We calculate basic net (loss) income per share pursuant to the two-class method as a result of the issuance of the Series A Convertible Preferred Stock (the “Preferred Stock”) in March 2026. Our Preferred Stock represents a second class of common stock for purposes of computing net (loss) income per share under the two-class method as it is entitled to receive dividends on an as-converted basis in the same manner as holders of common stock and does not have any material preferential rights relative to our common stock.

Diluted net (loss) income per share is calculated assuming the Preferred Stock have been converted into common stock, and the related shares are included in the diluted weighted-average share. As the Preferred Stock participates on an if-converted basis, and there are no dividends, the (loss) income allocated to the two classes of stock converge and the results are mathematically equal. Thus, basic and diluted net (loss) income per share is calculated assuming the Preferred Stock have been converted into common stock, and the related shares are included in the weighted average shares outstanding. Refer to “Note 14. Equity” for more details.

The following table sets forth the computation of basic and diluted net (loss) income per share (in millions, except per share data):


	Years Ended
	June 27, 2026		June 28, 2025		June 29, 2024
Basic (loss) income per share:
Net (loss) income	$	(6,935.1)	$	25.9	$	(546.5)


Weighted average shares outstanding - basic:
Common stock	73.7		69.0		67.3
Preferred stock	0.9		—		—
Weighted average shares outstanding - basic	74.6		69.0		67.3

Basic (loss) income per share	$	(92.96)	$	0.38	$	(8.12)

Diluted (loss) income per share:
Weighted average shares outstanding - basic	74.6		69.0		67.3



Effect of dilutive securities from stock-based benefit plans	—		0.6		—

Weighted average shares outstanding - diluted	74.6		69.6		67.3

Diluted (loss) income per share	$	(92.96)	$	0.37	$	(8.12)

Potentially dilutive common shares result from stock-based benefit plans, which includes the assumed exercise of outstanding stock options, assumed vesting of equity awards, and assumed issuance of stock under the ESPP, all using the treasury stock method.

Potentially dilutive common shares issuable upon conversion of our outstanding convertible notes are determined using the if-converted method. Under each series of convertible notes, we are required to satisfy our conversion obligation with respect to converted notes by paying cash equal to the principal amount of such converted notes and paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, with respect to any conversion value in excess thereof. Refer to “Note 10. Debt” for more details.

Average anti-dilutive shares excluded from the calculation of diluted net income (loss) per share for the years ended June 27, 2026, June 28, 2025 and June 29, 2024 (in millions):


	Years Ended
	June 27, 2026	June 28, 2025	June 29, 2024

Effect of dilutive securities from ESPP	0.0	0.1	0.2
Effect of dilutive securities from stock options	0.3	0.8	1.1
Effect of dilutive securities from RSUs and PSUs	2.5	4.4	4.1
Shares issuable assuming conversion of the convertible notes	13.6	0.5	29.6
Weighted average common shares outstanding - diluted	16.4	5.8	35.0

Our outstanding capped call options are anti-dilutive under GAAP as they are specifically designed to mitigate the dilutive impact of the 2032 Notes, such that no dilution will occur until the capped call price is exceeded. Refer to “Note 10. Debt” for more details. There were no other material anti-dilutive shares excluded from the calculation of diluted net (loss) income per share for the years ended June 27, 2026, June 28, 2025 and June 29, 2024.