v3.25.2
Shareholders’ Equity and Convertible Preferred Stock (Tables)
 12 Months Ended
Jun. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following tables present the Company’s stock-based compensation for equity-settled awards by type and financial statement line items as well as the related tax benefit included in the Company’s Consolidated Statements of Operations:
202520242023
(in millions)
RSUs and PSUs$151 $182 $201 
ESPP16 20 11 
Total$167 $202 $212 
202520242023
(in millions)
Cost of revenue$34 $36 $35 
Research and development73 65 70 
Selling, general and administrative60 101 107 
Subtotal167 202 212 
Tax benefit(23)(30)(29)
Total$144 $172 $183 
Schedule of Employee Service Share-based Compensation , Unrecognized Costs The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of June 27, 2025:
Unamortized Compensation CostsWeighted Average Service Period
(in millions)(years)
RSUs and PSUs (1)
$245 2.1
ESPP23 1.4
Total unamortized compensation cost$268 
(1)    Weighted average service period assumes the performance conditions are met for the PSUs.
Schedule of Restricted Stock Unit
The following table summarizes RSU and PSU activity under the Company’s incentive plans:
Number of SharesWeighted Average Grant Date Fair ValueAggregate Intrinsic Value at Vest Date
(in millions)(in millions)
RSUs and PSUs outstanding at July 1, 202215.4 $52.89 
Granted6.6 41.27 
Vested(6.6)54.05 $274 
Forfeited(1.6)54.56 
RSUs and PSUs outstanding at June 30, 202313.8 46.56 
Granted6.6 42.29 
Vested(5.8)48.26 $297 
Forfeited(1.6)45.62 
RSUs and PSUs outstanding at June 28, 202413.0 44.42 
Granted5.5 40.99 
Vested(6.5)41.08 $379 
Forfeited(1.4)50.91 
Share conversion due to Separation2.6 52.15 
Awards cancelled due to Separation(3.5)52.32 
RSUs and PSUs outstanding at June 27, 20259.7 $33.56 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair values of ESPP purchase rights have been estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following weighted average assumptions:
202520242023
Weighted-average expected term (in years)1.161.251.25
Risk-free interest rate4.19%4.93%4.52%
Stock price volatility0.390.390.46
Dividend yield0.01%—%—%
Fair value$13.32$15.08$9.70
Schedule of Shares of Common Stock Reserved for Issuance Table
The following table summarizes all common stock reserved for issuance at June 27, 2025:
 Number of Shares
(in millions)
Convertible notes55 
Outstanding awards and shares available for award grants30 
Convertible preferred stock
10 
ESPP4 
Total99