| USD ($) $ in Millions, shares in Thousands | Jul 3, 2026 | Jun 27, 2025 |
|---|---|---|
Revenue, net | $ 20,248 | $ 7,355 |
Cost of revenue | 5,776 | 5,143 |
Gross profit | 14,472 | 2,212 |
Operating expenses: | ||
Research and development | 1,328 | 1,132 |
Selling, general and administrative | 676 | 573 |
Goodwill impairment | 0 | 1,830 |
Loss on debt extinguishment | (46) | - |
Business separation costs | 25 | 67 |
Employee termination and other | (2) | 21 |
(Gain) loss on business divestiture | (10) | 34 |
Total operating expenses | 2,083 | 3,589 |
Operating income (loss) | 12,389 | (1,377) |
Interest and other income (expense), net: | ||
Gain (loss) on equity securities, net | 808 | - |
Interest income | 70 | 22 |
Interest expense | (73) | (63) |
Other income (expense), net | (177) | (61) |
Total interest and other income (expense), net | 628 | (102) |
Income (loss) before taxes | 13,017 | (1,479) |
Income tax expense | 1,584 | 162 |
Net income (loss) | $ 11,433 | $ (1,641) |
Net income (loss) per common share: | ||
Basic (in dollars per share) | $ 77.78 | $ (11.32) |
Diluted (in dollars per share) | $ 73.76 | $ (11.32) |
Weighted average shares outstanding: | ||
Basic (in shares) | 147,000 | 145,000 |
Diluted (in shares) | 155,000 | 145,000 |