v3.25.2
Segment, Geographic Information and Major Customers
 12 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Segment, Geographic Information and Major Customers Segment, Geographic Information, and Major Customers
The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution. The Company's chief operating decision maker (“CODM”) is the Company's Chief Executive Officer.
The Company's CODM utilizes segment gross margin as the measure of profit or loss to evaluate operating segment profitability and to assess the allocation of resources. Segment gross margin excludes both routine and non-routine expenses that are not allocated to the reportable segment, including, but not limited to, amortization of intangible assets acquired in certain business combinations, the change in value of the Company's elective deferred compensation-related liability, restructuring charges, impairment of long-lived assets, and transformational charges.
Segment results are derived from the Company's internal management reporting system utilizing policies that are substantially the same as those used for external reporting purposes. The CODM utilizes segment revenue growth in conjunction with segment gross margin metrics in comparing forecast to actual results as well as in benchmarking to the Company's peer group.
The Company's centralized manufacturing and support organizations, including global operations and certain administrative functions, provide support to its operating segments. Costs incurred by these organizations, as well as depreciation and amortization and equity-based compensation expense are allocated to cost of goods sold as overhead. Consequently, depreciation and amortization and equity-based compensation expense are not independently identifiable components within the segment’s results, and, therefore are not provided.
With the exception of goodwill, the Company does not identify assets by operating segment. Consequently, the CODM does not regularly review or receive discrete asset information by operating segment.
The table below reconciles the Company's reportable segment to income before income taxes:
 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
(in thousands)
Revenue$18,435,591 $14,905,386 $17,428,516 
Installation and warranty expense544,192 435,015 647,612 
Other cost of goods sold (COGS) (1)
8,675,349 6,988,338 8,688,124 
Segment COGS9,219,541 7,423,353 9,335,736 
Segment gross margin9,216,050 7,482,033 8,092,780 
Reconciliation to consolidated gross margin
Restructuring charges, net— 43,375 78,166 
All other COGS236,991 385,867 237,689 
Gross margin8,979,059 7,052,791 7,776,925 
Research and development2,096,387 1,902,444 1,727,162 
Selling, general, and administrative981,704 868,247 832,753 
Restructuring charges, net - operating expenses— 18,187 42,150 
Other income (expense), net57,161 96,309 (65,650)
Income before income taxes$5,958,129 $4,360,222 $5,109,210 
(1)Other COGS is primarily comprised of the capitalized cost of inventory sold, including both direct and indirect costs, but excludes installation and warranty expense and those items not allocated to the segment.
The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located, while long-lived assets; which includes property and equipment, net, and recognized right of use assets reported in Other assets in the Consolidated Balance Sheets as of June 29, 2025 and June 30, 2024; are attributed to the geographic locations in which the assets are located.
Revenues and long-lived assets by geographic region were as follows: 
 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
Revenue:(in thousands)
China$6,205,062 $6,293,990 $4,462,663 
Korea4,127,766 2,874,015 3,551,742 
Taiwan3,445,220 1,671,815 3,477,862 
Japan1,880,882 1,460,429 1,758,364 
United States1,376,857 1,104,087 1,665,136 
Southeast Asia837,242 794,054 1,354,471 
Europe562,562 706,996 1,158,278 
Total revenue$18,435,591 $14,905,386 $17,428,516 
 
June 29,
2025		June 30,
2024		June 25,
2023
Long-lived assets:(in thousands)
United States$1,716,574 $1,582,103 $1,367,534 
Southeast Asia451,283 390,514 339,415 
Korea299,497 262,405 215,898 
Europe134,707 115,316 93,732 
Taiwan96,458 98,268 65,432 
Japan8,638 7,858 8,452 
China8,567 6,390 8,865 
$2,715,724 $2,462,854 $2,099,328 
In fiscal year 2025, two customers accounted for approximately 17% and 15% of total revenues, respectively. In fiscal year 2024, one customer accounted for approximately 17% of total revenues. In fiscal year 2023, two customers accounted for approximately 22% and 16% of total revenues, respectively. No other customers accounted for 10% or more of total revenues.