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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Summary of Domestic and Foreign Components of Income Before Income Tax Provision

The components of income before income tax provision for the fiscal years ended June 30, 2025, 2024, and 2023 are as follows (in thousands):

			Years Ended June 30,
			2025						2024						2023
United States			$	1,064,753					$	1,110,906					$	632,237
Foreign			147,163						103,233						122,060
Income before income tax provision			$	1,211,916					$	1,214,139					$	754,297

Summary of Income Tax Provision

The income tax provision for the fiscal years ended June 30, 2025, 2024, and 2023, consists of the following (in thousands):

			Years Ended June 30,
			2025						2024						2023
Current:
Federal			$	266,228					$	173,838					$	149,217
State			36,749						20,969						23,096
Foreign			68,512						36,986						31,063
			371,489						231,793						203,376
Deferred:
Federal			(161,039)						(162,286)						(80,975)
State			(11,983)						(5,405)						(9,633)
Foreign			(41,616)						(808)						(2,102)
			(214,638)						(168,499)						(92,710)
Income tax provision			$	156,851					$	63,294					$	110,666

Summary of Deferred Tax Assets and Liabilities

Our net deferred tax assets as of June 30, 2025 and 2024 consist of the following (in thousands):

			June 30,
			2025						2024
Capitalized research and development costs			$	334,534					$	240,489
Research and development credits			76,013						56,707
Deferred revenue			64,119						35,815
Convertible Notes			52,552						31,819
Inventory valuation			87,373						33,255
Stock-based compensation			32,301						16,389
Lease obligations			67,620						7,274
Warranty accrual			3,585						3,737
Accrued vacation and bonus			6,733						3,668
Bad debt and other reserves			4,809						2,597
Marketing fund accrual			4,388						2,102
Other			24,581						4,910
Total gross deferred income tax assets			758,608						438,762
Less valuation allowance			(78,934)						(59,841)
Total deferred tax assets			679,674						378,921
Right of use asset			(65,946)						(7,005)
Depreciation and amortization			(6,312)						(6,744)
Total deferred tax liabilities			(72,258)						(13,749)
Deferred income tax assets, net			$	607,416					$	365,172

Summary of Reconciliation of Effective Income Tax Rate

The following is a reconciliation for the fiscal years ended June 30, 2025, 2024, and 2023, of the statutory rate to our effective federal tax rate:

						Years Ended June 30,
						2025						2024						2023
Income tax provision at statutory rate						21.0		%				21.0		%				21.0		%
State income tax, net of federal tax benefit						1.1						1.0						1.1
Foreign rate differential						0.5						0.2						0.8
Research and development tax credit						(3.8)						(6.0)						(3.3)
Uncertain tax positions, net of (settlement) with Tax Authorities						0.1						1.1						0.1
Foreign derived intangible / Subpart F income inclusion						(2.5)						(2.2)						(1.9)
Stock-based compensation						(4.5)						(11.8)						(3.4)
Provision to return true-up						(0.1)						(0.1)						(0.1)
Officer Comp IRC section 162(m) limitation						0.9						1.8						0.2
Others, net						0.2						0.2						0.2
Effective tax rate						12.9		%				5.2		%				14.7		%

Summary of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):

			Gross* Unrecognized Income Tax Benefits
Balance at June 30, 2022			$	38,001
Gross increases:
For current year’s tax positions			6,632
For prior years’ tax positions			1,616
Gross decreases:
Decreases due to settlements with taxing authority			(2,077)
Decreases due to lapse of statute of limitations			(1,429)
Balance at June 30, 2023			42,743
Gross increases:
For current year’s tax positions			19,577
For prior years’ tax positions			3,076
Gross decreases:
Decreases due to settlements with taxing authority			(8,981)
Decreases due to lapse of statute of limitations			(2,974)
Balance at June 30, 2024			53,441
Gross increases:
For current year’s tax positions			12,283
For prior years’ tax positions			2,333
Gross decreases:
Decreases due to settlements with taxing authority			(2,782)
Decreases due to lapse of statute of limitations			(3,706)
Balance at June 30, 2025			$	61,569

*Excludes interest, penalties, federal benefit of state reserves

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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