v3.26.1
Stock-based Compensation
 9 Months Ended
Jun. 27, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
9. Stock-based Compensation
2018 Equity Incentive Plan
In July 2018, the Board adopted the 2018 Equity Incentive Plan (the "2018 Plan").
Stock options
The summary of the Company’s stock option activity is as follows:

Number of Options Weighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value

(In years)(In thousands)
Outstanding at September 27, 20255,544,885

$14.28 1.5$5,850 
Exercised(1,640,599)

$14.09 
Forfeited / expired(47,036)

$14.29 
Outstanding at June 27, 20263,857,250

$14.36 1.0$514 
As of June 27, 2026 and September 27, 2025, all outstanding stock options have vested and the Company had no unrecognized stock-based compensation expense related to stock options.
Restricted stock units ("RSU")
Pursuant to the 2018 Plan, the Company issues RSUs to employees and directors. The summary of the Company’s RSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 27, 20258,777,387$12.96 $134,294 
Granted5,951,464$15.31 
Released(3,796,383)$13.62 
Forfeited(768,146)$13.54 
Outstanding at June 27, 202610,164,322$14.05 $137,930 
As of June 27, 2026 and September 27, 2025, the Company had $100.9 million and $78.1 million of unrecognized stock-based compensation expense related to RSUs, which are expected to be recognized over weighted-average periods of 2.9 years and 2.3 years, respectively.
Performance stock units ("PSU")
Pursuant to the 2018 Plan, the Company grants PSUs that vest based on both service and performance conditions. PSUs are granted at a target number of units, with the actual number of shares earned at the end of the performance period ranging above or below target based on the level of achievement of specified performance goals.
Beginning in fiscal 2026, PSU awards may include a combination of financial performance metrics and market-based conditions, such as relative total shareholder return ("TSR"). For awards with market-based conditions, grant-date fair value reflects the impact of those conditions and is estimated using a Monte Carlo simulation model.
Compensation expense for PSUs with market-based conditions is recognized over the requisite service period regardless of whether the market condition is ultimately achieved, provided the service condition is satisfied. Compensation expense for PSUs with only performance conditions is recognized based on the probability of achieving the specified performance goals, with cumulative adjustments recorded to reflect changes in expected achievement, and ultimately reflects the number of awards that vest based on actual performance.
The following table summarizes the weighted-average assumptions used in calculating compensation expense of the Company’s PSUs with market-based conditions:
June 27,
2026
Remaining performance period at grant date (in years)2.66
Volatility44.12 %
Risk-free rate3.81 %
Fair value$23.30 
The summary of the Company’s PSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 27, 2025480,538$14.11 $7,352 
Granted1,153,627$20.51 
Released(23,776)$12.23 
Performance adjustments(24,518)$18.65 
Outstanding at June 27, 20261,585,871$18.73 $21,520 
As of June 27, 2026 and September 27, 2025, the Company had $22.5 million and $3.3 million of unrecognized stock-based compensation expense related to PSUs, which are expected to be recognized over weighted-average periods of 1.7 years and 1.3 years, respectively.
Stock-based compensation
Total stock-based compensation expense by functional category was as follows:

Three Months EndedNine Months Ended

June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
(In thousands)
Cost of revenue
$1,257 $1,633 $3,709 $4,588 
Research and development
6,092 7,944 18,052 29,816 
Sales and marketing
2,884 3,568 8,492 13,227 
General and administrative
6,337 7,639 16,373 21,733 
Total stock-based compensation expense
$16,570 $20,784 $46,626 $69,364 

For the three and nine months ended June 27, 2026 and June 28, 2025, respectively, the Company incurred non-recurring stock-based compensation expenses related to restructuring and other activities. Refer to Note 13. Restructuring and Other Charges for further information.