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Shareholders' Equity (Tables)
 12 Months Ended
Jun. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The following tables present the Company’s stock-based compensation expense for equity-settled awards by type, financial statement line, and the related tax benefit included in the Company’s Consolidated Statements of Operations:
202520242023
(in millions)
RSUs and PSUs$171 $133 $148 
ESPP11 16 17 
Total$182 $149 $165 
202520242023
(in millions)
Cost of revenue$16 $20 $19 
Research and development81 71 88 
Selling general, and administrative85 58 58 
Subtotal$182 $149 $165 
Tax benefit(22)(21)(22)
Total$160 $128 $143 
Schedule of Stock-based Compensation Awards The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of June 27, 2025:
Unamortized Compensation CostsWeighted average service period
(in millions)(years)
RSUs and PSUs$315 2.27
ESPP16 1.81
Total unamortized compensation cost$331 
Schedule of Award Activity
The following table summarizes RSU and PSU award activity under the Company’s incentive plans during the year ended June 27, 2025:
Number of SharesWeighted Average Grant Date Fair ValueAggregate Intrinsic Value at Vest Date
(in millions)
RSUs and PSUs outstanding at June 28, 2024— $— $— 
Awards converted from Western Digital Corporation Plans (1)
6.4 35.32 — 
Granted1.5 50.47 — 
Vested(1.1)34.07 46.95 
Canceled/forfeited(0.2)36.14 — 
RSUs and PSUs outstanding at June 27, 20256.6 $38.98 $— 
(1) This amount excludes 3.1 million of WDC equity awards held by Sandisk employees, which upon vesting will be issued in WDC shares instead of the Company’s shares.
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair values of ESPP purchase rights have been estimated at the grant date using a Black-Scholes-Merton option pricing model with the following weighted average assumptions:
2025
Weighted-average expected term (in years)0.93
Risk-free interest rate4.02 %
Stock price volatility0.56 
Dividend yield— %
Fair value$11.85