v3.26.1
Revenue Recognition
 12 Months Ended
Jun. 27, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 18. Revenue Recognition
Disaggregation of Revenue
We disaggregate revenue by type of products and by geography. We do not present other levels of disaggregation, such as by customer, markets, contracts, duration of contracts, timing of transfer of control and sales channels, as this information is not used by our CODM to manage the business.
The table below discloses our total net revenue by type of product (in millions, except percentage data):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Amount% to TotalAmount% to TotalAmount% to Total
Components$2,005.6 66.5 %$1,116.3 67.9 %$822.1 60.5 %
Systems1,008.4 33.5 %528.7 32.1 %537.1 39.5 %
Net revenue$3,014.0 100.0 %$1,645.0 100.0 %$1,359.2 100.0 %
Refer to “Note 17. Operating Segments and Geographic Information” for a presentation of disaggregated revenue by geography.
Contract Balances
We record accounts receivable when we have an unconditional right to consideration. Contract liabilities are recorded when cash payments are received or due in advance of performance. Contract liabilities consist of advance payments and deferred revenue, where we have unsatisfied performance obligations. Contract liabilities are classified as deferred revenue and customer deposits and are included in other current and non-current liabilities within our consolidated balance sheets. Payment terms vary by customer. The time between invoicing and when payment is due is not significant.
The following table reflects the changes in contract balances for the periods presented (in millions, except percentages):
Contract balancesBalance sheet locationJune 27, 2026June 28, 2025ChangePercentage Change
Accounts receivable, net Accounts receivable, net $520.3 $250.0 $270.3 108.1%
Deferred revenue and customer deposits (1)
Other current liabilities
$15.4 $0.7 $14.7 n/a
Deferred revenue and customer deposits
Other non-current liabilities
$1.4 $— $1.4 n/a
(1) We recorded a $9.9 million below-market contract liability related to our acquisition of a business in March 2026 in our consolidated balance sheets, which will be amortized and recorded as revenue over the term of the supply agreement. During the twelve months ended June 27, 2026, we have recognized approximately $2.3 million of this amount to net revenue. The remaining balance of about $7.6 million was recorded as other current liabilities in our consolidated balance sheets as of June 27, 2026. Refer to “Note 4. Business Combination” for details.