Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Dec. 27, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the computation of basic and diluted income (loss) per common share:

	Three Months Ended				Six Months Ended
	December 27, 2024		December 29, 2023		December 27, 2024		December 29, 2023
	(in millions, except per share data)
Net income (loss)	$	594	$	(287)	$	1,087	$	(972)
Less: dividends allocated to preferred shareholders	4		14		8		29
Less: income attributable to participating securities(1)	9		—		17		—
Net income (loss) attributable to common shareholders	581		(301)		1,062		(1,001)
Re-allocation of participating securities considered potentially dilutive securities	—		—		1		—
Diluted net income (loss) attributable to common shareholders	$	581	$	(301)	$	1,063	$	(1,001)
Weighted average shares outstanding:
Basic	346		325		345		324
RSUs, PSUs, ESPP, and the convertible notes	11		—		12		—
Diluted	357		325		357		324
Net income (loss) per common share
Basic	$	1.68	$	(0.93)	$	3.08	$	(3.09)
Diluted	$	1.63	$	(0.93)	$	2.98	$	(3.09)
Anti-dilutive potential common shares excluded	—		14		—		14

(1)     Preferred stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. Preferred stock does not participate in undistributed net losses.