in the supplemental cash flow information included in the above table.

Supplemental disclosure information related to leases was as follows:


	As of January 31,
	2026		2025
Weighted-average remaining lease term for operating leases	4.5 years		5.4 years
Weighted-average discount rate	10.8	%	11.1	%

Maturities of lease liabilities as of January 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
2027	$	16,467
2028	15,048
2029	9,934
2030	7,831
2031	7,306
Thereafter	6,076
Total lease payments	62,662
Less: imputed interest	(13,102)
Present value of lease liabilities	$	49,560

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Current:
Federal	$ 0	$ (259)	$ (135)
State	259	128	36
Foreign	13,155	9,700	8,751
Total current tax expense	13,414	9,569	8,652
Deferred:
Federal	0	0	0
State	11	2	(52)
Foreign	(11,317)	(1)	(3,172)
Total deferred tax expense (benefit)	(11,306)	1	(3,224)
Total income tax expense	$ 2,108	$ 9,570	$ 5,428

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Jan. 31, 2026
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLANThe Company sponsors a 401(k) defined contribution retirement plan (the “401(k) Plan”) covering certain U.S. employees. Participants may contribute a portion of their compensation to the 401(k) Plan, subject to limitations under the Internal Revenue Code. During the year ended January 31, 2024, the Company paused 401(k) Plan matching contributions for employees. The Company also maintains certain other defined contribution plans outside of the United States, for which it provides contributions for participating employees in the regions in which matching contributions is applicable. The Company’s contributions for all defined contribution retirement plans was $8.2 million, $6.1 million, and $7.4 million for the years ended January 31, 2026, 2025, and 2024, respectively.

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency exchange gains (losses), net	$ 11,642	$ (4,697)	$ (789)
Interest income	9,237	5,618	4,519
SAFE issuance costs expensed	(2,913)	0	0
Other, net	(693)	(994)	6,363
Total other income (expense), net	$ 17,273	$ (73)	$ 10,093

INCOME TAXES (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss before income tax expense is as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
United States	$	(389,326)	$	(206,209)	$	(345,485)
Foreign	(6,596)		34,701		19,361
Loss before income tax expense	$	(395,922)	$	(171,508)	$	(326,124)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Current:
Federal	$	—	$	(259)	$	(135)
State	259		128		36
Foreign	13,155		9,700		8,751
Total current tax expense	13,414		9,569		8,652
Deferred:
Federal	—		—		—
State	11		2		(52)
Foreign	(11,317)		(1)		(3,172)
Total deferred tax expense (benefit)	(11,306)		1		(3,224)
Total income tax expense	$	2,108	$	9,570	$	5,428

Schedule of Effective Income Tax Rate Reconciliation

The income tax expense differs from the amount computed by applying the federal statutory income tax rate to income before taxes as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Loss before income tax expense	$	(395,922)	$	(171,508)	$	(326,124)
Expected tax benefit at Federal Rate of 21%	(83,144)		(36,017)		(68,486)
State taxes	273		130		(16)
Taxes on foreign earnings	3,224		2,412		1,513
Stock-based compensation	2,833		4,943		4,811
Disallowed interest on debt	31,749		3,229		11,082
Research and development credits	(2,771)		(3,912)		(4,102)
Effects of cross-border tax laws	1,482		3,476		343
Non-deductible expenses	26,488		1,484		(147)
Change in valuation allowance	21,974		33,825		60,430
Total income tax expense	$	2,108	$	9,570	$	5,428

Schedule of Net Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities consisted of the following (in thousands):


	Year Ended January 31,
	2026		2025
Deferred tax assets:
Net operating loss carryforwards	$	222,333	$	211,217
Research and development credits	20,508		18,156
Reserves and accruals	45,349		23,841
Depreciation and amortization	140		611
Capitalized research and development costs	57,838		52,012
Operating lease liabilities	9,817		12,100
Stock-based compensation	36,764		41,834
Total deferred tax assets	392,749		359,771
Less: Valuation allowance	(369,044)		(336,627)
Net deferred tax assets	23,705		23,144
Deferred tax liabilities:
Operating lease right-of-use asset	(8,527)		(10,499)
Reserves and accruals	(164)		(45)
Depreciation and amortization	(4,455)		(13,164)
Stock-based compensation	(341)		(621)
Total deferred tax liabilities	(13,487)		(24,329)
Total net deferred tax assets (liabilities)	$	10,218	$	(1,185)

Schedule of Total Gross Amount Of Unrecognized Tax Benefits

The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Beginning balance	$	9,457	$	8,783	$	7,477
Additions based on tax position related to the current year	1,398		1,641		1,521
Additions for tax positions for the prior year	307		68		361
Decrease related to prior year tax positions	(159)		(241)		(386)
Decrease related to expiration of statute of limitations	(99)		(794)		(190)
Ending balance	$	10,904	$	9,457	$	8,783

DEBT (Tables)

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

The Company had the following debt outstanding (in thousands):


	As of January 31,
	2026		2025
Convertible notes	$	—	$	125,000

Warehouse credit facility	118,174		214,238
Trade loan facility	—		45,000
ABL facility	6,000		—
Notes payable:
2022 promissory note	—		150,000

Other debt	621		968
Total notes payable	621		150,968
Total principal amount of debt and borrowings	124,795		535,206
Less: unamortized debt discount and issuance costs	—		(11,324)
Plus: accrued interest	—		94,056
Net carrying value of debt and borrowings	$	124,795	$	617,938

Schedule of Maturities of Long-Term Debt

Future payments of principal associated with other notes payable are as follows (in thousands):


Fiscal Year	Amount
2027	204
2028	344
2029	73
2030	—
2031	—
Thereafter	—
Total debt outstanding	$	621


Less: Notes payable, current	(584)
Notes payable, non-current	$	37

Schedule Of Interest On Convertible Debt

Interest expense related to the convertible notes was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Amortization of debt discount	$	1,327	$	6,124	$	9,267
Amortization of debt issuance costs	89		409		618
PIK interest	18,107		21,174		16,155
Total non-cash interest expense	$	19,523	$	27,707	$	26,040

Interest expense related to the Vista Facility was as follows (in thousands):


	Year Ended January 31,
	2026
Amortization of debt discount	$	1,108
Amortization of debt issuance costs	366
PIK interest	1,355
Cash interest	8,395
Total interest expense	$	11,224

Interest expense related to the 2022 Promissory Note was as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Amortization of debt discount	$	298	$	4,147	$	3,295
Amortization of debt issuance costs	3		35		28
PIK interest	839		12,831		11,910
Cash interest	448		6,843		6,335
Total interest expense	$	1,588	$	23,856	$	21,568

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

DEBT - Schedule of Contractual Principal Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Debt Instrument [Line Items]
Net carrying value of debt and borrowings	$ 124,795	$ 617,938
Other debt
Debt Instrument [Line Items]
2027	204
2028	344
2029	73
2030	0
2031	0
Thereafter	0
Net carrying value of debt and borrowings	621
Notes payable, current	(584)
Notes payable, non-current	$ 37

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION- Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss contingency reserves	$ 8,934	$ 8,120
Deferred tax liability	1,007	7,655
Taxes payable for unrecognized tax benefits	2,866	2,288
Redeemable convertible preferred stock warrant liability	0	427
NOW Scheme contingency payable	4,338	3,806
Other non-current liabilities	821	653
Total other non-current liabilities	$ 17,966	$ 22,949

DEBT - Trade Loan Facility (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Debt Instrument [Line Items]
Payments of borrowings of debt		$ 550,511	$ 35,758	$ 725
Line of Credit \| Trade loan facility
Debt Instrument [Line Items]
Total commitment amount	$ 45,000
Maximum term	90 days
Floating interest rate	2.00%
Payments for long-term debt		45,300
Payments of borrowings of debt		45,000
Payments of borrowings of debt, interest		$ 300

- 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

INVESTMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

The following is a summary of the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):


	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimate Fair Value
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	40,758		—		—		40,758
Total cash equivalents	170,651		—		—		170,651
Short-term investments:
U.S. government and agency securities	103,458		38		—		103,496
Commercial paper	24,087		—		—		24,087
Corporate bonds	29,387		26		(2)		29,411
Total short-term investments	156,932		64		(2)		156,994
Total cash equivalents and investments	$	327,583	$	64	$	(2)	$	327,645

The Company had no balances in investments as of January 31, 2025. The Company’s investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the consolidated balance sheets. The Company included $0.8 million of interest receivable within prepaid expenses and other current assets on the consolidated balance sheets as of January 31, 2026.

Gross unrealized losses on the Company’s available-for-sale debt securities were not material as of January 31, 2026. For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis.

As of January 31, 2026, there was no allowance for credit losses related to our available-for-sale debt securities. As of January 31, 2026, the weighted-average remaining maturity of our available-for-sale debt securities was less than one year, and the contractual maturities of our available-for-sale debt securities did not exceed 24 months.

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	As of January 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	—		40,758		—		40,758
Short-term investments:
U.S. government and agency securities	—		103,496		—		103,496
Commercial paper	—		24,087		—		24,087
Corporate bonds	—		29,411		—		29,411
Total financial assets	$	129,893	$	197,752	$	—	$	327,645


	As of January 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Liabilities
Redeemable convertible preferred stock warrant liability	$	—	$	—	$	427	$	427
Embedded derivative liability	—		—		59,820		59,820
Total financial liabilities	$	—	$	—	$	60,247	$	60,247

As of January 31, 2026, no financial liabilities were measured at fair value on a recurring basis. As of January 31, 2025, no financial assets were measured at fair value on a recurring basis.

There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments during the years ended January 31, 2026 and 2025.

Cash Equivalents and Short-term Investments

The Company determines the fair value of its cash equivalents and short-term investments based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curves, volatility factors, credit spreads, default rates, broker and dealer quotes, as well as other relevant economic measures.

Redeemable Convertible Preferred Stock Warrant Liability

In connection with a loan agreement entered into in December 2015, we issued redeemable convertible preferred stock warrants to purchase 60,757, 30,192, 34,080 and 40,160 shares of Series Seed, Series A, Series A-1 and Series B preferred stock at the stated exercise prices of $0.2469, $0.4968, $0.5853 and $1.8675 per share, respectively.

As of January 31, 2025, 40,160 Series B redeemable convertible preferred stock warrants remained outstanding and were recorded at a fair value of $0.4 million. Immediately prior to the IPO, 40,160 Series B redeemable convertible preferred stock warrants remained outstanding and were recorded at a fair value of $0.9 million. Upon the closing of the IPO on October 31, 2025, these redeemable convertible preferred stock warrants automatically converted to Class A common stock warrants and were reclassified

to equity. The Class A common stock warrants were subsequently exercised, and no Class A common stock warrants remain outstanding as of January 31, 2026.

The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model. The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability as of immediately prior to conversion to equity upon the closing of the IPO on October 31, 2025, and as of January 31, 2025:


	As of
	October 31, 2025		January 31, 2025
Volatility	50.0	%	55.0	%
Risk-free interest rate	3.7	%	4.1	%
Expected term (in years)	2.9		3.9
Dividend yield	—	%	—	%

Prior to the IPO, the redeemable convertible preferred stock warrant liability was recorded within other non-current liabilities on the consolidated balance sheet as of January 31, 2025. Following the IPO, the redeemable convertible preferred stock warrant liability automatically converted to equity classified Class A common stock warrants recorded within additional paid-in capital on the consolidated balance sheet as of January 31, 2026. Changes in fair value are recorded in gain (loss) on fair value adjustments on the accompanying consolidated statements of operations for the years ended January 31, 2026, 2025, and 2024.

Fair value measurements are highly sensitive to changes in these inputs; significant changes in these inputs would result in a significantly higher or lower fair value. The change in value of the redeemable convertible preferred stock warrant liability is summarized below (in thousands):


Balance as of January 31, 2024	$	297
Change in fair value	130
Balance as of January 31, 2025	427
Change in fair value	510
Reclassification to equity	(937)
Balance as of January 31, 2026	$	—

Embedded Derivative Liability

The embedded derivative liability is bifurcated from the convertible notes issued in June 2020. In connection with the IPO, the convertible notes automatically converted into shares of Class A common stock, and the embedded derivative liability was extinguished. Refer to Note 8 — Debt for further information regarding the convertible notes and the conversion upon IPO.

Prior to the IPO, the fair value of the embedded derivative liability was computed using a combination of the income approach, the Black-Scholes option pricing model, a probability-weighted estimate of the time to conversion, and other Level 3 inputs. Significant management assumptions and estimates were

involved in this determination. The significant unobservable inputs used in measuring the fair value of the embedded derivative liability include the following:


	As of
	January 31, 2025
Time to expiration (in years)	0.70 - 1.70
Time from conversion to maturity (in years)	0.65 - 1.65
Discount factor	9.0	%
Volatility	57.8% - 72.6%
Risk free rate	4.1% - 4.2%

The embedded derivative liability was measured at fair value immediately prior to the conversion of the convertible notes upon the completion of the IPO. The fair value of the embedded derivative liability immediately prior to the completion of the IPO was determined by comparing the fair value of the number of shares issued upon the conversion of the convertible notes at the IPO price to the fair value of the number of shares that would have been issued had the convertible notes converted at a $5 billion valuation cap at a discount to the IPO price.

The change in value of the embedded derivative liability is summarized below (in thousands):


Balance as of January 31, 2024	$	72,150
Change in fair value	(12,330)
Balance as of January 31, 2025	59,820
Change in fair value	(25,150)
Extinguishment	(34,670)
Balance as of January 31, 2026	$	—

Changes in fair value of the embedded derivative liability are recognized as a component of gain (loss) on fair value adjustments in the accompanying consolidated statements of operations. The loss on extinguishment of the embedded derivative liability was recognized within the consolidated statements of operations during the year ended January 31, 2026 as a component of the loss on debt extinguishment related to the convertible notes. Refer to Note 8 — Debt for further information regarding the convertible notes.

Simple Agreements for Future Equity (SAFEs) and Common Stock Warrants

During the year ended January 31, 2026, we entered into SAFEs with multiple investors. In connection with the IPO, the SAFEs automatically converted into shares of Class A common stock. Refer to Note 8 — Debt for further information regarding the conversion features and terms of the SAFEs.

We issued common stock warrants to investors together with the SAFEs. The number of shares issued upon exercise of the common stock warrants was determined based on a fixed percentage of the fully diluted capitalization prior to the earliest to occur of (a) a deemed liquidation event, (b) a liquidity event, and (c) the date of exercise. The SAFE warrants became exercisable for a fixed number of shares, were reclassified to equity, and were exercised for 1,216,187 shares of Class A common stock in connection with the IPO.

Prior to the IPO, the SAFEs and common stock warrants were measured at fair value on a recurring basis, with changes in fair value recognized as a component of gain (loss) on fair value adjustments in the accompanying consolidated statements of operations. The fair value of the SAFEs was computed using an income approach, and the primary significant unobservable input used in measuring the fair value of the SAFEs was the time until conversion. The fair value of the common stock warrants was computed using the probability weighted expected return method. The significant inputs used in measuring the fair

value of the common stock warrants were the number of shares that would be issued upon exercise of the warrants, the time until conversion, and the discount for lack of marketability. Immediately prior to the IPO, the fair value of the SAFEs and common stock warrants were measured at fair value using the IPO price and fully diluted capitalization.

The following table presents a summary of the changes in the fair value of the SAFEs and common stock warrants (in thousands):


	SAFEs		Common stock warrants
Balance as of January 31, 2025	$	—	$	—
Additions in the period	127,300		27,700
Change in fair value	68,975		2,706
Reclassification to equity	—		(30,406)
Conversion	(196,275)		—
Balance as of January 31, 2026	$	—	$	—

Other Financial Instruments

The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):


	Fair Value Hierarchy	As of January 31,
		2026		2025
Convertible notes	Level 3	$	—	$	359,200
Warehouse credit facility	Level 3	$	122,464	$	210,995
ABL facility	Level 3	$	5,563	$	—

Trade loan facility	Level 3	$	—	$	45,000
2022 promissory note	Level 3	$	—	$	179,932
Other debt	Level 3	$	618	$	933

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Name Accounting Standards Codification
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-Topic 820
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-Paragraph 1
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-Publisher FASB
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+ Details

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Conversion of SAFEs upon initial public offering

Conversion of convertible notes upon initial public offering

Common Stock

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Common Stock

Conversion of SAFEs upon initial public offering

Common Stock

Conversion of convertible notes upon initial public offering

Additional paid-in capital

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Additional paid-in capital

Conversion of SAFEs upon initial public offering

Additional paid-in capital

Conversion of convertible notes upon initial public offering

Accumulated deficit

Accumulated other comprehensive income (loss)

Beginning balance (in shares) at Jan. 31, 2023

146,360,207

Beginning balance at Jan. 31, 2023

$ 1,301,121

Ending balance at Jan. 31, 2024

$ 1,301,121

Ending balance (in shares) at Jan. 31, 2024

146,360,207

Beginning balance (in shares) at Jan. 31, 2023

^[1]

44,295,279

Beginning balance at Jan. 31, 2023

$ (840,723)

$ 1

^[1]

$ 298,663

$ (1,104,483)

$ (34,904)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(331,552)

Other comprehensive income (loss), net of tax

6,611

Issuance of common stock upon exercise of stock options (in shares)

^[1]

821,729

Issuance of common stock upon exercise of stock options

6,400

Vesting of early exercised stock options

312

Stock-based compensation

76,981

Ending balance (in shares) at Jan. 31, 2024

^[1]

45,117,008

Ending balance at Jan. 31, 2024

(1,081,971)

$ 1

^[1]

382,356

(1,436,035)

(28,293)

Ending balance at Jan. 31, 2025

$ 1,301,121

Ending balance (in shares) at Jan. 31, 2025

146,360,207

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (181,078)

(181,078)

Other comprehensive income (loss), net of tax

(9,329)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

665,863

Issuance of common stock upon exercise of stock options

4,521

Vesting of early exercised stock options

1,658

Stock-based compensation

$ 79,300

79,300

Ending balance (in shares) at Jan. 31, 2025

45,782,871

^[1]

Ending balance at Jan. 31, 2025

$ (1,186,899)

$ 1

^[1]

467,835

(1,617,113)

(37,622)

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)

(146,360,207)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

$ (1,301,121)

Ending balance at Jan. 31, 2026

$ 0

Ending balance (in shares) at Jan. 31, 2026

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (398,030)

(398,030)

Other comprehensive income (loss), net of tax

34,397

Issuance of common stock upon initial public offering, net of underwriting costs (in shares)

^[1]

30,000,000

Issuance of common stock upon initial public offering, net of underwriting costs

713,302

Deferred offering costs

(9,290)

Stock issued during period, shares, conversion of convertible securities (in shares)

^[1]

1,742,352

146,599,125

7,851,008

12,827,963

Stock issued during period, shares, conversion of convertible securities

110

$ 1,301,121

$ 196,275

$ 320,699

$ 1

^[1]

110

$ 1,301,120

$ 196,275

$ 320,699

Reclassification of preferred stock warrants & SAFE warrants to equity

31,343

Issuance of equity-classified warrants in connection with term loan

$ (11,007)

(11,007)

Issuance of common stock upon exercise of stock options (in shares)

3,002,251

^[1]

Issuance of common stock upon exercise of stock options

$ 23,846

23,846

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

1,369,936

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(17,760)

Vesting of early exercised stock options

918

Early exercised shares repurchased (in shares)

^[1]

(729)

Stock-based compensation

187,022

Ending balance (in shares) at Jan. 31, 2026

^[1]

249,174,777

Ending balance at Jan. 31, 2026

$ 1,208,061

$ 2

^[1]

$ 3,226,427

$ (2,015,143)

$ (3,225)

[1]

STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Common Stock Reserved for Issuance (Details) - shares	Jan. 31, 2026	Oct. 30, 2025	Jan. 31, 2025
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	86,406,527	2,070,000,000	197,511,756
Redeemable convertible preferred shares
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	0		146,360,207
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	39,283,485		40,971,097
RSUs issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	9,311,201		4,653,847
Shares of common stock available for future grants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	37,811,841		5,486,445
Redeemable convertible preferred stock warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	0		40,160

- 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (398,030)	$ (181,078)	$ (331,552)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	34,335	(9,329)	6,611
Unrealized gain on marketable securities	62	0	0
Total other comprehensive income (loss):	34,397	(9,329)	6,611
Total comprehensive loss	$ (363,633)	$ (190,407)	$ (324,941)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

DEBT - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 124,795	$ 535,206
Less: unamortized debt discount and issuance costs	0	(11,324)
Interest Payable	0	94,056
Net carrying value of debt and borrowings	124,795	617,938
Convertible notes
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	125,000
Line of Credit \| Revolving Credit Facility \| Warehouse credit facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	118,174	214,238
Line of Credit \| Revolving Credit Facility \| Trade loan facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	45,000
Line of Credit \| Revolving Credit Facility \| ABL facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	6,000	0
2022 promissory note
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	150,000
Other debt
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	621	968
Net carrying value of debt and borrowings	621
Total notes payable
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 621	$ 150,968

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Current assets:
Cash and cash equivalents	$ 583,516	$ 157,672
Restricted cash, current	79,647	148,157
Short-term investments	156,994	0
Accounts receivable, net	215,941	184,856
Corporate card receivables, net	206,182	157,755
Contract acquisition costs, current	9,466	4,784
Prepaid expenses and other current assets	55,241	35,628
Total current assets	1,306,987	688,852
Restricted cash, non-current	4,911	4,766
Contract acquisition costs, non-current	29,177	16,185
Operating lease right-of-use assets	43,430	48,006
Property, equipment, and software, net	35,028	29,538
Intangible assets, net	19,274	55,633
Goodwill	241,309	219,728
Other non-current assets	28,645	21,246
Total assets	1,708,761	1,083,954
Current liabilities:
Accounts payable	65,939	42,829
Accrued expenses and other current liabilities	197,253	136,798
Notes payable, current	584	175,913
Trade loan facility	0	45,000
Operating lease liabilities, current	11,973	11,389
Deferred revenue, current	45,187	34,097
Total current liabilities	320,936	446,026
Operating lease liabilities, non-current	37,587	43,098
Convertible notes	0	182,394
Embedded derivative liability	0	59,820
Notes payable, non-current	37	394
Deferred revenue, non-current	0	813
Other non-current liabilities	17,966	22,949
Total liabilities	500,700	969,732
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock, par value $0.00000625: No shares authorized, issued, and outstanding as of January 31, 2026. 157,027,585 shares authorized, 146,360,207 shares issued and outstanding as of January 31, 2025 (aggregate liquidation preference of $1,301,402)	0	1,301,121
Stockholders’ equity (deficit)
Preferred stock, par value $0.00000625 per share: 20,000,000 shares authorized, no shares issued and outstanding as of January 31, 2026. No shares authorized, issued, and outstanding as of January 31, 2025	0	0
Additional paid-in capital	3,226,427	467,835
Accumulated deficit	(2,015,143)	(1,617,113)
Accumulated other comprehensive loss	(3,225)	(37,622)
Total stockholders’ equity (deficit)	1,208,061	(1,186,899)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	1,708,761	1,083,954
Class A common stock
Stockholders’ equity (deficit)
Common stock, value, issued	2	1
Class B common stock
Stockholders’ equity (deficit)
Common stock, value, issued	0	0
ABL facility
Current liabilities:
Long-term line of credit, noncurrent	6,000	0
Warehouse credit facility
Current liabilities:
Long-term line of credit, noncurrent	$ 118,174	$ 214,238

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	As of January 31,
	2026		2025		2024
Cash and cash equivalents	$	583,516	$	157,672	$	166,421
Restricted cash, current	79,647		148,157		95,961
Restricted cash, non-current	4,911		4,766		5,000
Total cash and cash equivalents and restricted cash	$	668,074	$	310,595	$	267,382

Schedule of Depreciation and Amortization Expense

Depreciation and amortization expense is recorded using the straight‑line method over the estimated useful lives of the assets as follows:


Property, Equipment and Software						Useful Life
Internal-use software						3 years
Computers and equipment						3 to 5 years
Fixtures and fittings						3 to 5 years
Leasehold improvements						Shorter of useful life or remaining lease term

Property, equipment and software, net consisted of the following (in thousands):


	As of January 31,
	2026		2025
Capitalized software	$	46,126	$	42,317
Computers and equipment	6,868		7,349
Fixtures and fittings	2,976		3,561
Leasehold improvements	2,691		2,779
Construction in progress(1)	6,798		2,960
Property, equipment and software, gross	65,459		58,966
Less: accumulated depreciation	(30,431)		(29,428)
Property, equipment and software, net	$	35,028	$	29,538

________________

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

Schedule of Intangible Assets


Intangible Assets						Useful Life
Trade names						3-19 years
Domain names						15 years
Customer relationships						5-13 years
Developed technology						1-2 years

Intangible assets consisted of the following (in thousands, except years data):


	As of January 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	7.7	29,978		(11,167)		18,811
Domain names	11.8	587		(124)		463
Total intangible assets		$	30,565	$	(11,291)	$	19,274


	As of January 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	15.2	$	43,579	$	(8,601)	$	34,978
Customer relationships	8.6	27,989		(7,921)		20,068
Developed technology	0.3	507		(422)		85
Domain names	12.8	587		(85)		502
Total intangible assets		$	72,662	$	(17,029)	$	55,633

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, and confidential information that is proprietary, strategic or competitive in nature, including information related to our customers (“Information Systems and Data”). We have a cross-functional team led by our Chief Information Security Officer (CISO) and comprised of members of our Security, Legal, Engineering, and Governance, Risk, and Compliance (GRC) departments to help identify, assess and manage the Company’s cybersecurity threats and risks. This team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example by using manual tools, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of our environment, evaluating our and our industry’s risk profile and threats reported to us, conducting internal and external audits, conducting threat assessments and vulnerability assessments, referencing third party intelligence feeds, and conducting tabletop and other testing exercises. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data. For example, we have an incident response policy and incident response and detection capabilities, a vulnerability management policy, business continuity and disaster recovery plans, a vendor risk management program, and we maintain cyber insurance. We also conduct risk assessments, encrypt data at rest and in transit, implement network security controls, segregate data based on sensitivity, implement access controls, physical security controls, asset management and tracking, employee training, penetration testing, and use endpoint detection and response tools and data loss prevention tools. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program through our GRC department and is reviewed as part of our risk committee meetings comprised of key senior management; (2) our CISO works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; (3) our CISO evaluates material risks from cybersecurity threats against our overall business objectives and reports to the audit committee of the board of directors, which evaluates our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example automated cloud security scanning, threat intelligence providers, software providers, penetration testing firms, code security scanning, and dark web monitoring services. We use third-party service providers to perform a variety of functions throughout our business, application providers, hosting companies, supply chain resources, payment providers, and travel and hospitality providers. We have a vendor management program to manage cybersecurity risks associated with our use of these providers. The program includes risk assessments for vendors, security questionnaires, a review of a vendor’s written information security program and associated audit and compliance documentation, audits of the vendor if needed, vulnerability scans of the vendor in certain circumstances, and in certain cases, security assessment calls with the vendor. We also impose certain contractual obligations related to cybersecurity on certain vendors. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see the section titled “Risk Factors,” including “Risk Factors—Risks Related to Privacy, Cybersecurity, and Intellectual Property—We, our suppliers, our other partners, our customers, and others who use our services obtain and process a large amount of sensitive data. If our information technology systems or data, or those of the third parties upon with whom we work, including our suppliers, our other partners, or customers, are or were compromised, we could experience adverse impacts resulting from such compromise, including, but not limited to, regulatory investigations or actions, litigation, fines and penalties, interruptions to our operations, claims that we breached our data protection obligations, harm to our reputation, and a loss of future customers or sales and other adverse consequences.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, and confidential information that is proprietary, strategic or competitive in nature, including information related to our customers (“Information Systems and Data”). We have a cross-functional team led by our Chief Information Security Officer (CISO) and comprised of members of our Security, Legal, Engineering, and Governance, Risk, and Compliance (GRC) departments to help identify, assess and manage the Company’s cybersecurity threats and risks. This team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example by using manual tools, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of our environment, evaluating our and our industry’s risk profile and threats reported to us, conducting internal and external audits, conducting threat assessments and vulnerability assessments, referencing third party intelligence feeds, and conducting tabletop and other testing exercises. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data. For example, we have an incident response policy and incident response and detection capabilities, a vulnerability management policy, business continuity and disaster recovery plans, a vendor risk management program, and we maintain cyber insurance. We also conduct risk assessments, encrypt data at rest and in transit, implement network security controls, segregate data based on sensitivity, implement access controls, physical security controls, asset management and tracking, employee training, penetration testing, and use endpoint detection and response tools and data loss prevention tools. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program through our GRC department and is reviewed as part of our risk committee meetings comprised of key senior management; (2) our CISO works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; (3) our CISO evaluates material risks from cybersecurity threats against our overall business objectives and reports to the audit committee of the board of directors, which evaluates our overall enterprise risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors’ audit committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are designed, implemented and maintained by certain Company management, specifically our CISO, who has 25 years of technical, senior engineering and product management experience and was previously the Executive Vice President of Security at Salesforce and CISO at Tesla and Vimeo, and our Director of Governance, Risk and Compliance, who has two decades of experience in GRC programs and relevant cybersecurity certifications. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Director of GRC is responsible for leading security compliance, risk management, and third party governance and trust functions across our enterprise. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including the CISO, CEO, COO, and other executive staff members. The CISO, CEO, COO, and other executive staff members work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response and vulnerability management processes include reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives periodic reports from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The chair of our audit committee has extensive experience serving as an executive officer and director of public and private technology companies providing oversight of cybersecurity risk.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Director of GRC is responsible for leading security compliance, risk management, and third party governance and trust functions across our enterprise.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors’ audit committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our Director of GRC is responsible for leading security compliance, risk management, and third party governance and trust functions across our enterprise. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including the CISO, CEO, COO, and other executive staff members. The CISO, CEO, COO, and other executive staff members work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response and vulnerability management processes include reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives periodic reports from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The chair of our audit committee has extensive experience serving as an executive officer and director of public and private technology companies providing oversight of cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are designed, implemented and maintained by certain Company management, specifically our CISO, who has 25 years of technical, senior engineering and product management experience and was previously the Executive Vice President of Security at Salesforce and CISO at Tesla and Vimeo, and our Director of Governance, Risk and Compliance, who has two decades of experience in GRC programs and relevant cybersecurity certifications.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk assessment and management processes are designed, implemented and maintained by certain Company management, specifically our CISO, who has 25 years of technical, senior engineering and product management experience and was previously the Executive Vice President of Security at Salesforce and CISO at Tesla and Vimeo, and our Director of Governance, Risk and Compliance, who has two decades of experience in GRC programs and relevant cybersecurity certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, and confidential information that is proprietary, strategic or competitive in nature, including information related to our customers (“Information Systems and Data”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

EQUITY INCENTIVE PLANS

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLANS

2015 Equity Incentive Plan and 2025 Equity Incentive Plan

In September 2025, the Company’s Board of Directors (the “Board of Directors”) adopted, and in October 2025, the stockholders approved, the 2025 Equity Incentive Plan (the “2025 Plan”). The 2025 Plan became effective upon the effectiveness of the registration statement for the Company’s IPO. No further grants will be made under the Company’s 2015 Equity Incentive Plan (the “2015 Plan” and together with the 2025 Plan, the “Plans”). The 2025 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors, and consultants, including employees and consultants of our affiliates. The Company’s default tax withholding method for RSUs is the sell-to-cover method, with the exception of RSUs settled in connection with the IPO for which the Company applied the net settlement method.

In connection with the IPO, the Board of Directors and the Company’s stockholders approved up to 82,887,502 shares of Class A common stock to be reserved for issuance under the 2025 Plan, consisting of 35,000,000 new shares plus up to 47,887,502 shares underlying outstanding awards granted under our 2015 Plan that may become available for issuance under the 2025 Plan from time to time that, after the date the 2025 Plan became effective, are either not issued (due to the awards expiring or being settled in cash), are forfeited or repurchased due to failure to vest, or are withheld to satisfy the exercise, strike, or purchase price or tax withholding obligations. In addition, subject to any capitalization adjustments made as provided under the 2025 Plan, the aggregate number of shares authorized for issuance will automatically increase on the first day of each fiscal year for a period of ten years commencing on the first day of the fiscal year ending January 31, 2027 and ending on (and including) the first day of the fiscal year ending January 31, 2036, in an amount equal to 5% of the total number of shares of common stock of the Company outstanding on the last day of the preceding fiscal year; provided, however, that the Board of Directors may act prior to the first day of a given fiscal year to provide that the increase for that fiscal year will be a lesser number of shares.

As of January 31, 2026, 37,811,841 shares of Class A common stock remain available for issuance under the 2025 Plan.

The exercise price of options granted under the Plans must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant as determined by the Board of Directors. During the year ended January 31, 2026, no options have been granted to purchase stock at a price less than its fair value as determined by the Board of Directors at the time of grant.

Early Exercise of Common Stock — Certain stock options granted under the 2015 Plan provide option holders the right to elect to exercise unvested options in exchange for shares of common stock. Such unvested shares of common stock are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit.

As of January 31, 2026, 2025, and 2024, there were 5,284, 49,761, and 133,332 shares, respectively, subject to repurchase due to early exercises and the corresponding liability was $0.1 million, $1.0 million, and $2.6 million, respectively.

Stock Options — Options granted under the Plans continue to vest until the last day of employment and generally vest over 4 years and expire 10 years from the date of grant. The fair value of the stock options granted was estimated using the following assumptions in the Black-Scholes option pricing model:


	Year Ended January 31,
	2026		2025		2024
Expected volatility	56.40% - 58.49%		56.09% - 60.19%		59.13% - 61.13%
Risk-free interest rate	3.79% - 4.07%		3.86% - 4.60%		3.49% - 4.71%
Expected term (in years)	5.23 - 6.08		5.41 - 6.06		5.23 - 6.38
Expected dividend yield	—	%	—	%	—	%

The following table summarizes stock option activity for the year ended January 31, 2026 (in thousands, except price per share, share and years data):


	Number of Stock Options Outstanding	Weighted-Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value




Balance as of January 31, 2025	40,971,097	$	12.80	7.0	$	402,471
Granted	3,571,419	$	23.35
Exercised	(3,002,251)	$	7.97		$	49,674
Cancelled/forfeited/expired	(2,256,780)	$	16.49
Balance as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Vested and expected to vest as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Exercisable as of January 31, 2026	30,895,271	$	12.49	5.1	$	55,743

The weighted-average grant date fair value of options granted during the years ended January 31, 2026, 2025 and 2024, was $13.76, $11.87 and $10.78 per share, respectively. The intrinsic value of options exercised for the years ended January 31, 2026, 2025 and 2024, was $49.7 million, $9.1 million, and $6.0 million respectively. The aggregate grant-date fair value of options that vested during the years ended January 31, 2026, 2025 and 2024, was $73.4 million, $135.9 million and $73.8 million, respectively. As of January 31, 2026, there was approximately $97.7 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 2.1 years.

Restricted Stock Units with Performance Conditions

The following table summarizes the activity related to RSUs with performance-based conditions for the year ended January 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value








Unvested Balance as of January 31, 2025	4,551,847	$	20.14
Granted	4,549,447	$	24.09
Forfeited	(829,762)	$	21.46
Vested	(2,049,351)	$	19.48
Unvested and outstanding as of January 31, 2026	6,222,181	$	23.07

During the year ended January 31, 2026, the Company recognized $101.8 million of stock-based compensation expense for RSUs with performance-based vesting conditions. The performance-based vesting condition was satisfied upon the effective date of our registration statement on Form S-1 in connection with our IPO. In connection with the IPO, we recognized a one-time cumulative stock-based compensation expense charge of $81.8 million using the accelerated attribution method for RSUs for which the service-based vesting condition had been fully or partially satisfied prior to the IPO, and we capitalized $0.9 million related to software development. As of January 31, 2026, there was approximately $82.5 million of unrecognized stock-based compensation expense related to RSUs with performance-based vesting conditions that have not met the service condition, which is expected to be recognized over a weighted-average period of 3.2 years.

Restricted Stock Units with Service-Only Conditions

The following table summarizes the activity related to RSUs with service-only conditions for the year ended January 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value
Unvested balance as of January 31, 2025	102,000	$	22.38
Granted	3,092,204	$	20.54
Forfeited	(73,309)	$	21.89
Vested	(31,875)	$	22.38
Unvested and outstanding as of January 31, 2026	3,089,020	$	20.55

During the year ended January 31, 2026, the Company recognized $6.2 million of stock-based compensation expense for RSUs with service-only vesting conditions. As of January 31, 2026, there was approximately $58.1 million of unrecognized compensation cost related to these unvested RSUs, which is expected to be recognized over a weighted-average period of 3.6 years. Stock-based compensation expense recognized for RSUs with service-only conditions was not material during the year ended January 31, 2025. No stock-based compensation expense was recognized for RSUs with service-only conditions during the year ended January 31, 2024.

Stock-based Compensation Expense

Stock-based compensation is included in the following components of expenses within the consolidated statements of operations (in thousands):


	Year Ended January 31,
	2026		2025		2024
Cost of revenue	$	9,980	$	4,577	$	4,751
Research and development	49,142		30,408		27,039
Sales and marketing	46,080		17,077		15,872
General and administrative	76,887		24,919		28,189
Total stock-based compensation expense, net of amounts capitalized	$	182,089	$	76,981	$	75,851
Capitalized stock-based compensation	4,933		2,319		1,130
Total stock-based compensation cost	$	187,022	$	79,300	$	76,981

During the year ended January 31, 2026 , the Company modified certain stock option and RSU awards for certain employees. The modifications provided for accelerated vesting and an extended post-termination exercise period. The Company recognized stock-based compensation expense of $7.9 million during the year ended January 31, 2026 in connection with the modifications.

During the years ended January 31, 2025 and 2024, the Company modified certain stock option awards in connection with the termination of select former employees. The modifications included accelerated vesting and extension of the post-termination exercise period. The Company measured the modification charge as the difference between the fair value of the modified awards and the fair value of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the years ended January 31, 2025 and 2024 was $2.1 million and $5.0 million, respectively, which was recognized at the modification date.

Additionally, during the year ended January 31, 2025, the Company modified stock options for 2,254 current employees, one former employee and one member of the Board of Directors by amending the exercise price of the stock options. As a result of the modification, the Company recognized incremental stock-based compensation expense of $6.0 million for vested stock options on the modification date. An additional $7.0 million of incremental stock-based compensation expense will be recognized for unvested stock options over a weighted average period of 2.3 years as of the modification date.

2025 Employee Stock Purchase Plan

The Board of Directors adopted, and the Company's stockholders approved, the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in connection with the IPO. A total of 5,000,000 shares of Class A common stock were initially reserved for sale under the 2025 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on the first day of each of our 2027 through 2036 fiscal years, by the lesser of (i) 1% of the total number of shares of all classes of our common stock outstanding on the last day of the previous fiscal year or (ii) 5,000,000 shares; provided that before the date of any such increase, the 2025 ESPP’s administrator may determine that such increase will be less than such amount.

Subject to any limitations contained therein, the 2025 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase common stock at a discounted price per share.


			Year Ended January 31,
			2026
Expected volatility			46.52% - 50.93%
Risk-free interest rate			3.66% - 3.79%
Expected term (in years)			0.59 - 1.10
Expected dividend yield			—%

The Company recognized $0.5 million of stock-based compensation expense related to the ESPP during the year ended January 31, 2026. As of January 31, 2026, total unrecognized stock-based compensation expense related to the ESPP was $1.7 million, which will be amortized over a period of 0.7 years.

As of January 31, 2026, no shares were purchased under the 2025 ESPP.

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Use of Estimates

Concentration of Credit Risk

Foreign Currency

Cash and Cash Equivalents

Restricted Cash

Fair Value Measurements

Codification (“ASC”) 820, Fair Value Measurement, establishes a framework for measuring fair value and requires disclosure about the fair value measurements of assets and liabilities.

Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 3—Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.

Accounts Receivable and Allowance for Expected Credit Losses and Corporate Card Receivables and Allowance for Expected Credit Losses

Accounts Receivable and Allowance for Expected Credit Losses

Corporate Card Receivables and Allowance for Expected Credit Losses

Investments

Business Combinations

Variable Interest Entities

Leases

Property, Equipment and Software, Net

Goodwill

Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized.

Intangible Assets, Net

Impairment of Long-Lived Assets

Deferred Offering Costs

Revenue Recognition and Deferred Revenue

Revenue Recognition

Platform Customers

Travel Supply and Payment Partner Fees

Deferred Revenue

Unbilled Receivables

Contract Liabilities

January 31, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $31.4 million and $27.7 million.

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):


	Year Ended January 31,
	2026		2025		2024
Balance at beginning of period	$	5,135	$	4,270	2,270
Provision for expected credit losses	5,888		3,764		4,488
Amounts written off, recoveries and other adjustments	(4,561)		(2,899)		(2,488)
Balance at end of period	$	6,462	$	5,135	4,270

Corporate Card Receivables and Allowance for Expected Credit Losses

Contract Acquisition Costs

Cost of Revenue

Research and Development Expenses

Sales and Marketing Expenses

Advertising Cost

Advertising costs are expensed as incurred in sales and marketing expense

General and Administrative Expenses

Stock-Based Compensation

Risk-Free Interest Rate — The risk-free interest rate assumption is based on the yield available on U.S. Treasury zero-coupon issues with a term that approximates the expected term of the option.

Service-Based Awards

Performance-Based Awards

Employee Stock Purchase Plan (“ESPP”)

Common Stock Valuations

Sales and Other Related Taxes

Other Income (Expense), Net

Loss on Extinguishment of Debt

Loss on extinguishment of debt consists of losses incurred on the extinguishment of debt instruments.

Gain (Loss) on Fair Value Adjustments

Income Taxes

recognized. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

Net Loss Per Share

Comprehensive Loss

Segment Information

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

consolidated financial statements. For further information, refer to Segment Information within Note 1 — Description of Business and Significant Accounting Policies.

Recently Issued Accounting Pronouncements Not Yet Adopted

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Loss before income tax expense	$ (395,922)	$ (171,508)	$ (326,124)
Expected tax benefit at Federal Rate of 21%	(83,144)	(36,017)	(68,486)
State taxes	273	130	(16)
Taxes on foreign earnings	3,224	2,412	1,513
Stock-based compensation	2,833	4,943	4,811
Disallowed interest on debt	31,749	3,229	11,082
Research and development credits	(2,771)	(3,912)	(4,102)
Effects of cross-border tax laws	1,482	3,476	343
Non-deductible expenses	26,488	1,484	(147)
Change in valuation allowance	21,974	33,825	60,430
Total income tax expense	$ 2,108	$ 9,570	$ 5,428

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income Statement [Abstract]
Revenue	$ 702,265	$ 536,837	$ 402,256
Cost of revenue	201,794	169,815	162,622
Gross profit	500,471	367,022	239,634
Operating expenses
Research and development	151,237	122,386	132,442
Sales and marketing	342,667	218,722	220,511
General and administrative	203,444	133,552	133,023
Total operating expenses	697,348	474,660	485,976
Loss from operations	(196,877)	(107,638)	(246,342)
Interest expense	(51,299)	(75,997)	(63,281)
Other income (expense), net	17,273	(73)	10,093
Loss on extinguishment of debt	(117,978)	0	0
Gain (loss) on fair value adjustments	(47,041)	12,200	(26,594)
Loss before income tax expense	(395,922)	(171,508)	(326,124)
Income tax expense	2,108	9,570	5,428
Net loss	$ (398,030)	$ (181,078)	$ (331,552)
Net loss per share attributable to common stockholders:
Basic net loss per share (in dollars per share)	$ (4.07)	$ (4.00)	$ (7.44)
Diluted net loss per share (in dollars per share)	$ (4.07)	$ (4.00)	$ (7.44)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	97,795,703	45,271,666	44,583,919
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	97,795,703	45,271,666	44,583,919

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Convertible notes
Debt Instrument [Line Items]
Amortization of debt discount	$ 1,327	$ 6,124	$ 9,267
Amortization of debt issuance costs	89	409	618
PIK interest	18,107	21,174	16,155
Total interest expense	19,523	27,707	26,040
2022 promissory note \| 2022 promissory note
Debt Instrument [Line Items]
Amortization of debt discount	298	4,147	3,295
Amortization of debt issuance costs	3	35	28
PIK interest	839	12,831	11,910
Cash interest	448	6,843	6,335
Total interest expense	1,588	$ 23,856	$ 21,568
Revolving Credit Facility \| Vista Facility \| Secured Debt
Debt Instrument [Line Items]
Amortization of debt discount	1,108
Amortization of debt issuance costs	366
PIK interest	1,355
Cash interest	8,395
Total interest expense	$ 11,224

EQUITY INCENTIVE PLANS - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 31, 2025 USD ($) shares	Apr. 30, 2025 shares	Apr. 30, 2024 shares	Jan. 31, 2026 USD ($) $ / shares shares	Jan. 31, 2025 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) $ / shares shares	Oct. 30, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares				86,406,527	197,511,756		2,070,000,000
Common stock, capital shares reserved for future issuance, increase in authorized shares per year, period of increase (in years)				10 years
Common stock, capital shares reserved for future issuance, increase in authorized shares per year, increase percentage				0.05
Total antidilutive securities (in shares) \| shares				49,419,957	205,021,242	203,233,440
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares				$ 13.76	$ 11.87	$ 10.78
Exercises, aggregate intrinsic value				$ 49,674	$ 9,100	$ 6,000
Options, vested in period, fair value				73,400	135,900	73,800
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount				97,700
Share-based payment arrangement, accelerated cost	$ 81,800			101,800
Capitalized stock-based compensation	$ 900			4,933	2,319	1,130
Total stock-based compensation expense, net of amounts capitalized				182,089	76,981	75,851
Share-based payment arrangement, plan modification, incremental cost				$ 7,900	$ 2,100	$ 5,000
Vested and expected to vest as of end of period (in shares) \| shares				39,283,485	2,254
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)				5 years 1 month 6 days	2 years 3 months 18 days
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) \| shares	934,353
Shares of common stock subject to repurchase
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total antidilutive securities (in shares) \| shares				5,284	49,761	133,332
Stock options issued and outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares				39,283,485	40,971,097
Award vesting period (in years)				4 years
Award expiration period (in years)				10 years
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				2 years 1 month 6 days
Restricted Stock Units with Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				3 years 2 months 12 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 82,500
Restricted Stock Units with Service-Only Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				3 years 7 months 6 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 58,100
Total stock-based compensation expense, net of amounts capitalized				6,200
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average number of shares, common stock subject to repurchase or cancellation (in shares) \| shares		49,761	133,332
Common stock subject to repurchase or cancellation, liability				$ 100	$ 1,000	$ 2,600
Award expiration period (in years)				12 months
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) \| shares				0
Vested Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized					6,000
Unvested Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized					$ 7,000
Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares				2,000,000,000
2025 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares) \| shares				82,887,502
2025 Equity Incentive Plan \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance, new shares (in shares) \| shares				35,000,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) \| shares				37,811,841
2015 Equity Incentive Plan \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance, existing shares (in shares) \| shares				47,887,502
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				8 months 12 days
Total stock-based compensation expense, net of amounts capitalized				$ 500
Employee stock purchase plan, contingent increase, percentage				0.01
Stock-based compensation expense				$ 1,700
2025 Employee Stock Purchase Plan \| Class A common stock \| Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) \| shares				5,000,000

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value of Goodwill

The following table presents the changes in the carrying value of goodwill (in thousands):


	Carrying Amount
Balance as of January 31, 2024	$	220,541
Goodwill arising from acquisitions	4,006
Foreign currency translation impact	(4,819)
Balance as of January 31, 2025	$	219,728

Foreign currency translation impact	21,581
Balance as of January 31, 2026	$	241,309

Schedule of Intangible Assets


Intangible Assets						Useful Life
Trade names						3-19 years
Domain names						15 years
Customer relationships						5-13 years
Developed technology						1-2 years

Intangible assets consisted of the following (in thousands, except years data):


	As of January 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	7.7	29,978		(11,167)		18,811
Domain names	11.8	587		(124)		463
Total intangible assets		$	30,565	$	(11,291)	$	19,274


	As of January 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	15.2	$	43,579	$	(8,601)	$	34,978
Customer relationships	8.6	27,989		(7,921)		20,068
Developed technology	0.3	507		(422)		85
Domain names	12.8	587		(85)		502
Total intangible assets		$	72,662	$	(17,029)	$	55,633

Schedule of Future Amortization Expenses Related to Intangible Assets

The expected future amortization expenses related to intangible assets as of January 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
2027	$	2,726
2028	2,526
2029	2,507
2030	2,427
2031	2,186
Thereafter	6,902
Total	$	19,274

- 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)
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-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)
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-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
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-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
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-Section 50
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-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
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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
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-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

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Future Amortization Expenses Related to Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2027	$ 2,726
2028	2,526
2029	2,507
2030	2,427
2031	2,186
Thereafter	6,902
Net Amount	$ 19,274	$ 55,633

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 60,247	$ 24,889	$ 26,864
Capitalized internal-use software costs	14,900	14,900	13,800
Tangible asset impairment charges	0	0
Property, Equipment And Software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 18,900	$ 19,700	$ 20,500

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Goodwill [Roll Forward]
Beginning balance	$ 219,728	$ 220,541
Goodwill arising from acquisitions		4,006
Foreign currency translation impact	21,581	(4,819)
Ending balance	$ 241,309	$ 219,728

- 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

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+ Details

EQUITY INCENTIVE PLANS - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Number of Stock Options Outstanding
Beginning balance (in shares)	40,971,097
Granted (in shares)	3,571,419
Exercised (in shares)	(3,002,251)
Cancelled/forfeited/expired (in shares)	(2,256,780)
Ending balance (in shares)	39,283,485	40,971,097
Vested and expected to vest as of end of period (in shares)	39,283,485	2,254
Exercisable as of end of period (in shares)	30,895,271
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 12.80
Granted (in dollars per share)	23.35
Exercised (in dollars per share)	7.97
Cancelled/forfeited/expired (in dollars per share)	16.49
Ending balance (in dollars per share)	13.91	$ 12.80
Vested and expected to vest as of end of period (in dollars per share)	13.91
Exercisable as of end of period (in dollars per share)	$ 12.49
Weighted- Average Remaining Contractual Life (Years)
Outstanding, weighted average remaining contractual term (in years)	5 years 8 months 12 days	7 years
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	5 years 8 months 12 days
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	5 years 1 month 6 days	2 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding, aggregate intrinsic value, beginning balance	$ 402,471
Exercises, aggregate intrinsic value	49,674	$ 9,100	$ 6,000
Outstanding, aggregate intrinsic value, ending balance	55,743	$ 402,471
Vested and expected to vest, aggregate intrinsic value	55,743
Exercisable, aggregate intrinsic value	$ 55,743

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2022	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Government assistance, award amount			$ 6,000	$ 6,000
NOW Scheme contingency payable	$ 4,919	$ 4,315	$ 6,000	$ 6,000

INCOME TAXES - Schedule of Total Gross Amount Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 9,457	$ 8,783	$ 7,477
Additions based on tax position related to the current year	1,398	1,641	1,521
Additions for tax positions for the prior year	307	68	361
Decrease related to prior year tax positions	(159)	(241)	(386)
Decrease related to expiration of statute of limitations	(99)	(794)	(190)
Ending balance	$ 10,904	$ 9,457	$ 8,783

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties primarily related to the purchase of cloud hosting arrangements and software subscriptions. The table below presents the summarized purchase obligations as of January 31, 2026 (in thousands):


	Payments Due By Period as of January 31, 2026
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Purchase obligations	$	39,575	$	18,922	$	20,653	$	—	$	—

Litigation

The Company is currently involved in, and may in the future be involved in, legal proceedings and administrative proceedings, disputes or claims. The Company records a liability when a loss is considered probable and the amount can be reasonably estimated. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined it does not have material exposure on an aggregate basis.

Securities and Derivative Litigation

On February 23, 2026, a putative securities class action complaint was filed against the Company, its directors and certain of its current and former executive officers (collectively, the “Defendants”) in the U.S. District Court for the Northern District of California. The lawsuit alleges that the Defendants violated the Securities Act of 1933, as amended, by making materially false and misleading statements about our sales and marketing expenses in our IPO offering documents. Motions for the lead plaintiff are due April 24, 2026. The Company intends to vigorously defend itself. Given the recent filing of the lawsuit, the Company cannot estimate a possible loss as of January 31, 2026.

Repayment of Government Grants

During the years ended January 31, 2022 and 2021, the Company received $6.0 million in grants from the Dutch government under the NOW Scheme. The Company’s application for relief under the NOW Scheme is currently under review. If the Dutch government concludes that the Company does not qualify under the conditions stipulated for the government grants, the Company may have to repay the Dutch government for grants provided. We recognized the $6.0 million in grants received as a liability in the period received.

During the year ended January 31, 2023, the Company received a tentative payment schedule from the Dutch government. The NOW Scheme liability balances as of January 31, 2026 and 2025, and the changes during the year ended January 31, 2026 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	4,315
Repayments	—
Foreign currency translation impact	604
Balance as of January 31, 2026	$	4,919
Less: balance in accrued expenses and other current liabilities	(581)
Balance in other non-current liabilities	$	4,338

As of January 31, 2026, the Company’s application for relief is still under review with the governmental authorities.