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Disaggregated Revenue, Geographic Information, Concentrations of Risk, and Segment Reporting
 3 Months Ended
Oct. 03, 2025
Segment Reporting [Abstract]  
Disaggregated Revenue, Geographic Information, Concentrations of Risk, and Segment Reporting Disaggregated Revenue, Geographic Information, Concentrations of Risk, and Segment Reporting
The following table summarizes the Company’s disaggregated revenue:
Three Months Ended
October 3,
2025		September 27,
2024
(in millions)
Revenue by end market
Cloud$2,510 $1,909 
Client146 139 
Consumer162 164 
Total revenue
$2,818 $2,212 
Revenue by geography(1)
Asia$1,175 $686 
Americas1,100 1,247 
Europe, Middle East and Africa543 279 
Total revenue
$2,818 $2,212 
(1)    Net revenue is attributed to geographic regions based on the ship-to location of the customer.

The Company’s top 10 customers accounted for 77% of its net revenue for the three months ended October 3, 2025, compared to 65% of its net revenue for the three months ended September 27, 2024. For the three months ended October 3, 2025, three customers accounted for 18%, 16%, and 14%, respectively, of the Company’s net revenue, and for the three months ended September 27, 2024, one customer accounted for 18% of the Company’s net revenue.

As of October 3, 2025 and June 27, 2025, net accounts receivable were $1.36 billion and $1.49 billion, respectively, and reserves for potential credit losses were not material. As of October 3, 2025, five customers accounted for 17%, 16%, 12%, 12%, and 10%, respectively, of the Company’s net accounts receivable, and as of June 27, 2025, three customers accounted for 20%, 19%, and 12%, respectively, of the Company’s net accounts receivable.
The following table is a reconciliation of the Company’s measure of segment profit or loss, significant segment expenses and other segment items:
Three Months Ended
October 3,
2025		September 27,
2024
(in millions)
Revenue, net
$2,818 $2,212 
Less: Significant expenses and other segment items
Cost of revenue(1)
1,581 1,386 
Research and development(1)
270 243 
Selling, general and administrative(1)
111 176 
Litigation matter
— 14 
Business realignment charges
3 3 
Stock-based compensation
53 57 
Interest expense, net
42 92 
Gain on retained interest in Sandisk
(611)— 
Other expense, net
2 (4)
Other segment items(2)
30 2 
Income tax expense
155 90 
Net income from continuing operations
$1,182 $153 
(1)    Excludes amounts related to stock-based compensation and other segment items which are presented separately in the table above.
(2)    Other segment items include strategic investment activity and other charges.