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Net Income (Loss) Per Common Share | 12 Months Ended
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Jun. 27, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The following table presents the computation of basic and diluted income (loss) per common share:
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | (in millions, except per share data)
Net income (loss) from continuing operations |  |  |  |  | $ | 1,643 |  |  | $ | (765) |  |  | $ | (902) |
Less: dividends allocated to preferred shareholders |  |  |  |  | 17 |  |  | 54 |  |  | 24 |
Less: income attributable to participating securities |  |  |  |  | 28 |  |  | — |  |  | — |
Net income (loss) from continuing operations attributable to common shareholders - basic |  |  |  |  | 1,598 |  |  | (819) |  |  | (926) |
Net income (loss) from discontinued operations, net of taxes, attributable to common shareholders |  |  |  |  | 242 |  |  | (33) |  |  | (782) |
Net income (loss) attributable to common shareholders - basic |  |  |  |  | $ | 1,840 |  |  | $ | (852) |  |  | $ | (1,708) |
Net income (loss) from continuing operations attributable to common shareholders - basic |  |  |  |  | $ | 1,598 |  |  | $ | (819) |  |  | $ | (926) |
Re-allocation of participating securities considered potentially dilutive securities |  |  |  |  | 1 |  |  | — |  |  | — |
Net income (loss) from continuing operations attributable to common shareholders - diluted |  |  |  |  | 1,599 |  |  | (819) |  |  | (926) |
Net income (loss) from discontinued operations, net of taxes, attributable to common shareholders |  |  |  |  | 242 |  |  | (33) |  |  | (782) |
Net income (loss) attributable to common shareholders - diluted |  |  |  |  | $ | 1,841 |  |  | $ | (852) |  |  | $ | (1,708) |
Weighted average shares: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | 347 |  |  | 326 |  |  | 318 |
RSUs, PSUs, ESPP, and the convertible notes |  |  |  |  | 12 |  |  | — |  |  | — |
Diluted |  |  |  |  | 359 |  |  | 326 |  |  | 318 |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |
Continuing operations - basic |  |  |  |  | $ | 4.61 |  |  | $ | (2.51) |  |  | $ | (2.91) |
Discontinued operations - basic |  |  |  |  | 0.70 |  |  | (0.10) |  |  | (2.46) |
Net income (loss) per common share - basic |  |  |  |  | 5.31 |  |  | (2.61) |  |  | (5.37) |
Continuing operations - diluted |  |  |  |  | 4.45 |  |  | (2.51) |  |  | (2.91) |
Discontinued operations - diluted |  |  |  |  | 0.67 |  |  | (0.10) |  |  | (2.46) |
Net income (loss) per common share - diluted |  |  |  |  | 5.12 |  |  | (2.61) |  |  | (5.37) |
Anti-dilutive potential common shares excluded |  |  |  |  | — |  |  | 22 |  |  | 14 |
Basic income (loss) per share attributable to common shareholders is computed using (i) net income (loss) less (ii) dividends paid to holders of Preferred Shares less (iii) net income (loss) attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income (loss) per share attributable to common shareholders is computed as (i) basic net income (loss) attributable to common shareholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The “if-converted” method is used to determine the dilutive impact for the convertible notes and the Preferred Shares. The treasury stock method is used to determine the dilutive impact of unvested equity awards. For 2025, based on the Company’s average stock price during the period, an insignificant number of common shares subject to outstanding equity awards were anti-dilutive. For 2024 and 2023, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for the period because their impact would have been anti-dilutive.

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