0001428336-26-000010 | 10-K | XBRL Viewer

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Employee benefits (Details) - USD ($)	12 Months Ended
Employee benefits (Details) - USD ($)	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Defined Contribution Plan Disclosure [Line Items]
Maximum coverage per incident under self-insurance	$ 600,000
Accrued Compensation
Defined Contribution Plan Disclosure [Line Items]
Liability for self-insured medical claims	$ 8,000,000.0	$ 5,200,000
Supplemental Employee Retirement Plan \| 401(k)
Defined Contribution Plan Disclosure [Line Items]
Percent of employees eligible earnings (as a percent)	3.50%
Employer matching contribution expense	$ 8,400,000	$ 8,400,000	$ 8,700,000

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Leases [Abstract]
Gross lease liabilities	$ 48,953	$ 59,209
Less: imputed interest	(4,852)	(6,989)
Present value of lease liabilities	44,101	52,220
Less: current portion of lease liabilities	(9,911)	(10,001)
Lease liabilities, non-current	$ 34,190	$ 42,219

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 income	$ 215,201	$ 96,703	$ 55,712
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154,657	162,451	153,078
Stock-based compensation	73,063	96,425	77,151
Amortization of debt issuance costs	1,078	2,067	2,852
Amortization of gains on derivatives	(16)	0	0
Loss on extinguishment of debt	0	1,576	1,157
Deferred taxes	39,730	(12,836)	(13,995)
Changes in operating assets and liabilities:
Accounts receivable	(5,690)	(13,113)	(8,058)
Prepaid expenses and other current and non-current assets	(12,663)	(11,790)	(32,790)
Operating lease right-of-use assets	6,785	6,664	10,190
Accrued compensation	(8,806)	17,758	2,951
Accounts payable, accrued liabilities, and other current liabilities	1,708	8,888	(204)
Operating lease liabilities, non-current	(8,001)	(7,779)	(11,780)
Other long-term liabilities	48	(7,158)	6,562
Net cash provided by operating activities	457,094	339,856	242,826
Cash flows from investing activities:
Purchases of software and capitalized software development costs	(46,515)	(51,129)	(41,123)
Purchases of property and equipment	(1,969)	(2,084)	(1,694)
Acquisitions of HSA portfolios	(293)	(452,241)	(3,257)
Settlement of derivatives, net	1,637	0	0
Net cash used in investing activities	(47,140)	(505,454)	(46,074)
Cash flows from financing activities:
Principal payments on long-term debt	(100,000)	(561,875)	(54,375)
Repurchases of common stock	(299,254)	(121,493)	0
Proceeds from long-term debt	0	736,875	0
Payment of debt issuance costs	0	(3,748)	0
Settlement of client-held funds obligation, net	867	(1,620)	865
Proceeds from exercise of common stock options	11,412	9,428	6,471
Net cash provided by (used in) financing activities	(386,975)	57,567	(47,039)
Increase (decrease) in cash and cash equivalents	22,979	(108,031)	149,713
Beginning cash and cash equivalents	295,948	403,979	254,266
Ending cash and cash equivalents	318,927	295,948	403,979
Supplemental cash flow data:
Interest expense paid in cash	52,245	58,587	49,560
Income tax payments, net	8,042	26,069	35,352
Supplemental disclosures of non-cash investing and financing activities:
Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation	4,332	5,971	3,145
Purchases of property and equipment included in accounts payable or accrued liabilities	16	45	263
Repurchases of common stock included in accrued liabilities	3,174	754	0
Non-cash purchase consideration related to acquisitions of HSA portfolios	0	20,325	0
Settlement of derivatives included in other current assets	2,465	0	0
Exercise of common stock options receivable	$ 0	$ 10	$ 429

Consolidated statements of stockholders' equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated earnings	Accumulated other comprehensive loss
Beginning balance (in shares) at Jan. 31, 2023		84,758
Beginning balance at Jan. 31, 2023	$ 1,895,640	$ 8	$ 1,745,716	$ 149,916	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,369
Issuance of common stock	6,518	$ 1	6,517
Stock-based compensation	77,151		77,151
Other comprehensive loss	0
Net income	55,712			55,712
Ending balance (in shares) at Jan. 31, 2024		86,127
Ending balance at Jan. 31, 2024	2,035,021	$ 9	1,829,384	205,628	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,770
Issuance of common stock	9,009		9,009
Stock-based compensation	$ 96,425		96,425
Repurchases of common stock (in shares)	(1,361)	(1,361)
Repurchases of common stock	$ (122,247)		(29,190)	(93,057)
Other comprehensive loss	0
Net income	96,703			96,703
Ending balance (in shares) at Jan. 31, 2025		86,536
Ending balance at Jan. 31, 2025	2,114,911	$ 9	1,905,628	209,274	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,725
Issuance of common stock	11,403		11,403
Stock-based compensation	$ 73,063		73,063
Repurchases of common stock (in shares)	(3,254)	(3,254)
Repurchases of common stock	$ (301,675)	$ (1)	(73,105)	(228,569)
Other comprehensive loss	(5,707)				(5,707)
Net income	215,201			215,201
Ending balance (in shares) at Jan. 31, 2026		85,007
Ending balance at Jan. 31, 2026	$ 2,107,196	$ 8	$ 1,916,989	$ 195,906	$ (5,707)

Stock-based compensation - Schedule of Restricted Stock Unit and Performance Restricted Stock Unit Activity (Details) - RSUs and PRSUs shares in Thousands	12 Months Ended
	Jan. 31, 2026 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	2,882
Granted (in shares) \| shares	1,283
Vested (in shares) \| shares	(1,490)
Forfeited (in shares) \| shares	(507)
Outstanding, ending balance (in shares) \| shares	2,168
Weighted-average grant date fair value
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 76.82
Granted (in usd per share) \| $ / shares	93.70
Vested (in usd per share) \| $ / shares	80.85
Forfeited (in usd per share) \| $ / shares	76.38
Outstanding, ending balance (in usd per share) \| $ / shares	$ 84.15

Derivative financial instruments and hedging activities - Schedule of Effect of Derivatives on the Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Treasury bond forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) after reclassification, before tax	$ (7,545)	$ 0	$ 0

- 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

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,186	$ 9,874
Right-of-use assets obtained in exchange for lease obligations	$ (90)	$ 1,469

Intangible assets and goodwill

12 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

Intangible assets

The gross carrying amount and associated accumulated amortization of intangible assets were as follows:


	January 31, 2026
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	356,597	$	(278,291)	$	78,306
Acquired HSA portfolios	737,304		(173,687)		563,617
Acquired customer relationships	759,782		(308,512)		451,270
Acquired developed technology	132,825		(128,846)		3,979
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,999,408	$	(902,236)	$	1,097,172


	January 31, 2025
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	312,234	$	(234,102)	$	78,132
Acquired HSA portfolios	737,011		(124,606)		612,405
Acquired customer relationships	759,782		(256,820)		502,962
Acquired developed technology	132,825		(121,666)		11,159
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,954,752	$	(750,094)	$	1,204,658

During the fiscal years ended January 31, 2026 and 2025, the Company capitalized $0.3 million and $472.6 million, respectively, to acquire the rights to act as a custodian of HSA portfolios.

Amortization expense for the fiscal years ended January 31, 2026, 2025, and 2024 was $152.7 million, $157.8 million and $144.3 million, respectively. Estimated amortization expense for the fiscal years ending January 31 is as follows:


Year ending January 31, (in thousands)
2027	$	144,373
2028	126,628
2029	106,946
2030	97,609
2031	96,579
Thereafter	525,037
Total	$	1,097,172

Goodwill

The Company’s annual goodwill impairment test resulted in no impairment charges in any of the periods presented in the accompanying consolidated financial statements. There were no changes to the carrying value of goodwill during the fiscal years ended January 31, 2026 or 2025.

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]	We have implemented the Three Lines of Defense Model as the foundation of our risk management approach. Our information security team serves as a First Line, working with our Enterprise Risk Management & Compliance functions as a Second Line, and our Internal Audit function as the Third Line. Cybersecurity is integrated into our operations, including through team member engagement, technology infrastructure, data fabric, and product development. Due to the sensitive nature of our customers’ data that we hold, we have a heightened focus on data security and protection. We maintain administrative, technical, and physical safeguards designed to protect confidential data. Our security team seeks to identify security risks by working with state and federal law enforcement, security information-sharing organizations, and 24/7 system surveillance through internal and external detection and response teams. Additionally, to help ensure our approach to customer privacy and security is effective and in line with industry standards, we publish Service and SOC 2 attestation reports on our risk management standards established by the Statement on Standards for Attestation Engagements 18. We regularly engage external and internal assessors and auditors to evaluate and audit our cybersecurity policies, procedures, standards, and practices. Results from these assessments are shared with management for remediation and with the Cybersecurity and Technology Committee of our board of directors on a regular basis. We have obtained, or are working toward obtaining, industry certifications and attestations and have aligned our cybersecurity program with the NIST Cybersecurity Framework and related controls. As part of our Third Party Risk Management program, we perform initial risk assessments prior to engaging third-party service providers and ongoing risk assessments annually thereafter, which follow an established process designed to identify, assess, and periodically review our exposure to risk through our partners. During the fiscal year ended January 31, 2026, no known cybersecurity threats materially affected, or we believe are reasonably likely to materially affect, our business, our business strategy, financial reporting, or results of operations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity is integrated into our operations, including through team member engagement, technology infrastructure, data fabric, and product development.
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]	The Cybersecurity and Technology Committee of our board of directors provides oversight of the Company’s cybersecurity threat landscape, risks and data security programs, and the Company’s management and mitigation of cybersecurity risks and potential breach incidents. The Audit and Risk Committee of our board of directors provides an additional layer of cybersecurity oversight, as it provides oversight of the Company’s enterprise risk management program, which includes management of cybersecurity risks and the potential fraud and privacy risks that could arise from a cybersecurity incident. The Chief Security Officer ("CSO") and his delegates meet with the Cybersecurity and Technology Committee at least quarterly to, among other items, review any cybersecurity incidents, review key risks and metrics on the Company’s cybersecurity program and related risk management programs, and discuss the Company’s cybersecurity programs and goals. The Cybersecurity and Technology Committee also participates in cybersecurity tabletop exercises with management and receives training on cybersecurity trends and developments. The Cybersecurity and Technology Committee updates the full board of directors at each quarterly board meeting, or more frequently if needed. Our enterprise cybersecurity program is led by the CSO, who brings more than two decades of cybersecurity leadership experience and oversees both information technology and information security functions. In order to assess and manage our material risks from cybersecurity threats, our CSO works with cross-functional teams, which are staffed with subject matter experts and leaders from each of the following areas: •Threat & Vulnerability Management: We follow a defense-in-depth security model with a Joint Security Operations Center, Attack Surface Management, and Data Protection team working with security architects and engineers deploying controls designed to prevent or limit the success of an attack. •Governance, Risk, and Compliance: Our Security Governance, Risk, and Compliance team helps drive trust, compliance, and data protection by managing risks, including supply chain risks, to strengthen customer confidence, support innovation, and protect our reputation. •Fraud Prevention: Our Fraud Strategy and Prevention team seeks to employ industry best practices of fraud prevention, identity and access management ("IAM"), and cybersecurity monitoring to protect the transactions of our members and Clients. We continue to invest in people, processes, and technology solutions to enhance our fraud prevention program. •Security Engineering & Architecture: Our Security Engineering & Architecture team designs and implements resilient security solutions, embedding security into cloud and on-premise environments while automating controls and integrating security into development lifecycles. •Identity & Access Management: Our IAM team enforces zero trust principles, least privilege access, and adaptive authentication, managing multi-factor authentication, privileged access management, and just-in-time access to protect critical systems while ensuring seamless and compliant user access.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Cybersecurity and Technology Committee of our board of directors provides oversight of the Company’s cybersecurity threat landscape, risks and data security programs, and the Company’s management and mitigation of cybersecurity risks and potential breach incidents. The Audit and Risk Committee of our board of directors provides an additional layer of cybersecurity oversight, as it provides oversight of the Company’s enterprise risk management program, which includes management of cybersecurity risks and the potential fraud and privacy risks that could arise from a cybersecurity incident.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Cybersecurity and Technology Committee updates the full board of directors at each quarterly board meeting, or more frequently if needed.
Cybersecurity Risk Role of Management [Text Block]	The Chief Security Officer ("CSO") and his delegates meet with the Cybersecurity and Technology Committee at least quarterly to, among other items, review any cybersecurity incidents, review key risks and metrics on the Company’s cybersecurity program and related risk management programs, and discuss the Company’s cybersecurity programs and goals. The Cybersecurity and Technology Committee also participates in cybersecurity tabletop exercises with management and receives training on cybersecurity trends and developments. The Cybersecurity and Technology Committee updates the full board of directors at each quarterly board meeting, or more frequently if needed. Our enterprise cybersecurity program is led by the CSO, who brings more than two decades of cybersecurity leadership experience and oversees both information technology and information security functions. In order to assess and manage our material risks from cybersecurity threats, our CSO works with cross-functional teams, which are staffed with subject matter experts and leaders from each of the following areas: •Threat & Vulnerability Management: We follow a defense-in-depth security model with a Joint Security Operations Center, Attack Surface Management, and Data Protection team working with security architects and engineers deploying controls designed to prevent or limit the success of an attack. •Governance, Risk, and Compliance: Our Security Governance, Risk, and Compliance team helps drive trust, compliance, and data protection by managing risks, including supply chain risks, to strengthen customer confidence, support innovation, and protect our reputation. •Fraud Prevention: Our Fraud Strategy and Prevention team seeks to employ industry best practices of fraud prevention, identity and access management ("IAM"), and cybersecurity monitoring to protect the transactions of our members and Clients. We continue to invest in people, processes, and technology solutions to enhance our fraud prevention program. •Security Engineering & Architecture: Our Security Engineering & Architecture team designs and implements resilient security solutions, embedding security into cloud and on-premise environments while automating controls and integrating security into development lifecycles. •Identity & Access Management: Our IAM team enforces zero trust principles, least privilege access, and adaptive authentication, managing multi-factor authentication, privileged access management, and just-in-time access to protect critical systems while ensuring seamless and compliant user access.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Security Officer ("CSO") and his delegates meet with the Cybersecurity and Technology Committee at least quarterly to, among other items, review any cybersecurity incidents, review key risks and metrics on the Company’s cybersecurity program and related risk management programs, and discuss the Company’s cybersecurity programs and goals. The Cybersecurity and Technology Committee also participates in cybersecurity tabletop exercises with management and receives training on cybersecurity trends and developments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our enterprise cybersecurity program is led by the CSO, who brings more than two decades of cybersecurity leadership experience and oversees both information technology and information security functions. In order to assess and manage our material risks from cybersecurity threats, our CSO works with cross-functional teams, which are staffed with subject matter experts and leaders from each of the following areas: •Threat & Vulnerability Management: We follow a defense-in-depth security model with a Joint Security Operations Center, Attack Surface Management, and Data Protection team working with security architects and engineers deploying controls designed to prevent or limit the success of an attack. •Governance, Risk, and Compliance: Our Security Governance, Risk, and Compliance team helps drive trust, compliance, and data protection by managing risks, including supply chain risks, to strengthen customer confidence, support innovation, and protect our reputation. •Fraud Prevention: Our Fraud Strategy and Prevention team seeks to employ industry best practices of fraud prevention, identity and access management ("IAM"), and cybersecurity monitoring to protect the transactions of our members and Clients. We continue to invest in people, processes, and technology solutions to enhance our fraud prevention program. •Security Engineering & Architecture: Our Security Engineering & Architecture team designs and implements resilient security solutions, embedding security into cloud and on-premise environments while automating controls and integrating security into development lifecycles. •Identity & Access Management: Our IAM team enforces zero trust principles, least privilege access, and adaptive authentication, managing multi-factor authentication, privileged access management, and just-in-time access to protect critical systems while ensuring seamless and compliant user access.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Chief Security Officer ("CSO") and his delegates meet with the Cybersecurity and Technology Committee at least quarterly to, among other items, review any cybersecurity incidents, review key risks and metrics on the Company’s cybersecurity program and related risk management programs, and discuss the Company’s cybersecurity programs and goals.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases (Tables)

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

The components of operating lease expense were as follows:


	Year ended January 31,
(in thousands)	2026		2025		2024
Operating lease expense	$	8,942	$	9,125	$	9,437
Sublease income	(5,344)		(4,097)		(2,680)
Net operating lease expense	$	3,598	$	5,028	$	6,757

Weighted average lease term and discount rate were as follows:


	January 31, 2026		January 31, 2025
Weighted average remaining lease term	4.8 years		5.7 years
Weighted average discount rate	4.4	%	4.4	%

Lease liabilities were as follows:


(in thousands)	January 31, 2026		January 31, 2025
Gross lease liabilities	$	48,953	$	59,209
Less: imputed interest	(4,852)		(6,989)
Present value of lease liabilities	44,101		52,220
Less: current portion of lease liabilities	(9,911)		(10,001)
Lease liabilities, non-current	$	34,190	$	42,219

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year ended January 31,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,186	$	9,874
Right-of-use assets obtained in exchange for lease obligations	$	(90)	$	1,469

Supplemental financial statement information - Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 40,495	$ 39,892
Accumulated depreciation	(37,318)	(36,653)
Property and equipment, net	3,177	3,239
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,140	13,966
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,453	6,708
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,902	$ 19,218

Stock-based compensation (Tables)

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

The following table shows a summary of stock-based compensation in the Company's consolidated statements of operations during the fiscal years presented:


	Year ended January 31,
(in thousands)	2026		2025		2024
Cost of revenue	$	12,686	$	14,955	$	16,462
Sales and marketing	13,093		15,623		13,182
Technology and development	23,167		25,002		20,891
General and administrative	24,117		40,845		26,616
Total stock-based compensation expense	$	73,063	$	96,425	$	77,151

The following table shows stock-based compensation by award type:


	Year ended January 31,
(in thousands)	2026		2025		2024
Restricted stock units	$	66,659	$	66,986	$	60,688
Performance restricted stock units	6,404		29,439		16,384
Stock options	—		—		79
Total stock-based compensation expense	$	73,063	$	96,425	$	77,151

Schedule of Stock Option Activity

A summary of stock option activity is as follows:


	Stock options
(in thousands, except for exercise prices and term)	Number of options	Range of exercise prices	Weighted- average exercise price		Weighted- average contractual term (in years)	Aggregate intrinsic value
Outstanding as of January 31, 2025	369	$21.27 - 73.61	$	48.13	2.5	$	22,957
Exercised	(236)	$21.27 - 73.61	$	48.52
Outstanding as of January 31, 2026	133	$24.36 - 73.61	$	47.50	1.6	$	5,081
Vested and expected to vest as of January 31, 2026	133		$	47.50	1.6	$	5,081
Exercisable as of January 31, 2026	133		$	47.50	1.6	$	5,081

Schedule of Restricted Stock Unit Activity

A summary of RSU and PRSU activity is as follows:


	RSUs and PRSUs
(in thousands, except weighted-average grant date fair value)	Shares	Weighted-average grant date fair value
Outstanding as of January 31, 2025	2,882	$	76.82
Granted	1,283	93.70
Vested	(1,490)	80.85
Forfeited	(507)	76.38
Outstanding as of January 31, 2026	2,168	$	84.15

Summary of business and significant accounting policies - Intangible Assets (Details)	Jan. 31, 2026
Software and software development costs
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	3 years
Acquired customer relationships \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	7 years
Acquired customer relationships \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	15 years
Acquired developed technology \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	2 years
Acquired developed technology \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	5 years
Acquired trade names and trademarks
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	3 years
Acquired HSA portfolios
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	15 years

Derivative financial instruments and hedging activities (Tables)

12 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Derivative Contracts

The notional amount of the Company's derivative instruments was as follows:


(in thousands, except number of instruments)	January 31, 2026			January 31, 2025
	Number of instruments	Notional		Number of instruments	Notional
Treasury bond forwards	18	$	2,350,000	—	$	—

Schedule of Fair Value of Derivative Contracts

The table below presents the fair value of the Company’s derivatives as well as their classification in the consolidated balance sheet.


	January 31, 2026
	Derivative assets				Derivative liabilities
(in thousands)	Other current assets		Other assets		Accrued liabilities		Other long-term liabilities
Treasury bond forwards	$	—	$	3,285	$	(6,935)	$	(7,997)

Schedule of Effect of Derivatives on the Condensed Consolidated Financial Statements

The pre-tax losses on the Company's cash flow hedges recognized in AOCI were as follows:


(in thousands)	Year ended January 31,
(in thousands)	2026		2025		2024
Treasury bond forwards	$	(7,545)	$	—	$	—

Schedule of Derivative Amounts Reclassification out of Accumulated Other Comprehensive Income

Total amounts presented in the consolidated statements of operations


	Year ended January 31, 2026
(in thousands)	Custodial revenue		Income tax provision		Total reclassifications
Treasury bond forwards
Amount of gains reclassified from AOCI	$	16	$	(4)	$	12

Stockholders' equity (Tables)

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Schedule of Common Stock Repurchased and Subsequently Retired

The following table sets forth the common stock repurchased and subsequently retired during the periods presented:


	Year ended January 31,
	2026			2025
(in thousands)	Shares	Amount		Shares	Amount
Common stock repurchases (1)	3,254	$	301,675	1,361	$	122,247

(1)Shares repurchased include unsettled repurchases as of January 31, 2026. Transaction fees and excise tax were recorded as part of the repurchase price.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI:


(in thousands)	Change in unrealized losses on cash flow hedges		Income tax benefit		Total
Beginning balance	$	—	$	—	$	—
Other comprehensive loss before reclassifications	(7,545)		1,850		(5,695)
Amounts reclassified from AOCI	(16)		4		(12)
Net change in AOCI	(7,561)		1,854		(5,707)
Ending balance	$	(7,561)	$	1,854	$	(5,707)

Summary of business and significant accounting policies

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of business and significant accounting policies

Business

HealthEquity, Inc. ("HealthEquity" or the "Company") was incorporated in the state of Delaware on September 18, 2002. HealthEquity is a leader in administering health savings accounts (“HSAs”) and complementary consumer-directed benefits (“CDBs”), which empower consumers to access tax-advantaged healthcare savings while also providing corporate tax advantages for employers.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the consolidated financial statements.

Principles of consolidation

The Company consolidates entities in which the Company has a controlling financial interest, which includes all of its wholly owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Segments

The Company is managed as a single operating segment that provides administration services in connection with HSAs and other CDBs, which reflects the way in which its chief operating decision maker (“CODM”), the Chief Executive Officer, reviews the Company's financial performance and makes decisions about resource allocation. The CODM assesses the performance of the Company, monitors actual financial results against budgets, and makes resource allocation decisions with a focus on the Company’s consolidated results as presented in the consolidated statements of operations. The Company’s measure of profitability is net income. Single segment-level financial information, including total assets, significant non-cash transactions, and capital expenditures, is contained in the accompanying consolidated financial statements and related notes.

The Company does not generate material international revenues. All long-lived assets are maintained in the United States of America.

Cash and cash equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash and cash equivalents were held in institutions in the U.S. and include deposits in a money market account that was unrestricted as to withdrawal or use.

Client-held funds

Many of the Company's client services agreements with employers (referred to as "Clients") provide that Clients remit funds to the Company to pre-fund Client and employee participant contributions related to flexible spending accounts and health reimbursement arrangements (“FSAs” and “HRAs,” respectively) and commuter accounts. These Client-held funds remitted to the Company do not represent cash assets of the Company to the extent that they are not combined with corporate cash and accordingly are not included in cash and cash equivalents on the Company's consolidated balance sheets.

Accounts receivable

Accounts receivable represent monies due to the Company for monthly service revenue, custodial revenue and interchange revenue. The Company maintains an allowance for doubtful accounts to reserve for expected credit losses from trade receivables considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. In evaluating the Company’s ability to collect outstanding receivable balances, the Company considers various factors including macroeconomic variables, the age of the balance, the creditworthiness of the customer, which is assessed based on ongoing credit evaluations and payment history, and the customer’s current financial condition.

Other assets

Other assets consist primarily of contract costs, prepaid expenditures, debt issuance costs, income tax receivables, and various other assets. Amounts expected to be recouped or recognized over a period of twelve months or less have been classified as current in the accompanying consolidated balance sheets.

Leases

The Company determines if a contract contains a lease at inception or any modification of the contract. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a specified period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.

Leases with an expected term of 12 months or less at commencement are not accounted for on the balance sheet. All operating lease expense is recognized on a straight-line basis over the expected lease term. Certain leases also include obligations to pay for non-lease services, such as utilities and common area maintenance. The services are accounted for separately from lease components, and the Company allocates payments to the lease and other services components based on estimated stand-alone prices.

Operating lease right-of-use ("ROU") assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the rate implicit in each lease is not readily determinable, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

Property and equipment

Property and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of individual assets. The useful life for leasehold improvements is the shorter of the estimated useful life or the term of the lease ranging from 3-5 years. The useful life used for computing depreciation for all other asset classes is described below:


Computer equipment			3-5 years
Furniture and fixtures			5 years

Maintenance and repairs are expensed when incurred, and improvements that extend the economic useful life of an asset are capitalized. Gains and losses on the disposal of property and equipment are reflected in operating expenses.

Intangible assets, net

Intangible assets are carried at cost and amortized, typically, on a straight-line basis over their estimated useful lives. The useful life used for computing amortization for all intangible asset classes is described below:


Software and software development costs			3 years
Acquired customer relationships			7-15 years
Acquired developed technology			2-5 years
Acquired trade names and trademarks			3 years
Acquired HSA portfolios			15 years

The Company accounts for the costs of computer software developed or obtained for internal use in accordance with Accounting Standards Codification (“ASC”) 350-40, Internal-Use Software. Costs incurred during operation and post-implementation stages are charged to expense. Costs incurred during the application development stage that are directly attributable to developing or obtaining software for internal use are capitalized. Management’s judgment is required in determining the point when various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs and in determining the estimated useful lives over which the costs are amortized.

Acquired customer relationships, developed technology, and trade names and trademarks are valued utilizing the discounted cash flow method, a form of the income approach. The useful lives of acquired customer relationships were estimated based on discount rates and revenue growth rates, net of attrition. The useful lives of developed technology and trade names were estimated based on expected obsolescence. The Company expenses the assets straight-line over the useful lives and determined that this amortization method is appropriate to reflect the pattern over which the economic benefits of these acquired assets are realized.

Acquired HSA portfolios consist of the contractual rights to administer the activities related to the individual HSAs acquired. The Company used its HSA customer relationship period assumption and the historical attrition rates of member accounts to determine that an average useful life of 15 years and the use of a straight-line amortization method are appropriate to reflect the pattern over which the economic benefits of existing member assets are realized.

The Company reviews identifiable amortizable intangible assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually on January 31 or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company’s impairment tests are based on a single operating segment and reporting unit structure. The goodwill impairment test involves a qualitative assessment to compare a reporting unit's fair value to its carrying value. If it is determined that it is more likely than not that a reporting unit's fair value is less than its carrying value, a quantitative comparison is made between the Company's market capitalization and the carrying value of the reporting unit, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized for the excess of the carrying value of goodwill over its implied fair value.

Self-insurance

The Company is self-insured for medical insurance up to certain annual stop-loss limits. The Company establishes a liability as of the balance sheet date for claims, both reported and incurred but not reported, using currently available information as well as historical claims experience.

Other long-term liabilities

Other long-term liabilities consists of long-term deferred revenue and other liabilities that the Company does not expect to settle within one year.

Derivative Financial Instruments and Hedging Activities

As required by ASC 815, Derivatives and Hedging (ASC 815), the Company records derivative financial instruments at fair value as of each reporting date. Each of the Company's derivatives is designated as a cash flow hedge and presented on a gross basis within assets or liabilities in the Company's consolidated balance sheets. The change in fair value of the derivatives is recorded to accumulated other comprehensive income or loss ("AOCI") in the Company's consolidated balance sheets and reclassified to custodial revenue in the period the hedged transactions affect earnings. Cash flows from hedging activities are classified as cash flows from investing activities in the consolidated statements of cash flows. The Company assesses each derivative, both at inception and on an ongoing basis, to determine if the requirements for applying hedge accounting are met. The Company does not use derivative financial instruments for trading purposes. See Note 11—Derivative financial instruments and hedging activities for further information.

Revenue recognition

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue when, or as, the Company satisfies a performance obligation.

Disaggregation of revenue. The Company's primary sources of revenue are service, custodial, and interchange revenue and are disclosed in the consolidated statements of operations. All of the Company's sources of revenue are deemed to be revenue contracts with customers. Each revenue source is affected differently by economic factors as it relates to the nature, amount, timing and uncertainty.

Costs to obtain a contract. ASC 606, Revenue from contracts with customers, requires capitalizing the costs of obtaining a contract when those costs are expected to be recovered.

In order to determine the amortization period for sales commissions contract costs, the Company applied the portfolio approach. Accordingly, the amortization period of the assets has been determined to be the average economic life of an HSA or other CDB relationship, which is estimated to be 15 years and 7 years, respectively. Amortization of capitalized sales commission contract costs is included in sales and marketing expenses in the consolidated statements of operations. The Company has applied the practical expedient which allows an entity to account for incremental costs of obtaining a contract at a portfolio level. The Company has also applied the practical expedient to recognize incremental costs of obtaining contracts as an expense when incurred if the amortization period would have been one year or less.

Performance obligations. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria.

Service revenue. The Company administers its platforms, prepares statements, provides a mechanism for spending funds, and provides customer support services. In addition, once a member’s HSA cash balance reaches a certain threshold, the member is able to invest their HSA assets through the Company's investment partner from which the Company earns recordkeeping and advisory fees, calculated as a percentage of the member's HSA investments. All of these services are consumed as they are received. The Company recognizes service revenue, in an amount that reflects the consideration it expects to be entitled to in exchange for those services, on a monthly basis as it satisfies its performance obligations.

Custodial revenue. The Company earns custodial revenue primarily from HSA cash placed in group annuity contracts or similar arrangements with insurance company partners or deposited with depository partners and Client-held funds deposited with depository partners. The placement of funds represents a service that is simultaneously received and consumed by the insurance company partners and depository partners. The Company recognizes custodial revenue each month, in an amount that reflects the consideration it expects to be entitled to in exchange for the service.

Interchange revenue. The Company satisfies its interchange performance obligation each time payments are made with its cards via payment networks. The Company recognizes interchange revenue, in an amount that reflects the consideration it expects to be entitled to in exchange for the service, in the month the payment transaction occurs.

Contract balances. The Company does not recognize revenue until its right to consideration is unconditional and therefore has no related contract assets. The Company records a receivable when revenue is recognized prior to payment and the Company has unconditional right to payment. Alternatively, when payment precedes the related services, the Company records a contract liability, or deferred revenue, until its performance obligations are satisfied.

Significant judgments. The Company makes no significant judgments in determining the amount or timing of revenue recognition. The Company has estimated the average economic life of an HSA or CDB customer relationship, which has been determined to be the amortization period for capitalized sales commissions and other contract costs.

Cost of revenue

The Company incurs cost of revenue related to servicing member accounts, managing customer and partner relationships, and processing reimbursement claims. Expenditures include personnel-related costs, depreciation, amortization, stock-based compensation, common expense allocations, costs to reimburse members from outside fraud activity, new member and participant supplies, and other operating costs of the member account servicing departments. Other components of the Company’s cost of revenue include interest retained by members on custodial assets held and interchange costs incurred in connection with processing card transactions initiated by members.

Stock-based compensation

The Company grants restricted stock units ("RSUs") to certain team members, executive officers, and directors. The Company recognizes compensation expense for stock-based awards based on the grant date estimated fair value. Expense for stock-based awards is generally recognized on a straight-line basis over the requisite service period and is reversed as pre-vesting forfeitures occur. The fair value of RSUs is based on the current value of the

Company's closing stock price on the date of grant less the present value of future expected dividends discounted at the risk-free interest rate.

For stock-based awards with performance conditions, the Company evaluates the probability of achieving the performance criteria and of the number of shares that are expected to vest, and compensation expense is then adjusted to reflect the number of shares expected to vest and recorded over the requisite service period. For awards with performance conditions, compensation expense is recognized using the graded-vesting attribution method in accordance with the provisions of ASC 718, Compensation—Stock Compensation ("Topic 718"). Compensation expense related to stock-based awards with market conditions is recorded on a straight-line basis over the requisite service period regardless of whether the market condition is satisfied.

Upon the exercise of a stock option or release of an RSU, common shares are issued from authorized, but not outstanding, common stock.

Interest expense

Interest expense consists primarily of accrued interest expense and amortization of deferred financing costs associated with the Company's long-term debt.

Other income, net

Other income, net, consists of interest income earned on corporate cash and other miscellaneous income and expense.

Income tax provision

The Company accounts for income taxes and the related accounts under the asset and liability method as set forth in ASC 740, Income Taxes. Under this method, current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current fiscal year. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, for net operating losses, and for tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for when it is more likely than not that some or all of the deferred tax assets may not be realized in future years.

The Company recognizes the tax benefit from an uncertain tax position taken or expected to be taken in a tax return using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, based on the technical merits of the position. For tax positions that are more likely than not to be sustained upon audit, the second step is to measure the tax benefit in the financial statements as the largest benefit that has a greater than 50% likelihood of being sustained upon settlement. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of other income, net in the consolidated statements of operations. Changes in facts and circumstances could have a material impact on the Company’s effective tax rate and results of operations.

Asset acquisitions

The Company routinely acquires rights to be the custodian of HSA portfolios, in which substantially all of the fair value of the gross portfolio assets acquired is concentrated in a group of similar HSA assets and therefore the acquisitions do not constitute a business. Accordingly, the acquisitions are accounted for under the asset acquisition method of accounting in accordance with ASC 805-50, Business Combinations—Related Issues. Under the asset acquisition method of accounting, the Company is required to fair value the assets transferred. The cost of the assets acquired, including transaction costs incurred in conjunction with an asset acquisition, is allocated to the individual assets acquired based on their relative fair values and does not give rise to goodwill.

Business combinations

Consideration paid for the acquisition of a business as defined by ASC 805-10 is allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values as of the acquisition date.

Acquisition-related expenses incurred in conjunction with the acquisition of a business are recognized in earnings in the period in which they are incurred and are included in other income, net on the consolidated statements of operations.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made estimates in several areas, including the average economic life of an HSA or CDB customer relationship, the allowance for doubtful accounts, capitalized software development costs, the valuation of derivative assets and liabilities, evaluating goodwill and long-lived assets for impairment, the useful lives of property and equipment and intangible assets, accrued compensation, accrued liabilities, the grant date fair value of performance restricted stock units, and income taxes. Actual results could differ from those estimates.

Recently adopted accounting pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 for the fiscal year ended January 31, 2026, and applied the new disclosure requirements retrospectively. The impact of the adopted ASU is not material to our income tax disclosures.

Recently issued accounting pronouncements not yet adopted

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 ASU requires disaggregated information about certain income statement expense line items on an annual and interim basis. This guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The new standard permits early adoption and can be applied prospectively or retrospectively. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.

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, which removes all references to project stages and establishes new criteria for the capitalization of internal-use software costs. The guidance will be effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or on a modified retrospective basis, including for in-process projects. We are evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.

Commitments and contingencies (Tables)

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Payments Due By Fiscal Year For Our Outstanding Contractual Obligations

The following table summarizes the payments due by fiscal year for the Company's outstanding contractual obligations as of January 31, 2026:


	Payments due by fiscal year
(in thousands)	2027		2028		2029		2030		2031		Thereafter		Total
4.50% Senior Notes due 2029 (1)	$	—	$	—	$	—	$	600,000	$	—	$	—	$	600,000
Revolving Credit Facility (1)	—		—		—		361,875		—		—		361,875
Interest on long-term debt obligations (2)	45,425		45,425		45,476		26,935		—		—		163,261
Operating lease obligations (3)	10,148		10,323		10,553		10,789		7,140		—		48,953
Other contractual obligations (4)	66,124		54,693		13,050		4,146		851		—		138,864
Total	$	121,697	$	110,441	$	69,079	$	1,003,745	$	7,991	$	—	$	1,312,953

(1)As of January 31, 2026, the outstanding combined principal of $961.9 million is presented net of debt issuance costs on the consolidated balance sheets. The debt issuance costs are not included in the table above.

(2)Estimated interest payments assume the stated interest rates applicable to the Notes and Revolving Credit Facility as of January 31, 2026, which were 4.50% and 5.02% per annum, respectively.

(3)The Company leases office space and data storage facilities and has other non-cancelable operating leases expiring at various dates through 2030. These amounts exclude contractual sublease income of $22.5 million, which is expected to be received through December 2030.

(4)Other contractual obligations consist of services agreements, purchase obligations, and other contractual commitments.

Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Numerator (basic and diluted):
Net income	$ 215,201	$ 96,703	$ 55,712
Denominator (basic):
Weighted-average common shares outstanding (in shares)	86,132	86,870	85,564
Denominator (diluted):
Weighted-average common shares outstanding (in shares)	86,132	86,870	85,564
Weighted-average dilutive effect of stock options and restricted stock units (in shares)	1,341	1,958	1,393
Diluted weighted-average common shares outstanding (in shares)	87,473	88,828	86,957
Net income per share:
Basic (in usd per share)	$ 2.50	$ 1.11	$ 0.65
Diluted (in usd per share)	$ 2.46	$ 1.09	$ 0.64
Antidilutive securities excluded from computation of earnings per share (in shares)	100	100	600

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Leases [Abstract]
Operating lease expense	$ 8,942	$ 9,125	$ 9,437
Sublease income	(5,344)	(4,097)	(2,680)
Net operating lease expense	$ 3,598	$ 5,028	$ 6,757
Weighted average remaining lease term	4 years 9 months 18 days	5 years 8 months 12 days
Weighted average discount rate	4.40%	4.40%

Supplemental financial statement information (Tables)

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment

The useful life used for computing depreciation for all other asset classes is described below:


Computer equipment			3-5 years
Furniture and fixtures			5 years

Property and equipment consisted of the following as of January 31, 2026 and 2025:


(in thousands)	January 31, 2026		January 31, 2025
Leasehold improvements	$	14,140	$	13,966
Furniture and fixtures	6,453		6,708
Computer equipment	19,902		19,218
Property and equipment, gross	40,495		39,892
Accumulated depreciation	(37,318)		(36,653)
Property and equipment, net	$	3,177	$	3,239

Schedule of Other Income, Net

Other income, net, consisted of the following:


	Year ended January 31,
(in thousands)	2026		2025		2024
Interest income	$	11,729	$	13,914	$	12,138
Other miscellaneous income	378		420		658
Total other income, net	$	12,107	$	14,334	$	12,796

Stock-based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Number of options
Outstanding, beginning balance (in shares)	369
Exercised (in shares)	(236)
Outstanding, ending balance (in shares)	133	369
Vested and expected to vest (in shares)	133
Exercisable (in shares)	133
Range of exercise prices
Beginning balance, minimum (in usd per share)	$ 21.27
Beginning balance, maximum (in usd per share)	73.61
Exercised, minimum (in usd per share)	21.27
Exercised, maximum (in usd per share)	73.61
Ending balance, minimum (in usd per share)	24.36	$ 21.27
Ending balance, maximum (in usd per share)	73.61	73.61
Weighted- average exercise price
Opening balance (in usd per share)	48.13
Exercised (in usd per share)	48.52
Ending balance (in usd per share)	47.50	$ 48.13
Vested and expected to vest, weighted-average exercise price (in usd per share)	47.50
Exercisable, weighted-average exercise price (in usd per share)	$ 47.50
Outstanding stock options, weighted-average contractual term (in years)	1 year 7 months 6 days	2 years 6 months
Vested and expected to vest, weighted-average contractual term (in years)	1 year 7 months 6 days
Exercisable, weighted-average contractual term (in years)	1 year 7 months 6 days
Aggregate intrinsic value	$ 5,081	$ 22,957
Vested and expected to vest, aggregate intrinsic value	5,081
Exercisable, aggregate intrinsic value	$ 5,081

Stockholders' equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,114,911	$ 2,035,021	$ 1,895,640
Other comprehensive loss before reclassifications, after tax	(5,695)
Amounts reclassified from AOCI, after tax	(12)
Total other comprehensive loss	(5,707)	0	0
Ending balance	2,107,196	2,114,911	2,035,021
Change in unrealized losses on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, before tax	0
Other comprehensive loss before reclassifications, before tax	(7,545)
Amounts reclassified from AOCI, before tax	(16)
Net change in AOCI, before tax	(7,561)
Ending balance, before tax	(7,561)	0
Income tax benefit
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, tax	0
Other comprehensive loss before reclassifications, tax	1,850
Amounts reclassified from AOCI, tax	4
Net change in AOCI, tax	1,854
Ending balance, tax	1,854	0
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	0
Total other comprehensive loss	(5,707)
Ending balance	$ (5,707)	$ 0	$ 0

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

Summary of business and significant accounting policies - Property and Equipment (Details)	Jan. 31, 2026
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	5 years

Stockholders' equity - Narrative (Details) - USD ($)	Jan. 31, 2026	Jun. 30, 2025	Aug. 31, 2024
Share Repurchase Program [Line Items]
Remaining authorized repurchase amount	$ 177,700,000
2024 Stock Repurchase Program
Share Repurchase Program [Line Items]
Share repurchase program, authorized amount			$ 300,000,000
2025 Stock Repurchase Program
Share Repurchase Program [Line Items]
Share repurchase program, authorized amount		$ 300,000,000
Passive Custodial Funds
Share Repurchase Program [Line Items]
Minimum net worth above custodial assets (as a percent)	2.00%
Non-passive Custodial Fund
Share Repurchase Program [Line Items]
Minimum net worth above custodial assets (as a percent)	4.00%

Intangible assets and goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 152,700,000	$ 157,800,000	$ 144,300,000
Goodwill impairment	0	0	$ 0
Change in goodwill	0	0
Acquired HSA portfolios
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, acquired	$ 300,000	$ 472,600,000

- 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

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

- 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

Income taxes

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Income taxes

The income tax provision consisted of the following:


	Year ended January 31,
(in thousands)	2026		2025		2024
Current:
Federal	$	18,693	$	25,949	$	29,376
State	3,776		6,211		3,947
Total current tax provision	$	22,469	$	32,160	$	33,323
Deferred:
Federal	$	36,679	$	(11,886)	$	(11,004)
State	3,083		(943)		(2,991)
Total deferred tax provision (benefit)	$	39,762	$	(12,829)	$	(13,995)
Total income tax provision	$	62,231	$	19,331	$	19,328

Total income tax provision differed from the amounts computed by applying the U.S. federal statutory tax rate to income before income taxes as a result of the following (pursuant to ASU 2023-09 disclosure requirements):


	Year ended January 31,
(in thousands, except percentages)	2026				2025				2024
Federal statutory tax rate	$	58,261	21.0	%	$	24,367	21.0	%	$	15,759	21.0	%
State and local income taxes, net of federal income tax effect (1)	5,367		1.9	%	4,365		3.8	%	441		0.6	%
Tax credits
Research and development tax credits	(2,413)		(1.0)	%	(4,625)		(4.0)	%	(3,019)		(4.0)	%
Other	(123)		0.0	%	(230)		(0.2)	%	(112)		(0.1)	%
Nontaxable or nondeductible items
Share-based payment awards	(5,080)		(1.8)	%	(12,529)		(10.8)	%	258		0.3	%
Excessive employee remuneration	5,120		1.9	%	6,782		5.8	%	2,939		3.9	%
Other	1,014		0.4	%	1,240		1.1	%	587		0.8	%
Changes in unrecognized tax benefits	76		0.0	%	(39)		0.0	%	(47)		(0.1)	%
Other adjustments
IRS examination settlement	—		0.0	%	—		0.0	%	2,461		3.3	%
Other	9		0.0	%	—		0.0	%	61		0.1	%
Effective tax rate	$	62,231	22.4	%	$	19,331	16.7	%	$	19,328	25.8	%

(1)The following states and local jurisdictions contribute the majority (more than 50%) of the tax effect to this category. For the tax year ended January 31, 2026: California, Pennsylvania, Texas, Utah, and Iowa. For the tax year ended January 31, 2025: California, Texas, New Jersey, Pennsylvania, Iowa, and Illinois. For the tax year ended January 31, 2024: California, Texas, and Utah.

The Company’s effective tax rate for the fiscal years ended January 31, 2026, 2025, and 2024 was 22.4%, 16.7%, and 25.8%, respectively. The difference between the effective tax rate and the U.S. federal statutory tax rate each period is impacted by a number of factors, including the relative mix of earnings among state jurisdictions, credits, excess tax benefits or shortfalls on stock-based compensation expense, changes in unrecognized tax benefits and valuation allowance, and other items. The increase in the effective tax rate for the fiscal year ended January 31, 2026 compared to the fiscal year ended January 31, 2025 was primarily due to an increase in pre-tax book income, a reduction in tax benefit from stock-based compensation expense, and a decrease in research and development tax credits net of unrecognized tax benefits, partially offset by tax benefit from deferred tax rate adjustments due to state apportionment changes and a decrease in excessive employee remuneration. The decrease in the effective tax rate for the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024 was primarily due to an increase in tax benefit from stock-based compensation expense and a decrease in expense from unrecognized tax benefits, partially offset by an increase in pre-tax book income, an increase in nondeductible executive compensation, and increased expense from deferred tax rate adjustments due to state apportionment changes.

Net income tax payments by jurisdiction consisted of the following (pursuant to ASU 2023-09 disclosure requirements):


	Year ended January 31,
(in thousands)	2026		2025		2024
Federal	$	5,000	$	20,000	$	30,500

California	787		*		*
Pennsylvania	441		*		*
Other	1,814		6,069		4,852
State and local	3,042		6,069		4,852

Total net income tax payments	$	8,042	$	26,069	$	35,352

*Jurisdiction was below the 5% of total (net) income tax payments threshold for the period

Deferred tax assets and liabilities consisted of the following:


(in thousands)	January 31, 2026		January 31, 2025
Deferred tax assets:
Net operating loss carryforward	$	732	$	1,120
Stock compensation	8,266		11,937
Research and development credits	3,618		4,160
Lease liabilities	10,894		13,245
Capitalized research and development	18,771		53,238
Fixed assets	813		1,083
Accruals and reserves	5,174		5,099
Other, net	4,499		6,632
Total gross deferred tax assets	$	52,767	$	96,514
Less valuation allowance	(1,057)		(1,066)
Deferred tax assets, net of valuation allowance	51,710		95,448
Deferred tax liabilities:
Intangible assets	(73,260)		(84,120)
Incremental contract costs	(14,904)		(15,282)
Right-of-use assets	(8,931)		(10,926)
Goodwill	(45,680)		(38,205)
Other, net	(2,645)		(2,749)
Total gross deferred tax liabilities	(145,420)		(151,282)
Net deferred tax liabilities	$	(93,710)	$	(55,834)

Management considered whether it is more likely than not that some portion or all of the deferred tax assets would 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. Management considered the scheduled reversal of deferred tax liabilities in making this assessment and determined that based on the weight of all available evidence, it is more likely than not (i.e., a likelihood of more than 50%) that the Company will be able to realize all of its federal deferred tax assets and the majority of its state deferred tax assets. The Company recorded a valuation allowance of $1.1 million as of both January 31, 2026 and 2025, related to certain state deferred tax assets.

As of January 31, 2026, the Company had recorded state net operating loss carryforwards of $11.2 million, which begin to expire at various intervals beginning with the tax year ending January 31, 2036. As of January 31, 2026, the Company also had state research and development tax credit carryforwards of $12.5 million, which begin to expire at various intervals beginning with the tax year ending January 31, 2027.

As of January 31, 2026 and 2025, the gross unrecognized tax benefit was $27.4 million and $24.1 million, respectively. If recognized, $24.1 million and $20.9 million of the total unrecognized tax benefits would affect the

Company's effective tax rate as of January 31, 2026 and 2025, respectively. Total gross unrecognized tax benefits increased by $3.3 million in the period from January 31, 2025 to January 31, 2026.

A tabular reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


(in thousands)	January 31, 2026		January 31, 2025
Gross unrecognized tax benefits at beginning of year	$	24,140	$	19,213
Gross amounts of increases and decreases:
Increases as a result of tax positions taken during a prior period	—		1,004
Decreases as a result of tax positions taken during a prior period	(96)		—
Increases as a result of tax positions taken during the current period	4,012		5,076
Decreases as a result of settlement	(150)		—
Decreases resulting from the lapse of the applicable statute of limitations	(501)		(1,153)
Gross unrecognized tax benefits at end of year	$	27,405	$	24,140

Certain unrecognized tax benefits are required to be netted against their related deferred tax assets as a result of ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The resulting unrecognized tax benefit recorded within the Company's consolidated balance sheet excludes the following amounts that have been netted against the related deferred tax assets accordingly:


(in thousands)	January 31, 2026		January 31, 2025
Total gross unrecognized tax benefits	$	27,405	$	24,140
Amounts netted against related deferred tax assets	(8,002)		(8,363)
Unrecognized tax benefits recorded on the consolidated balance sheet	$	19,403	$	15,777

The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as a component of other income, net in the consolidated statements of operations. During the fiscal years ended January 31, 2026, 2025, and 2024, the Company recorded penalties and interest of $0.7 million, $0.6 million, and $0.1 million, respectively, related to unrecognized tax benefits. As of January 31, 2026 and 2025, the Company recorded accrued interest and penalties of $2.7 million and $2.0 million, respectively.

The Company files income tax returns with U.S. federal and state taxing jurisdictions and is currently under examination by the state of California. Such tax examinations may lead to ordinary course adjustments or proposed adjustments to the Company's taxes, net operating losses, and/or tax credit carryforwards. The Company concluded examinations by the states of Texas and New York during the fiscal year ended January 31, 2026, and all necessary adjustments were immaterial. As a result of the Company's net operating loss carryforwards and tax credit carryforwards, the Company remains subject to examination by one or more jurisdictions for tax years after 2006.

In July 2025, the “One Big Beautiful Bill Act” was signed into law. The most significant provision for the Company is the immediate expensing of domestic research and experimental expenditures. Other changes include bonus depreciation allowance on qualified business asset purchases and modifications to the business interest expense limitation calculation. Each of these changes may result in accelerated tax deductions during the current and future tax years. Tax payments for the fiscal year ended January 31, 2026 were significantly reduced, and tax payments for the year ending January 31, 2027 are expected to be significantly reduced, as a result of the accelerated tax deductions. However, the Company's total income tax expense and effective tax rate are not expected to materially change as a result of the new legislation.

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Supplemental financial statement information - Other Income, 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]
Interest income	$ 11,729	$ 13,914	$ 12,138
Other miscellaneous income	378	420	658
Total other income, net	$ 12,107	$ 14,334	$ 12,796

Income taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits at beginning of year	$ 24,140	$ 19,213
Increases as a result of tax positions taken during a prior period	0	1,004
Decreases as a result of tax positions taken during a prior period	(96)	0
Increases as a result of tax positions taken during the current period	4,012	5,076
Decreases as a result of settlement	(150)	0
Decreases resulting from the lapse of the applicable statute of limitations	(501)	(1,153)
Gross unrecognized tax benefits at end of year	27,405	24,140
Total gross unrecognized tax benefits	27,405	24,140
Amounts netted against related deferred tax assets	(8,002)	(8,363)
Unrecognized tax benefits recorded on the consolidated balance sheet	$ 19,403	$ 15,777

Indebtedness - Narrative (Details)	Aug. 23, 2024 USD ($)	Oct. 08, 2021 USD ($)	Jan. 31, 2026 USD ($)
4.50% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.50%
4.50% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)		4.50%
Principal amount		$ 600,000,000
Accrued interest			$ 9,000,000.0
Effective interest rate (as a percent)			4.72%
4.50% Senior Notes due 2029 \| Senior Notes \| October 1, 2025
Debt Instrument [Line Items]
Redemption price (as a percent)		101.125%
4.50% Senior Notes due 2029 \| Senior Notes \| October 1, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%
Credit Agreement
Debt Instrument [Line Items]
Stated interest rate (as a percent)			5.02%
Effective interest rate (as a percent)			5.02%
Maximum borrowing capacity of future commitments	$ 450,000,000
Maximum leverage ratio	3.85		5.00
Minimum interest coverage ratio			3.00
Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit spread adjustment on variable rate (as a percent)	0.10%
Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	1.25%
Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	2.50%
Credit Agreement \| Revolving Credit Facility \| Customary Base Rate \| Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	0.25%
Credit Agreement \| Revolving Credit Facility \| Customary Base Rate \| Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	1.50%
Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Facility term (in years)	5 years
Credit facility, amount	$ 1,000,000,000.0
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused capacity commitment fee	0.25%
Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused capacity commitment fee	0.50%
Credit Agreement \| Letter of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, amount	$ 25,000,000

Income taxes - Schedule of Net Income Tax Payments by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 5,000	$ 20,000	$ 30,500
State and local	3,042	6,069	4,852
Total net income tax payments	8,042	26,069	35,352
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	787
Pennsylvania
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	441
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	$ 1,814	$ 6,069	$ 4,852

Commitments and contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Long-term Debt, Fiscal Year Maturity [Abstract]
Total	$ 957,379	$ 1,056,301
Interest On Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	45,425
2028	45,425
2029	45,476
2030	26,935
2031	0
Thereafter	0
Total	163,261
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2027	10,148
2028	10,323
2029	10,553
2030	10,789
2031	7,140
Thereafter	0
Total	48,953
Other Commitment, Fiscal Year Maturity [Abstract]
2027	66,124
2028	54,693
2029	13,050
2030	4,146
2031	851
Thereafter	0
Total	138,864
Contractual Obligation, Fiscal Year Maturity [Abstract]
2027	121,697
2028	110,441
2029	69,079
2030	1,003,745
2031	7,991
Thereafter	0
Total	1,312,953
Principal amount	961,875	1,061,875
Sublease income to be received	22,500
4.50% Senior Notes due 2029
Long-term Debt, Fiscal Year Maturity [Abstract]
2027	0
2028	0
2029	0
2030	600,000
2031	0
Thereafter	0
Total	600,000
Contractual Obligation, Fiscal Year Maturity [Abstract]
Principal amount	$ 600,000	600,000
Stated interest rate (as a percent)	4.50%
Credit Agreement
Contractual Obligation, Fiscal Year Maturity [Abstract]
Stated interest rate (as a percent)	5.02%
Credit Agreement \| Revolving Credit Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
2027	$ 0
2028	0
2029	0
2030	361,875
2031	0
Thereafter	0
Total	361,875
Contractual Obligation, Fiscal Year Maturity [Abstract]
Principal amount	$ 361,875	$ 461,875

Indebtedness

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Indebtedness

Long-term debt consisted of the following:


(in thousands)	January 31, 2026		January 31, 2025
4.50% Senior Notes due 2029	$	600,000	$	600,000
Revolving Credit Facility	361,875		461,875
Principal amount	961,875		1,061,875
Less: unamortized discount and issuance costs (1)	4,496		5,574
Total debt, net	957,379		1,056,301
Less: current portion of long-term debt	—		—
Long-term debt, net	$	957,379	$	1,056,301

(1)In addition to the $4.5 million and $5.6 million of unamortized discount and issuance costs related to the Notes as of January 31, 2026 and 2025, respectively, $5.9 million and $7.7 million of unamortized issuance costs related to the Company's Revolving Credit Facility are included within other assets in the consolidated balance sheets as of January 31, 2026 and January 31, 2025, respectively.

4.50% Senior Notes due 2029

On October 8, 2021, the Company completed its offering of $600 million aggregate principal amount of its 4.50% Senior Notes due 2029 (the “Notes”). The Notes were issued under an indenture (the “Indenture”), dated October 8, 2021, among the Company, the guarantors party thereto, and Wells Fargo Bank, National Association, as trustee.

The Notes are guaranteed by each of the Company’s existing, wholly owned domestic subsidiaries that guarantees its obligations under the Credit Agreement (as defined below) and are required to be guaranteed by any of the Company’s future subsidiaries that guarantee its obligations under the Credit Agreement or certain of its other indebtedness. The Notes will mature on October 1, 2029. Interest on the Notes is payable on April 1 and October 1 of each year. As of January 31, 2026, the balance of accrued interest on the Notes was $9.0 million, which is included within accrued liabilities on the Company's consolidated balance sheets. The effective interest rate on the Notes is 4.72%.

The Notes are unsecured senior obligations of the Company and rank equally in right of payment to all of its existing and future senior unsecured debt and senior in right of payment to all of its future subordinated debt.

The Notes are redeemable at the Company’s option, in whole or in part, at a redemption price if redeemed during the 12 months beginning (i) October 1, 2025 of 101.125%, and (ii) October 1, 2026 and thereafter of 100.000%, in each case of the principal amount of the Notes being redeemed, and together with accrued and unpaid interest, if

any, to, but excluding, the date of redemption. The Company may be required to make an offer to purchase the Notes upon the sale of certain assets or upon specific kinds of changes of control.

The Indenture contains covenants that impose significant operational and financial restrictions on the Company; however, these covenants generally align with the covenants contained in the Credit Agreement. See "Credit Agreement" below for a description of these covenants.

Credit Agreement

On August 23, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as borrower, each lender from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent and the Swing Line Lender (as defined in the Credit Agreement), and each L/C Issuer (as defined therein) party thereto, pursuant to which the Company established a five-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $1.0 billion (with a $25 million sub-limit for the issuance of letters of credit), a portion of which was used to refinance the Company's prior credit agreement. The Revolving Credit Facility may be used in the future for working capital and general corporate purposes, including the financing of acquisitions and other investments. The maturity date of the Revolving Credit Facility is August 23, 2029.

Subject to the terms and conditions set forth in the Credit Agreement (including obtaining additional commitments from one or more new or existing lenders), the Company may in the future incur additional loans or commitments under the Credit Agreement in an aggregate principal amount of up to $450 million, plus an additional amount so long as the Company’s pro forma first lien net leverage ratio would not exceed 3.85 to 1.00 as of the date such loans or commitments are incurred.

Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to, at the Company’s option, either (i) the secured overnight financing rate published by the CME Group Benchmark Administration Limited (“Term SOFR”) (subject to a 0.10% “credit spread adjustment”) plus a margin ranging from 1.25% to 2.50% or (ii) an alternate base rate plus a margin ranging from 0.25% to 1.50%, with the applicable margin determined by reference to a leverage-based pricing grid set forth in the Credit Agreement. The Company is also required to pay certain fees to the Lenders, including, among others, a quarterly commitment fee on the average unused amount of the Revolving Credit Facility at a rate ranging from 0.25% to 0.50%, with the applicable rate also determined by reference to a leverage-based pricing grid set forth in the Credit Agreement. As of January 31, 2026, the interest rate on the Revolving Credit Facility was 5.02%.

The loans under the Revolving Credit Facility may be prepaid, and the commitments thereunder may be reduced by the Company without penalty or premium, subject to the reimbursement of customary “breakage costs.”

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, make distributions and dividends and prepayments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year and modify its organizational documents, in each case, subject to customary exceptions, thresholds, qualifications and “baskets.” In addition, the Credit Agreement contains financial performance covenants, which require the Company to maintain (i) a maximum total net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 5.00 to 1.00 and (ii) a minimum consolidated interest coverage ratio, measured as of the last day of each fiscal quarter, of no less than 3.00 to 1.00. The Company was in compliance with all covenants under the Credit Agreement as of January 31, 2026 and for the period then ended.

The repayment obligation under the Credit Agreement may be accelerated upon the occurrence of an event of default thereunder, including, among other things, failure to pay principal, interest or fees on a timely basis, material inaccuracy of any representation or warranty, failure to comply with covenants, cross-default to other material debt, material judgments, change of control and certain insolvency or bankruptcy-related events, in each case, subject to any certain grace and/or cure periods.

The Company’s obligations under the Credit Agreement are required to be unconditionally guaranteed by each of its existing or subsequently acquired or organized direct and indirect domestic subsidiaries and are secured by security interests in substantially all assets of the Company and the guarantors, in each case, subject to certain customary exceptions.

- 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
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

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

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jan. 31, 2026	Mar. 03, 2026	Jul. 31, 2025
Cover [Abstract]
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	001-36568
Entity Registrant Name	HEALTHEQUITY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2383166
Entity Address, Address Line One	15 West Scenic Pointe Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Draper
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84020
City Area Code	801
Local Phone Number	727-1000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	HQY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.0
Entity Common Stock, Shares Outstanding		84,478,406
Documents Incorporated by Reference	Portions of the Registrant's definitive proxy statement related to its 2026 annual meeting of stockholders (the "2026 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001428336
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false

Intangible assets and goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,999,408	$ 1,954,752
Accumulated amortization	(902,236)	(750,094)
Net carrying amount	1,097,172	1,204,658
Software and software development costs
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	356,597	312,234
Accumulated amortization	(278,291)	(234,102)
Net carrying amount	78,306	78,132
Acquired HSA portfolios
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	737,304	737,011
Accumulated amortization	(173,687)	(124,606)
Net carrying amount	563,617	612,405
Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	759,782	759,782
Accumulated amortization	(308,512)	(256,820)
Net carrying amount	451,270	502,962
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	132,825	132,825
Accumulated amortization	(128,846)	(121,666)
Net carrying amount	3,979	11,159
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	12,900	12,900
Accumulated amortization	(12,900)	(12,900)
Net carrying amount	$ 0	$ 0

- 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

Stockholders' equity

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Stockholders' equity

Stock repurchase programs

In June 2025, the Company announced that its board of directors authorized a new common stock repurchase program (the “2025 Stock Repurchase Program"), supplementing the $300 million common stock repurchase program approved in August 2024. Under the 2025 Stock Repurchase Program, the Company may purchase up to an additional $300 million of its common stock, as market conditions warrant.

The common stock may be repurchased at prices that the Company deems appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company's sole discretion. Such repurchases may be effected through open market purchases, privately negotiated transactions or otherwise, including repurchase plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934. The stock repurchase programs do not obligate the Company to repurchase any dollar amount or number of shares of common stock, and the programs may be suspended or discontinued at any time.

The following table sets forth the common stock repurchased and subsequently retired during the periods presented:


	Year ended January 31,
	2026			2025
(in thousands)	Shares	Amount		Shares	Amount
Common stock repurchases (1)	3,254	$	301,675	1,361	$	122,247

(1)Shares repurchased include unsettled repurchases as of January 31, 2026. Transaction fees and excise tax were recorded as part of the repurchase price.

All repurchases were made in open market transactions. The excess of repurchase price over par value was allocated between additional paid-in capital and retained earnings. As of January 31, 2026, $177.7 million of common stock remained authorized for repurchase under the Company's 2025 Stock Repurchase Program.

Accumulated other comprehensive loss

As of January 31, 2026, AOCI consisted of unrealized losses on cash flow hedges, net. The following table summarizes the changes in AOCI:


(in thousands)	Change in unrealized losses on cash flow hedges		Income tax benefit		Total
Beginning balance	$	—	$	—	$	—
Other comprehensive loss before reclassifications	(7,545)		1,850		(5,695)
Amounts reclassified from AOCI	(16)		4		(12)
Net change in AOCI	(7,561)		1,854		(5,707)
Ending balance	$	(7,561)	$	1,854	$	(5,707)

Adequacy of net worth

In February 2006, HealthEquity received designation by the U.S. Department of Treasury to act as a passive non-bank custodian, which allows HealthEquity to hold custodial assets for individual account holders. On July 24, 2017, HealthEquity received designation by the U.S. Department of Treasury to act as both a passive and non-passive non-bank custodian, which allows HealthEquity to hold custodial assets for individual account holders and use discretion to direct investment of such assets held. As a passive and non-passive non-bank custodian according to Treasury Regulations section 1.408-2(e)(5)(ii)(B), the Company must maintain net worth (assets minus liabilities) greater than the sum of 2% of passive custodial funds held at each fiscal year-end and 4% of the non-passive custodial funds held at each fiscal year-end in order to take on additional custodial assets. As of January 31, 2026, the Company's year-end for trust and tax purposes, the net worth of the Company exceeded the required thresholds.

- Definition

The entire disclosure for equity.

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+ Details

Intangible assets and goodwill - Schedule for Future Amortization Expense (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2027	$ 144,373
2028	126,628
2029	106,946
2030	97,609
2031	96,579
Thereafter	525,037
Net carrying amount	$ 1,097,172	$ 1,204,658

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
Adrian Dillon [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 20, 2025, Adrian Dillon, a member of our board of directors, entered into a Rule 10b5-1 trading arrangement (the “Dillon Arrangement”). The Dillon Arrangement provides for the sale, between March 21, 2026 and February 1, 2027, of up to 12,469 shares of the Company’s common stock held by Mr. Dillon, which represent the exercise of expiring stock options and sale of the underlying shares. The Dillon Arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Adrian Dillon
Title	member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 20, 2025
Expiration Date	February 1, 2027
Arrangement Duration	317 days
Aggregate Available	12,469
Gayle Wellborn [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On January 14, 2026, Gayle Wellborn, a member of our board of directors, entered into a Rule 10b5-1 trading arrangement (the “Wellborn Arrangement”). The Wellborn Arrangement provides for the sale, between April 15, 2026 and December 31, 2026, of up to 2,439 shares of the Company’s common stock held by Ms. Wellborn. The Wellborn Arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Gayle Wellborn
Title	member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 14, 2026
Expiration Date	December 31, 2026
Arrangement Duration	260 days
Aggregate Available	2,439

Supplemental financial statement information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Allowance for doubtful accounts	$ 0.9	$ 2.1
Credit losses from trade receivables	0.8	0.2	$ 1.7
Capitalized contract cost	60.6	60.3
Amortization of capitalized contract costs	7.8	6.7	5.4
Depreciation expense	2.0	4.6	$ 8.8
Remaining performance obligation	6.7	$ 17.1
Deferred revenue	$ 12.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Jan. 31, 2026 extension
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of extensions (in years)	1
Minimum
Lessee, Lease, Description [Line Items]
Remaining operating lease terms (in years)	1 year
Lease renewal terms extension (in years)	5 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining operating lease terms (in years)	5 years
Lease renewal terms extension (in years)	10 years

Derivative financial instruments and hedging activities

12 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments and hedging activities

Yields paid by the Company's insurance company partners and depository partners are impacted by the prevailing interest rate environment at the time HSA cash is placed with those partners. The Company uses Treasury bond forwards to hedge a portion of the benchmark interest rate risk of expected future placements of HSA cash. These derivatives involve the Company and its counterparty agreeing to fix the price of a specified Treasury bond on a future date, ranging from March 2026 to January 2028, resulting in cash settlement for the difference between the fixed price and the market price on that date. The parties may elect net settlement of multiple transactions under certain conditions; however, the Company presents its derivative assets and liabilities on a gross basis on its consolidated balance sheets. The gain or loss on the derivative is recorded in AOCI and subsequently reclassified into custodial revenue in the same periods during which the hedged transaction affects custodial revenue earned from the Company's insurance company partners and depository partners. As of January 31, 2026, each of the

Company's derivatives was designated as a cash flow hedge. The Company did not use derivatives prior to fiscal 2026.

As of the January 31, 2026, the weighted average interest rate indicated by the Company's Treasury bond forwards was 3.92%.

Notional amount of derivative contracts

The notional amount of the Company's derivative instruments was as follows:


(in thousands, except number of instruments)	January 31, 2026			January 31, 2025
	Number of instruments	Notional		Number of instruments	Notional
Treasury bond forwards	18	$	2,350,000	—	$	—

Fair value of derivative contracts

The table below presents the fair value of the Company’s derivatives as well as their classification in the consolidated balance sheet.


	January 31, 2026
	Derivative assets				Derivative liabilities
(in thousands)	Other current assets		Other assets		Accrued liabilities		Other long-term liabilities
Treasury bond forwards	$	—	$	3,285	$	(6,935)	$	(7,997)

Effect of derivatives on the consolidated financial statements

The pre-tax losses on the Company's cash flow hedges recognized in AOCI were as follows:


(in thousands)	Year ended January 31,
(in thousands)	2026		2025		2024
Treasury bond forwards	$	(7,545)	$	—	$	—

Total amounts presented in the consolidated statements of operations


	Year ended January 31, 2026
(in thousands)	Custodial revenue		Income tax provision		Total reclassifications
Treasury bond forwards
Amount of gains reclassified from AOCI	$	16	$	(4)	$	12

As of January 31, 2026, the estimated amount of AOCI that is expected to be reclassified into earnings within the next 12 months is a net gain of $0.4 million.

- Definition

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

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+ Details

Intangible assets and goodwill (Tables)

12 Months Ended

Jan. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The useful life used for computing amortization for all intangible asset classes is described below:


Software and software development costs			3 years
Acquired customer relationships			7-15 years
Acquired developed technology			2-5 years
Acquired trade names and trademarks			3 years
Acquired HSA portfolios			15 years

The gross carrying amount and associated accumulated amortization of intangible assets were as follows:


	January 31, 2026
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	356,597	$	(278,291)	$	78,306
Acquired HSA portfolios	737,304		(173,687)		563,617
Acquired customer relationships	759,782		(308,512)		451,270
Acquired developed technology	132,825		(128,846)		3,979
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,999,408	$	(902,236)	$	1,097,172


	January 31, 2025
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	312,234	$	(234,102)	$	78,132
Acquired HSA portfolios	737,011		(124,606)		612,405
Acquired customer relationships	759,782		(256,820)		502,962
Acquired developed technology	132,825		(121,666)		11,159
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,954,752	$	(750,094)	$	1,204,658

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for the fiscal years ending January 31 is as follows:


Year ending January 31, (in thousands)
2027	$	144,373
2028	126,628
2029	106,946
2030	97,609
2031	96,579
Thereafter	525,037
Total	$	1,097,172

Supplemental financial statement information

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental financial statement information

Selected consolidated balance sheet and consolidated statement of operations components consisted of the following:

Allowance for doubtful accounts

As of January 31, 2026 and 2025, the Company had an allowance for doubtful accounts of $0.9 million and $2.1 million, respectively. During the fiscal years ended January 31, 2026, 2025, and 2024, the Company recorded credit losses from trade receivables of $0.8 million, $0.2 million, and $1.7 million, respectively.

Costs to obtain a contract

As of January 31, 2026 and 2025, the net amount capitalized as contract costs was $60.6 million and $60.3 million, respectively, which is included in other current assets and other assets. Amortization of capitalized contract costs during the fiscal years ended January 31, 2026, 2025, and 2024 was $7.8 million, $6.7 million, and $5.4 million, respectively.

Property and equipment

Property and equipment consisted of the following as of January 31, 2026 and 2025:


(in thousands)	January 31, 2026		January 31, 2025
Leasehold improvements	$	14,140	$	13,966
Furniture and fixtures	6,453		6,708
Computer equipment	19,902		19,218
Property and equipment, gross	40,495		39,892
Accumulated depreciation	(37,318)		(36,653)
Property and equipment, net	$	3,177	$	3,239

Depreciation expense for the fiscal years ended January 31, 2026, 2025 and 2024 was $2.0 million, $4.6 million and $8.8 million, respectively.

Contract balances

As of January 31, 2026 and 2025, the balance of deferred revenue was $6.7 million and $17.1 million, respectively. The balances are related to cash received in advance for custodial and interchange revenue arrangements, other up-front fees and other commuter deferred revenue. The Company expects to recognize approximately 90% of its balance of deferred revenue as revenue over the next 12 months and the remainder thereafter. Amounts expected to be recognized as revenue within a period of twelve months or less are classified as accrued liabilities in the Company's consolidated balance sheets, with the remainder included within other long-term liabilities. Revenue recognized during the fiscal year that was included in the beginning balance of deferred revenue was $12.0 million. The Company expects to satisfy its remaining obligations for these arrangements.

Other income, net

Other income, net, consisted of the following:


	Year ended January 31,
(in thousands)	2026		2025		2024
Interest income	$	11,729	$	13,914	$	12,138
Other miscellaneous income	378		420		658
Total other income, net	$	12,107	$	14,334	$	12,796

Stockholders' equity - Common Stock Repurchased and Subsequently Retired (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Equity [Abstract]
Common stock repurchases (in shares)	3,254	1,361
Common stock repurchases	$ 301,675	$ 122,247

Indebtedness - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Debt Instrument [Line Items]
Principal amount	$ 961,875	$ 1,061,875
Less: unamortized discount and issuance costs	4,496	5,574
Total	957,379	1,056,301
Less: current portion of long-term debt	0	0
Long-term debt, net	957,379	1,056,301
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net	5,900	7,700
4.50% Senior Notes due 2029
Debt Instrument [Line Items]
Principal amount	600,000	600,000
Total	$ 600,000
Stated interest rate (as a percent)	4.50%
Credit Agreement
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.02%
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 361,875	$ 461,875
Total	$ 361,875

Derivative financial instruments and hedging activities - Narrative (Details) - Treasury bond forwards $ in Millions	12 Months Ended
	Jan. 31, 2026 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average interest rate (as a percent)	3.92%
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 0.4

- 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

Income taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Current:
Federal	$ 18,693	$ 25,949	$ 29,376
State	3,776	6,211	3,947
Total current tax provision	22,469	32,160	33,323
Deferred:
Federal	36,679	(11,886)	(11,004)
State	3,083	(943)	(2,991)
Total deferred tax provision (benefit)	39,762	(12,829)	(13,995)
Effective tax rate	$ 62,231	$ 19,331	$ 19,328

- Definition

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

+ References

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+ Details

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
Amount
Federal statutory tax rate	$ 58,261	$ 24,367	$ 15,759
State and local income taxes, net of federal income tax effect	5,367	4,365	441
Research and development tax credits	(2,413)	(4,625)	(3,019)
Other tax credits	(123)	(230)	(112)
Share-based payment awards	(5,080)	(12,529)	258
Excessive employee remuneration	5,120	6,782	2,939
Other nontaxable or nondeductible items	1,014	1,240	587
Changes in unrecognized tax benefits	76	(39)	(47)
IRS examination settlement	0	0	2,461
Other adjustments	9	0	61
Effective tax rate	$ 62,231	$ 19,331	$ 19,328
Percent
Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	1.90%	3.80%	0.60%
Research and development tax credits	(1.00%)	(4.00%)	(4.00%)
Other tax credits	(0.00%)	(0.20%)	(0.10%)
Share-based payment awards	(1.80%)	(10.80%)	0.30%
Excessive employee remuneration	1.90%	5.80%	3.90%
Other nontaxable or nondeductible items	0.40%	1.10%	0.80%
Changes in unrecognized tax benefits	0.00%	0.00%	(0.10%)
IRS examination settlement	0.00%	0.00%	3.30%
Other adjustments	0.00%	0.00%	0.10%
Effective tax rate	22.40%	16.70%	25.80%

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2026
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	238

Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Deferred tax assets:
Net operating loss carryforward	$ 732	$ 1,120
Stock compensation	8,266	11,937
Research and development credits	3,618	4,160
Lease liabilities	10,894	13,245
Capitalized research and development	18,771	53,238
Fixed assets	813	1,083
Accruals and reserves	5,174	5,099
Other, net	4,499	6,632
Total gross deferred tax assets	52,767	96,514
Less valuation allowance	(1,057)	(1,066)
Deferred tax assets, net of valuation allowance	51,710	95,448
Deferred tax liabilities:
Intangible assets	(73,260)	(84,120)
Incremental contract costs	(14,904)	(15,282)
Right-of-use assets	(8,931)	(10,926)
Goodwill	(45,680)	(38,205)
Other, net	(2,645)	(2,749)
Total gross deferred tax liabilities	(145,420)	(151,282)
Net deferred tax liabilities	$ (93,710)	$ (55,834)

Derivative financial instruments and hedging activities - Schedule of Fair Value of Derivative Contracts (Details) - Treasury bond forwards $ in Thousands	Jan. 31, 2026 USD ($)
Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 0
Other assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	3,285
Accrued liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	(6,935)
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ (7,997)

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

- Definition

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

+ References

+ Details

Consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 924	$ 2,070
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	85,007,000	86,536,000
Common stock, shares outstanding (in shares)	85,007,000	86,536,000

Commitments and contingencies

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Commitments

The following table summarizes the payments due by fiscal year for the Company's outstanding contractual obligations as of January 31, 2026:


	Payments due by fiscal year
(in thousands)	2027		2028		2029		2030		2031		Thereafter		Total
4.50% Senior Notes due 2029 (1)	$	—	$	—	$	—	$	600,000	$	—	$	—	$	600,000
Revolving Credit Facility (1)	—		—		—		361,875		—		—		361,875
Interest on long-term debt obligations (2)	45,425		45,425		45,476		26,935		—		—		163,261
Operating lease obligations (3)	10,148		10,323		10,553		10,789		7,140		—		48,953
Other contractual obligations (4)	66,124		54,693		13,050		4,146		851		—		138,864
Total	$	121,697	$	110,441	$	69,079	$	1,003,745	$	7,991	$	—	$	1,312,953

(2)Estimated interest payments assume the stated interest rates applicable to the Notes and Revolving Credit Facility as of January 31, 2026, which were 4.50% and 5.02% per annum, respectively.

(4)Other contractual obligations consist of services agreements, purchase obligations, and other contractual commitments.

Contingencies

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Legal matters

As a result of a cybersecurity incident in 2024 in which a business partner's user account containing personally identifiable information was breached, the Company is subject to multiple legal actions, including a consolidated putative class action lawsuit in federal court in the District of Utah. The plaintiffs in these legal actions allege that the Company failed to implement reasonable data security practices, which resulted in a breach and disclosure of plaintiffs' and others' personally identifiable information and protected health information. The plaintiffs are seeking,

among other damages, unspecified monetary damages, equitable relief, costs and attorneys' fees arising out of the incident. With respect to the consolidated putative class action lawsuit, on August 22, 2024, the court issued an order granting a motion to consolidate the class action lawsuits, on October 15, 2024, a consolidated class action amended complaint was filed, on December 13, 2024, the Company filed a motion to dismiss the class action and a motion to compel arbitration, and on May 5, 2025, the court dismissed without prejudice the Company's motion to compel arbitration and the motion to dismiss, with the court noting that the Company could refile both motions after the conclusion of discovery. The Company intends to vigorously defend these legal actions. In addition, the Company is subject to several regulatory inquiries related to the cybersecurity incident. The amount of the potential loss associated with these lawsuits and any potential regulatory action cannot be reasonably estimated based on currently available information.

The Company and its subsidiaries are involved in various other litigation, governmental proceedings and claims, not described above, that arise in the normal course of business. It is not possible to determine the ultimate outcome or the duration of such litigation, governmental proceedings or claims, or the impact that such litigation, proceedings and claims will have on the Company’s financial position, results of operations, and cash flows.

As required under GAAP, the Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. No loss accrual relating to these matters was recorded because, based on currently available information, the Company does not believe that any contingent liabilities relating to these matters are probable or that the amount of any resulting loss is estimable. However, litigation is subject to inherent uncertainties and the Company’s view of these matters may change. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position, results of operations and cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods.

Leases

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

The Company has entered into various non-cancelable operating lease agreements for office space, data storage facilities, and other leases with remaining lease terms of less than 1 year to approximately 5 years, often with one or more Company options to renew. These renewal terms can extend the lease term from 5 to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option.

The components of operating lease expense were as follows:


	Year ended January 31,
(in thousands)	2026		2025		2024
Operating lease expense	$	8,942	$	9,125	$	9,437
Sublease income	(5,344)		(4,097)		(2,680)
Net operating lease expense	$	3,598	$	5,028	$	6,757

Weighted average lease term and discount rate were as follows:


	January 31, 2026		January 31, 2025
Weighted average remaining lease term	4.8 years		5.7 years
Weighted average discount rate	4.4	%	4.4	%

Lease liabilities were as follows:


(in thousands)	January 31, 2026		January 31, 2025
Gross lease liabilities	$	48,953	$	59,209
Less: imputed interest	(4,852)		(6,989)
Present value of lease liabilities	44,101		52,220
Less: current portion of lease liabilities	(9,911)		(10,001)
Lease liabilities, non-current	$	34,190	$	42,219

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year ended January 31,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,186	$	9,874
Right-of-use assets obtained in exchange for lease obligations	$	(90)	$	1,469

Employee benefits	12 Months Ended
Employee benefits	Jan. 31, 2026
Retirement Benefits [Abstract]
Employee benefits	Employee benefits The Company has established a 401(k) plan that qualifies as a deferred compensation arrangement under Section 401 of the IRS Code. All non-seasonal team members over the age of 18 are eligible to participate in the plan. The plan provides for Company matching of employee contributions up to 3.5% of eligible earnings. Employer matching contribution expense was $8.4 million, $8.4 million and $8.7 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively. The Company is self-insured for medical and dental benefits for all qualifying employees. The medical plan carries a stop-loss policy which will protect from individual claims during the plan year exceeding $600,000. The Company records estimates of costs of claims incurred based on an analysis of historical data and independent estimates. The Company's liability for self-insured medical claims is included in accrued compensation in its consolidated balance sheet and was $8.0 million and $5.2 million as of January 31, 2026 and 2025, respectively.

Stock-based compensation - Narrative (Details) - USD ($)	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Aggregate intrinsic value	$ 13,800,000	$ 21,700,000	$ 10,100,000
Unrecognized stock compensation expense related to options to be recognized in future	$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period after termination (in years)	10 years
Expiration period from termination of employment (in days)	90 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in usd per share)	$ 93.70	$ 86.07	$ 64.16
Percentage of options vested (as a percent)	25.00%
Aggregate intrinsic value	$ 132,700,000	$ 118,800,000	$ 69,300,000
Compensation not yet recognized, other than options	$ 132,700,000
Recognition period for stock-based compensation (in years)	2 years 2 months 12 days
Performance Restricted Stock Units, Subject To Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units awarded (in shares)	139,451
Grant date fair value	$ 17,700,000
Performance Restricted Stock Units, Subject To Market Conditions \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested (as a percent)	0.00%
Performance Restricted Stock Units, Subject To Market Conditions \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested (as a percent)	200.00%
Performance Restricted Stock Units, Subject To Certain Financial Criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units awarded (in shares)	46,485
Performance Restricted Stock Units, Subject To Certain Financial Criteria \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested (as a percent)	0.00%
Performance Restricted Stock Units, Subject To Certain Financial Criteria \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested (as a percent)	200.00%
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under incentive plan (in shares)	2,900,000

Summary of business and significant accounting policies - Narrative (Details)	12 Months Ended
	Jan. 31, 2026 segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments	1
Leasehold Improvements \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of property, plant and equipment (in years)	3 years
Leasehold Improvements \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of property, plant and equipment (in years)	5 years
HSA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized contract cost, amortization period (in years)	15 years
RA Customer Relationship
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized contract cost, amortization period (in years)	7 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

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

Income taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision consisted of the following:


	Year ended January 31,
(in thousands)	2026		2025		2024
Current:
Federal	$	18,693	$	25,949	$	29,376
State	3,776		6,211		3,947
Total current tax provision	$	22,469	$	32,160	$	33,323
Deferred:
Federal	$	36,679	$	(11,886)	$	(11,004)
State	3,083		(943)		(2,991)
Total deferred tax provision (benefit)	$	39,762	$	(12,829)	$	(13,995)
Total income tax provision	$	62,231	$	19,331	$	19,328

Schedule of Effective Income Tax Rate Reconciliation


	Year ended January 31,
(in thousands, except percentages)	2026				2025				2024
Federal statutory tax rate	$	58,261	21.0	%	$	24,367	21.0	%	$	15,759	21.0	%
State and local income taxes, net of federal income tax effect (1)	5,367		1.9	%	4,365		3.8	%	441		0.6	%
Tax credits
Research and development tax credits	(2,413)		(1.0)	%	(4,625)		(4.0)	%	(3,019)		(4.0)	%
Other	(123)		0.0	%	(230)		(0.2)	%	(112)		(0.1)	%
Nontaxable or nondeductible items
Share-based payment awards	(5,080)		(1.8)	%	(12,529)		(10.8)	%	258		0.3	%
Excessive employee remuneration	5,120		1.9	%	6,782		5.8	%	2,939		3.9	%
Other	1,014		0.4	%	1,240		1.1	%	587		0.8	%
Changes in unrecognized tax benefits	76		0.0	%	(39)		0.0	%	(47)		(0.1)	%
Other adjustments
IRS examination settlement	—		0.0	%	—		0.0	%	2,461		3.3	%
Other	9		0.0	%	—		0.0	%	61		0.1	%
Effective tax rate	$	62,231	22.4	%	$	19,331	16.7	%	$	19,328	25.8	%

Schedule of Net Income Tax Payments by Jurisdiction

Net income tax payments by jurisdiction consisted of the following (pursuant to ASU 2023-09 disclosure requirements):


	Year ended January 31,
(in thousands)	2026		2025		2024
Federal	$	5,000	$	20,000	$	30,500

California	787		*		*
Pennsylvania	441		*		*
Other	1,814		6,069		4,852
State and local	3,042		6,069		4,852

Total net income tax payments	$	8,042	$	26,069	$	35,352

*Jurisdiction was below the 5% of total (net) income tax payments threshold for the period

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:


(in thousands)	January 31, 2026		January 31, 2025
Deferred tax assets:
Net operating loss carryforward	$	732	$	1,120
Stock compensation	8,266		11,937
Research and development credits	3,618		4,160
Lease liabilities	10,894		13,245
Capitalized research and development	18,771		53,238
Fixed assets	813		1,083
Accruals and reserves	5,174		5,099
Other, net	4,499		6,632
Total gross deferred tax assets	$	52,767	$	96,514
Less valuation allowance	(1,057)		(1,066)
Deferred tax assets, net of valuation allowance	51,710		95,448
Deferred tax liabilities:
Intangible assets	(73,260)		(84,120)
Incremental contract costs	(14,904)		(15,282)
Right-of-use assets	(8,931)		(10,926)
Goodwill	(45,680)		(38,205)
Other, net	(2,645)		(2,749)
Total gross deferred tax liabilities	(145,420)		(151,282)
Net deferred tax liabilities	$	(93,710)	$	(55,834)

Schedule of Unrecognized Tax Benefits Roll Forward

A tabular reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


(in thousands)	January 31, 2026		January 31, 2025
Gross unrecognized tax benefits at beginning of year	$	24,140	$	19,213
Gross amounts of increases and decreases:
Increases as a result of tax positions taken during a prior period	—		1,004
Decreases as a result of tax positions taken during a prior period	(96)		—
Increases as a result of tax positions taken during the current period	4,012		5,076
Decreases as a result of settlement	(150)		—
Decreases resulting from the lapse of the applicable statute of limitations	(501)		(1,153)
Gross unrecognized tax benefits at end of year	$	27,405	$	24,140

Schedule of Unrecognized Tax Benefit Netted Against Deferred Tax Asset

The resulting unrecognized tax benefit recorded within the Company's consolidated balance sheet excludes the following amounts that have been netted against the related deferred tax assets accordingly:


(in thousands)	January 31, 2026		January 31, 2025
Total gross unrecognized tax benefits	$	27,405	$	24,140
Amounts netted against related deferred tax assets	(8,002)		(8,363)
Unrecognized tax benefits recorded on the consolidated balance sheet	$	19,403	$	15,777

Stock-based compensation - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	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	$ 73,063	$ 96,425	$ 77,151
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	66,659	66,986	60,688
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,404	29,439	16,384
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	79
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12,686	14,955	16,462
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	13,093	15,623	13,182
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23,167	25,002	20,891
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 24,117	$ 40,845	$ 26,616

- 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

Net income per share

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Net income per share

The following table sets forth the computation of basic and diluted net income per share:


	Year ended January 31,
(in thousands, except per share data)	2026		2025		2024
Numerator (basic and diluted):
Net income	$	215,201	$	96,703	$	55,712
Denominator (basic):
Weighted-average common shares outstanding	86,132		86,870		85,564
Denominator (diluted):
Weighted-average common shares outstanding	86,132		86,870		85,564
Weighted-average dilutive effect of stock options and restricted stock units	1,341		1,958		1,393
Diluted weighted-average common shares outstanding	87,473		88,828		86,957
Net income per share:
Basic	$	2.50	$	1.11	$	0.65
Diluted	$	2.46	$	1.09	$	0.64

For the fiscal years ended January 31, 2026, 2025 and 2024, 0.1 million, 0.1 million, and 0.6 million shares, respectively, attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted net income per share as their inclusion would have been anti-dilutive.

Consolidated statements of comprehensive income (Parenthetical) $ in Thousands	12 Months Ended
	Jan. 31, 2026 USD ($)
Statement of Comprehensive Income [Abstract]
Cash flow hedge, tax	$ 1,854

Consolidated statements of comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 215,201	$ 96,703	$ 55,712
Other comprehensive loss
Net unrealized losses	(5,695)	0	0
Reclassification of net gains included in net income	(12)	0	0
Net change, net of income tax benefit of $1,854 for the year ended January 31, 2026	(5,707)	0	0
Total other comprehensive loss	(5,707)	0	0
Comprehensive income	$ 209,494	$ 96,703	$ 55,712

- 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

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+ Details

Fair value (Details) $ in Millions	Jan. 31, 2026 USD ($)
Level 2 \| 4.50% Senior Notes due 2029
Defined Benefit Plan Disclosure [Line Items]
Fair value of the notes	$ 587.0

- 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

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 11
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Consolidated balance sheets - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Current assets
Cash and cash equivalents	$ 318,927	$ 295,948
Accounts receivable, net of allowance for doubtful accounts of $924 and $2,070 as of January 31, 2026 and 2025, respectively	123,696	118,006
Prepaid expenses and other current assets	69,658	63,795
Total current assets	512,281	477,749
Property and equipment, net	3,177	3,239
Operating lease right-of-use assets	36,310	43,185
Intangible assets, net	1,097,172	1,204,658
Goodwill	1,648,145	1,648,145
Other assets	83,247	71,574
Total assets	3,380,332	3,448,550
Current liabilities
Accounts payable	12,159	14,361
Accrued compensation	60,392	69,330
Accrued liabilities	74,388	62,631
Operating lease liabilities	9,911	10,001
Total current liabilities	156,850	156,323
Long-term liabilities
Long-term debt, net of issuance costs	957,379	1,056,301
Operating lease liabilities, non-current	34,190	42,219
Other long-term liabilities	31,007	22,962
Deferred tax liability	93,710	55,834
Total long-term liabilities	1,116,286	1,177,316
Total liabilities	1,273,136	1,333,639
Commitments and contingencies (see Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of January 31, 2026 and 2025	0	0
Common stock, $0.0001 par value, 900,000 shares authorized, 85,007 and 86,536 shares issued and outstanding as of January 31, 2026 and 2025, respectively	8	9
Additional paid-in capital	1,916,989	1,905,628
Accumulated earnings	195,906	209,274
Accumulated other comprehensive loss	(5,707)	0
Total stockholders’ equity	2,107,196	2,114,911
Total liabilities and stockholders’ equity	$ 3,380,332	$ 3,448,550

Net income per share (Tables)

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income per share:


	Year ended January 31,
(in thousands, except per share data)	2026		2025		2024
Numerator (basic and diluted):
Net income	$	215,201	$	96,703	$	55,712
Denominator (basic):
Weighted-average common shares outstanding	86,132		86,870		85,564
Denominator (diluted):
Weighted-average common shares outstanding	86,132		86,870		85,564
Weighted-average dilutive effect of stock options and restricted stock units	1,341		1,958		1,393
Diluted weighted-average common shares outstanding	87,473		88,828		86,957
Net income per share:
Basic	$	2.50	$	1.11	$	0.65
Diluted	$	2.46	$	1.09	$	0.64

Summary of business and significant accounting policies (Policies)

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of consolidation

Segments

The Company does not generate material international revenues. All long-lived assets are maintained in the United States of America.

Cash and cash equivalents

Property and equipment


Computer equipment			3-5 years
Furniture and fixtures			5 years

Intangible assets, net


Software and software development costs			3 years
Acquired customer relationships			7-15 years
Acquired developed technology			2-5 years
Acquired trade names and trademarks			3 years
Acquired HSA portfolios			15 years

Goodwill

Self-insurance

Other long-term liabilities

Other long-term liabilities consists of long-term deferred revenue and other liabilities that the Company does not expect to settle within one year.

Derivative Financial Instruments and Hedging Activities

Revenue recognition

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue when, or as, the Company satisfies a performance obligation.

Costs to obtain a contract. ASC 606, Revenue from contracts with customers, requires capitalizing the costs of obtaining a contract when those costs are expected to be recovered.

Cost of revenue

Stock-based compensation

Company's closing stock price on the date of grant less the present value of future expected dividends discounted at the risk-free interest rate.

Upon the exercise of a stock option or release of an RSU, common shares are issued from authorized, but not outstanding, common stock.

Interest expense

Interest expense consists primarily of accrued interest expense and amortization of deferred financing costs associated with the Company's long-term debt.

Income tax provision

Asset acquisitions and Business combinations

Asset acquisitions

Business combinations

Use of estimates

Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted

Recently adopted accounting pronouncements

Recently issued accounting pronouncements not yet adopted

Fair Value

Fair value measurements are made at a specific point in time, based on relevant market information. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1—quoted prices in active markets for identical assets or liabilities;

•Level 2—inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3—unobservable inputs based on the Company’s own assumptions.

Stock-based compensation

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

The following table shows a summary of stock-based compensation in the Company's consolidated statements of operations during the fiscal years presented:


	Year ended January 31,
(in thousands)	2026		2025		2024
Cost of revenue	$	12,686	$	14,955	$	16,462
Sales and marketing	13,093		15,623		13,182
Technology and development	23,167		25,002		20,891
General and administrative	24,117		40,845		26,616
Total stock-based compensation expense	$	73,063	$	96,425	$	77,151

The following table shows stock-based compensation by award type:


	Year ended January 31,
(in thousands)	2026		2025		2024
Restricted stock units	$	66,659	$	66,986	$	60,688
Performance restricted stock units	6,404		29,439		16,384
Stock options	—		—		79
Total stock-based compensation expense	$	73,063	$	96,425	$	77,151

Stock award plans

Incentive Plan. The HealthEquity, Inc. 2024 Equity Incentive Plan (the "Incentive Plan") provides for the issuance of stock awards to team members, consultants, and directors of the Company. Subject to adjustment as provided in the Incentive Plan, as of January 31, 2026, the aggregate number of shares of the Company’s common stock reserved and available for issuance pursuant to awards granted under the Incentive Plan was 2.9 million.

Stock options

Under the terms of the Incentive Plan, the Company has the ability to grant incentive and nonstatutory stock options. Such stock options are to be exercisable at prices, as determined by the board of directors, which must be equal to no less than the fair value of the Company's common stock at the date of the grant. Stock options granted under the Incentive Plan generally expire 10 years from the date of issuance or are forfeited 90 days after termination of employment. No stock options were granted during the fiscal years ended January 31, 2026, 2025, or 2024.

A summary of stock option activity is as follows:


	Stock options
(in thousands, except for exercise prices and term)	Number of options	Range of exercise prices	Weighted- average exercise price		Weighted- average contractual term (in years)	Aggregate intrinsic value
Outstanding as of January 31, 2025	369	$21.27 - 73.61	$	48.13	2.5	$	22,957
Exercised	(236)	$21.27 - 73.61	$	48.52
Outstanding as of January 31, 2026	133	$24.36 - 73.61	$	47.50	1.6	$	5,081
Vested and expected to vest as of January 31, 2026	133		$	47.50	1.6	$	5,081
Exercisable as of January 31, 2026	133		$	47.50	1.6	$	5,081

The aggregate intrinsic value in the table above represents the difference between the fair value of common stock and the exercise price of outstanding, in-the-money stock options. The total intrinsic value of options exercised during the fiscal years ended January 31, 2026, 2025 and 2024 was $13.8 million, $21.7 million, and $10.1 million, respectively. As of January 31, 2026, there was no unrecorded stock-based compensation expense associated with stock options, and all outstanding stock options were vested.

Restricted stock units

The Company grants RSUs to certain team members, officers, and directors under the Incentive Plan, which vest upon service-based criteria and performance-based criteria. The weighted-average fair value of RSUs granted

during the fiscal years ended January 31, 2026, 2025 and 2024 was $93.70, $86.07 and $64.16 per share, respectively.

Service-based restricted stock units. Service-based RSUs generally vest 25% on the first anniversary of the vesting commencement date, which is generally the first day of the fiscal quarter of the grant date, with the remaining portion vesting ratably over the following 12 calendar quarters. Service-based RSUs are valued based on the Company's closing stock price on the date of grant less the present value of future expected dividends discounted at the risk-free interest rate.

Performance restricted stock units. During the fiscal year ended January 31, 2026, the Company awarded 139,451 performance restricted stock units ("PRSUs") subject to a market condition based on the Company’s total shareholder return relative to the Russell 3000 index as measured on January 31, 2028. The Company used a Monte Carlo simulation to determine that the grant date fair value of the awards was $17.7 million. Compensation expense is recorded over the requisite service period if the service condition is met regardless of whether the market condition is satisfied. The market condition allows for a range of vesting from 0% to 200% based on the level of performance achieved. The PRSUs cliff vest upon approval by the Talent, Compensation and Culture Committee of the board of directors.

In addition, during the fiscal year ended January 31, 2026, the Company awarded 46,485 PRSUs subject to the achievement of certain financial criteria measured on January 31, 2028. The PRSUs cliff vest and are issued upon approval by the Talent, Compensation and Culture Committee. The Company records stock-based compensation related to PRSUs over the requisite service period when it is considered probable that the performance conditions will be met. The Company believes it is probable that the PRSUs will vest at least in part. The vesting of the PRSUs will ultimately range from 0% to 200% of the number of shares underlying the PRSU grant based on the level of achievement of the performance goals.

Each of the PRSUs granted during the fiscal year ended January 31, 2026 contains a provision such that upon the award holder's eligible retirement, the PRSUs would remain outstanding and eligible to vest based on achievement of their respective market or performance conditions without regard to the award holder’s continued employment on the vesting date. Based on the application of ASC 718, Compensation - Stock Compensation, expense is recognized over the requisite service period, which ends on the earlier of (1) the date of approval by the Talent, Compensation and Culture Committee or (2) the date the award holder becomes eligible for retirement (defined as at least 55 years old with at least 10 years of service at the Company). As a result, the expense associated with PRSUs granted to retirement-eligible individuals was recorded on the grant date.

A summary of RSU and PRSU activity is as follows:


	RSUs and PRSUs
(in thousands, except weighted-average grant date fair value)	Shares	Weighted-average grant date fair value
Outstanding as of January 31, 2025	2,882	$	76.82
Granted	1,283	93.70
Vested	(1,490)	80.85
Forfeited	(507)	76.38
Outstanding as of January 31, 2026	2,168	$	84.15

During the fiscal years ended January 31, 2026, 2025 and 2024, the aggregate intrinsic value of RSUs vested was $132.7 million, $118.8 million, and $69.3 million, respectively.

As of January 31, 2026, total unrecorded stock-based compensation expense associated with RSUs was $132.7 million, which was expected to be recognized over a weighted-average period of 2.2 years.

Summary of business and significant accounting policies (Tables)

12 Months Ended

Jan. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Estimated Useful Life of Property and Equipment

The useful life used for computing depreciation for all other asset classes is described below:


Computer equipment			3-5 years
Furniture and fixtures			5 years

Property and equipment consisted of the following as of January 31, 2026 and 2025:


(in thousands)	January 31, 2026		January 31, 2025
Leasehold improvements	$	14,140	$	13,966
Furniture and fixtures	6,453		6,708
Computer equipment	19,902		19,218
Property and equipment, gross	40,495		39,892
Accumulated depreciation	(37,318)		(36,653)
Property and equipment, net	$	3,177	$	3,239

Schedule of Useful Lives of Intangible Assets

The useful life used for computing amortization for all intangible asset classes is described below:


Software and software development costs			3 years
Acquired customer relationships			7-15 years
Acquired developed technology			2-5 years
Acquired trade names and trademarks			3 years
Acquired HSA portfolios			15 years

The gross carrying amount and associated accumulated amortization of intangible assets were as follows:


	January 31, 2026
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	356,597	$	(278,291)	$	78,306
Acquired HSA portfolios	737,304		(173,687)		563,617
Acquired customer relationships	759,782		(308,512)		451,270
Acquired developed technology	132,825		(128,846)		3,979
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,999,408	$	(902,236)	$	1,097,172


	January 31, 2025
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Software and software development costs	$	312,234	$	(234,102)	$	78,132
Acquired HSA portfolios	737,011		(124,606)		612,405
Acquired customer relationships	759,782		(256,820)		502,962
Acquired developed technology	132,825		(121,666)		11,159
Acquired trade names	12,900		(12,900)		—
Total amortizable intangible assets	$	1,954,752	$	(750,094)	$	1,204,658

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Revenue
Total revenue	$ 1,313,429	$ 1,199,774	$ 999,587
Cost of revenue
Total cost of revenue	400,313	422,515	376,950
Gross profit	913,116	777,259	622,637
Operating expenses
Sales and marketing	95,240	90,739	79,273
Technology and development	262,510	239,513	218,811
General and administrative	119,933	132,260	103,656
Amortization of acquired intangible assets	107,953	111,878	92,763
Merger integration	5,024	40,535	10,435
Total operating expenses	590,660	614,925	504,938
Income from operations	322,456	162,334	117,699
Other expense
Interest expense	(57,131)	(60,634)	(55,455)
Other income, net	12,107	14,334	12,796
Total other expense	(45,024)	(46,300)	(42,659)
Income before income taxes	277,432	116,034	75,040
Income tax provision	62,231	19,331	19,328
Net income	$ 215,201	$ 96,703	$ 55,712
Net income per share:
Basic (in usd per share)	$ 2.50	$ 1.11	$ 0.65
Diluted (in usd per share)	$ 2.46	$ 1.09	$ 0.64
Weighted-average number of shares used in computing net income per share:
Basic (in shares)	86,132	86,870	85,564
Diluted (in shares)	87,473	88,828	86,957
Service
Revenue
Total revenue	$ 485,022	$ 478,317	$ 455,690
Cost of revenue
Total cost of revenue	328,507	351,588	317,357
Custodial
Revenue
Total revenue	636,800	545,414	386,594
Cost of revenue
Total cost of revenue	43,821	39,675	32,502
Interchange
Revenue
Total revenue	191,607	176,043	157,303
Cost of revenue
Total cost of revenue	$ 27,985	$ 31,252	$ 27,091

Indebtedness (Tables)

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


(in thousands)	January 31, 2026		January 31, 2025
4.50% Senior Notes due 2029	$	600,000	$	600,000
Revolving Credit Facility	361,875		461,875
Principal amount	961,875		1,061,875
Less: unamortized discount and issuance costs (1)	4,496		5,574
Total debt, net	957,379		1,056,301
Less: current portion of long-term debt	—		—
Long-term debt, net	$	957,379	$	1,056,301

- 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))
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-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))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 69E
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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+ Details

Derivative financial instruments and hedging activities - Schedule of Derivative Amounts Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gains reclassified from AOCI, after tax	$ 12	$ 0	$ 0
Treasury bond forwards
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gains reclassified from AOCI, before tax	16
Amount of gains reclassified from AOCI, tax	(4)
Amount of gains reclassified from AOCI, after tax	$ 12

- 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

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Operating Loss Carryforwards [Line Items]
Effective income tax benefit rate	22.40%	16.70%	25.80%
Deferred tax asset, valuation allowance	$ 1,057	$ 1,066
Gross unrecognized tax benefit	27,405	24,140	$ 19,213
Unrecognized tax benefits that would impact the effective tax rate	24,100	20,900
Period increase in unrecognized tax benefit	3,300
Unrecognized tax benefits, income tax penalties and interest expense	700	600	$ 100
Unrecognized tax benefits, income tax penalties and interest accrued	2,700	$ 2,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	11,200
State \| Research
Operating Loss Carryforwards [Line Items]
Credit carryforward	$ 12,500

Derivative financial instruments and hedging activities - Schedule of Notional Amounts of Derivative Contracts (Details) - Treasury bond forwards $ in Thousands	Jan. 31, 2026 USD ($) instrument	Jan. 31, 2025 USD ($) instrument
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments \| instrument	18	0
Notional \| $	$ 2,350,000	$ 0

- Definition

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

+ References

+ Details

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Fair value	12 Months Ended
Fair value	Jan. 31, 2026
Fair Value Disclosures [Abstract]
Fair value	Fair value Fair value measurements are made at a specific point in time, based on relevant market information. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: •Level 1—quoted prices in active markets for identical assets or liabilities; •Level 2—inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and •Level 3—unobservable inputs based on the Company’s own assumptions. Cash and cash equivalents are considered Level 1 instruments and are valued based on publicly available daily net asset values. The carrying values of cash and cash equivalents approximate fair values due to the short-term nature of these instruments. The Notes are valued based upon quoted market prices and are considered Level 2 instruments because the markets in which the Notes trade are not considered active markets. As of January 31, 2026, the fair value of the Notes was $587.0 million. The Revolving Credit Facility is considered a Level 2 instrument, and the amounts outstanding thereunder are recorded at book value in the Company's consolidated financial statements. The Revolving Credit Facility reprices frequently due to variable interest rate terms and entails no significant changes in credit risk. As a result, the fair value of the Revolving Credit Facility approximates carrying value. The Company classifies derivative instruments as Level 2 within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate curves and implied volatilities.

- 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

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+ Details