Net Income Per Common Share (Tables)

6 Months Ended

Jan. 02, 2026

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Six Months Ended
	January 2, 2026		December 27, 2024			January 2, 2026		December 27, 2024
	(in millions, except per share data)
Net income from continuing operations	$	1,842	$	466		$	3,024	$	619
Dividends allocated to preferred shareholders	(5)		(4)			(10)		(8)
Income attributable to participating securities(1)	(39)		(7)			(64)		(9)
Net income from continuing operations attributable to common shareholders - basic	1,798		455			2,950		602
Net income from discontinued operations, net of taxes, attributable to common shareholders	—		126			—		460
Net income attributable to common shareholders - basic	$	1,798	$	581		$	2,950	$	1,062

Net income from continuing operations attributable to common shareholders - basic	$	1,798	$	455		$	2,950	$	602
Re-allocation of participating securities considered potentially dilutive	4		—			6		1
Net income from continuing operations attributable to common shareholders - diluted	1,802		455			2,956		603
Net income from discontinued operations, net of taxes, attributable to common shareholders	—		126			—		460
Net income attributable to common shareholders - diluted	$	1,802	$	581		$	2,956	$	1,063

Weighted average shares:
Basic	341		346			343		345
RSUs, PSUs, ESPP, and convertible notes	40		11			35		12
Diluted	381		357			378		357

Net income per common share:
Basic:
Continuing operations	$	5.27	$	1.32		$	8.60	$	1.74
Discontinued operations	—		0.36			—		1.34
Net income per common share	5.27		1.68			8.60		3.08
Diluted:
Continuing operations	4.73		1.27			7.82		1.69
Discontinued operations	—		0.36			—		1.29
Net income per common share	4.73		1.63			7.82		2.98

(1) Participating securities consist of preferred stock because it participates on a pro rata basis in any dividends declared on shares of common stock.