3. Revenues
Disaggregation of Revenue
The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended January 31, |
| | | | | 2026 | | 2025 | | 2024 |
| Subscription—self-managed and SaaS | | | | | | | | | $ | 864,704 | | | 91 | % | | $ | 675,179 | | | 89 | % | | $ | 506,306 | | | 87 | % |
| Subscription—self-managed | | | | | | | | | 568,459 | | | 59 | | | 458,883 | | | 61 | | | 355,707 | | | 61 | |
| SaaS | | | | | | | | | 296,245 | | | 32 | | | 216,296 | | | 28 | | | 150,599 | | | 26 | |
| License—self-managed and other | | | | | | | | | $ | 90,520 | | | 9 | % | | $ | 84,070 | | | 11 | % | | $ | 73,600 | | | 13 | % |
| License—self-managed | | | | | | | | | 68,870 | | | 7 | | | 68,366 | | | 9 | | | 63,110 | | | 11 | |
| Professional services and other | | | | | | | | | 21,650 | | | 2 | | | 15,704 | | | 2 | | | 10,490 | | | 2 | |
| Total revenue | | | | | | | | | $ | 955,224 | | | 100 | % | | $ | 759,249 | | | 100 | % | | $ | 579,906 | | | 100 | % |
Total Revenue by Geographic Location
The following table summarizes the Company’s total revenue by geographic location based on the region of the Company’s contracting entity, which may be different than the region of the customer (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended January 31, |
| | | | | 2026 | | 2025 | | 2024 |
| United States | | | | | $ | 787,348 | | | $ | 618,658 | | | $ | 473,021 | |
| Europe | | | | | 145,639 | | | 122,651 | | | 93,292 | |
| Asia Pacific | | | | | 22,237 | | | 17,940 | | | 13,593 | |
| Total revenue | | | | | $ | 955,224 | | | $ | 759,249 | | | $ | 579,906 | |
No other individual country exceeded 10% of total revenue for any of the periods presented.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.