Equity (Tables)

12 Months Ended

Jun. 27, 2026

Schedule of Assumptions Used to Estimate Fair Value

The assumptions used to estimate the fair value of the ESPP shares during the periods presented were as follows:


	June 27, 2026		June 28, 2025
Expected term (years)	0.5		0.5
Expected volatility	69.4	%	69.8	%
Risk-free interest rate	3.67	%	4.22	%
Dividend yield	—	%	—	%

Schedule of Impact on Results of Operations of Recording Stock-Based Compensation by Function

The impact on our results of operations of recording stock-based compensation by function during the periods presented was as follows (in millions):


	Years Ended
	June 27, 2026		June 28, 2025		June 29, 2024
Cost of sales	$	39.5	$	36.9	$	31.7
Research and development	38.8		43.3		38.1
Selling, general and administrative	91.9		97.0		59.0
Total stock-based compensation	$	170.2	$	177.2	$	128.8

Our stock-based compensation by equity awards for the periods presented were as follows (in millions):


	Years Ended
	June 27, 2026		June 28, 2025		June 29, 2024
RSUs	$	106.5	$	101.8	$	114.3
AIP PSUs	4.8		29.8		0.8
TSR PSUs	17.1		3.2		—
Other PSUs	26.1		31.6		5.8
Total PSUs	48.0		64.6		6.6
Options	4.6		6.1		3.3
ESPP	6.1		4.9		4.7
Sub-total	165.2		177.4		128.9
Change in stock-based compensation capitalized to inventory	5.0		(0.2)		(0.1)
Total stock-based compensation	$	170.2	$	177.2	$	128.8

Total income tax benefit associated with stock-based compensation recognized in our consolidated statements of operations during the years presented was as follows (in millions):


	Years Ended
	June 27, 2026		June 28, 2025		June 29, 2024
Income tax benefit associated with stock-based compensation	$	72.1	$	2.5	$	7.5

The table below summarizes the unrecognized stock-based compensation cost related to unvested shares and the weighted-average period over which it is expected to be recognized as of June 27, 2026:


	Unrecognized stock-based compensation (in millions)		Weighted-average period (in years)
RSUs	$	167.7	1.7
PSUs	72.8		2.0
Stock options	1.4		0.4
ESPP	4.0		0.4

Schedule of Awards Activity

The following table summarizes our awards activity in fiscal years 2026, 2025 and 2024 (in millions, except per share amounts):


	Stock Options			Restricted Stock Units			Performance Stock Units
	Number of Shares	Weighted-Average Exercise Price per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share			Number of Shares	Weighted-Average Grant Date Fair Value per Share

























Balance as of July 1, 2023	—	$	—	2.6	$	85.0		0.6	$	89.1
Replacement Awards Issued	1.1	$	8.0	—	—			—	—
Granted	—	—		2.0	52.2			0.7	52.8
Vested/Exercised	—	8.2		(1.3)	85.7			(0.1)	87.7
Canceled/Forfeited	—	—		(0.6)	68.7			(0.3)	78.7
Balance as of June 29, 2024	1.1	$	8.0	2.7	$	62.5		0.9	$	65.5

Granted	—	—		2.0	60.2			1.3	60.5
Vested/Exercised	(0.5)	7.8		(1.7)	64.4			(0.1)	83.5
Canceled/Forfeited	—	—		(0.4)	60.3			(0.5)	61.4
Balance as of June 28, 2025	0.6	$	8.1	2.6	$	59.9		1.6	$	61.0

Granted	—	$	—	1.1	160.9			0.2	122.4
Vested/Exercised	(0.4)	$	8.2	(1.5)	61.9			(0.9)	57.2
Canceled/Forfeited	—	$	—	(0.2)	71.6			(0.1)	82.2
Balance as of June 27, 2026	0.2	$	8.1	2.0	$	114.6		0.8	$	84.0

Schedule of Awards Available for Grant

A summary of awards available for grant for fiscal years 2026, 2025 and 2024 is as follows (in millions):


			Awards Available for Grant


















Balance as of July 1, 2023			2.7
Authorized in connection with Cloud Light acquisition			1.5
Replacement options in connection with Cloud Light acquisition			(1.1)
Authorized			3.0
Granted			(2.7)
Canceled/Forfeited			0.9
Balance as of June 29, 2024			4.3
Authorized			0.7
Granted			(3.3)
Canceled/Forfeited			0.9


Balance as of June 28, 2025			2.6
Authorized			3.2
Removed			(1.4)
Granted			(1.3)
Canceled/Forfeited			0.3
Balance as of June 27, 2026			3.4