Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Mar. 28, 2025

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				Nine Months Ended
	March 28, 2025		March 29, 2024			March 28, 2025		March 29, 2024
	(in millions, except per share data)
Net income (loss) from continuing operations	$	772	$	(8)		$	1,391	$	(519)
Less: dividends allocated to preferred shareholders	4		15			12		44
Less: income attributable to participating securities(1)	13		(1)			25		—
Net income (loss) from continuing operations attributable to common shareholders - basic	755		(22)			1,354		(563)
Net income (loss) from discontinued operations, net of taxes	(248)		135			213		(318)
Net income (loss) attributable to common shareholders - basic	$	507	$	113		$	1,567	$	(881)

Net income (loss) from continuing operations attributable to common shareholders - basic	$	755	$	(22)		$	1,354	$	(563)
Re-allocation of participating securities considered potentially dilutive securities	—		—			1		—
Net income (loss) from continuing operations attributable to common shareholders - diluted	755		(22)			1,355		(563)
Net income (loss) from discontinued operations, net of taxes	(248)		135			213		(318)
Net income (loss) attributable to common shareholders - diluted	$	507	$	113		$	1,568	$	(881)

Weighted average shares outstanding:
Basic	348		326			346		324
RSUs, PSUs, ESPP, and the convertible notes	10		9			12		—
Diluted	358		335			358		324

Net income (loss) per common share
Continuing operations - basic	$	2.17	$	(0.07)		$	3.91	$	(1.74)
Discontinued operations - basic	$	(0.71)	$	0.42		$	0.62	$	(0.98)
Net income (loss) per common share - basic	$	1.46	$	0.35		$	4.53	$	(2.72)

Continuing operations - diluted	$	2.11	$	(0.07)		$	3.79	$	(1.74)
Discontinued operations - diluted	$	(0.69)	$	0.41		$	0.59	$	(0.98)
Net income (loss) per common share - diluted	$	1.42	$	0.34		$	4.38	$	(2.72)

Anti-dilutive potential common shares excluded	—		—			—		13

(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.