v3.26.1
Shareholders’ Equity and Convertible Preferred Stock (Tables)
12 Months Ended
Jul. 03, 2026
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:
202620252024
(in millions)
RSUs and PSUs$188 $151 $182 
ESPP16 16 20 
Total$204 $167 $202 
202620252024
(in millions)
Cost of revenue$33 $34 $36 
Research and development87 73 65 
Selling, general and administrative75 60 101 
Business realignment charges— — 
Subtotal204 167 202 
Tax benefit(36)(23)(30)
Total$168 $144 $172 
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 July 3, 2026:
Unamortized Compensation CostsWeighted Average Service Period
(in millions)(years)
RSUs and PSUs (1)
$276 1.8
ESPP16 0.5
Total unamortized compensation cost$292 
(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 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 
Granted2.6 85.14 
Vested(5.1)35.77 $1,117 
Forfeited(0.6)42.96 
RSUs and PSUs outstanding at July 3, 20266.6 $52.21 
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:
202620252024
Weighted-average expected term (in years)1.251.161.25
Risk-free interest rate3.68%4.19%4.93%
Stock price volatility0.590.390.39
Dividend yield0.25%0.01%—%
Fair value$87.23$13.32$15.08
Schedule of Shares of Common Stock Reserved for Issuance Table
The following table summarizes all common stock reserved for issuance at July 3, 2026:
Number of Shares
(in millions)
Convertible notes24 
Outstanding awards and shares available for award grants26 
ESPP10 
Total60