0002023554-25-000034 | 10-K | XBRL Viewer

Income Tax Expense

12 Months Ended

Jun. 27, 2025

Income (Loss) Before Taxes

The domestic and foreign components of Income (loss) before taxes were as follows:


	2025		2024		2023
	(in millions)
Foreign	$	(1,348)	$	(543)	$	(2,253)
Domestic	(131)		40		251
Income (loss) before taxes	$	(1,479)	$	(503)	$	(2,002)

Income Tax Expense

The components of income tax expense were as follows:


	2025		2024		2023
	(in millions)
Current:
Foreign	$	165	$	158	$	138
U.S. - Federal	7		20		76
U.S. - State	2		7		8
	174		185		222
Deferred:
Foreign	(13)		7		(15)
U.S. - Federal	1		(19)		(65)
U.S. - State	—		(4)		(1)
	(12)		(16)		(81)
Income tax expense	$	162	$	169	$	141

H.R.1, more widely known as the One Big Beautiful Bill Act, was recently signed into law on July 4, 2025. It reversed the requirement for capitalization of U.S. research and development expenditures that came into law under the Tax Cuts and Jobs Act of 2017, but the mandatory requirement of capitalization of foreign research and development expenditures remains. The tax rates for income earned by our foreign subsidiaries will also be changed under H.R. 1. Depending on the Company’s operating results, these changes can materially impact the Company’s effective tax rate and reduce its operating cash flows. As H.R.1 was enacted after our fiscal year 2025, its impact on the tax provision will be reflected in fiscal year 2026.

On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law, which contained significant changes to laws related to tax, climate, energy, and health care. The tax measures include, among other things, a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income (“AFSI”) exceeding $1.0 billion. The Company does not expect to be subject to the CAMT of 15% for 2025 as its average annual AFSI did not exceed $1.0 billion for the preceding three-year period.

On December 20, 2021, the Organization for Economic Co-operation and Development G20 (“OECD/G20”) Inclusive Framework on Base Erosion and Profit Shifting released Model Global Anti-Base Erosion rules under Pillar Two (“Pillar Two”). Several non-U.S. jurisdictions have either enacted legislation or announced their intention to enact future legislation to adopt certain or all components of Pillar Two, some of which are effective for the Company in 2025. For 2025, the Company currently expects to be able to meet certain transitional safe harbors and does not expect any material Pillar Two taxes. As more jurisdictions adopt this legislation in 2026, there may be material increases in the Company’s future tax obligations in certain jurisdictions.

The following table presents the Company’s Income tax expense and the effective tax rate:


	2025			2024			2023
	(in millions)
Income (loss) before taxes	$	(1,479)		$	(503)		$	(2,002)
Income tax expense	162			169			141
Effective tax rate	(11)		%	(34)		%	(7)		%

The relative mix of earnings and losses by jurisdiction, the goodwill impairment, the foreign income inclusion, credits, and tax holidays in Malaysia that will expire at various dates during years 2028 through 2031 resulted in decreases to the effective tax rate below the U.S. statutory rate for the year ended June 27, 2025.

The primary drivers of the difference between the effective tax rate for the years ended June 28, 2024 and the U.S. federal statutory rate of 21% are the relative mix of earnings and losses by jurisdiction, the foreign income inclusion, credits, and tax holidays in Malaysia.

Deferred Taxes

Temporary differences and carryforwards, which give rise to a significant portion of deferred tax assets and liabilities were as follows:


	June 27, 2025			June 28, 2024
	(in millions)
Deferred tax assets:
Sales related reserves and accrued expenses not currently deductible	$	38	$	$	45
Accrued compensation and benefits not currently deductible	29			34

Net operating loss carryforward	41			19
Business credit carryforward	44			—
Long-lived assets	22			15
Interest and hedging costs not currently deductible	15			67

Other	15			27
Total deferred tax assets	204			207
Deferred tax liabilities:
Long-lived assets	(7)			(3)
Unremitted Earnings of Certain Non-US Entities	(77)			(86)


Other	(18)			(10)
Total deferred tax liabilities	(102)			(99)
Valuation allowances	(61)			(27)
Deferred tax assets, net	$	41		$	81

The decrease in the net deferred tax assets is attributable primarily to a decrease in hedging costs not currently deductible and is based on the Company’s position in its foreign exchange contracts. The Company continues to assess and adjust its valuation allowance based on operating results and market conditions. After weighing both the positive and negative evidence available, including, but not limited to, earnings history, projected future outcomes, industry and market trends and the nature of each of the deferred tax assets, the Company determined that it is able to realize its deferred tax assets except for certain loss and credit carryforwards.

The Company is permanently reinvested with respect to certain foreign earnings. There is no unrecognized deferred tax liability associated with the repatriation of these foreign undistributed earnings as it can be achieved without additional federal tax consequences.

Effective Tax Rate

Reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows:


	2025		2024		2023
	(in millions)
U.S. federal statutory rate	21	%	21	%	21	%
Tax rate differential on international incomes	(1)		(42)		(29)
Foreign withholding tax	(1)		(11)		(2)
Change in valuation allowance	—		(2)		—
Tax effect of U.S foreign income inclusion	(7)		(1)		—
Tax effect of U.S. foreign derived intangible income	1		2		3
Tax effect of permanent differences	—		(2)		(1)
Tax effect of goodwill impairment	(26)		—		(7)
Tax effect of intangible assets	—		1		4
Tax rate change	—		1		—
Unremitted earnings of certain non-U.S. entities	(2)		2		—
Change in uncertain tax positions	(1)		(12)		1
Return to provision adjustment	1		(1)		—
Foreign income tax credits	4		5		1
R&D tax credits	1		3		1
Federal audit settlements	—		3		—
Other	(1)		(1)		1
Effective income tax rate	(11)	%	(34)	%	(7)	%

Tax Holidays and Carryforwards

A substantial portion of the Company’s manufacturing operations in Malaysia operate under various tax holidays and tax incentive programs, which will expire in whole or in part at various dates during 2028 through 2031. Certain tax holidays and tax incentive programs may be extended if specific conditions are met.

The net impact of these tax holidays and tax incentives was an increase to the Company’s net earnings by $82 million, or $0.56 per share, in 2025. The Company was at loss in Malaysia during 2024 and 2023. The tax incentives had no impact on the Company’s net earnings.

As of June 27, 2025, the Company had $38 million of state tax credit carryforwards that do not expire.

As of June 27, 2025, the Company had varying amounts of NOL carryforwards, totaling $2.1 billion, that do not expire or, if not used, expire in various years beginning in 2028, depending on the country. The majority of the NOL carryforwards reside in Malaysia.

Uncertain Tax Positions

With the exception of certain unrecognized tax benefits that are directly associated with the tax position taken, unrecognized tax benefits are presented gross in the Consolidated Balance Sheets.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding accrued interest and penalties for the year ended June 27, 2025:


	2025		2024		2023
	(in millions)
Unrecognized tax benefit, beginning balance	$	47	$	25	$	17
Gross increases related to prior year tax positions	6		10		1
Gross increases related to current year tax positions	17		15		10
Gross decrease related to prior year tax positions	(1)		(3)		(3)
Gross increase related to transfer from Western Digital Corporation	78		—		—
Gross decrease related to settlement	(7)		—		—
Unrecognized tax benefit, ending balance	$	140	$	47	$	25

As of June 27, 2025 and June 28, 2024, the liability for unrecognized tax benefits (excluding accrued interest and penalties) was $140 million and $47 million, respectively. Interest and penalties related to unrecognized tax benefits are recognized in liabilities recorded for uncertain tax positions and are recorded in the provision for income taxes. Accrued interest and penalties included in the Company’s liability related to unrecognized tax benefits as of June 27, 2025 and June 28, 2024 was $11 million and $9 million, respectively.

The Company files U.S. federal, U.S. state, and foreign tax returns. Its U.S. federal and state tax returns for fiscal year 2025 are initial filings. The Company is currently subject to, or could become subject to, tax authority examinations in various jurisdictions for previously filed returns dating back as early as 2009.

The Company believes that an adequate provision has been made for any adjustments that may result from any other tax examinations. However, the outcome of such tax examinations cannot be predicted with certainty. If any issues addressed in the Company’s tax examinations are resolved in a manner inconsistent with management’s expectations, the Company may be required to adjust its provision for income taxes in the period in which such resolution occurs. As of June 27, 2025, it was not possible to estimate the amount of change, if any, in the unrecognized tax benefits that is reasonably possible within the next twelve months. Any significant change in the amount of the Company’s liability for unrecognized tax benefits would most likely result from additional information resulting from the examination of the Company’s tax returns.

- Definition

The entire disclosure for income tax.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases and Other Commitments

12 Months Ended

Jun. 27, 2025

Leases [Abstract]

Leases and Other Commitments

Leases

The Company leases certain domestic and international facilities and data center space under long-term, non-cancelable operating leases that expire at various dates through 2039. In connection with and subsequent to the separation, the Company entered into various sublease agreements with WDC under long-term, non-cancelable operating leases that expire at various dates through 2031.

These leases include no material variable or contingent lease payments. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include prepaid lease payments minus any lease incentives. Extension or termination options present in the Company’s lease agreements are included in determining the right-of-use asset and lease liability when it is reasonably certain the Company will exercise those options. Lease expense is recognized on a straight-line basis over the lease term.

The following table presents right-of-use lease assets and lease liabilities included in the Company’s Consolidated Balance Sheets:


	June 27, 2025		June 28, 2024
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	214	$	179

Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)	26		11
Long-term operating lease liabilities (included in other liabilities)	193		171
Total operating lease liabilities	$	219	$	182

The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Cost of operating leases	$	38	$	29	$	21
Cash paid for operating leases	33		30		14
Operating lease assets obtained in exchange for operating lease liabilities	49		167		3
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement	—		71		—

The weighted average remaining lease term and discount rate for the Company’s operating leases were as follows:


	June 27, 2025		June 28, 2024
Weighted average remaining lease term in years	11.00		13.7
Weighted average discount rate	7.3	%	7.5	%

As of June 27, 2025, minimum lease payments were as follows:


	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
2026	$	41
2027	35
2028	28
2029	24
2030	20
Thereafter	183
Total future minimum lease payments	331
Less: Imputed interest	112
Present value of lease liabilities	$	219

Sale-Leaseback

In September 2023, WDC completed a sale and leaseback of its facility in Milpitas, California and received net proceeds of $191 million in cash. A substantial majority of these assets are associated with the Company, and as a result, $134 million of the net proceeds from the sale-leaseback transaction were allocated to us on a relative square footage basis and reflected as a cash inflow from investing activities in the Consolidated Statements of Cash Flows for the year ended March 29, 2024. In connection with the sale and leaseback, the Company recorded a gain of $60 million upon the closing of the transaction. For more information, see Note 15, Employee Termination and Other Charges for additional disclosures.

The property is being leased back to the Company at a total annual rate of $16 million for the first year and increasing by 3% per year thereafter through January 1, 2039. The lease includes three five-year renewal options and one four-year renewal option for the ability to extend through December 2057. The associated operating lease liability and right-of-use asset for this facility has been included in the Consolidated Balance Sheets as of June 27, 2025 and June 28, 2024.

Purchase Agreements and Other Commitments

In the normal course of business, the Company enters into purchase orders with suppliers for the purchase of components used to manufacture its products. These purchase orders generally cover forecasted component supplies needed for production during the coming months, are recorded as a liability upon receipt of the components, and generally may be changed or canceled at any time prior to shipment of the components. The Company also enters into long-term agreements with suppliers that contain fixed future commitments, which are contingent upon certain conditions such as performance, quality and technology of the vendor’s components. As of June 27, 2025, the Company had the following minimum long-term commitments:


	Long-term commitments
	(in millions)
Fiscal year:
2026	$	250
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$	2,633

Supplemental Financial Statement Data

12 Months Ended

Jun. 27, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Data

Goodwill

The following table provides a summary of goodwill activity for the period presented:


	(in millions)





Balance at June 28, 2024	$	7,207
Divestiture (1)	(382)
Impairment charges	(1,830)
Foreign currency translation adjustment	4
Balance at June 27, 2025	$	4,999

(1) On September 28, 2024, the Company sold its majority interest in a subsidiary. See Note 10, Related Parties and Related Commitments and Contingencies for additional disclosures.

Goodwill attributed to the Company represents the historical goodwill balances in WDC’s business arising from acquisitions specific to the Company.

The Company determined that its single operating segment was also its single reporting unit. Goodwill is not amortized. Instead, it is tested for impairment annually as of the beginning of the Company’s fourth quarter or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company uses qualitative factors to determine whether goodwill is more-likely-than-not impaired and whether a quantitative test for impairment is considered necessary. If the Company concludes from the qualitative assessment that goodwill is more-likely-than-not impaired, the Company is required to perform a quantitative assessment to determine the amount of impairment.

The Company is required to use judgment when assessing goodwill for impairment, including evaluating the impact of industry and macroeconomic conditions and the determination of the fair value of the reporting unit. In addition, the estimates and assumptions used to determine the fair value as well as the actual carrying value may change based on future changes in the Company’s results of operations, macroeconomic conditions, or other factors. Changes in these estimates and assumptions could materially affect the Company’s assessment of the fair value and goodwill impairment. In addition, if negative macroeconomic conditions continue or worsen, goodwill could become impaired, which could result in an impairment charge and materially adversely affect the Company’s financial condition and results of operations.

Subsequent to the completion of the separation, the Company identified potential impairment indicators related to macroeconomic indicators, industry developments, the trading price of the Company’s common stock and resulting market capitalization that warranted a quantitative impairment analysis of long-lived assets and goodwill.

The Company performed a recoverability test at the asset group level, which was determined to be equivalent to its reporting unit, to assess potential impairment of long-lived assets. The results of the recoverability test showed that the estimated undiscounted net cash flows to be generated from the use and eventual disposition of the Company’s long-lived assets exceeded its net carrying value. As a result, no write-down of long-lived assets was recognized as of June 27, 2025.

Next, the Company performed a quantitative test by measuring the fair value of its reporting unit based on a weighing of two valuation methodologies: an income approach and a market approach.

The income approach valued the projected discounted cash flows that are expected to be generated by the Company’s reporting unit and required judgments and estimates surrounding general economic conditions and company-specific performance inputs such as revenue growth rates, gross margins, operating costs, capital expenditures, assumed tax rates and other assumptions deemed reasonable by management.

The market approach valued the reporting unit based on financial performance and market multiples of comparable public companies, including consideration of a control premium representing the estimated amount a market participant would pay to obtain a controlling interest in the Company.

The results of the quantitative test indicated that the carrying value of the Company’s reporting unit exceeded its estimated fair value, resulting in the recognition of a $1.8 billion impairment charge during the third quarter of the year ended June 27, 2025 which was recorded in the accompanying Consolidated Statements of Operations.

The Company’s policy is to perform an annual impairment test on the first day of the fourth fiscal quarter. The Company performed a qualitative analysis, which did not indicate that goodwill was more-likely-than-not impaired. As a result, no additional quantitative analysis was required and no additional impairment charge was recorded during the fiscal year ended June 27, 2025.

For the year ended June 28, 2024, there were no impairment charges recorded. For the year ended June 30, 2023, the Company recorded an impairment charge of $671 million.

Accounts receivable, net

Prior to the separation, from time to time and in connection with factoring agreements, WDC sold certain of the Company’s trade accounts receivable without recourse to third-party purchasers in exchange for cash.

During the year ended June 27, 2025, there were no trade accounts receivable sold by WDC or the Company. In 2024 and 2023, WDC sold trade accounts receivable of the Company and received cash proceeds of $339 million and $370 million, respectively. The discounts on the trade accounts receivable sold during the period were not material and were recorded in Other expense, net, in the Consolidated Statements of Operations. There were no factored receivables outstanding as of June 27, 2025 and June 28, 2024.

Inventories


	2025		2024
	(in millions)
Inventories:
Raw materials and component parts	$	1,517	$	1,398
Work-in-process	262		237
Finished goods	300		320
Total inventories	$	2,079	$	1,955

Property, plant and equipment, net


	2025		2024
	(in millions)
Property, plant and equipment:
Land	$	10	$	10
Machinery and equipment	1,480		2,340
Buildings and improvements	390		397
Computer equipment and software	176		123
Furniture and fixtures	18		16
Construction-in-process	51		108
Property, plant and equipment, gross	2,125		2,994
Accumulated depreciation	(1,506)		(2,203)
Property, plant and equipment, net	$	619	$	791

Depreciation expense for property, plant and equipment totaled $163 million, $224 million, and $315 million in 2025, 2024, and 2023, respectively.

Intangible assets

Intangibles are amortized over the estimated useful life based on the pattern in which the economic benefits are expected to be received. As of June 27, 2025 and June 28, 2024, all finite-lived intangible assets were fully amortized. During 2023, the Company recognized intangible amortization charges of $133 million.

Product warranty liability

Changes in the warranty accrual were as follows:


	2025		2024		2023
	(in millions)
Warranty accrual, beginning of period	$	48	$	42	$	52
Charges to operations	27		28		30
Utilization	(35)		(34)		(26)
Changes in estimate related to pre-existing warranties	4		12		(14)
Warranty accrual, end of period	$	44	$	48	$	42

The current portion of the warranty accrual was classified in Accrued expenses and the long-term portion was classified in Other liabilities as noted below:


	2025		2024
	(in millions)
Warranty accrual:
Current portion	$	22	$	27
Long-term portion	22		21
Total warranty accrual	$	44	$	48

Other liabilities


	2025		2024
	(in millions)
Other liabilities:
Non-current lease liability	$	193	$	171
Non-current net tax payable	131		56
Tax indemnification liability	110		—
Other non-current liabilities	62		59
Total other liabilities	$	496	$	286

In connection with the separation, the Company recorded an initial $112 million liability to indemnify WDC as a result of the Tax Matters Agreement entered into between the parties. The indemnification pertains to certain WDC tax positions where the underlying issues are determined to be related to the Company’s business before the spin-off. As WDC receives tax assessments, settles with tax authorities, or when the statute of limitation lapses, the indemnification liabilities will be reassessed and adjusted accordingly. This liability was subsequently reduced by approximately $2 million reflecting the outstanding balance as of June 27, 2025.

Accumulated other comprehensive loss

Accumulated other comprehensive loss (“AOCL”), net of tax, refers to expenses, gains, and losses that are recorded as an element of equity but are excluded from net income. The components of AOCL were as follows:


	Foreign Currency Translation Adjustment		Unrealized Income (Losses) on Derivative Contracts		Total Accumulated Comprehensive Loss
	(in millions)
Balance at June 30, 2023	$	(165)	$	(178)	$	(343)
Other comprehensive loss	(43)		(87)		(130)

Income tax benefit related to items of other comprehensive loss	—		21		21
Net current-period other comprehensive loss	(43)		(66)		(109)
Balance at June 28, 2024	$	(208)	$	(244)	$	(452)
Other comprehensive income	10		222		232
Income tax expense related to items of other comprehensive income	—		(19)		(19)
Net current-period other comprehensive income	10		203		213
Net transfer to Western Digital Corporation	(4)		(6)		(10)
Balance at June 27, 2025	$	(202)	$	(47)	$	(249)

During the years ended June 27, 2025 and June 28, 2024 the amounts reclassified out of AOCL included losses of $189 million and $215 million related to foreign exchange contracts. The losses related to foreign contracts were substantially all charged to Cost of revenue in the Consolidated Statements of Operations.

As of June 27, 2025, substantially all existing net losses related to cash flow hedges recorded in AOCL are expected to be reclassified to earnings within the next twelve months.

Geographic Information and Concentrations of Risk - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue, net	$ 7,355	$ 6,663	$ 6,086
United States
Disaggregation of Revenue [Line Items]
Revenue, net	1,447	933	1,133
China
Disaggregation of Revenue [Line Items]
Revenue, net	2,040	2,549	2,302
Hong Kong
Disaggregation of Revenue [Line Items]
Revenue, net	1,301	1,044	690
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue, net	1,280	1,058	930
Rest of Asia
Disaggregation of Revenue [Line Items]
Revenue, net	1,116	917	898
Other
Disaggregation of Revenue [Line Items]
Revenue, net	171	162	133
Cloud
Disaggregation of Revenue [Line Items]
Revenue, net	960	325	500
Client
Disaggregation of Revenue [Line Items]
Revenue, net	4,127	4,069	3,637
Consumer
Disaggregation of Revenue [Line Items]
Revenue, net	$ 2,268	$ 2,269	$ 1,949

Supplemental Financial Statement Data - Schedule of Warranty Accrual (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty accrual, beginning of period	$ 48	$ 42	$ 52
Charges to operations	27	28	30
Utilization	(35)	(34)	(26)
Changes in estimate related to pre-existing warranties	4	12	(14)
Warranty accrual, end of period	$ 44	$ 48	$ 42

Shareholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 182	$ 149	$ 165
Tax benefit	(22)	(21)	(22)
Total	160	128	143
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	171	133	148
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	11	16	17
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	16	20	19
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	81	71	88
Selling general, and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 85	$ 58	$ 58

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation On February 21, 2025, the Company became a standalone publicly-traded company, and the Company’s financial statements are now presented on a consolidated basis. Prior to the separation, the Company’s historical combined financial information was derived from WDC’s consolidated financial statements and accounting records and prepared as if the Company existed on a standalone basis. The financial statements for all periods presented, including the historical results of the Company prior to February 21, 2025, are now referred to as “Consolidated Financial Statements” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and policies and practices that are generally accepted in the industry in which it operates. The Company’s significant accounting policies are summarized below.
Basis of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the preparation of the Consolidated Financial Statements. The accounts of these foreign subsidiaries have been remeasured using the U.S. dollar as the functional currency. Gains or losses resulting from the remeasurement of these accounts from local currencies into U.S. dollars were immaterial to the Consolidated Financial Statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for statement of operations items. Translation adjustments are recorded in Accumulated other comprehensive income (loss), a component of shareholders’ equity. Unless otherwise noted, all figures within the Consolidated Financial Statements are stated in U.S. Dollars and millions.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal years 2025, 2024, and 2023, which ended on June 27, 2025, June 28, 2024, and June 30, 2023, are each comprised of 52 weeks, with all quarters presented consisting of 13 weeks. Fiscal year 2026 will be comprised of 52 weeks and end on July 3, 2026. Unless otherwise indicated, references herein to specific years and quarters are to fiscal years and fiscal quarters, and references to financial information are on a consolidated basis.
Segment Reporting	Segment Reporting The Company develops, manufactures, markets, and sells data storage devices and solutions based on NAND flash technology in the United States (“U.S.”) and in foreign countries through its sales personnel, dealers, distributors, retailers, and subsidiaries. The Company manages and reports its business operations under a single reportable operating segment. Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Chief Executive Officer, who is the CODM, evaluates the performance of the Company and makes resource allocation decisions for its single reportable operating segment based upon the Company’s consolidated net income (loss). The CODM considers variances of actual performance to forecasted amounts when making decisions. Asset information is not used by the CODM to evaluate performance or allocate resources. See Note 9, Segment Reporting, for additional disclosures.
Use of Estimates	Use of Estimates Management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented, with consideration given to the potential impacts of current macroeconomic conditions, including the evolving impacts from tariffs. However, actual results could differ materially from these estimates.
Business Separation Costs	Business Separation Costs The Company has incurred separation and transition costs related to the completion of its separation from WDC. The separation and transition costs are recorded in Business separation costs in the Consolidated Statements of Operations.
Cash Equivalents	Cash Equivalents The Company’s cash equivalents represent highly liquid investments in money market funds, which are invested in U.S. Treasury securities and U.S. Government agency securities as well as time deposits with original maturities at purchase of three months or less. These deposits are maintained at financial institutions which may exceed U.S. federal insured limits. Cash equivalents are carried at cost which approximates fair value.
Equity Investments	Equity Investments The Company enters into certain strategic investments for the promotion of business and strategic objectives. The equity method of accounting is used if the Company’s ownership interest is greater than or equal to 20.0% but less than a majority or where the Company has the ability to exercise significant influence over operating and financial policies. The Company’s equity in the earnings or losses in equity-method investments is recognized in Other income (expense), net, in the Consolidated Statements of Operations. Equity earnings or losses in the Company’s equity method investments (as defined in Note 10, Related Parties and Related Commitments and Contingencies) are reported on a three-month lag. If the Company’s ownership interest is less than 20.0% and the Company does not have the ability to exercise significant influence over operating and financial policies of the investee, the Company accounts for these investments at fair value, or if these equity securities do not have a readily determinable fair value, these securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes. These investments are recorded in Other non-current assets in the Consolidated Balance Sheets and are periodically analyzed to determine whether or not impairment indicators exist.
Variable Interest Entities	Variable Interest Entities The Company evaluates its investments and other significant relationships to determine whether any investee is a variable interest entity (“VIE”). If the Company concludes that an investee is a VIE, the Company evaluates its power to direct the activities of the investee, its obligation to absorb the expected losses of the investee and its right to receive the expected residual returns of the investee to determine whether the Company is the primary beneficiary of the investee. If the Company is the primary beneficiary of a VIE, the Company consolidates such entity and reflects the non-controlling interest of other beneficiaries of that entity. For the period presented, the Company determined that it did not have any VIEs that are required to be consolidated.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value for all periods presented because of the short-term maturity of these assets and liabilities. The carrying value of notes receivable from Flash Ventures (as defined in Note 10, Related Parties and Related Commitments and Contingencies) also approximates fair value for all periods presented because they bear variable market rates of interest. The fair value of investments that are not accounted for under the equity method is based on appropriate market information. The carrying amounts of Notes due to (from) Western Digital Corporation approximate their fair value as the notes were due on demand. Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities.
Inventories	Inventories The Company values inventories at the lower of cost (first-in, first-out) or net realizable value. Inventory write-downs are recorded for the valuation of inventory at the lower of cost or net realizable value by analyzing market conditions and estimates of future sales prices as compared to inventory costs and inventory balances. The Company evaluates inventory balances for excess quantities and obsolescence on a regular basis by analyzing estimated demand, inventory on hand, sales levels and other information, and reduces inventory balances to net realizable value for excess and obsolete inventory based on this analysis. Unanticipated changes in technology or customer demand could result in a decrease in demand for one or more of the Company’s products, which may require a write-down of inventory that could materially affect operating results.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. The cost of property, plant and equipment is depreciated over the estimated useful lives of the respective assets. The Company’s buildings and improvements are depreciated over periods ranging from fifteen to thirty years. The majority of the Company’s machinery and equipment, software and furniture and fixtures are depreciated on a straight-line basis over a period of two to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease terms.
Goodwill	Goodwill Goodwill attributed to the Company represents the amount by which the purchase price of businesses acquired in a business combination exceeded the estimated fair value of acquired net assets. Goodwill is not amortized. Instead, it is tested for impairment on at least an annual basis or more frequently whenever events or changes in circumstances indicate that goodwill may be impaired. The Company performs an annual impairment test as of the beginning of its fourth quarter or sooner if an indicator of impairment exists. The Company uses qualitative factors to determine whether goodwill is more-likely-than-not impaired and whether a quantitative test for impairment is considered necessary. If the Company concludes from the qualitative assessment that goodwill is more-likely-than-not impaired, the Company is required to perform a quantitative approach to determine the amount of impairment. The Company is required to use judgment when applying the goodwill impairment test including the identification of reporting units, assignment of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit. In addition, the estimates used to determine the fair value of reporting units may change based on results of operations, macroeconomic conditions or other factors. Changes in these estimates could materially affect the Company’s assessment of the fair value and goodwill impairment. The Company’s assessment resulted in no impairment of goodwill in 2024. In 2025 and 2023, certain macroeconomic conditions caused the Company to perform a quantitative impairment analysis which resulted in a $1.8 billion and $671 million impairment of goodwill for the years ended June 27, 2025 and June 30, 2023, respectively. See Note 5, Supplemental Financial Statement Data for additional disclosures.
Revenue	Revenue and Accounts Receivable The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to the customer. The transaction price to be recognized as revenue is adjusted for variable consideration, such as sales incentives, and excludes amounts collected on behalf of third parties, including taxes imposed by governmental authorities. The Company’s performance obligations are typically not constrained based on the Company’s history with similar transactions and the fact that uncertainties are resolved in a fairly short period of time. Substantially all of the Company’s revenue is derived from the sale of tangible products for which the performance obligations are satisfied at a point in time, generally upon delivery. The Company’s services revenue mainly includes professional service arrangements and post-contract customer support, warranty as a service and maintenance contracts and was not material for the periods presented. The performance obligations for the Company’s services are generally satisfied ratably over the service period based on the nature of the service provided and contract terms. Similarly, revenue from patent licensing arrangements is recognized based on whether the arrangement provides the customer a right-to-use or right-to-access the IP. Revenue for a right to use arrangement is recognized at the time the control of the license is transferred to the customer. Revenue for a right to access arrangement is recognized over the contract period as the access is provided to the customer. For the sales-based royalty arrangements, the Company estimates and recognizes revenue in the period in which customers’ licensable sales occur. The Company’s customer payment terms are typically less than two months from the date control over the product or service is transferred to the customer. The Company uses the practical expedient and does not recognize a significant financing component for payment considerations of less than one year. The Company provides distributors and retailers, which we refer to collectively as resellers, with limited price protection for inventories held by resellers at the time of published list price reductions. The Company also provides resellers and OEMs with other sales incentive programs. The Company records estimated variable consideration related to these items as a reduction of revenue at the time of revenue recognition. The Company uses judgment in its assessment of variable consideration in contracts to be included in the transaction price. The Company uses the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable and believes that the expected value method is the appropriate estimate of the amount of variable consideration based on the fact that the Company has a large number of contracts with similar characteristics. For sales to OEMs, the Company’s methodology for estimating variable consideration is based on the amount of consideration expected to be earned based on the OEMs’ volume of purchases from the Company or other agreed-upon sales incentive programs. For sales to resellers, the Company’s methodology for estimating variable consideration is based on several factors including historical pricing information, current pricing trends and channel inventory levels. Differences between the estimated and actual amounts of variable consideration are recognized as adjustments to revenue. Marketing development program costs are typically recorded as a reduction of the transaction price and, therefore, of revenue. The Company nets sales rebates against open customer receivable balances if the criteria to offset are met, otherwise they are recorded in other accrued liabilities. For contracts with multiple performance obligations, the Company evaluates whether each deliverable is a distinct promise and should be accounted for as a separate performance obligation. If a promised good or service is not distinct in accordance with the revenue guidance, the Company combines that good or service with the other promised goods or services in the arrangement until a distinct bundle of goods is identified. If applicable, the Company allocates the transaction price to the performance obligations of each distinct product or service, or distinct bundle, based on their relative standalone selling prices. The Company records an allowance for doubtful accounts by analyzing specific customer accounts and assessing the risk of loss based on insolvency or other collection issues. In addition, the Company routinely analyzes the various receivable aging categories to establish reserves based on a combination of past due receivables and expected future losses. If the financial condition of a significant customer deteriorates resulting in its inability to pay its accounts when due, or if the Company’s overall loss trajectory changes significantly, an adjustment in the Company’s allowance for doubtful accounts would be required, which could materially affect operating results.
Accounts Receivable	Revenue and Accounts Receivable The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to the customer. The transaction price to be recognized as revenue is adjusted for variable consideration, such as sales incentives, and excludes amounts collected on behalf of third parties, including taxes imposed by governmental authorities. The Company’s performance obligations are typically not constrained based on the Company’s history with similar transactions and the fact that uncertainties are resolved in a fairly short period of time. Substantially all of the Company’s revenue is derived from the sale of tangible products for which the performance obligations are satisfied at a point in time, generally upon delivery. The Company’s services revenue mainly includes professional service arrangements and post-contract customer support, warranty as a service and maintenance contracts and was not material for the periods presented. The performance obligations for the Company’s services are generally satisfied ratably over the service period based on the nature of the service provided and contract terms. Similarly, revenue from patent licensing arrangements is recognized based on whether the arrangement provides the customer a right-to-use or right-to-access the IP. Revenue for a right to use arrangement is recognized at the time the control of the license is transferred to the customer. Revenue for a right to access arrangement is recognized over the contract period as the access is provided to the customer. For the sales-based royalty arrangements, the Company estimates and recognizes revenue in the period in which customers’ licensable sales occur. The Company’s customer payment terms are typically less than two months from the date control over the product or service is transferred to the customer. The Company uses the practical expedient and does not recognize a significant financing component for payment considerations of less than one year. The Company provides distributors and retailers, which we refer to collectively as resellers, with limited price protection for inventories held by resellers at the time of published list price reductions. The Company also provides resellers and OEMs with other sales incentive programs. The Company records estimated variable consideration related to these items as a reduction of revenue at the time of revenue recognition. The Company uses judgment in its assessment of variable consideration in contracts to be included in the transaction price. The Company uses the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable and believes that the expected value method is the appropriate estimate of the amount of variable consideration based on the fact that the Company has a large number of contracts with similar characteristics. For sales to OEMs, the Company’s methodology for estimating variable consideration is based on the amount of consideration expected to be earned based on the OEMs’ volume of purchases from the Company or other agreed-upon sales incentive programs. For sales to resellers, the Company’s methodology for estimating variable consideration is based on several factors including historical pricing information, current pricing trends and channel inventory levels. Differences between the estimated and actual amounts of variable consideration are recognized as adjustments to revenue. Marketing development program costs are typically recorded as a reduction of the transaction price and, therefore, of revenue. The Company nets sales rebates against open customer receivable balances if the criteria to offset are met, otherwise they are recorded in other accrued liabilities. For contracts with multiple performance obligations, the Company evaluates whether each deliverable is a distinct promise and should be accounted for as a separate performance obligation. If a promised good or service is not distinct in accordance with the revenue guidance, the Company combines that good or service with the other promised goods or services in the arrangement until a distinct bundle of goods is identified. If applicable, the Company allocates the transaction price to the performance obligations of each distinct product or service, or distinct bundle, based on their relative standalone selling prices. The Company records an allowance for doubtful accounts by analyzing specific customer accounts and assessing the risk of loss based on insolvency or other collection issues. In addition, the Company routinely analyzes the various receivable aging categories to establish reserves based on a combination of past due receivables and expected future losses. If the financial condition of a significant customer deteriorates resulting in its inability to pay its accounts when due, or if the Company’s overall loss trajectory changes significantly, an adjustment in the Company’s allowance for doubtful accounts would be required, which could materially affect operating results.
Warranty	Warranty The Company records an accrual for estimated warranty costs when revenue is recognized. The Company generally warrants its products for a period of one to five years, with a small number of products having a warranty ranging up to ten years or more. The warranty provision considers estimated product failure rates and trends, estimated replacement costs, estimated repair costs which include scrap costs and estimated costs for customer compensatory claims related to product quality issues, if any. For warranties ten years or greater, including lifetime warranties, the Company uses the estimated useful life of the product to calculate the warranty exposure. A statistical warranty tracking model is used to help prepare estimates and assist the Company in exercising judgment in determining the underlying estimates. The statistical tracking model captures specific details on product reliability, such as factory test data, historical field return rates and costs to repair by product type. Management’s judgment is subject to a greater degree of subjectivity with respect to newly introduced products because of limited field experience with those products upon which to base warranty estimates. Management reviews the warranty accrual quarterly for products shipped in prior periods and which are still under warranty. Any changes in the estimates underlying the accrual may result in adjustments that impact current period gross profit and income. Such changes are generally a result of differences between forecasted and actual return rate experience and costs to repair and could differ significantly from the estimates.
Litigation and Other Contingencies	Litigation and Other Contingencies When the Company becomes aware of a claim or potential claim, the Company assesses the likelihood of any loss or exposure. The Company discloses information regarding each material claim where the likelihood of a loss contingency is probable or reasonably possible. If a loss contingency is probable and the amount of the loss can be reasonably estimated, the Company records an accrual for the calculated loss exposure. In such cases, there may be an exposure to potential loss in excess of the amount accrued. Where a loss is not probable but is reasonably possible or where a loss in excess of the amount accrued is reasonably possible, the Company discloses an estimate of the amount of the loss or range of possible losses for the claim if a reasonable estimate can be made, unless the amount of such reasonably possible losses is not material to the Company’s financial position, results of operations or cash flows. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. The actual outcome of such matters could differ materially from management’s estimates. See Note 16, Legal Proceedings for additional disclosures related to the Company’s litigation.
Advertising Expense	Advertising Expense Advertising costs are expensed as incurred and amounted to $29 million, $31 million, and $35 million in 2025, 2024 and 2023, respectively. These expenses are included in Selling, general and administrative in the Consolidated Statements of Operations.
Research and Development Expense	Research and Development Expense Research and Development (“R&D”) expenditures are expensed as incurred.
Income Taxes	Income Taxes Income taxes are calculated as if the Company filed U.S. tax returns on a stand-alone basis separate from WDC for the pre-spin period. The Company accounts for income taxes under the asset and liability method, which provides that deferred tax assets and liabilities be recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities and expected benefits of utilizing net operating loss (“NOL”) and tax credit carryforwards. The Company records a valuation allowance when it is more-likely-than-not that the deferred tax assets will not be realized. Each quarter, the Company evaluates the need for a valuation allowance for its deferred tax assets and adjusts the valuation allowance so that the Company records net deferred tax assets only to the extent that it has concluded it is more-likely-than-not that these deferred tax assets will be realized. The assessment of valuation allowances against the Company’s deferred tax assets requires estimation and significant judgment. The Company continues to assess and adjust its valuation allowance based on operating results and market conditions. The Company accounts for interest and penalties related to income taxes as a component of the provision for income taxes. The Company recognizes liabilities for uncertain tax positions based on a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty, no benefit is recognized in the financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties related to unrecognized tax benefits are recognized in liabilities recorded for uncertain tax positions and are recorded in the provision for income taxes. The actual liability for unrealized tax benefits in any such contingency may be materially different from the Company’s estimates, which could result in the need to record additional liabilities for unrecognized tax benefits or potentially adjust previously recorded liabilities for unrealized tax benefits and may materially affect the Company’s operating results.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed using the weighted average shares of common stock outstanding during the period and potentially dilutive common shares, including the effect of RSUs, PSUs, and right to purchase shares of common stock under the Company’s Employee Stock Purchase Program (“ESPP”) using the treasury stock method.
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation represents the cost associated with stock-based awards granted to employees under stock-based compensation plans. The Company establishes stock-based compensation values at the grant date based on the estimated fair value of the award, and recognizes the cost on a straight-line basis over the requisite service period of the employee. The Company grants RSUs and PSUs subject to market conditions. RSUs are typically awarded to employees over a two- to four-year period. Market-conditioned PSUs are granted to employees with vesting conditions based on the Company’s stock price and are cliff-vested at the end of the service period. The fair value of RSUs is determined on the grant date based on the Company’s stock price at that time. The fair value of market-conditioned PSUs awards is determined on the grant date using a Monte Carlo simulation model, which estimates the probability of satisfying the market conditions of the award. Forfeitures are recognized as they occur. Stock-based compensation cost is recorded in Cost of Revenue and Operating Expenses in the Consolidated Statement of Income based on the employees’ respective functions. Prior to the separation, the Consolidated Statements of Operations included all stock-based compensation expenses for WDC RSU and PSU awards directly attributable to Sandisk’s employees, as well as an allocation of WDC’s corporate and shared functional employees’ expenses. See Note 12, Shareholders’ Equity for additional disclosures.
Other comprehensive income (loss), net of tax	Other comprehensive income (loss), net of tax Other comprehensive income (loss), net of tax refers to gains and losses that are recorded as an element of equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, is primarily comprised of unrealized gains or losses on foreign exchange contracts designated as cash flow hedges and foreign currency translation.
Derivative Contracts	Derivative Contracts The majority of the Company’s transactions are in U.S. dollars; however, some transactions are based in various foreign currencies. The Company purchases foreign exchange contracts to hedge the impact of foreign currency exchange fluctuations on certain underlying assets, liabilities and commitments for operating expenses and product costs denominated in foreign currencies. The purpose of entering into these hedging transactions is to minimize the impact of foreign currency fluctuations on the Company’s results of operations. Substantially all of these contract maturity dates do not exceed 12 months. All foreign exchange contracts are for risk management purposes only. The Company does not purchase foreign exchange contracts for speculative or trading purposes. The Company had foreign exchange contracts with commercial banks for European euro, Canadian dollar, Japanese yen, Malaysian ringgit, Korean won and Israeli shekel, which had an aggregate notional amount of $2.5 billion and $2.9 billion at June 27, 2025 and June 28, 2024, respectively. If the derivative is designated as a cash flow hedge and is determined to be highly effective, the change in fair value of the derivative is initially deferred in Other comprehensive income (loss), net of tax. These amounts are subsequently recognized into earnings when the underlying cash flow being hedged is recognized into earnings. Recognized gains and losses on foreign exchange contracts are reported in Cost of revenue and Operating expenses and presented in cash flows from operating activities. Hedge effectiveness is measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the underlying exposure’s terminal value. The Company determined the ineffectiveness associated with its cash flow hedges to be immaterial to the Consolidated Financial Statements for the periods presented. A change in the fair value of undesignated hedges is recognized in earnings in the period incurred and is reported in Other income (expense), net.
Leases	Leases The Company leases certain domestic and international facilities under long-term, non-cancelable operating leases that expire at various dates through 2039. These leases include no material variable or contingent lease payments. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include prepaid lease payments minus any lease incentives. Extension or termination options present in the Company’s lease agreements are included in determining the right-of-use asset and lease liability when it is reasonably certain the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.
Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands segment reporting requirements, primarily through enhanced disclosures surrounding significant segment expenses. This ASU expands on existing segment reporting requirements to require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. These incremental disclosures are required beginning with the Company’s financial statements for the fiscal year ending 2025. The Company adopted the guidance retrospectively in the fourth quarter of fiscal 2025. See Note 9, Segment Reporting, for additional disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU calls for enhanced income tax disclosure requirements surrounding the tabular rate reconciliation and income taxes paid. The Company is currently compiling the information required for these disclosures. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending July 3, 2026, with early adoption permitted. The Company expects to provide any required disclosures at that time. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which is intended to improve disclosures about the expenses of public entities. This ASU requires more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales and selling, general and administrative expenses) and requires public entities to disclose, on an annual and interim basis, the amounts of expenses included in each relevant expense caption presented on the face of the income statement within continuing operations, in a tabular format. Additionally, public entities will be required to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and, in annual reporting periods, the definition of selling expenses. This ASU is effective on either a prospective or retrospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently compiling the information required for these disclosures and assessing the basis of adoption. The Company expects to provide any required disclosures for annual reporting periods included in the Company’s financial statements for the year ending June 30, 2028.

Supplemental Financial Statement Data - Goodwill Roll Forward (Details) - USD ($)	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Balance at June 28, 2024	$ 7,207,000,000
Divestiture	(382,000,000)
Impairment charges	(1,830,000,000)	$ 0	$ (671,000,000)
Foreign currency translation adjustment	4,000,000
Balance at June 27, 2025	$ 4,999,000,000	$ 7,207,000,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Related Parties and Related Commitments and Contingencies - Net Transfer From (to) Parent (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 28, 2025	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Net transfers to Western Digital Corporation, including spin-off-related adjustments	$ (600)	$ (612)	$ 275	$ 376
Notes due to (from) Western Digital Corporation		1,223
Notes due to (from) Western Digital Corporation			113	316
Other assets and liabilities, net, from Western Digital Corporation		105	0	0
Contribution of equity interest in Unis Venture from Western Digital Corporation		61	0	0
Property, plant and equipment from Western Digital Corporation		27	11	18
Tax balances from (to) Western Digital Corporation		8	(17)	(2)
Tax indemnification liability to Western Digital Corporation		112	0	0
Related Party
Related Party Transaction [Line Items]
Net transfers to Western Digital Corporation, including spin-off-related adjustments		(585)	275	376
Notes due to (from) Western Digital Corporation		(1,223)
Notes due to (from) Western Digital Corporation			(113)	(316)
Other assets and liabilities, net, from Western Digital Corporation		(105)	0	0
Contribution of equity interest in Unis Venture from Western Digital Corporation		(61)	0	0
Property, plant and equipment from Western Digital Corporation		(27)	(11)	(18)
Tax balances from (to) Western Digital Corporation		(8)	17	2
Accumulated other comprehensive loss transferred to Western Digital Corporation		10	0	0
Tax indemnification liability to Western Digital Corporation		112	0	0
Net transfers (to) from Western Digital Corporation per Consolidated Statements of Cash Flows		$ (1,887)	$ 394	$ 676

Segment Reporting (Tables)

12 Months Ended

Jun. 27, 2025

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following table presents the revenue, costs of revenue, operating expenses, and operating income (loss) of the Company’s reportable operating segment under its internal management reporting system, along with a reconciliation to consolidated net income (loss) before taxes. This presentation aligns with how the CODM evaluates performance and allocates resources.


	Year Ended
	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Revenue	$	7,355	$	6,663	$	6,086
Costs of revenue (1)	(5,127)		(5,607)		(5,637)
Operating expenses (1)	(1,539)		(1,365)		(1,425)
Stock-based compensation expenses	(182)		(149)		(165)
Amortization of acquired intangible assets	—		—		(133)
Employee termination and other	(21)		40		(69)
Goodwill impairment	(1,830)		—		(671)
Business separation costs	(67)		(64)		—
Strategic review	—		(20)		(20)
Gain on business divestiture	34		—		—
Recoveries of contamination related charges	—		36		—
Other	—		(2)		(1)
Total interest and other income (expense), net	(102)		(35)		33
Income tax expense	(162)		(169)		(141)
Net loss	$	(1,641)	$	(672)	$	(2,143)

(1) For the management view, Costs of revenue excludes stock-based compensation and Operating expenses excludes stock-based compensation, amortization of intangibles, employee termination, goodwill impairment, business separation/strategic review costs, gain on business divestiture and recoveries of contamination-related charges, that are presented separately in the table above.

Leases and Other Commitments - Schedule of Minimum Long-Term Commitments (Details) $ in Millions	Jun. 27, 2025 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2026	$ 250
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$ 2,633

Organization, Basis of Presentation and Summary of Significant Accounting Policies -Stock Based Compensation and Derivatives (Details) - USD ($) $ in Billions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024
Foreign exchange contracts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Notional amount	$ 2.5	$ 2.9
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Parties and Related Commitments and Contingencies - Sale of Majority Interest (Details) $ in Millions					12 Months Ended
	Jan. 06, 2025 USD ($)	Oct. 01, 2024 USD ($)	Sep. 29, 2024 USD ($)	Sep. 28, 2024 USD ($) installment	Jun. 26, 2026 USD ($)	Jun. 27, 2025 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Proceeds from dispositions of business						$ 401	$ 0	$ 0
Gain on business divestiture						$ 34	$ 0	$ 0
SDSS
Related Party Transaction [Line Items]
Commitment term			5 years
Purchase commitment amount			$ 550
Renewal term						1 year
SDSS \| Certain Flash-Based Products
Related Party Transaction [Line Items]
Commitment purchases						$ 341
Accounts payable						121
SDSS
Related Party Transaction [Line Items]
Equity investment				$ 158		161
Ownership percentage				20.00%
SDSS \| Disposed of by sale
Related Party Transaction [Line Items]
Ownership percentage sold				80.00%
Proceeds from dispositions of business	$ 210	$ 262
Disposal consideration				$ 659
Number of installment payments \| installment				5
Installment payment				$ 37
Consideration receivable						168
Present value discount						$ 19
Term of effective interest method						5 years
Cash and cash equivalents				71
Goodwill				$ 382
SDSS \| Disposed of by sale \| Other current assets
Related Party Transaction [Line Items]
Consideration receivable						$ 37
SDSS \| Disposed of by sale \| Other noncurrent assets
Related Party Transaction [Line Items]
Consideration receivable						$ 131
SDSS \| Disposed of by sale \| Forecast
Related Party Transaction [Line Items]
Proceeds from dispositions of business					$ 187

Supplemental Financial Statement Data - Accounts Receivable, Net (Details) - USD ($)	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Factored receivables	$ 0	$ 0
Western Digital Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds on sale of trade accounts receivable	$ 0	$ 339,000,000	$ 370,000,000

Net Income (loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023	Feb. 21, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	146,000			145,000
Par value (in dollars per share)	$ 0.01			$ 0.01
Net Income (Loss)	$ (1,641)	$ (672)	$ (2,143)
Weighted average shares outstanding:
Basic (in shares)	145,000	145,000	145,000
Diluted (in shares)	145,000	145,000	145,000
Net loss per common share:
Basic (in dollars per share)	$ (11.32)	$ (4.63)	$ (14.78)
Diluted (in dollars per share)	$ (11.32)	$ (4.63)	$ (14.78)
Antidilutive weighted-average shares (in shares)	2,000	0	0
Western Digital Corporation
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Percent distribution of shares				80.10%

Income Tax Expense - Additional Information (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 140	$ 47	$ 25	$ 17
Penalties and interest accrued on unrecognized tax benefits	$ 11	$ 9

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jun. 27, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	At Sandisk, our management team is charged with managing risk and bringing to our Board of Directors’ attention all material risk exposures to our company. Our enterprise risk management (“ERM”) process is designed to facilitate the identification, assessment, management, reporting and monitoring of material risks our company may face over the short-term and long-term and promote regular communication with our Board of Directors and its committees regarding these risks. Through our ERM process, we have determined that the compromise, damage or interruption of our technology infrastructure, information systems or products by cybersecurity incidents is a key risk to our company that may have a material negative impact on our business. To help mitigate the potential impact of cybersecurity incidents on our business and protect against cybersecurity threats, we have established organizational structures, procedural measures and response plans that define roles and responsibilities related to cybersecurity risk management. Sandisk’s Information Security organization addresses cybersecurity risks with a broad spectrum of technologies, controls, and processes that focus on mitigating these risks. Our cybersecurity strategy is designed to be dynamic and adaptive to combat the rapidly-evolving cybersecurity threat landscape and is influenced by commonly leveraged frameworks such as the NIST-CSF (National Institute of Standard and Technologies – Cyber Security Framework). Our program includes, but is not limited to, endpoint protection and response systems, network security protocols, electronic communications protections, vulnerability management programs, least-privilege access controls, third-party risk management procedures, workforce education and training exercises, and compliance programs. Our dedicated 24x7 Security Operations Center incorporates specialized systems and processes for handling security incidents into its regular work and operates a robust, modern security infrastructure with appropriate security sensors and event monitoring capabilities. Upon detection of a cybersecurity incident, the Security Operations Center determines the severity of the incident in accordance with a pre-established incident severity matrix, initiates the appropriate notification and escalation protocols and begins triage. Predefined severity tiers serve as a guide to match our response to each incident’s determined severity or risk level. Additionally, we have established a Cyber Incident Response Plan that follows the structure of the Incident Handling Guide published by the U.S. National Institute of Standards and Technology (SP 800-61r2) and that serves as an operational guide for handling cybersecurity incidents at Sandisk. Our Cyber Incident Response Plan provides procedural and strategic guidance that is designed to be flexible enough to apply to a variety of different incidents, but also specific enough to provide guidelines for incident prevention, detection, analysis, escalation and notification, and containment, eradication and recovery. As part of our ongoing information security program, the Company utilizes periodic independent third-party experts to conduct assessments of our program’s effectiveness. These experts are also leveraged to design and orchestrate tabletop exercises where multiple business functions and leadership levels navigate incident scenarios based on industry trends and relevant threats, to help determine our level of preparedness for various cybersecurity incidents. As part of our business operations, the Company engages with a number of third parties, including but not limited to, online software service providers, vendors, consultants, and partners. These third parties are analyzed based on business criticality and impact and must be cleared through a formal cybersecurity risk assessment process before being allowed to integrate with Sandisk’s information systems, access confidential data, or provide electronic services to members of our workforce. The Company has in the past experienced cybersecurity incidents of varying degrees involving our technology infrastructure and information systems. While these incidents have at times resulted in some disruptions to our business operations, as of the date of this Annual Report on Form 10-K, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity incident, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, we can give no assurance that we have detected or protected against all such cybersecurity incidents or threats or that we will not experience such an incident in the future. Further details about the cybersecurity risks we face are described under “The compromise, damage or interruption of our technology infrastructure, information systems or products by cybersecurity incidents, data security breaches, other security problems, design defects, information system failures or other events could have a material negative impact on our business” in Part I, Item 1A., Risk Factors of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	At Sandisk, our management team is charged with managing risk and bringing to our Board of Directors’ attention all material risk exposures to our company. Our enterprise risk management (“ERM”) process is designed to facilitate the identification, assessment, management, reporting and monitoring of material risks our company may face over the short-term and long-term and promote regular communication with our Board of Directors and its committees regarding these risks. Through our ERM process, we have determined that the compromise, damage or interruption of our technology infrastructure, information systems or products by cybersecurity incidents is a key risk to our company that may have a material negative impact on our business. To help mitigate the potential impact of cybersecurity incidents on our business and protect against cybersecurity threats, we have established organizational structures, procedural measures and response plans that define roles and responsibilities related to cybersecurity risk management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company has implemented a governance framework related to cybersecurity that includes operational risk-mitigation practices and Board-level cybersecurity risk oversight. Our management team is charged with managing cybersecurity risk and identifying material cybersecurity risk exposures to our company and carries out this function primarily through our Information Security organization, which is led by our Chief Information Security Officer (“CISO”) who has a CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience. Additionally, our Cyber Incident Response Plan discussed above calls for the establishment of a management Impact Assessment Committee, which consists of key leadership representatives from the organization and is convened on an ad hoc basis to assess the detailed business impact of a cybersecurity incident. The Impact Assessment Committee is led by our Chief Information Security Officer and includes key representatives from the Company’s functional groups, including human resources, ethics and compliance, labor, privacy, internal audit, finance, communications, legal, risk and accounting. The Impact Assessment Committee receives updates and communications from the Security Operations Center on a fixed cadence determined by incident severity and follows our pre-established escalation framework to communicate with and include executive leadership, outside counsel and the Board of Directors, as appropriate. The Impact Assessment Committee works with the Company’s internal and external legal counsel to determine and facilitate appropriate communications with the Board of Directors. Our Board of Directors is responsible for overseeing the cybersecurity risk management process and exercises this risk oversight through both our full Board of Directors and its Audit Committee. Our Board of Directors has delegated to the Audit Committee the responsibility to oversee risks related to cybersecurity threats, and our Audit Committee Charter requires the Audit Committee to review and discuss with management the Company’s policies with respect to risk assessment and enterprise risk management and to review the risk exposure of the Company related to the Committee’s areas of responsibility, including with respect to cybersecurity. In carrying out this role, the Audit Committee meets with our Chief Information Security Officer regularly and receives at least quarterly reports on cybersecurity matters. Additionally, at least annually, our Chief Audit Executive, who manages the day-to-day activities of our ERM program, reports to our Board of Directors on enterprise risk assessment under our ERM program, providing updates on key risks, status of mitigation efforts and residual risk trends, including an analysis of cybersecurity risks. Also at least annually, our Chief Information Security Officer reports to the full Board of Directors on cybersecurity matters related to or impacting our company and our business.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors is responsible for overseeing the cybersecurity risk management process and exercises this risk oversight through both our full Board of Directors and its Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team is charged with managing cybersecurity risk and identifying material cybersecurity risk exposures to our company and carries out this function primarily through our Information Security organization, which is led by our Chief Information Security Officer (“CISO”) who has a CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience. Additionally, our Cyber Incident Response Plan discussed above calls for the establishment of a management Impact Assessment Committee, which consists of key leadership representatives from the organization and is convened on an ad hoc basis to assess the detailed business impact of a cybersecurity incident. The Impact Assessment Committee is led by our Chief Information Security Officer and includes key representatives from the Company’s functional groups, including human resources, ethics and compliance, labor, privacy, internal audit, finance, communications, legal, risk and accounting. The Impact Assessment Committee receives updates and communications from the Security Operations Center on a fixed cadence determined by incident severity and follows our pre-established escalation framework to communicate with and include executive leadership, outside counsel and the Board of Directors, as appropriate. The Impact Assessment Committee works with the Company’s internal and external legal counsel to determine and facilitate appropriate communications with the Board of Directors. Our Board of Directors is responsible for overseeing the cybersecurity risk management process and exercises this risk oversight through both our full Board of Directors and its Audit Committee. Our Board of Directors has delegated to the Audit Committee the responsibility to oversee risks related to cybersecurity threats, and our Audit Committee Charter requires the Audit Committee to review and discuss with management the Company’s policies with respect to risk assessment and enterprise risk management and to review the risk exposure of the Company related to the Committee’s areas of responsibility, including with respect to cybersecurity. In carrying out this role, the Audit Committee meets with our Chief Information Security Officer regularly and receives at least quarterly reports on cybersecurity matters. Additionally, at least annually, our Chief Audit Executive, who manages the day-to-day activities of our ERM program, reports to our Board of Directors on enterprise risk assessment under our ERM program, providing updates on key risks, status of mitigation efforts and residual risk trends, including an analysis of cybersecurity risks. Also at least annually, our Chief Information Security Officer reports to the full Board of Directors on cybersecurity matters related to or impacting our company and our business.
Cybersecurity Risk Role of Management [Text Block]	The Company has implemented a governance framework related to cybersecurity that includes operational risk-mitigation practices and Board-level cybersecurity risk oversight. Our management team is charged with managing cybersecurity risk and identifying material cybersecurity risk exposures to our company and carries out this function primarily through our Information Security organization, which is led by our Chief Information Security Officer (“CISO”) who has a CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience. Additionally, our Cyber Incident Response Plan discussed above calls for the establishment of a management Impact Assessment Committee, which consists of key leadership representatives from the organization and is convened on an ad hoc basis to assess the detailed business impact of a cybersecurity incident. The Impact Assessment Committee is led by our Chief Information Security Officer and includes key representatives from the Company’s functional groups, including human resources, ethics and compliance, labor, privacy, internal audit, finance, communications, legal, risk and accounting. The Impact Assessment Committee receives updates and communications from the Security Operations Center on a fixed cadence determined by incident severity and follows our pre-established escalation framework to communicate with and include executive leadership, outside counsel and the Board of Directors, as appropriate. The Impact Assessment Committee works with the Company’s internal and external legal counsel to determine and facilitate appropriate communications with the Board of Directors. Our Board of Directors is responsible for overseeing the cybersecurity risk management process and exercises this risk oversight through both our full Board of Directors and its Audit Committee. Our Board of Directors has delegated to the Audit Committee the responsibility to oversee risks related to cybersecurity threats, and our Audit Committee Charter requires the Audit Committee to review and discuss with management the Company’s policies with respect to risk assessment and enterprise risk management and to review the risk exposure of the Company related to the Committee’s areas of responsibility, including with respect to cybersecurity. In carrying out this role, the Audit Committee meets with our Chief Information Security Officer regularly and receives at least quarterly reports on cybersecurity matters. Additionally, at least annually, our Chief Audit Executive, who manages the day-to-day activities of our ERM program, reports to our Board of Directors on enterprise risk assessment under our ERM program, providing updates on key risks, status of mitigation efforts and residual risk trends, including an analysis of cybersecurity risks. Also at least annually, our Chief Information Security Officer reports to the full Board of Directors on cybersecurity matters related to or impacting our company and our business.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Security Officer (“CISO”) who has a CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company has implemented a governance framework related to cybersecurity that includes operational risk-mitigation practices and Board-level cybersecurity risk oversight. Our management team is charged with managing cybersecurity risk and identifying material cybersecurity risk exposures to our company and carries out this function primarily through our Information Security organization, which is led by our Chief Information Security Officer (“CISO”) who has a CISO executive certification from the Heinz College at Carnegie Mellon University, a bachelor’s degree in Electrical Engineering, over a decade of information security leadership, and over twenty years of consolidated IT leadership experience. Additionally, our Cyber Incident Response Plan discussed above calls for the establishment of a management Impact Assessment Committee, which consists of key leadership representatives from the organization and is convened on an ad hoc basis to assess the detailed business impact of a cybersecurity incident. The Impact Assessment Committee is led by our Chief Information Security Officer and includes key representatives from the Company’s functional groups, including human resources, ethics and compliance, labor, privacy, internal audit, finance, communications, legal, risk and accounting. The Impact Assessment Committee receives updates and communications from the Security Operations Center on a fixed cadence determined by incident severity and follows our pre-established escalation framework to communicate with and include executive leadership, outside counsel and the Board of Directors, as appropriate. The Impact Assessment Committee works with the Company’s internal and external legal counsel to determine and facilitate appropriate communications with the Board of Directors. Our Board of Directors is responsible for overseeing the cybersecurity risk management process and exercises this risk oversight through both our full Board of Directors and its Audit Committee. Our Board of Directors has delegated to the Audit Committee the responsibility to oversee risks related to cybersecurity threats, and our Audit Committee Charter requires the Audit Committee to review and discuss with management the Company’s policies with respect to risk assessment and enterprise risk management and to review the risk exposure of the Company related to the Committee’s areas of responsibility, including with respect to cybersecurity. In carrying out this role, the Audit Committee meets with our Chief Information Security Officer regularly and receives at least quarterly reports on cybersecurity matters. Additionally, at least annually, our Chief Audit Executive, who manages the day-to-day activities of our ERM program, reports to our Board of Directors on enterprise risk assessment under our ERM program, providing updates on key risks, status of mitigation efforts and residual risk trends, including an analysis of cybersecurity risks. Also at least annually, our Chief Information Security Officer reports to the full Board of Directors on cybersecurity matters related to or impacting our company and our business.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Tax Expense - Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Current:
Foreign			$ 165	$ 158	$ 138
U.S. - Federal			7	20	76
U.S. - State			2	7	8
Current income tax expense			174	185	222
Deferred:
Foreign			(13)	7	(15)
U.S. - Federal			1	(19)	(65)
U.S. - State			0	(4)	(1)
Deferred income tax expense			(12)	(16)	(81)
Income tax expense	$ 162	$ 169	162	169	141
Income (loss) before taxes	$ (1,479)	$ (503)	$ (1,479)	$ (503)	$ (2,002)
Effective income tax rate	(11.00%)	(34.00%)	(11.00%)	(34.00%)	(7.00%)

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	Jun. 06, 2025 shares	Feb. 21, 2025 USD ($) shares	Feb. 22, 2025 shares
Western Digital Corporation
Noncontrolling Interest [Line Items]
Dividends paid \| $		$ 1,500
Term B Loan \| Line of Credit
Noncontrolling Interest [Line Items]
Maximum borrowing capacity \| $		2,000
Revolving Credit Facility \| Line of Credit
Noncontrolling Interest [Line Items]
Maximum borrowing capacity \| $		$ 1,500
Western Digital Corporation
Noncontrolling Interest [Line Items]
Distribution of shares (in shares) \| shares		116,035,464
Percent distribution of shares		80.10%
Right to receive per share ratio		0.33
Western Digital Corporation \| Sandisk Corporation
Noncontrolling Interest [Line Items]
Number of shares sold (in shares) \| shares	21,314,768
Percentage disposed	14.60%
Western Digital Corporation \| Sandisk Corporation
Noncontrolling Interest [Line Items]
Investment (in shares) \| shares			28,827,787
Ownership percentage			19.90%

Geographic Information and Concentrations of Risk - Additional Information (Details) - Customer Concentration Risk	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Revenue from Contract with Customer \| One Customer
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%
Revenue from Contract with Customer \| Top Ten Customers
Concentration Risk [Line Items]
Concentration risk, percentage	40.00%	41.00%	47.00%
Accounts Receivable \| One Customer
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Income Tax Expense - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning balance	$ 47	$ 25	$ 17
Gross increases related to prior year tax positions	6	10	1
Gross increases related to current year tax positions	17	15	10
Gross decrease related to prior year tax positions	(1)	(3)	(3)
Gross increase related to transfer from Western Digital Corporation	78	0	0
Gross decrease related to settlement	(7)	0	0
Unrecognized tax benefit, ending balance	$ 140	$ 47	$ 25

Shareholders' Equity - Unamortized Compensation Costs (Details) $ in Millions	12 Months Ended
	Jun. 27, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 331
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 315
Weighted average service period	2 years 3 months 7 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 16
Weighted average service period	1 year 9 months 21 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Financial Statement Data - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 11,082	$ 11,439	$ 12,977
Other comprehensive loss	232	(130)	93
Income tax benefit related to items of other comprehensive loss	(19)	21	(29)
Other comprehensive income (loss), net of tax	213	(109)	64
Net transfers to Western Digital Corporation, including spin-off-related adjustments	(10)
Ending balance	9,216	11,082	11,439
Losses reclassified out of AOCL related to foreign exchange contracts	189	215
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(452)	(343)	(407)
Ending balance	(249)	(452)	(343)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(208)	(165)
Other comprehensive loss	10	(43)
Income tax benefit related to items of other comprehensive loss	0	0
Other comprehensive income (loss), net of tax	10	(43)
Net transfers to Western Digital Corporation, including spin-off-related adjustments	(4)
Ending balance	(202)	(208)	(165)
Unrealized Income (Losses) on Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(244)	(178)
Other comprehensive loss	222	(87)
Income tax benefit related to items of other comprehensive loss	(19)	21
Other comprehensive income (loss), net of tax	203	(66)
Net transfers to Western Digital Corporation, including spin-off-related adjustments	(6)
Ending balance	$ (47)	$ (244)	$ (178)

Related Parties and Related Commitments and Contingencies - Schedule of Remaining Guarantee Obligations (Details) - Flash Ventures $ in Millions	Jun. 27, 2025 USD ($)
Guarantor Obligations [Line Items]
2026	$ 631
2027	365
2028	226
2029	103
2030	79
Total guarantee obligations	1,404
Payment of Principal Amortization
Guarantor Obligations [Line Items]
2026	507
2027	259
2028	124
2029	48
2030	16
Total guarantee obligations	954
Purchase Option Exercise Price at Final Lease Terms
Guarantor Obligations [Line Items]
2026	124
2027	106
2028	102
2029	55
2030	63
Total guarantee obligations	$ 450

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 27, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplemental Financial Statement Data - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Other liabilities:
Non-current lease liability	$ 193	$ 171
Non-current net tax payable	131	56
Tax indemnification liability	110	0
Other non-current liabilities	62	59
Total other liabilities	$ 496	$ 286

Net Income (loss) per Common Share

12 Months Ended

Jun. 27, 2025

Earnings Per Share [Abstract]

Net Income (loss) per Common Share

The separation was executed through WDC’s pro rata distribution of 80.1% of the outstanding shares of common stock of the Company to holders of WDC’s common stock as of February 21, 2025. On the separation date, the Company issued 145 million shares of common stock, par value $0.01 per share. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the separation, and these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the separation, it is assumed that there are no dilutive equity instruments as there were no equity awards of Sandisk outstanding prior to the separation.

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


	2025		2024		2023
	(in millions, except per share amounts)


Net income (loss)	$	(1,641)	$	(672)	$	(2,143)

Weighted average shares outstanding:
Basic and diluted	145		145		145



Net loss per common share:
Basic and diluted	$	(11.32)	$	(4.63)	$	(14.78)



Dilutive weighted-average shares (1)	2		—		—

(1) Dilutive stock-based awards were excluded from the calculation of diluted shares because their effect would have been anti-dilutive.

Basic net income (loss) per share is computed using (i) net income (loss) divided by (ii) weighted average basic shares outstanding. Diluted net income (loss) per share is computed as (i) net income divided by (ii) weighted average diluted shares outstanding. The treasury stock method is used to determine the dilutive impact of unvested equity awards.

Potentially dilutive shares include dilutive outstanding employee RSUs, PSUs, and rights to purchase shares of common stock under the ESPP. For the year ended June 27, 2025, the Company recorded net losses, and as such, all potentially dilutive securities have been excluded from those periods as including them would be anti-dilutive.

Geographic Information and Concentrations of Risk (Tables)

12 Months Ended

Jun. 27, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s disaggregated revenue information was as follows:


	2025		2024		2023
	(in millions)
Revenue by end market:
Cloud	$	960	$	325	$	500
Client	4,127		4,069		3,637
Consumer	2,268		2,269		1,949
Total revenue	$	7,355	$	6,663	$	6,086

The Company’s operations outside the United States include owned manufacturing facilities in Malaysia, manufacturing operations contracted via related parties in China and Japan, as well as sales offices throughout the Americas, Asia Pacific, Europe and the Middle East. The following tables summarize the Company’s operations by geographic area:


	2025		2024		2023
	(in millions)
Net Revenue(1)
United States	$	1,447	$	933	$	1,133
China	2,040		2,549		2,302
Hong Kong	1,301		1,044		690
Europe, Middle East and Africa	1,280		1,058		930
Rest of Asia	1,116		917		898
Other	171		162		133
Total revenue	$	7,355	$	6,663	$	6,086

(1)Net revenue is attributed to geographic regions based on the ship-to location of the customer. License and royalty revenue is attributed to countries based upon the location of the headquarters of the licensee.

Schedule of Property, Plant and Equipment, Net

The Company’s long-lived assets, including property, plant and equipment by geographic area, are as follows:


	2025		2024
	(in millions)
Long-lived assets
United States	$	93	$	77
China	14		249
Malaysia	398		388
Rest of Asia	67		4
Europe, Middle East and Africa	47		73
Total Long-lived assets	$	619	$	791

Property, plant and equipment, net


	2025		2024
	(in millions)
Property, plant and equipment:
Land	$	10	$	10
Machinery and equipment	1,480		2,340
Buildings and improvements	390		397
Computer equipment and software	176		123
Furniture and fixtures	18		16
Construction-in-process	51		108
Property, plant and equipment, gross	2,125		2,994
Accumulated depreciation	(1,506)		(2,203)
Property, plant and equipment, net	$	619	$	791

Supplemental Financial Statement Data - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and component parts	$ 1,517	$ 1,398
Work-in-process	262	237
Finished goods	300	320
Total inventories	$ 2,079	$ 1,955

Related Parties and Related Commitments and Contingencies - Unis Venture (Details)	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Accounts Receivable \| Customer Concentration Risk \| Unis Venture
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	4.00%
Unis Venture
Concentration Risk [Line Items]
Ownership percentage	48.00%
Unis Venture \| Unissoft (Wuxi) Group Co Ltd.
Concentration Risk [Line Items]
Ownership percentage	52.00%
Unis Venture \| Revenue from Contract with Customer \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	1.00%	2.00%

Employee Termination and Other Charges - Restructuring Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Charges	$ 21	$ (40)	$ 69
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrual balance at June 28, 2024	0	3
Charges	18	15	68
Cash payments	(3)	(18)
Accrual balance at June 27, 2025	$ 15	$ 0	$ 3

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Income Tax Expense - Income before Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Foreign			$ (1,348)	$ (543)	$ (2,253)
Domestic			(131)	40	251
Income (loss) before taxes	$ (1,479)	$ (503)	$ (1,479)	$ (503)	$ (2,002)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Related Parties and Related Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 27, 2025	Mar. 28, 2025	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023	Feb. 21, 2025
Related Party Transaction [Line Items]
Distributions from Flash Ventures			$ 176	$ 0	$ 0
Repayments of debt			100	0	0
Net transfers to Western Digital Corporation, including spin-off-related adjustments		$ (600)	(612)	275	376
Tax indemnification liability	$ 110		$ 110	0
Flash Ventures
Related Party Transaction [Line Items]
Ownership percentage	49.90%		49.90%
Equity investment	$ 85		$ 85
Flash Ventures \| Kioxia Corporation
Related Party Transaction [Line Items]
Ownership percentage	50.10%		50.10%
Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 400		$ 400	313
Investment funding commitments, percentage	50.00%		50.00%
Manufacturing capacity percent operating	100.00%		100.00%
Costs incurred associated with reduction in utilization			$ 75	249
Repayments of debt			6
Net transfers to Western Digital Corporation, including spin-off-related adjustments			(585)	275	376
Tax indemnification liability	$ (2)		(2)			$ 112
Notes payable	550		550
Notes due to Western Digital Corporation	0		0	814
Notes due from Western Digital Corporation	0		0	102
Related Party \| WDC Subsidiaries
Related Party Transaction [Line Items]
Notes payable	553		553
Related Party \| Research And Development Commitments
Related Party Transaction [Line Items]
Related party transaction	130
Related Party \| Sale of NAND Components
Related Party Transaction [Line Items]
Notes due from Western Digital Corporation	65		65
Related Party \| Transition Services Agreement
Related Party Transaction [Line Items]
Related party expense			5
Related Party \| Transition Services Agreement, Additional Expense
Related Party Transaction [Line Items]
Related party expense			4
Related Party \| Flash Ventures
Related Party Transaction [Line Items]
Payments for equity method investments			3,400	3,400	$ 4,200
Accounts payable	$ 279		$ 279	$ 313
Related Party \| Flash Ventures \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Exchange rate	144.73		144.73
Other commitment	$ 264		$ 264
To be paid year one	32		32
To be paid year two	121		121
To be paid year three	97		97
To be paid year four	14		14
Related party transaction			209
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Other commitment	946		946
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other current assets
Related Party Transaction [Line Items]
Other commitment	131		131
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other noncurrent assets
Related Party Transaction [Line Items]
Other commitment	$ 815		$ 815
Related Party \| Maximum
Related Party Transaction [Line Items]
Investment funding commitments, percentage	50.00%		50.00%

Debt - Term Loan Facility (Details) - USD ($)		12 Months Ended
Debt - Term Loan Facility (Details) - USD ($)	Feb. 21, 2025	Jun. 27, 2025	Jun. 28, 2024
Debt Instrument [Line Items]
Debt issuance costs		$ 51,000,000	$ 0
Term B Loan \| Line of Credit
Debt Instrument [Line Items]
Repayment percentage of principal	0.25%
Debt issuance costs	$ 54,000,000
Annualized interest rate		7.00%
Voluntary payments		$ 100,000,000
Interest expense		51,000,000
Amortization of issuance costs		$ 3,000,000
Term B Loan \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable interest rate	3.00%
Term B Loan \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable interest rate	2.00%

Geographic Information and Concentrations of Risk

12 Months Ended

Jun. 27, 2025

Revenue from Contract with Customer [Abstract]

Geographic Information and Concentrations of Risk

Disaggregated Revenue

The Company’s broad portfolio of technology and products addresses multiple end markets. Cloud represents a large and growing end market comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, the Company provides its OEM and channel customers a broad array of high-performance flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Consumer end market is highlighted by the Company’s broad range of retail and other end-user products, which capitalize on the strength of the Company’s product brand recognition and vast points of presence around the world.

The Company’s disaggregated revenue information was as follows:


	2025		2024		2023
	(in millions)
Revenue by end market:
Cloud	$	960	$	325	$	500
Client	4,127		4,069		3,637
Consumer	2,268		2,269		1,949
Total revenue	$	7,355	$	6,663	$	6,086


	2025		2024		2023
	(in millions)
Net Revenue(1)
United States	$	1,447	$	933	$	1,133
China	2,040		2,549		2,302
Hong Kong	1,301		1,044		690
Europe, Middle East and Africa	1,280		1,058		930
Rest of Asia	1,116		917		898
Other	171		162		133
Total revenue	$	7,355	$	6,663	$	6,086

Disaggregated Long-lived Assets

The Company’s long-lived assets, including property, plant and equipment by geographic area, are as follows:


	2025		2024
	(in millions)
Long-lived assets
United States	$	93	$	77
China	14		249
Malaysia	398		388
Rest of Asia	67		4
Europe, Middle East and Africa	47		73
Total Long-lived assets	$	619	$	791

Customer Concentration and Credit Risk

The Company sells its products to computer manufacturers and OEMs, cloud service providers, resellers, distributors and retailers throughout the world. For 2025 and 2024 no single customer accounted for more than 10% of the Company’s net revenue. For 2023, one customer accounted for 15% of the Company’s net revenue. For 2025, 2024 and 2023, the Company’s top 10 customers accounted for 40%, 41% and 47% of the Company’s net revenue, respectively.

The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral. The Company maintains allowances for potential credit losses, and such losses have historically been within management’s expectations. At any given point in time, the total amount outstanding from any one of a number of its customers may be individually significant to the Company’s financial results. As of June 27, 2025, the Company had net accounts receivable of $1.1 billion, and one customer accounted for approximately 11% of the Company’s outstanding accounts receivable. As of June 28, 2024, the Company had net accounts receivable of $935 million, and one customer accounted for 10% of the Company’s outstanding accounts receivable. Reserves for potential credit losses were not material as of each period end.

The Company also has cash equivalent and investment policies that limit the amount of credit exposure to any one financial institution or investment instrument and requires that investments be made only with financial institutions or in investment instruments evaluated as highly credit-worthy.

Supplier Concentration

All of the Company’s flash products require silicon wafers for the memory and controller components. Substantially all of the Company’s flash memory wafers are currently supplied from Flash Ventures, and the Company’s controller wafers are all manufactured by third-party sources. The failure of any of these sources to deliver silicon wafers could have a material adverse effect on the Company’s business, financial condition and results of operations. See Note 10, Related Parties and Related Commitments and Contingencies for additional disclosures.

In addition, some key components are purchased from single-source vendors for which alternative sources are currently not available. Shortages could occur in these essential materials due to an interruption of supply or increased demand in the industry. If the Company was unable to procure certain of such materials, the Company’s sales could decline, which could have a material adverse effect upon its results of operations. The Company also relies on third-party subcontractors to assemble and test a portion of its products. The Company does not have long-term contracts with some of these subcontractors and cannot directly control product delivery schedules or manufacturing processes. This could lead to product shortages or quality assurance problems that could increase the manufacturing costs of the Company’s products and have material adverse effects on the Company’s operating results.

Revenues

The Company applies the practical expedients and does not disclose the transaction price allocated to the remaining performance obligations for (i) arrangements with an original expected duration of one year or less, mainly consisting of professional service, support, and maintenance contracts, and (ii) variable consideration for sale-based or usage-based royalties for intellectual property license arrangements, which typically range longer than one year. The remaining performance obligations are mainly attributed to right-to-access patent license arrangements, professional service arrangements, and customer support and service contracts, which will be recognized over their contract period. The transaction price allocated to the remaining performance obligations as of 2025, 2024, and 2023, was not material.

Contract assets represent the Company’s rights to consideration where performance obligations are completed but the customer payments are not due until another performance obligation is satisfied. The Company did not have any contract assets as of June 27, 2025, June 28, 2024, and June 30, 2023. Contract liabilities relate to customers’ payments in advance of performance under the contract and primarily relate to remaining performance obligations under professional service, support, and maintenance contracts. Contract liabilities as of June 27, 2025, June 28, 2024, and June 30, 2023, and changes in contract liabilities during 2025, 2024, and 2023, were not material.

The Company incurs sales commissions as direct incremental costs to obtain sales contracts. The Company has applied the practical expedient to recognize sales commissions as an expense when incurred if the amortization period is expected to be one year or less or the amount is not material, with these costs charged to Selling, general and administrative expenses. The Company had no other direct incremental costs to obtain contracts with an expected benefit of more than one year.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Tax Expense - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Deferred tax assets:
Sales related reserves and accrued expenses not currently deductible	$ 38	$ 45
Accrued compensation and benefits not currently deductible	29	34
Net operating loss carryforward	41	19
Business credit carryforward	44	0
Long-lived assets	22	15
Interest and hedging costs not currently deductible	15	67
Other	15	27
Total deferred tax assets	204	207
Deferred tax liabilities:
Long-lived assets	(7)	(3)
Unremitted Earnings of Certain Non-US Entities	(77)	(86)
Other	(18)	(10)
Total deferred tax liabilities	(102)	(99)
Valuation allowances	(61)	(27)
Deferred tax assets, net	$ 41	$ 81

Audit Information	12 Months Ended
Audit Information	Jun. 27, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Location	Irvine, California
Auditor Name	KPMG LLP

Fair Value Measurements and Investments (Tables)

12 Months Ended

Jun. 27, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial instruments that were measured at fair value on a recurring basis for the periods presented and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:


	June 27, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	751	$	—	$	—	$	751
Foreign exchange contracts (included in Other current assets)	—		17		—		17
Total assets at fair value	$	751	$	17	$	—	$	768
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	22	$	—	$	22
Total liabilities at fair value	$	—	$	22	$	—	$	22


	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	28	$	—	$	—	$	28
Foreign exchange contracts (included in Other current assets)	—		7		—		7
Total assets at fair value	$	28	$	7	$	—	$	35
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	179	$	—	$	179
Total liabilities at fair value	$	—	$	179	$	—	$	179

Shareholders' Equity

12 Months Ended

Jun. 27, 2025

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

Shareholders’ Equity

Prior to the separation, certain of the Company’s employees participated in WDC’s stock incentive plans (the “WDC Plans”), whereby all awards granted under the plans consisted of WDC common stock. The Stock-based compensation expense recognized in the Company’s Consolidated Financial Statements was determined based upon employees who participated in the WDC Plans and exclusively supported the Company’s operations, as well as an allocation of WDC’s corporate and shared employee stock-based compensation expenses.

In connection with the separation, all outstanding RSU and PSU awards held by former employees of WDC and its affiliates, who became Sandisk employees after the separation, were adjusted pursuant to conversion ratios determined in accordance with the terms of the Employee Matters Agreement. Outstanding RSU and PSU awards held by employees in the positions of Vice President and above as of the separation date were converted into RSU or PSU awards of Sandisk shares and RSU awards of WDC shares on a ratio of one-third (1/3) of one share of the Company’s common stock for each WDC award held by each such employee. For all other employees, the value of the converted RSU awards was designed to preserve the aggregate intrinsic value of the award immediately after the separation when compared to the aggregate intrinsic value of those award immediately prior to separation. Pursuant to the Employee Matters Agreement, the converted awards shall generally continue to be subject to the same terms and conditions as were applicable to the original WDC awards, including with respect to vesting, except as described in the Employee Matters Agreement. As a result of the conversion, the Company will incur approximately $41 million of incremental stock-based compensation expense over the remaining service period for the awards. Of this amount, $11 million was recognized during the year ended June 27, 2025, and approximately $30 million will be recognized over the awards’ remaining service periods.

Additionally, the Company adopted the following incentive plans for Sandisk employees: (i) Sandisk Corporation 2025 Long-Term Incentive Plan (the “2025 Long-Term Incentive Plan”), and (ii) Sandisk Corporation 2025 Employee Stock Purchase Plan. Grants of equity awards made after the separation to the Company’s executive officers and other employees will be made under the 2025 Long-Term Incentive Plan, which became effective on January 25, 2025.

2025 Long-Term Incentive Plan

The types of awards that may be granted include stock options, stock appreciation rights, RSUs, PSUs, cash awards, and other stock-based awards. Persons eligible to receive awards include officers and employees of the Company or any of its subsidiaries, members of the Board and certain consultants and advisors. The vesting of awards is determined at the grant date. Each award expires on a date determined at the grant date. RSUs typically vest over periods ranging from two to four years from the grant date. PSUs are granted to certain employees and vest only after the achievement of a predetermined performance or market conditions and completion of requisite service periods. Once the performance or market conditions are met, the employee’s vesting of PSUs is generally subject to continued service.

As of June 27, 2025, the maximum number of shares of the Company’s common stock that was authorized for award grants was 23.8 million shares. The 2025 Long-Term Incentive Plan terminates on January 25, 2035, unless terminated earlier by the Company’s Board of Directors.

2025 Employee Stock Purchase Plan

The Company has an ESPP under which WDC, as its then sole stockholder, has approved an aggregate of approximately 4.3 million shares of common stock for issuance to eligible employees. The fair value of the award at the grant date is based on the Black-Scholes valuation model. The plan permits eligible employees to purchase common stock, through payroll deductions, at 95% of the fair market value of a share of common stock on the first day of the 24-month offering period in which the employees are participating or 95% of the fair market value of a share of common stock on the applicable exercise date, whichever is lower. Rights to purchase shares are granted during the second and fourth quarters of each year.

After the separation, the Company had an offering period starting on April 1, 2025 and ending on May 31, 2025. Following the end of this offering period, the Company will initiate regular offering periods of six months each generally beginning on June 1st and December 1st.

As of June 27, 2025, the Company issued 0.1 million shares under the ESPP for aggregate purchase amounts of $5 million.

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:


	2025		2024		2023
	(in millions)
RSUs and PSUs	$	171	$	133	$	148
ESPP	11		16		17
Total	$	182	$	149	$	165


	2025		2024		2023
	(in millions)
Cost of revenue	$	16	$	20	$	19
Research and development	81		71		88
Selling general, and administrative	85		58		58
Subtotal	$	182	$	149	$	165
Tax benefit	(22)		(21)		(22)
Total	$	160	$	128	$	143

Any shortfalls or excess windfall tax benefits and tax deficiencies for shortfalls related to the vesting and exercise of stock-based awards, which are recognized as a component of the Company’s Income tax expense, were not material for the periods presented.

Compensation cost related to unvested RSUs, PSUs, and rights to purchase shares of common stock under the ESPP are amortized on a straight-line basis over the remaining service period. 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 Costs		Weighted average service period
	(in millions)		(years)
RSUs and PSUs	$	315	2.27
ESPP	16		1.81
Total unamortized compensation cost	$	331

RSUs and PSUs

The following table summarizes RSU and PSU award activity under the Company’s incentive plans during the year ended June 27, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate 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		—
Granted	1.5	50.47		—
Vested	(1.1)	34.07		46.95
Canceled/forfeited	(0.2)	36.14		—
RSUs and PSUs outstanding at June 27, 2025	6.6	$	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.

RSUs and PSUs are generally settled in an equal number of shares of the Company’s common stock upon vesting. Forfeitures are recognized as they occur.

Fair Value Assumptions

RSU and PSU Grants

The fair value of the Company’s RSU and PSU awards with a performance condition is determined based upon the closing price of the Company’s stock price on the grant date. The fair value of PSU awards with a market condition is estimated using a Monte Carlo simulation model on the grant date.

ESPP - Black-Scholes-Merton Model

The fair value of ESPP purchase rights issued is estimated at the grant date of the purchase rights using the Black-Scholes-Merton option pricing model. The Black-Scholes-Merton option pricing model requires the input of assumptions such as the expected stock price volatility and the expected period until options are exercised. Purchase rights under the ESPP are generally granted on either June 1st or December 1st of each year.

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 rate	4.02		%
Stock price volatility	0.56
Dividend yield	—		%
Fair value	$	11.85

- Definition

The entire disclosure for equity.

+ References

+ Details

Fair Value Measurements and Investments

12 Months Ended

Jun. 27, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Investments

Financial Instruments Carried at Fair Value

Financial assets and liabilities that are remeasured and reported at fair value at each reporting period are classified and disclosed in one of the following three levels:

Level 1. Quoted prices in active markets for identical assets or liabilities.

Level 2. Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3. Inputs that are unobservable for the asset or liability and that are significant to the fair value of the assets or liabilities.


	June 27, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	751	$	—	$	—	$	751
Foreign exchange contracts (included in Other current assets)	—		17		—		17
Total assets at fair value	$	751	$	17	$	—	$	768
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	22	$	—	$	22
Total liabilities at fair value	$	—	$	22	$	—	$	22


	June 28, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	28	$	—	$	—	$	28
Foreign exchange contracts (included in Other current assets)	—		7		—		7
Total assets at fair value	$	28	$	7	$	—	$	35
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	179	$	—	$	179
Total liabilities at fair value	$	—	$	179	$	—	$	179

Money Market Funds. The Company’s money market funds are funds invested in U.S. Treasury and U.S. Government agency securities. Money market funds are valued based on quoted market prices.

Foreign Exchange Contracts. The Company’s foreign exchange contracts are short-term contracts to hedge the Company’s foreign currency risk. Foreign exchange contracts are valued using an income approach that is based on the present value of a future cash flows model. The market-based observable inputs for the model include forward rates and credit default swap rates. See Note 7, Derivative Instruments and Hedging Activities for additional disclosures.

During the periods presented, the Company had no transfers of financial instruments between levels, and there were no changes in valuation techniques or the inputs used in the fair value measurement.

Financial Instruments Not Carried at Fair value

Financial instruments not recorded at fair value on a recurring basis (debt) had an estimated fair value of $1.9 billion as of June 27, 2025. The fair value of the debt was determined based on observable market prices in less active markets. See Note 8, Debt for additional disclosures.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Supplemental Financial Statement Data (Tables)

12 Months Ended

Jun. 27, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying Amount of Goodwill

The following table provides a summary of goodwill activity for the period presented:


	(in millions)





Balance at June 28, 2024	$	7,207
Divestiture (1)	(382)
Impairment charges	(1,830)
Foreign currency translation adjustment	4
Balance at June 27, 2025	$	4,999

(1) On September 28, 2024, the Company sold its majority interest in a subsidiary. See Note 10, Related Parties and Related Commitments and Contingencies for additional disclosures.

Schedule of Inventories

Inventories


	2025		2024
	(in millions)
Inventories:
Raw materials and component parts	$	1,517	$	1,398
Work-in-process	262		237
Finished goods	300		320
Total inventories	$	2,079	$	1,955

Schedule of Property, Plant and Equipment, Net

The Company’s long-lived assets, including property, plant and equipment by geographic area, are as follows:


	2025		2024
	(in millions)
Long-lived assets
United States	$	93	$	77
China	14		249
Malaysia	398		388
Rest of Asia	67		4
Europe, Middle East and Africa	47		73
Total Long-lived assets	$	619	$	791

Property, plant and equipment, net


	2025		2024
	(in millions)
Property, plant and equipment:
Land	$	10	$	10
Machinery and equipment	1,480		2,340
Buildings and improvements	390		397
Computer equipment and software	176		123
Furniture and fixtures	18		16
Construction-in-process	51		108
Property, plant and equipment, gross	2,125		2,994
Accumulated depreciation	(1,506)		(2,203)
Property, plant and equipment, net	$	619	$	791

Schedule of Product Warranty Liability

Product warranty liability

Changes in the warranty accrual were as follows:


	2025		2024		2023
	(in millions)
Warranty accrual, beginning of period	$	48	$	42	$	52
Charges to operations	27		28		30
Utilization	(35)		(34)		(26)
Changes in estimate related to pre-existing warranties	4		12		(14)
Warranty accrual, end of period	$	44	$	48	$	42

The current portion of the warranty accrual was classified in Accrued expenses and the long-term portion was classified in Other liabilities as noted below:


	2025		2024
	(in millions)
Warranty accrual:
Current portion	$	22	$	27
Long-term portion	22		21
Total warranty accrual	$	44	$	48

Schedule of Other Liabilities

Other liabilities


	2025		2024
	(in millions)
Other liabilities:
Non-current lease liability	$	193	$	171
Non-current net tax payable	131		56
Tax indemnification liability	110		—
Other non-current liabilities	62		59
Total other liabilities	$	496	$	286

Schedule of Accumulated Other Comprehensive Loss


	Foreign Currency Translation Adjustment		Unrealized Income (Losses) on Derivative Contracts		Total Accumulated Comprehensive Loss
	(in millions)
Balance at June 30, 2023	$	(165)	$	(178)	$	(343)
Other comprehensive loss	(43)		(87)		(130)

Income tax benefit related to items of other comprehensive loss	—		21		21
Net current-period other comprehensive loss	(43)		(66)		(109)
Balance at June 28, 2024	$	(208)	$	(244)	$	(452)
Other comprehensive income	10		222		232
Income tax expense related to items of other comprehensive income	—		(19)		(19)
Net current-period other comprehensive income	10		203		213
Net transfer to Western Digital Corporation	(4)		(6)		(10)
Balance at June 27, 2025	$	(202)	$	(47)	$	(249)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Net Income (loss) per Common Share (Tables)

12 Months Ended

Jun. 27, 2025

Earnings Per Share [Abstract]

Schedule of 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 amounts)


Net income (loss)	$	(1,641)	$	(672)	$	(2,143)

Weighted average shares outstanding:
Basic and diluted	145		145		145



Net loss per common share:
Basic and diluted	$	(11.32)	$	(4.63)	$	(14.78)



Dilutive weighted-average shares (1)	2		—		—

(1) Dilutive stock-based awards were excluded from the calculation of diluted shares because their effect would have been anti-dilutive.

Related Parties and Related Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - Jun. 27, 2025 $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Related Party
Loss Contingencies [Line Items]
Total guarantee obligations	$ 1,404	¥ 203

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Supplemental Financial Statement Data - Schedule of Current Portion of the Warranty Accrual (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Warranty accrual:
Current portion	$ 22	$ 27
Long-term portion	22	21
Total warranty accrual	$ 44	$ 48	$ 42	$ 52

Debt (Tables)

12 Months Ended

Jun. 27, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Debt consisted of the following:


	June 27, 2025		June 28, 2024
	(in millions)
Variable interest rate Term Loan Facility maturing 2032	$	1,900	$	—
$1.5B Revolving Credit Facility maturing 2030	—		—
Total Debt	1,900		—
Unamortized Issuance Costs	51		—
Subtotal	1,849		—
Less: current portion of long-term debt	20		—
Long term debt	$	1,829	$	—

Schedule of Maturities of Long-Term Debt

As of June 27, 2025, the Company is subject to required principal payment as follows:


	Contractual Maturity
	(in millions)
Fiscal year:
2026	$	20
2027	20
2028	20
2029	20
2030	20
2031 and thereafter	1,800
Total debt maturities	1,900
Issuance costs	(51)
Net carrying value	$	1,849

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Section S99
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+ Details

Employee Termination and Other Charges

12 Months Ended

Jun. 27, 2025

Restructuring and Related Activities [Abstract]

Employee Termination and Other Charges

Business Realignment

The Company periodically incurs charges to realign its operations with anticipated market demand, primarily consisting of organization rationalization designed to streamline its business, reduce its cost structure and focus its resources. The Company has taken actions to reduce the amount of capital invested in facilities, including the sale-leaseback of its facility in Milpitas, California, in September 2023, as discussed in Note 11, Leases and Other Commitments.

The Company recorded the following net charges related to these actions for the periods presented:


	2025		2024		2023
	(in millions)
Employee termination benefits	$	18	$	15	$	68

Other charges (gains):
Asset impairments and other charges (gains)	—		5		1
Contract termination and other	3		—		—
Gain on sale-leaseback of facility	—		(60)		—
Total employee termination and other charges	$	21	$	(40)	$	69

The following table presents an analysis of the components of the activity against the reserve during the years ended June 27, 2025, and June 28, 2024, which consisted entirely of employee termination benefits:


	Employee Termination Benefits
	(in millions)
Accrual balance at June 30, 2023	$	3
Charges	15
Cash payments	(18)
Accrual balance at June 28, 2024	—
Charges	18
Cash payments	(3)
Accrual balance at June 27, 2025	$	15

Employee Termination and Other Charges (Tables)

12 Months Ended

Jun. 27, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The Company recorded the following net charges related to these actions for the periods presented:


	2025		2024		2023
	(in millions)
Employee termination benefits	$	18	$	15	$	68

Other charges (gains):
Asset impairments and other charges (gains)	—		5		1
Contract termination and other	3		—		—
Gain on sale-leaseback of facility	—		(60)		—
Total employee termination and other charges	$	21	$	(40)	$	69


	Employee Termination Benefits
	(in millions)
Accrual balance at June 30, 2023	$	3
Charges	15
Cash payments	(18)
Accrual balance at June 28, 2024	—
Charges	18
Cash payments	(3)
Accrual balance at June 27, 2025	$	15

Revenues

12 Months Ended

Jun. 27, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Geographic Information and Concentrations of Risk

Disaggregated Revenue

The Company’s disaggregated revenue information was as follows:


	2025		2024		2023
	(in millions)
Revenue by end market:
Cloud	$	960	$	325	$	500
Client	4,127		4,069		3,637
Consumer	2,268		2,269		1,949
Total revenue	$	7,355	$	6,663	$	6,086


	2025		2024		2023
	(in millions)
Net Revenue(1)
United States	$	1,447	$	933	$	1,133
China	2,040		2,549		2,302
Hong Kong	1,301		1,044		690
Europe, Middle East and Africa	1,280		1,058		930
Rest of Asia	1,116		917		898
Other	171		162		133
Total revenue	$	7,355	$	6,663	$	6,086

Disaggregated Long-lived Assets

The Company’s long-lived assets, including property, plant and equipment by geographic area, are as follows:


	2025		2024
	(in millions)
Long-lived assets
United States	$	93	$	77
China	14		249
Malaysia	398		388
Rest of Asia	67		4
Europe, Middle East and Africa	47		73
Total Long-lived assets	$	619	$	791

Customer Concentration and Credit Risk

Supplier Concentration

Revenues

- Definition

+ References

+ Details

Leases and Other Commitments - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Cost of operating leases	$ 38	$ 29	$ 21
Cash paid for operating leases	33	30	14
Operating lease assets obtained in exchange for operating lease liabilities	49	167	3
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement	$ 0	$ 71	$ 0
Weighted average remaining lease term in years	11 years	13 years 8 months 12 days
Weighted average discount rate	7.30%	7.50%

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 27, 2025
Foreign exchange contracts
Derivative [Line Items]
Net realized and unrealized gains (losses)	$ (29)	$ (4)	$ (5)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Net Investment from Western Digital Corporation
Beginning balance at Jul. 01, 2022	$ 12,977	$ 0	$ 0	$ 0	$ (407)	$ 13,384
Beginning balance (shares) at Jul. 01, 2022		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(2,143)					(2,143)
Foreign currency translation adjustment	(35)				(35)
Net unrealized gain (loss) on derivative contracts	99				99
Stock-based compensation	165					165
Net transfers to Western Digital Corporation, including spin-off-related adjustments	376					376
Ending balance (shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	11,439	$ 0	0	0	(343)	11,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(672)					(672)
Foreign currency translation adjustment	(43)				(43)
Net unrealized gain (loss) on derivative contracts	(66)				(66)
Stock-based compensation	149					149
Net transfers to Western Digital Corporation, including spin-off-related adjustments	275					275
Ending balance (shares) at Jun. 28, 2024		0
Ending balance at Jun. 28, 2024	11,082	$ 0	0	0	(452)	11,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(1,641)			(1,784)		143
Foreign currency translation adjustment	10				10
Net unrealized gain (loss) on derivative contracts	203				203
Stock-based compensation	182		67			115
Net transfers to Western Digital Corporation, including spin-off-related adjustments	(612)				(10)	(602)
Issuance of common stock and reclassification of net transfers from Western Digital Corporation		145
Issuance of common stock and reclassification of net transfers from Western Digital Corporation (in shares)	0	$ 1	11,189			(11,190)
Employee stock plans (in shares)		1
Employee stock plans	(8)		(8)
Ending balance (shares) at Jun. 27, 2025		146
Ending balance at Jun. 27, 2025	$ 9,216	$ 1	$ 11,248	$ (1,784)	$ (249)	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue, net	$ 7,355,000,000	$ 6,663,000,000	$ 6,086,000,000
Cost of revenue	5,143,000,000	5,591,000,000	5,656,000,000
Gross profit	2,212,000,000	1,072,000,000	430,000,000
Operating expenses:
Research and development	1,132,000,000	1,061,000,000	1,167,000,000
Selling, general and administrative	573,000,000	455,000,000	558,000,000
Goodwill impairment	1,830,000,000	0	671,000,000
Business separation costs	67,000,000	64,000,000	0
Employee termination and other	21,000,000	(40,000,000)	69,000,000
Gain on business divestiture	(34,000,000)	0	0
Total operating expenses	3,589,000,000	1,540,000,000	2,465,000,000
Operating income (loss)	(1,377,000,000)	(468,000,000)	(2,035,000,000)
Interest and other income (expense), net:
Interest income	22,000,000	12,000,000	21,000,000
Interest expense	(63,000,000)	(40,000,000)	(31,000,000)
Other income (expense), net	(61,000,000)	(7,000,000)	43,000,000
Total interest and other income (expense), net	(102,000,000)	(35,000,000)	33,000,000
Income (loss) before taxes	(1,479,000,000)	(503,000,000)	(2,002,000,000)
Income tax expense	162,000,000	169,000,000	141,000,000
Net income (loss)	$ (1,641,000,000)	$ (672,000,000)	$ (2,143,000,000)
Net loss per common share:
Basic (in dollars per share)	$ (11.32)	$ (4.63)	$ (14.78)
Diluted (in dollars per share)	$ (11.32)	$ (4.63)	$ (14.78)
Weighted average shares outstanding:
Basic (in shares)	145	145	145
Diluted (in shares)	145	145	145

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ (1,641,000,000)	$ (672,000,000)	$ (2,143,000,000)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Depreciation and amortization	163,000,000	224,000,000	448,000,000
Stock-based compensation	182,000,000	149,000,000	165,000,000
Goodwill impairment	1,830,000,000	0	671,000,000
Deferred income taxes	(12,000,000)	(16,000,000)	(81,000,000)
Asset Impairment	0	4,000,000	1,000,000
Gain on disposal of assets	(1,000,000)	(60,000,000)	0
Non-cash portion of impairment of cost method investments	1,000,000	0	0
Unrealized foreign exchange (gain) loss	(25,000,000)	13,000,000	(37,000,000)
Gain on business divestiture	(34,000,000)	0	0
Amortization of debt issuance costs and discounts	3,000,000	0	0
Equity loss in investees, net of dividends received	74,000,000	49,000,000	(45,000,000)
Gain on sale of investments	0	(1,000,000)	(3,000,000)
Other non-cash operating activities, net	23,000,000	87,000,000	114,000,000
Settlement of accrued interest on Notes due to Western Digital Corporation	(99,000,000)	0	0
Changes in:
Accounts receivable, net	(100,000,000)	(395,000,000)	750,000,000
Inventories	(160,000,000)	314,000,000	(277,000,000)
Accounts payable	93,000,000	32,000,000	(124,000,000)
Accounts payable to related parties	(23,000,000)	21,000,000	(23,000,000)
Accrued expenses	13,000,000	(51,000,000)	(104,000,000)
Accrued compensation	21,000,000	99,000,000	(56,000,000)
Other assets and liabilities, net	(224,000,000)	(106,000,000)	31,000,000
Net cash provided by (used in) operating activities	84,000,000	(309,000,000)	(713,000,000)
Cash flows from investing activities
Purchases of property, plant and equipment	(204,000,000)	(166,000,000)	(219,000,000)
Proceeds from the sale of property, plant and equipment	0	137,000,000	0
Proceeds from dispositions of business	401,000,000	0	0
Notes receivable issuances to Flash Ventures	(333,000,000)	(243,000,000)	(627,000,000)
Notes receivable proceeds from Flash Ventures	515,000,000	482,000,000	641,000,000
Distributions from Flash Ventures	176,000,000	0	0
Strategic investments and other, net	1,000,000	0	16,000,000
Net cash provided by (used in) investing activities	556,000,000	210,000,000	(189,000,000)
Cash flows from financing activities
Issuance of stock under employee stock plans	5,000,000	0	0
Taxes paid on vested stock awards under employee stock plans	(13,000,000)	0	0
Proceeds from debt	1,970,000,000	0	0
Repayments of debt	(100,000,000)	0	0
Debt issuance costs	(32,000,000)	0	0
Proceeds from borrowings on Notes due to Western Digital Corporation	550,000,000	0	54,000,000
Proceeds from principal repayments on Notes due from Western Digital Corporation	101,000,000	14,000,000	216,000,000
Repayments of principal on Notes due to Western Digital Corporation	(76,000,000)	(102,000,000)	(86,000,000)
Transfers from (to) Western Digital Corporation	(1,887,000,000)	394,000,000	676,000,000
Origination of Notes due from Western Digital Corporation	0	(170,000,000)	0
Net cash provided by financing activities	518,000,000	136,000,000	860,000,000
Effect of exchange rate changes on cash	(5,000,000)	(1,000,000)	(1,000,000)
Net increase (decrease) in cash and cash equivalents	1,153,000,000	36,000,000	(43,000,000)
Cash and cash equivalents, beginning of year	328,000,000	292,000,000	335,000,000
Cash and cash equivalents, end of year	1,481,000,000	328,000,000	292,000,000
Supplemental disclosure of cash flow information:
Cash paid for interest	139,000,000	12,000,000	7,000,000
Cash received for interest	2,000,000	10,000,000	12,000,000
Cash paid for income taxes	50,000,000	0	0
Notes due to (from) Western Digital Corporation	1,223,000,000
Notes due to (from) Western Digital Corporation		(113,000,000)	(316,000,000)
Other assets and liabilities, net, from Western Digital Corporation	105,000,000	0	0
Contribution of equity interest in Unis Venture from Western Digital Corporation	61,000,000	0	0
Property, plant and equipment from Western Digital Corporation	27,000,000	11,000,000	18,000,000
Tax balances from (to) Western Digital Corporation	8,000,000	(17,000,000)	(2,000,000)
Tax indemnification liability transferred to Western Digital Corporation	$ (112,000,000)	$ 0	$ 0

Debt - Revolving Credit Facilities (Details) - USD ($)		12 Months Ended
Debt - Revolving Credit Facilities (Details) - USD ($)	Feb. 21, 2025	Jun. 27, 2025	Jun. 28, 2024
Debt Instrument [Line Items]
Debt issuance costs		$ 51,000,000	$ 0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Variable interest rate	0.10%
Commitment fee percentage	0.30%
Debt issuance costs	$ 8,000,000
Letters of credit outstanding		0
Available borrowing capacity		1,500,000,000
Commitment fee expense		2,000,000
Amortization of issuance costs		$ 1,000,000
Revolving Credit Facility \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable interest rate	2.00%
Revolving Credit Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable interest rate	1.00%

Leases and Other Commitments - Minimum Lease Payments (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Leases [Abstract]
2026	$ 41
2027	35
2028	28
2029	24
2030	20
Thereafter	183
Total future minimum lease payments	331
Less: Imputed interest	112
Present value of lease liabilities	$ 219	$ 182

Related Parties and Related Commitments and Contingencies - Schedule of Notes Receivable and Investments in Related Parties (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	$ 654	$ 1,001
Flash Ventures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	654	1,001
Flash Partners Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	55	148
Flash Partners Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	7	1
Flash Alliance Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	115	219
Flash Alliance Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	36	5
Flash Forward Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	125	143
Flash Forward Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	$ 316	$ 485

Geographic Information and Concentrations of Risk - Long Lived Assets (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 619	$ 791
United States
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	93	77
China
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	14	249
Malaysia
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	398	388
Rest of Asia
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	67	4
Europe, Middle East and Africa
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 47	$ 73

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Jun. 27, 2025	Aug. 13, 2025	Dec. 27, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 27, 2025
Current Fiscal Year End Date	--06-27
Document Transition Report	false
Entity File Number	001-42420
Entity Registrant Name	Sandisk Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-1508671
Entity Address, Address Line One	951 Sandisk Drive
Entity Address, City or Town	Milpitas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95035
City Area Code	408
Local Phone Number	801-1000
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	SNDK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		145,805,548
Entity Central Index Key	0002023554
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	The information required by Part III of this Report incorporates by reference certain information from the registrant’s definitive proxy statement (the “Proxy Statement”) for the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days after the end of the 2025 fiscal year. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part hereof.

Summarized Financial Information (Tables)

12 Months Ended

Jun. 27, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The table below presents the combined summarized financial information for these periods:


	2025		2024
	(in millions)
Current assets	$	1,423	$	777
Non-current assets	6,185		5,783
Total Assets	7,608		6,560
Current Liabilities	2,797		2,225
Non-current Liabilities	3,701		3,312
Total Liabilities	6,498		5,537
Total net equity of investees	$	1,110	$	1,023


	2025		2024		2023
	(in millions)
Net sales	$	2,315	$	2,252	$	2,788
Gross profit (loss)	(101)		(51)		138
Net income (loss)	$	(63)	$	(9)	$	89

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Current assets:
Cash and cash equivalents	$ 1,481	$ 328
Accounts receivable, net	1,068	935
Inventories	2,079	1,955
Income tax receivable	66	7
Other current assets	392	221
Total current assets	5,086	3,548
Non-current assets:
Property, plant and equipment, net	619	791
Notes receivable and investments in Flash Ventures	654	1,001
Goodwill	4,999	7,207
Deferred tax assets	58	96
Income tax receivable, non-current	80	11
Other non-current assets	1,489	852
Total assets	12,985	13,506
Current liabilities:
Accrued expenses	425	424
Accrued compensation	173	195
Income tax payables	43	20
Current portion of long-term debt	20	0
Total current liabilities	1,427	2,123
Non-current liabilities:
Deferred tax liabilities	17	15
Long-term debt	1,829	0
Other liabilities	496	286
Total liabilities	3,769	2,424
Commitments and contingencies (Notes 10, 11, 14 and 16)
Shareholders’ equity:
Common stock, $0.01 par value; authorized — 450 shares; issued and outstanding — 146 shares	1	0
Additional paid-in capital	11,248	0
Accumulated deficit	(1,784)	0
Accumulated other comprehensive loss	(249)	(452)
Net investment from Western Digital Corporation	0	11,534
Total shareholders’ equity	9,216	11,082
Total liabilities and shareholders’ equity	12,985	13,506
Related Party
Current assets:
Notes due from Western Digital Corporation	0	102
Current liabilities:
Accounts payable	400	313
Notes due to Western Digital Corporation	0	814
Nonrelated Party
Current liabilities:
Accounts payable	$ 366	$ 357

Fair Value Measurements and Investments - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Liabilities
Fair value of debt	$ 2,000
Fair Value, Measurements, Recurring
Assets
Total assets at fair value	768	$ 35
Liabilities
Total liabilities at fair value	22	179
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Assets
Derivative Asset	17	7
Liabilities
Derivative liability	22	179
Fair Value, Measurements, Recurring \| Cash equivalents - Money market funds
Assets
Cash equivalents - Money market funds	751	28
Fair Value, Measurements, Recurring \| Level 1
Assets
Total assets at fair value	751	28
Liabilities
Total liabilities at fair value	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Foreign exchange contracts
Assets
Derivative Asset	0	0
Liabilities
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Cash equivalents - Money market funds
Assets
Cash equivalents - Money market funds	751	28
Fair Value, Measurements, Recurring \| Level 2
Assets
Total assets at fair value	17	7
Liabilities
Total liabilities at fair value	22	179
Fair Value, Measurements, Recurring \| Level 2 \| Foreign exchange contracts
Assets
Derivative Asset	17	7
Liabilities
Derivative liability	22	179
Fair Value, Measurements, Recurring \| Level 2 \| Cash equivalents - Money market funds
Assets
Cash equivalents - Money market funds	0	0
Fair Value, Measurements, Recurring \| Level 3
Assets
Total assets at fair value	0	0
Liabilities
Total liabilities at fair value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Foreign exchange contracts
Assets
Derivative Asset	0	0
Liabilities
Derivative liability	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Cash equivalents - Money market funds
Assets
Cash equivalents - Money market funds	$ 0	$ 0

Income Tax Expense (Tables)

12 Months Ended

Jun. 27, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of Income (loss) before taxes were as follows:


	2025		2024		2023
	(in millions)
Foreign	$	(1,348)	$	(543)	$	(2,253)
Domestic	(131)		40		251
Income (loss) before taxes	$	(1,479)	$	(503)	$	(2,002)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense were as follows:


	2025		2024		2023
	(in millions)
Current:
Foreign	$	165	$	158	$	138
U.S. - Federal	7		20		76
U.S. - State	2		7		8
	174		185		222
Deferred:
Foreign	(13)		7		(15)
U.S. - Federal	1		(19)		(65)
U.S. - State	—		(4)		(1)
	(12)		(16)		(81)
Income tax expense	$	162	$	169	$	141

The following table presents the Company’s Income tax expense and the effective tax rate:


	2025			2024			2023
	(in millions)
Income (loss) before taxes	$	(1,479)		$	(503)		$	(2,002)
Income tax expense	162			169			141
Effective tax rate	(11)		%	(34)		%	(7)		%

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards, which give rise to a significant portion of deferred tax assets and liabilities were as follows:


	June 27, 2025			June 28, 2024
	(in millions)
Deferred tax assets:
Sales related reserves and accrued expenses not currently deductible	$	38	$	$	45
Accrued compensation and benefits not currently deductible	29			34

Net operating loss carryforward	41			19
Business credit carryforward	44			—
Long-lived assets	22			15
Interest and hedging costs not currently deductible	15			67

Other	15			27
Total deferred tax assets	204			207
Deferred tax liabilities:
Long-lived assets	(7)			(3)
Unremitted Earnings of Certain Non-US Entities	(77)			(86)


Other	(18)			(10)
Total deferred tax liabilities	(102)			(99)
Valuation allowances	(61)			(27)
Deferred tax assets, net	$	41		$	81

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows:


	2025		2024		2023
	(in millions)
U.S. federal statutory rate	21	%	21	%	21	%
Tax rate differential on international incomes	(1)		(42)		(29)
Foreign withholding tax	(1)		(11)		(2)
Change in valuation allowance	—		(2)		—
Tax effect of U.S foreign income inclusion	(7)		(1)		—
Tax effect of U.S. foreign derived intangible income	1		2		3
Tax effect of permanent differences	—		(2)		(1)
Tax effect of goodwill impairment	(26)		—		(7)
Tax effect of intangible assets	—		1		4
Tax rate change	—		1		—
Unremitted earnings of certain non-U.S. entities	(2)		2		—
Change in uncertain tax positions	(1)		(12)		1
Return to provision adjustment	1		(1)		—
Foreign income tax credits	4		5		1
R&D tax credits	1		3		1
Federal audit settlements	—		3		—
Other	(1)		(1)		1
Effective income tax rate	(11)	%	(34)	%	(7)	%

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding accrued interest and penalties for the year ended June 27, 2025:


	2025		2024		2023
	(in millions)
Unrecognized tax benefit, beginning balance	$	47	$	25	$	17
Gross increases related to prior year tax positions	6		10		1
Gross increases related to current year tax positions	17		15		10
Gross decrease related to prior year tax positions	(1)		(3)		(3)
Gross increase related to transfer from Western Digital Corporation	78		—		—
Gross decrease related to settlement	(7)		—		—
Unrecognized tax benefit, ending balance	$	140	$	47	$	25

Leases and Other Commitments - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Leases [Abstract]
Operating lease right-of-use assets (included in other non-current assets)	$ 214	$ 179
Current portion of long-term operating lease liabilities (included in accrued expenses)	26	11
Long-term operating lease liabilities (included in other liabilities)	193	171
Total operating lease liabilities	$ 219	$ 182
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Related Parties and Related Commitments and Contingencies

12 Months Ended

Jun. 27, 2025

Commitments and Contingencies Disclosure [Abstract]

Flash Ventures

The Company procures substantially all of its flash-based memory wafers from its business ventures with Kioxia Corporation (“Kioxia”), which consists of three separate legal entities: Flash Partners Ltd. (“Flash Partners”), Flash Alliance Ltd. (“Flash Alliance”) and Flash Forward Ltd. (“Flash Forward”), collectively referred to as “Flash Ventures.” The Company has a 49.9% ownership interest and Kioxia has a 50.1% ownership interest in each of these entities. Through Flash Ventures, the Company and Kioxia collaborate in the development and manufacture of flash-based memory wafers, which are manufactured by Kioxia at its wafer fabrication facilities located in Japan using semiconductor manufacturing equipment individually owned or leased by each Flash Ventures entity. Each Flash Ventures entity purchases wafers from Kioxia at cost and then resells those wafers to the Company and Kioxia at cost plus a markup.

Flash Partners. Flash Partners was formed in 2004 in connection with the construction of Kioxia’s “Y3” 300-millimeter wafer fabrication facility located in Yokkaichi, Japan.

Flash Alliance. Flash Alliance was formed in 2006 in connection with the construction of Kioxia’s “Y4” 300-millimeter wafer fabrication facility located in Yokkaichi, Japan.

Flash Forward. Flash Forward was formed in 2010 in connection with the construction of Kioxia’s “Y5” 300-millimeter wafer fabrication facility located in Yokkaichi, Japan. Y5 was built in two phases of approximately equal size.

New Y2. The Company has a facility agreement with Kioxia related to the construction and operation of Kioxia’s “New Y2” 300-millimeter wafer fabrication facility located in Yokkaichi, Japan. New Y2 primarily provided additional clean room space to convert a portion of 2-dimensional (“2D”) flash-based wafer production capacity to 3-dimensional (“3D”) flash-based wafer production capacity. Production of flash-based wafers in New Y2 started in 2016.

Y6. The Company also has a facility agreement with Kioxia related to the construction and operation of Kioxia’s “Y6” 300-millimeter wafer fabrication facility in Yokkaichi, Japan. Y6 is primarily intended to provide clean room space to continue the transition of existing 2D flash-based wafer capacity to 3D flash-based wafer production capacity. Production of flash-based wafers in Y6 started in 2018.

K1. The Company also has a facility agreement with Kioxia related to the construction and operation of Kioxia’s “K1” 300-millimeter wafer fabrication facility in Kitakami, Japan. The primary purpose of K1 is to provide clean room space to continue the transition of existing flash-based wafer capacity to newer technology nodes. Production of flash-based wafers in K1 started in 2019.

Y7. In January 2022, the Company entered into additional agreements regarding Flash Ventures’ investment in a new wafer fabrication facility in Yokkaichi, Japan, referred to as “Y7”. The primary purpose of Y7 is to provide clean room space to continue the transition of existing flash-based wafer capacity to newer flash technology nodes. Production of flash-based wafers in Y7 started in 2022.

K2. In June 2024, the Company entered into additional agreements regarding Flash Ventures’ investment in a new wafer fabrication facility in Kitakami, Japan, referred to as “K2”. The primary purpose of K2 is to provide clean room space to continue the transition of existing flash-based wafer capacity to newer flash technology nodes. Output from K2 is expected to begin in the first half of 2026.

In connection with the construction of these facilities, the Company makes prepayments toward future building depreciation. In connection with the start-up of the K1, Y7 and K2 facilities, the Company has made prepayments over time, and as of June 27, 2025, $946 million, with $131 million recorded in Other current assets and $815 million recorded in Other non-current assets in the Consolidated Balance Sheets, remain to be credited against future building depreciation charges. As of June 27, 2025, the Company is also committed to making additional building depreciation prepayments of $264 million, based on the Japanese yen to U.S. dollars exchange rate of ¥144.73 as of such date, payable as follows: $32 million in 2026, $121 million in 2027, $97 million in 2028 and $14 million in 2029. As of June 27, 2025, in addition to the requirements to make building depreciation prepayments, the Company will also make payments for building depreciation of approximately $209 million at varying dates through fiscal 2035.

The Company accounts for its ownership position of each entity within Flash Ventures under the equity method of accounting. The financial and other support provided by the Company in all periods presented was either contractually required or the result of a joint decision to expand wafer capacity, transition to new technologies or refinance existing equipment lease commitments. Entities within Flash Ventures are VIEs. The Company evaluated whether it is the primary beneficiary of any of the entities within Flash Ventures for all periods presented and determined that it is not the primary beneficiary of any of the entities within Flash Ventures because it does not have a controlling financial interest in any of those entities. In determining whether the Company is the primary beneficiary, the Company analyzed the primary purpose and design of Flash Ventures, the activities that most significantly impact Flash Ventures’ economic performance, and whether the Company had the power to direct those activities. The Company concluded, based upon its 49.9% ownership, the voting structure and the manner in which the day-to-day operations are conducted for each entity within Flash Ventures, that the Company lacked the power to direct most of the activities that most significantly impact the economic performance of each entity within Flash Ventures.

The following table presents the notes receivable from, and equity investments in, Flash Ventures for the periods presented:


	June 27, 2025		June 28, 2024
	(in millions)
Notes receivable, Flash Partners	$	7	$	1
Notes receivable, Flash Alliance	36		5
Notes receivable, Flash Forward	316		485
Investment in Flash Partners	55		148
Investment in Flash Alliance	115		219
Investment in Flash Forward	125		143
Total notes receivable and investments in Flash Ventures	$	654	$	1,001

During 2025, the Company received distributions from Flash Ventures of $176 million.

During 2025, 2024, and 2023 the Company made net payments to Flash Ventures of $3.4 billion, $3.4 billion, and $4.2 billion respectively, for purchases of flash-based memory wafers and net loans. During 2025, 2024, and 2023 the Company received distributions from Flash Ventures of $176 million, $0 and $0 respectively.

The Company makes, or will make, loans to Flash Ventures to fund equipment investments for new process technologies and additional wafer capacity. The Company aggregates its Flash Ventures’ notes receivable into one class of financing receivables due to the similar ownership interest and common structure in each Flash Ventures entity. For all reporting periods presented, no loans were past due, and no loan impairments were recorded. The Company’s notes receivable from each Flash Ventures entity, denominated in Japanese yen, are secured by equipment owned by that Flash Ventures entity.

As of June 27, 2025, and June 28, 2024, the Company had accounts payable balances due to Flash Ventures of $279 million and $313 million, respectively.

The Company’s maximum reasonably estimable loss exposure (excluding lost profits) as a result of its involvement with Flash Ventures, based upon the Japanese yen to U.S. dollar exchange rate at June 27, 2025, is presented below. Investments in Flash Ventures are denominated in Japanese yen, and the maximum estimable loss exposure excludes any cumulative translation adjustment due to revaluation from the Japanese yen to the U.S. dollar.


	June 27, 2025
	(in millions)
Notes receivable	$	359
Equity investments	295
Operating lease guarantees	1,404
Inventory and prepayments	1,326
Maximum estimable loss exposure	$	3,384

As of June 27, 2025, the Company’s net equity included undistributed earnings of Flash Ventures of $85 million.

The Company is obligated to pay for variable costs incurred in producing its share of Flash Ventures’ flash-based memory wafer supply, based on its rolling three-month forecast, which generally equals 50% of Flash Ventures’ output. In addition, the Company is obligated to pay for half of Flash Ventures’ fixed costs regardless of the output the Company chooses to purchase. The Company is not able to estimate its total wafer purchase commitment obligation beyond its rolling three-month purchase commitment because the price is determined by reference to the future cost of producing the semiconductor wafers. In addition, the Company is committed to fund 49.9% to 50.0% of each Flash Ventures entity’s capital investments to the extent that the Flash Ventures entity’s operating cash flow is insufficient to fund these investments.

Flash Ventures has historically operated near 100% of its manufacturing capacity. During 2025 and 2024, as a result of flash market conditions, the Company temporarily reduced its utilization of its share of Flash Ventures’ manufacturing capacity to an abnormally low level to more closely align the Company’s flash-based wafer supply with projected demand. In 2025 and 2024 the Company incurred costs of $75 million and $249 million, respectively, associated with the reduction in utilization related to Flash Ventures, which was recorded as a charge to Cost of revenue.

Inventory Purchase Commitments with Flash Ventures. Purchase orders placed with Flash Ventures for up to three months are binding and cannot be canceled.

Research and Development Activities. The Company participates in common R&D activities with Kioxia and is contractually committed to a minimum funding level. R&D commitments due for 2026 are $130 million.

Off-Balance Sheet Liabilities. Flash Ventures sells to, and leases back from, a consortium of financial institutions a portion of its tools and has entered into equipment lease agreements of which the Company guarantees half of all of the outstanding obligations under each lease agreement. The lease agreements are subject to customary covenants and cancellation events related to Flash Ventures and each of the guarantors. The occurrence of a cancellation event could result in an acceleration of Flash Ventures’ obligations and a call on the Company’s guarantees.

The following table presents the Company’s portion of the remaining guarantee obligations under the Flash Ventures’ lease facilities in both Japanese yen and U.S. dollar-equivalent, based upon the Japanese yen to U.S. dollar exchange rate as of June 27, 2025:


	Lease Amounts
	(Japanese yen, in billions)		(U.S. dollar, in millions)
Total guarantee obligations	¥	203	$	1,404

The following table details the breakdown of the Company’s remaining guarantee obligations between the principal amortization and the purchase option exercise price at the end of the term of the Flash Ventures lease agreements, in annual installments, in U.S. dollars, based upon the Japanese yen to U.S. dollar exchange rate as of June 27, 2025:


Annual Installments	Payment of Principal Amortization		Purchase Option Exercise Price at Final Lease Terms		Guarantee Amount
	(in millions)

2026	$	507	$	124	$	631
2027	259		106		365
2028	124		102		226
2029	48		55		103
2030	16		63		79
Total guarantee obligations	$	954	$	450	$	1,404

The Company and Kioxia have agreed to mutually contribute to and indemnify each other and Flash Ventures for environmental remediation costs or liabilities resulting from Flash Ventures’ manufacturing operations in certain circumstances. The Company has not made any indemnification payments nor recorded any indemnification receivables under any such agreements. As of June 27, 2025, no amounts have been accrued in the Consolidated Financial Statements with respect to these indemnification agreements.

Sale of a Majority Interest in a Subsidiary

In March 2024, SanDisk China Limited (“SanDisk China”), an indirect wholly-owned subsidiary of WDC, entered into an equity purchase agreement to sell 80% of its equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd. (“SDSS”) an indirect wholly-owned subsidiary of WDC which holds one of the Company’s manufacturing facilities, to JCET Management Co., Ltd. (“JCET”), a wholly-owned subsidiary of JCET Group Co., Ltd., a Chinese publicly listed company, thereby forming a venture between SanDisk China and JCET (the “Transaction”). The venture aims to provide independent semiconductor assembly, testing, and other related services in the People’s Republic of China for customers including, but not limited to, the Company and its affiliates.

The Transaction closed on September 28, 2024, and SanDisk China completed the sale of 80% of its equity interest in SDSS to JCET.

Proceeds from the sale, including working capital adjustments, were $659 million (pre-tax). On October 1, 2024, the Company received an initial pre-tax installment of $262 million. On January 6, 2025, the Company received a second pre-tax installment of $210 million and expects to receive the remaining $187 million pre-tax proceeds in five equal installments of approximately $37 million on September 28 of each year through September 28, 2029. As of June 27, 2025, the outstanding consideration receivable was recognized at its present value of $168 million, with $37 million classified as Other current assets and $131 million classified as Other non-current assets in the Consolidated Balance Sheets. The remaining present value discount of $19 million as of June 27, 2025 will be recognized using the effective interest method over the next five years as Interest income in the Consolidated Statements of Operations.

The Company’s 20% retained interest in SDSS was determined to be valued at $158 million based on the fair value of the total pre-tax consideration received and receivable from JCET for its purchase of its 80% interest in SDSS. The Company accounts for its 20% interest in SDSS as an equity method investment in Other non-current assets in the Consolidated Balance Sheets. The Company’s 20% interest in the earnings of SDSS is recognized one quarter in arrears and is reported in Other income (expense), net in the Consolidated Statements of Operations. As of June 27, 2025, the 20% retained interest in SDSS was valued at $161 million.

The Transaction resulted in a pre-tax gain of $34 million, calculated as the difference between the total consideration for the sale, including the outstanding consideration receivable and the fair value of the Company’s 20% retained interest, less the carrying value of the net assets divested, which included, among other items, $71 million of cash and cash equivalents and $382 million of goodwill that was allocated to SDSS.

Subsequent to and in connection with the Transaction, Western Digital Technologies, Inc. (“WDT”) entered into a five-year supply agreement with SDSS (the “Supply Agreement”) to purchase certain flash-based products with a minimum annual commitment of $550 million (the “minimum annual commitment”). On January 10, 2025, the Company and WDT entered into an assignment agreement, pursuant to which, WDT assigned all of its rights and obligations under the Supply Agreement to the Company. The Supply Agreement contains specific penalties the Company must pay if SDSS fails to meet its minimum annual commitment. The Supply Agreement also provides that if SDSS purchases exceed the minimum annual commitment in any of the two years immediately succeeding any annual period where a shortfall penalty has been paid, SDSS shall reimburse the Company an amount not exceeding the previously paid penalty amount. The Supply Agreement expires on September 28, 2029, and automatically renews for additional one-year terms unless earlier terminated by either of the parties. The Company also entered into an agreement to grant SDSS certain intellectual property rights on a royalty-free basis for use in manufacturing products on the Company’s behalf for the term of and under the Supply Agreement. For the year ended June 27, 2025, the Company made purchases of $341 million under the Supply Agreement and had a $121 million accounts payable balance due to SDSS as of June 27, 2025.

The Company also entered into an arrangement to provide certain transition services for a limited period following the closing of the Transaction. Charges under this arrangement were not material.

Unis Venture

On January 24, 2025, the Company and WDC entered into an equity transfer agreement (the “Equity Transfer Agreement”) to transfer WDC’s entire equity interest in its venture with Unisplendour Corporation Limited and Unissoft (Wuxi) Group Co. Ltd. (“Unis”), referred to as the “Unis Venture”, to the Company. The Unis Venture is 48% owned by the Company and 52% owned by Unis. The Unis Venture markets and sells the Company’s products in China.

Prior to the execution of the Equity Transfer Agreement, the Unis Venture was not historically managed as a component of the Company and as such, the related equity method investment was not reflected in the Company’s Consolidated Financial Statements. After the execution of the Equity Transfer Agreement, the Company accounts for its investment in the Unis Venture under the equity method of accounting. The Company’s 48% interest in the earnings of the Unis Venture will be recognized one quarter in arrears from the date the Unis Venture was transferred to the Company and will be reported in Other income (expense), net in the Consolidated Statements of Operations and was not material for the year ended June 27, 2025.

Revenue from products distributed by the Unis Venture is recognized upon sell-through to third-party customers. For the years ended June 27, 2025, June 28, 2024, and June 30, 2023, the Company recognized approximately 1%, 1%, and 2% respectively, of its consolidated revenue on products distributed by the Unis Venture. The outstanding accounts receivable due from the Unis Venture were 1% and 4% of Accounts receivable, net, as of June 27, 2025 and June 28, 2024, respectively.

Related Party Transactions

Separation and Distribution Agreement and Other Related Party Transactions with WDC

As described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K, on February 21, 2025, in connection with the separation, the Company entered into several agreements that provide a framework for Sandisk’s relationship with WDC after the separation. These include, but are not limited to, the following:

•Separation and Distribution Agreement – The separation and distribution agreement contains key provisions related to the separation of the Company from WDC, including the transfer of assets and assumptions of liabilities. In connection with this agreement, certain assets and liabilities included in the Company’s Consolidated Balance Sheets were retained by WDC and certain assets and liabilities not included in the Company’s Consolidated Balance Sheets were transferred to the Company as of the date of the separation.

Separation-related adjustments resulted in a decrease to net assets and total equity of $0.6 billion and are reflected in the “Net transfers from (to) WDC, including spin-off related adjustments” line item of the Consolidated Statements of Shareholders’ Equity.

•Transition Services Agreement – The TSA governs the provision of transition services from WDC to Sandisk, and from Sandisk to WDC and its affiliates, on an interim, transitional basis following the separation.

For the year ended June 27, 2025, the Company recognized $5 million in expenses related to the TSA, and the Company expects to recognize an additional expense related to the TSA of approximately $4 million during the next twelve months.

•Tax Matters Agreement – The Tax Matters Agreement governs, among other things, WDC’s and the Company’s respective rights, responsibilities and obligations after the spin-off with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. In addition, the Tax Matters Agreement imposes certain restrictions on the Company and its subsidiaries (including restrictions on share issuances, business combinations, sales of assets, and similar transactions) that are designed to preserve the tax-free status of the spin-off and certain related transactions.

As a result of this agreement, the Company recorded a tax indemnification liability of $112 million on February 21, 2025. This liability was subsequently reduced by approximately $2 million reflecting the outstanding balance as of June 27, 2025. The remaining tax indemnification liability of $110 million is classified as Other liabilities in the Consolidated Balance Sheets as of June 27, 2025.

Notes Due to (from) Western Digital Corporation

Prior to the separation, the Company received financing from certain of WDC’s subsidiaries in the form of borrowings under revolving credit agreements and promissory notes to fund activities primarily related to Flash Ventures. Additionally, cash generated by the Company was lent from time to time via promissory notes to certain of WDC’s subsidiaries for use in general corporate purposes. Outstanding balances due under these financing arrangements were due on demand.

Prior to the separation, the Company had outstanding borrowings due to WDC’s subsidiaries of $553 million, inclusive of interest payable. As part of the separation, WDC contributed $550 million to the Company, and the Company repaid $6 million in cash, which included interest accrued until the date of the separation.

The following presents Interest expense and Interest income on notes due to (from) Western Digital Corporation, which were recorded in Interest expense and Interest income in the Consolidated Statements of Operations for the periods presented:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Interest expense on notes due to Western Digital Corporation	$	7	$	6	$	16
Interest (income) on notes due from Western Digital Corporation	$	(1)	$	(37)	$	(29)

Allocation of Corporate Expenses

Prior to the separation, WDC provided various corporate services to the Company in the ordinary course of business, including executive management, finance, tax, legal, information technology, employee benefits administration, treasury, risk management, procurement and other shared services. These corporate expenses were allocated to the Company based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount, revenue or other relevant measures. Management believes the basis on which the expenses were allocated to be a reasonable reflection of the utilization of services provided to us or the benefit received by us.

Effective at the beginning of the second quarter of 2025, the Company was operationally separated from the operations that were ultimately retained by WDC following completion of the spin-off transaction. In connection with this operational separation, personnel serving the Company in shared service functions were transferred into legal entities dedicated to the Company, and substantially all assets, liabilities, and contracts pertaining to operations of the Company were transferred to legal entities dedicated to the Company as well. Accordingly, there was a substantial reduction in the pool of shared corporate overhead costs of WDC that were subject to allocation in the second and third quarters of 2025.

The table below summarizes the impact of expense allocations from WDC in the Consolidated Statements of Operations for the periods presented:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Research and development	$	189	$	723	$	750
Selling general, and administrative	158		418		452
Business separation costs	50		(40)		61
Employee termination and other charges	5		64		—
Total allocation of Corporate Expenses	$	402	$	1,165	$	1,263

The Company’s historical financial statements do not purport to reflect what results of operations, financial position, equity or cash flows would have been if Sandisk had operated as a standalone company during the periods presented.

Cash Management

Prior to the separation, WDC provided funding for the Company’s operating and investing activities, including pooled cash managed by WDC’s treasury, to fund operating expenses and capital expenditures. WDC also directly collected certain of the Company’s receivables. These activities were reflected as a component of the Net investment from Western Digital Corporation, and this arrangement is not reflective of the manner in which Sandisk would operate on a standalone company separate from WDC during the periods presented.

Western Digital Corporation Net Investment

Prior to the separation, the Net investment from Western Digital Corporation on the Consolidated Balance Sheets represented WDC’s historical investment in the Company, the net effect of transactions with and allocations from WDC, the Company’s retained earnings and the allocation to the Company of cumulative effect adjustments from the adoption of new accounting standards.

Net Transfers from (to) Western Digital Corporation

A reconciliation of Net transfers from (to) Western Digital Corporation on the Consolidated Statements of Shareholders’ Equity to the corresponding amounts on the Consolidated Statements of Cash Flows is as follows:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Net transfers from Western Digital Corporation per Consolidated Statements of Shareholders’ Equity	$	(585)	$	275	$	376
Notes due (to) from Western Digital Corporation	(1,223)		113		316
Other assets and liabilities, net transferred from Western Digital Corporation	(105)		—		—
Unis venture transferred from Western Digital Corporation	(61)		—		—
Property, plant and equipment, net transferred from Western Digital Corporation	(27)		(11)		(18)
Tax balances transferred from Western Digital Corporation	(8)		17		2
Accumulated other comprehensive loss transferred to Western Digital Corporation	10		—		—
Tax indemnification liability transferred to Western Digital Corporation	112		—		—
Net transfers (to) from Western Digital Corporation per Consolidated Statements of Cash Flows	$	(1,887)	$	394	$	676

As of June 27, 2025, the outstanding accounts receivable from WDC were $65 million, related to the sale of NAND components, and the outstanding accounts payable and accrued expenses due to WDC, primarily related to the TSA were $11 million.

Leases and Other Commitments - Sale Leaseback (Details) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 29, 2023 USD ($) option	Mar. 29, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Sale leaseback net cash proceeds	$ 191
Proceeds from sale leaseback transaction		$ 134
Sale leaseback gain	60
Sale leaseback annual lease rate	$ 16
Sale leaseback increase percentage	0.03
Through January 1, 2039
Lessee, Lease, Description [Line Items]
Sale leaseback number of renewal options \| option	3
Sale leaseback renewal options term	5 years
Through December 2057
Lessee, Lease, Description [Line Items]
Sale leaseback number of renewal options \| option	1
Sale leaseback renewal options term	4 years

Debt - Maturity of Debt (Details) - USD ($) $ in Millions	Jun. 27, 2025	Jun. 28, 2024
Debt Disclosure [Abstract]
2026	$ 20
2027	20
2028	20
2029	20
2030	20
2031 and thereafter	1,800
Total Debt	1,900	$ 0
Debt issuance costs	(51)	0
Net carrying value	$ 1,849	$ 0

Debt - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 04, 2025	Feb. 21, 2025	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of debt			$ 100	$ 0	$ 0
Western Digital Corporation
Debt Instrument [Line Items]
Dividends paid		$ 1,500
Term B Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		2,000
Term B Loan \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 100
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summarized Financial Information

12 Months Ended

Jun. 27, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information

Pursuant to Rule 4-08(g) of Regulation S-X under the Securities Act of 1933, as amended, the Company presents, on an equity method basis, summarized financial information for its non-consolidated joint ventures, including the Flash Ventures, the Unis Venture, and SDSS. The summarized financial information below includes the portions attributable to both the Company and the other investees in these entities.

The Company has been an investee in the Flash Ventures for all periods presented. The Company’s investment in SDSS was established upon the divestiture of the business on September 28, 2024, and its investment in the Unis Venture was transferred to the Company on January 24, 2025, See Note 10, Related Parties and Related Commitments and Contingencies for additional disclosures.

Accordingly, the summarized financial information of these ventures for the year ended June 30, 2025 includes the results of Flash Ventures, the Unis Venture and SDSS; whereas the comparative periods for the years ended June 28, 2024 and June 30, 2023, include only the Flash Ventures.

The table below presents the combined summarized financial information for these periods:


	2025		2024
	(in millions)
Current assets	$	1,423	$	777
Non-current assets	6,185		5,783
Total Assets	7,608		6,560
Current Liabilities	2,797		2,225
Non-current Liabilities	3,701		3,312
Total Liabilities	6,498		5,537
Total net equity of investees	$	1,110	$	1,023


	2025		2024		2023
	(in millions)
Net sales	$	2,315	$	2,252	$	2,788
Gross profit (loss)	(101)		(51)		138
Net income (loss)	$	(63)	$	(9)	$	89

Debt

12 Months Ended

Jun. 27, 2025

Debt Disclosure [Abstract]

Debt

Loan Agreement

Debt consisted of the following:


	June 27, 2025		June 28, 2024
	(in millions)
Variable interest rate Term Loan Facility maturing 2032	$	1,900	$	—
$1.5B Revolving Credit Facility maturing 2030	—		—
Total Debt	1,900		—
Unamortized Issuance Costs	51		—
Subtotal	1,849		—
Less: current portion of long-term debt	20		—
Long term debt	$	1,829	$	—

On February 21, 2025, the Company entered into a Loan Agreement (the “Loan Agreement”) by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the other parties party thereto. The Loan Agreement comprises a term loan B facility in the principal amount of $2.0 billion (the “Term Loan Facility”) and a revolving credit facility in the principal amount of $1.5 billion (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Facilities”).

The obligations under the Loan Agreement are guaranteed by the Company’s wholly-owned subsidiary, Sandisk Technologies, Inc. (“SDT”), and are required to be guaranteed by any of the Company’s future material U.S. wholly-owned subsidiaries, subject to certain exceptions outlined in the Loan Agreement. The obligations under the Loan Agreement are secured by the Company’s assets and SDT’s assets and are required to be secured by the assets of any of the Company’s future material U.S. wholly-owned subsidiaries, subject, in each case, to certain exceptions outlined in the Loan Agreement.

The Loan Agreement includes certain restrictions (subject to certain exceptions outlined in the Loan Agreement) on the ability of the Company and its subsidiaries to undertake certain activities, including to incur indebtedness and liens, merge or consolidate with other entities, dispose or transfer their assets, pay dividends or make distributions, make investments, make payments on junior or subordinated debt, enter into burdensome agreements or transact with affiliates. The Loan Agreement also includes a financial covenant, which is solely for the benefit of the lenders under the Revolving Credit Facility, that requires the Company to maintain a maximum Leverage Ratio (as defined in the Loan Agreement).

On February 21, 2025, the Company borrowed $2.0 billion under its Term Loan Facility. The Company used a portion of the proceeds of the borrowing to make a net distribution payment of $1.5 billion to WDC, with the remainder to be used for general corporate purposes of the Company. The Revolving Credit Facility may be borrowed by the Company from time to time for general corporate purposes.

In connection with the Loan Agreement, the Company and SDT entered into a security agreement to secure the obligations under the Facilities on a first-priority basis (subject to permitted liens) by a lien on substantially all the assets and properties of the Company and SDT, subject to certain exceptions.

In connection with the Loan Agreement, the Company (solely with respect to obligations of any additional Borrower under the Loan Agreement) and SDT entered into a guaranty agreement to secure and unconditionally guarantee the obligations under the Loan Agreement, respectively, in each case, subject to certain exceptions.

Term Loan Facility

The Term Loan Facility bears interest, at the Company’s option, at (x) the Adjusted Term SOFR Rate (as defined in the Loan Agreement) plus an interest rate margin of 3.00% per annum or (y) a base rate plus an interest rate margin of 2.00% per annum. The selection of the interest rate index determines the interest payment frequency, which is either monthly or quarterly. The Company may elect the applicable rate at the beginning of each interest period, subject to the terms of the agreement.

The outstanding principal balance of the Term Loan Facility is required to be repaid in quarterly installments beginning on June 27, 2025, in an aggregate amount equal to 0.25% of the aggregate principal amount of the Term Loan Facility and a final payment comprised of all principal and interest due and payable at maturity on February 20, 2032.

The annualized interest rate for Term Loan Facility as of June 27, 2025 was 7%. During the year ending June 27, 2025, the Company made scheduled and voluntary payments totaling $100 million.

In connection with the issuance of the Term Loan Facility, the Company recognized issuance costs of $54 million, which will be amortized to Interest expense over the life of the facility.

For the year ended June 27, 2025, the total interest expense was $51 million and amortization of issuance cost was $3 million.

Revolving Credit Facility

Borrowings under the Revolving Credit Facility, for U.S. dollar borrowings, will bear interest, at the Company’s option, at (x) the Adjusted Term SOFR Rate (as defined in the Loan Agreement), which rate includes a credit spread adjustment of 0.10%, plus an interest rate margin of 2.00% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)), or (y) a base rate plus an interest rate margin of 1.00% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)). The Company will pay a commitment fee of 0.30% per annum (subject to step-ups based on the Company’s Leverage Ratio (as defined in the Loan Agreement)) in respect of undrawn revolving commitments under the Revolving Credit Facility. The Revolving Credit Facility will also provide for borrowings in Euros, Yen, and additional currencies agreed to by the lenders under the Revolving Credit Facility. The Revolving Credit Facility will mature on February 21, 2030, at which time the commitments thereunder shall be terminated and will not have any amortization.

In connection with the issuance of the Revolving Credit Facility, the Company recognized deferred costs, classified as Other non-current assets of $8 million, which will be amortized to Interest expense over the life of the facility.

The Loan Agreement also includes a financial covenant, which is solely for the benefit of the lenders under the Revolving Credit Facility, that requires the Company to maintain a maximum Leverage Ratio (as defined in the Loan Agreement). As of June 27, 2025, the Company was in compliance with the financial covenant.

As of June 27, 2025, the Company had no outstanding standby letters of credit, and the available capacity under the Revolving Credit Facility was $1.5 billion.

For the year ended June 27, 2025, the total commitment fee expense was $2 million and amortization of issuance costs was $1 million.

Maturity of Debt

As of June 27, 2025, the Company is subject to required principal payment as follows:


	Contractual Maturity
	(in millions)
Fiscal year:
2026	$	20
2027	20
2028	20
2029	20
2030	20
2031 and thereafter	1,800
Total debt maturities	1,900
Issuance costs	(51)
Net carrying value	$	1,849

Subsequent to the June 27, 2025 fiscal year end, on August 4, 2025, the Company made a voluntary $100 million payment on its Term Loan Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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+ Details

Summarized Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023	Jul. 01, 2022
Schedule of Equity Method Investments [Line Items]
Current assets	$ 5,086	$ 3,548
Non-current assets	1,489	852
Total assets	12,985	13,506
Current Liabilities	1,427	2,123
Total Liabilities	3,769	2,424
Total net equity of investees	9,216	11,082	$ 11,439	$ 12,977
Net sales	7,355	6,663	6,086
Gross profit (loss)	2,212	1,072	430
Net Income (Loss)	$ (1,641)	(672)	(2,143)
Equity Method Investment Investee
Schedule of Equity Method Investments [Line Items]
Current assets		777
Non-current assets		5,783
Total assets		6,560
Current Liabilities		2,225
Non-current Liabilities		3,312
Total Liabilities		5,537
Total net equity of investees		1,023
Net sales		2,252	2,788
Gross profit (loss)		(51)	138
Net Income (Loss)		$ (9)	$ 89

Debt - Schedule of Debt (Details) - USD ($)	Jun. 27, 2025	Feb. 21, 2025	Jun. 28, 2024
Debt Instrument [Line Items]
Total Debt	$ 1,900,000,000		$ 0
Debt issuance costs	51,000,000		0
Subtotal	1,849,000,000		0
Less: current portion of long-term debt	20,000,000		0
Long-term debt	1,829,000,000		0
Term B Loan \| Line of Credit
Debt Instrument [Line Items]
Total Debt	1,900,000,000		0
Debt issuance costs		$ 54,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total Debt	$ 0		$ 0
Debt issuance costs		$ 8,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment and Goodwill (Details) - USD ($)	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Goodwill impairment	$ 1,830,000,000	$ 0	$ 671,000,000
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years

- Definition

+ References + Details

Shareholders' Equity - Valuation Allowance (Details) - ESPP	12 Months Ended
	Jun. 27, 2025 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average expected term (in years)	11 months 4 days
Risk-free interest rate	4.02%
Stock price volatility	56.00%
Dividend yield	0.00%
Fair value (in dollars per share)	$ 11.85

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 27, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Reporting (Details) - USD ($)	3 Months Ended		12 Months Ended
Segment Reporting (Details) - USD ($)	Jun. 27, 2025	Jun. 28, 2024	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net			$ 7,355,000,000	$ 6,663,000,000	$ 6,086,000,000
Stock-based compensation expenses			(182,000,000)	(149,000,000)	(165,000,000)
Amortization of acquired intangible assets					(133,000,000)
Employee termination and other			(21,000,000)	40,000,000	(69,000,000)
Goodwill impairment			(1,830,000,000)	0	(671,000,000)
Business separation costs			(67,000,000)	(64,000,000)	0
Gain on business divestiture			34,000,000	0	0
Total interest and other income (expense), net			(102,000,000)	(35,000,000)	33,000,000
Income tax expense	$ (162,000,000)	$ (169,000,000)	(162,000,000)	(169,000,000)	(141,000,000)
Net Income (Loss)			(1,641,000,000)	(672,000,000)	(2,143,000,000)
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue, net			7,355,000,000	6,663,000,000	6,086,000,000
Costs of revenue (1)			(5,127,000,000)	(5,607,000,000)	(5,637,000,000)
Operating expenses (1)			(1,539,000,000)	(1,365,000,000)	(1,425,000,000)
Stock-based compensation expenses			(182,000,000)	(149,000,000)	(165,000,000)
Amortization of acquired intangible assets			0	0	(133,000,000)
Employee termination and other			(21,000,000)	40,000,000	(69,000,000)
Goodwill impairment			(1,830,000,000)	0	(671,000,000)
Business separation costs			(67,000,000)	(64,000,000)	0
Strategic review			0	(20,000,000)	(20,000,000)
Gain on business divestiture			34,000,000	0	0
Recoveries of contamination related charges			0	36,000,000	0
Other			0	(2,000,000)	(1,000,000)
Total interest and other income (expense), net			(102,000,000)	(35,000,000)	33,000,000
Income tax expense			(162,000,000)	(169,000,000)	(141,000,000)
Net Income (Loss)			$ (1,641,000,000)	$ (672,000,000)	$ (2,143,000,000)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (1,641)	$ (672)	$ (2,143)
Other comprehensive income (loss), before tax:
Foreign currency translation adjustment	10	(43)	(35)
Net unrealized gain (loss) on derivative contracts	222	(87)	128
Total other comprehensive income (loss), before tax	232	(130)	93
Income tax benefit (expense) related to items of other comprehensive income (loss), before tax	(19)	21	(29)
Other comprehensive income (loss), net of tax	213	(109)	64
Total comprehensive loss	$ (1,428)	$ (781)	$ (2,079)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Derivative Instruments and Hedging Activities	12 Months Ended
Derivative Instruments and Hedging Activities	Jun. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of June 27, 2025, the Company had outstanding foreign exchange forward contracts that were designated as either cash flow hedges or non-designated hedges. Substantially all of the contract maturity dates of these foreign exchange forward contracts do not exceed twelve months. As of June 27, 2025, the Company did not have any derivative contracts with credit-risk-related contingent features. Changes in the fair values of the non-designated foreign exchange contracts are recognized in Other income (expense), net, and are largely offset by corresponding changes in the fair values of the foreign currency-denominated monetary assets and liabilities. For 2025, 2024, and 2023, total net realized and unrealized transactions and foreign exchange contract currency losses were $29 million, $4 million, and $5 million respectively. Unrealized gains or losses on designated cash flow hedges are recognized in AOCL. See Note 5, Supplemental Financial Statement Data—Accumulated other comprehensive loss for additional disclosures

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Shareholders' Equity - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 27, 2025	Jun. 27, 2025	Feb. 21, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental stock-based compensation expense	$ 11	$ 41
Incremental stock-based compensation expense, remaining		$ 30
Shares issued under the ESPP (in shares)		100
Shares issued under the ESPP		$ 5
2025 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	23,800	23,800
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	4,300	4,300
Percentage of market value		95.00%
WDC Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)			3,100

Legal Proceedings	12 Months Ended
Legal Proceedings	Jun. 27, 2025
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal ProceedingsIn the normal course of business, the Company is subject to legal proceedings, lawsuits and other claims. Although the ultimate aggregate amount of reasonably possible monetary liability or financial impact with respect to these other matters is subject to many uncertainties, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, would not be material to the Company’s financial condition, results of operations or cash flows. However, any monetary liability and financial impact to the Company from these matters could differ materially from the Company’s expectations

Shareholders' Equity (Tables)

12 Months Ended

Jun. 27, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense


	2025		2024		2023
	(in millions)
RSUs and PSUs	$	171	$	133	$	148
ESPP	11		16		17
Total	$	182	$	149	$	165


	2025		2024		2023
	(in millions)
Cost of revenue	$	16	$	20	$	19
Research and development	81		71		88
Selling general, and administrative	85		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 Costs		Weighted average service period
	(in millions)		(years)
RSUs and PSUs	$	315	2.27
ESPP	16		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 Shares	Weighted Average Grant Date Fair Value		Aggregate 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		—
Granted	1.5	50.47		—
Vested	(1.1)	34.07		46.95
Canceled/forfeited	(0.2)	36.14		—
RSUs and PSUs outstanding at June 27, 2025	6.6	$	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 rate	4.02		%
Stock price volatility	0.56
Dividend yield	—		%
Fair value	$	11.85

Related Parties and Related Commitments and Contingencies - Combined Consolidated Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Interest expense	$ 63	$ 40	$ 31
Interest income	(22)	(12)	(21)
Research and development	1,132	1,061	1,167
Selling, general and administrative	573	455	558
Business separation costs	67	64	0
Employee termination and other	21	(40)	69
Total operating expenses	3,589	1,540	2,465
Related Party
Related Party Transaction [Line Items]
Interest expense	7	6	16
Interest income	(1)	(37)	(29)
Research and development	189	723	750
Selling, general and administrative	158	418	452
Business separation costs	50	(40)	61
Employee termination and other	5	64	0
Total operating expenses	$ 402	$ 1,165	$ 1,263

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Organization, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies Description of the Company Sandisk Corporation (“Sandisk, or ” the “Company”) is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology. With a differentiated innovation engine driving advancements in storage and semiconductor technologies, Sandisk’s broad and ever-expanding portfolio delivers powerful flash storage solutions for AI workloads in datacenters, edge devices, and consumers. Sandisk’s technologies enable everyone from students, gamers, and home offices to the largest enterprises and public clouds to produce, analyze, and store data. The Company’s solutions include a broad range of solid state drives, embedded products, removable cards, universal serial bus drives and wafers and components. The Company’s broad portfolio of technology and products addresses multiple end markets of “Cloud,” “Client” and Consumer.” The Company operates primarily in the United States (“U.S.”), and also internationally, with a significant concentration in the Asia Pacific region. On October 30, 2023, Western Digital Corporation (“WDC”) announced that its board of directors (the “WDC Board of Directors”) authorized WDC management to pursue a plan to separate the Company into an independent public company (the “separation” or the “spin-off”). The separation received final approval by the WDC Board of Directors and was completed on February 21, 2025. Prior to February 21, 2025, the Company was wholly owned by WDC. On February 24, 2025, following the separation, the Company began trading as an independent, publicly traded company under the stock symbol “SNDK” on Nasdaq. WDC executed the spin-off of the Company through WDC’s pro rata distribution of 116,035,464, or 80.1%, of the Company’s outstanding shares of common stock to holders of WDC’s common stock as of the close of business on February 21, 2025. Each WDC stockholder received one-third (1/3) of one share of the Company’s common stock for each share of WDC’s common stock held by such WDC stockholder as of February 12, 2025, the record date of the distribution. Upon completion of the separation, WDC owned 28,827,787 or 19.9% of the shares of the Company’s common stock. On June 6, 2025, WDC disposed of 21,314,768 or 14.6% of the Company’s common stock through an exchange of Sandisk’s common stock for WDC debt held by WDC creditors. In connection with the separation, on February 21, 2025, the Company entered into definitive agreements with WDC that set forth the terms and conditions of the spin-off and provided a framework for the relationship between WDC and the Company following the separation. These agreements include the Separation and Distribution Agreement, which contains certain key provisions related to the spin-off, as well as a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, an Intellectual Property Cross-License Agreement, a Transitional Trademark License Agreement, and a Stockholder and Registration Rights Agreement, as described in and filed as Exhibits to the Company’s Current Report on Form 8-K on February 24, 2025 and incorporated by reference to this Annual Report on Form 10-K. Additionally, the Company adopted certain compensation plans filed as Exhibits to the Company’s Registration Statement on Form 10, initially filed with the U.S. Securities and Exchange Commission (“SEC”) on November 25, 2024, and as further amended thereafter and declared effective on January 31, 2025 (as amended, the “Form 10”). The Company also entered into various sublease agreements and established a stock compensation incentive plan in connection with the separation. On February 21, 2025, in connection with the separation, the Company entered into a $1.5 billion revolving credit facility that remains undrawn to date, and a $2.0 billion term loan facility due in 2032. The Company used a portion of the proceeds received from the term loan facility and cash on hand to make a net distribution payment of $1.5 billion to WDC in exchange for assets, liabilities, and certain legal entities of WDC associated with the Company. After the separation, outstanding restricted stock units (“RSU”) and performance stock units (“PSU”) previously granted by WDC to employees of the Company were adjusted per the terms of the Employee Matters Agreement, in an attempt to maintain the economic value of those awards before and after the separation. Generally, continuing Sandisk employees with outstanding RSU awards held as of the spin-off date were converted solely to equivalent RSU awards of the Company, and any outstanding WDC RSU awards held as of the spin-off date were canceled. Outstanding RSU and PSU awards at the time of the spin-off, held by employees at levels equal to Vice President and above, were converted into RSU and PSU awards of both the Company and WDC. Basis of Presentation On February 21, 2025, the Company became a standalone publicly-traded company, and the Company’s financial statements are now presented on a consolidated basis. Prior to the separation, the Company’s historical combined financial information was derived from WDC’s consolidated financial statements and accounting records and prepared as if the Company existed on a standalone basis. The financial statements for all periods presented, including the historical results of the Company prior to February 21, 2025, are now referred to as “Consolidated Financial Statements” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and policies and practices that are generally accepted in the industry in which it operates. The Company’s significant accounting policies are summarized below. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the preparation of the Consolidated Financial Statements. The accounts of these foreign subsidiaries have been remeasured using the U.S. dollar as the functional currency. Gains or losses resulting from the remeasurement of these accounts from local currencies into U.S. dollars were immaterial to the Consolidated Financial Statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for statement of operations items. Translation adjustments are recorded in Accumulated other comprehensive income (loss), a component of shareholders’ equity. Unless otherwise noted, all figures within the Consolidated Financial Statements are stated in U.S. Dollars and millions. Periods Prior to the Separation Prior to the separation on February 21, 2025, the Company was an operating segment of WDC. Consequently, standalone financial statements were not historically prepared for the Company. The accompanying Consolidated Financial Statements were prepared based upon WDC’s historical consolidated financial statements and accounting records. They were presented on a standalone basis as if the Company’s operations had been conducted independently from WDC. The Company utilized allocations and carve-out methodologies to prepare these historical Consolidated Financial Statements. The Consolidated Financial Statements included the historical results of operations, financial position, and cash flows of the Company and were prepared in accordance with GAAP, and the Company adopted accounting policies and practices generally accepted in the industry in which it operates. Intercompany transactions were eliminated. With the exception of balances associated with lending arrangements reflected within Notes due to (from) Western Digital Corporation in the Consolidated Balance Sheets, transactions between the Company and WDC were generally considered to be effectively settled in the Consolidated Financial Statements at the time the transactions were recorded. The total net effect of the settlement of these transactions was reflected in the Consolidated Statements of Cash Flows as a financing activity and in the Consolidated Balance Sheets as Net investment from Western Digital Corporation. General financing activities included the net impact of any cash movements resulting from WDC’s centralized treasury cash management. The Consolidated Balance Sheets included all assets and liabilities that were identifiable or otherwise attributable to the Company. Assets and liabilities shared between the Company and WDC were included in the standalone financial statements to the extent that the asset was primarily used by the Company. If the Company was not the primary user of the asset, it was excluded entirely from the Consolidated Financial Statements. WDC historically used a centralized approach to cash management and financing of its operations, as needed. Certain of the Company’s cash was transferred to WDC according to centrally managed cash programs by treasury, and WDC funded the Company’s operating and investing activities, as needed. Cash transfers to and from WDC’s cash management accounts were reflected as a component of the Net investment from Western Digital Corporation in the Consolidated Balance Sheets. Cash and cash equivalents in the Company’s Consolidated Balance Sheets primarily represented cash held locally by entities included in the Company’s Consolidated Financial Statements. None of the debt obligations of WDC or corresponding interest expense were included in the Consolidated Financial Statements, as the Company was neither the legal obligor nor transferee for any portion of such debt. WDC’s debt obligations were secured by a lien on substantially all assets and properties of WDC and certain key subsidiaries, which included assets and properties of the Company prior to the completion of the separation. The Consolidated Statements of Operations and Comprehensive Income (Loss) included all revenues and costs directly attributable to the Company as well as an allocation of expenses related to facilities, functions, and services provided by WDC. Allocation of general corporate expenses from WDC included, but was not limited to, executive management, finance, tax, legal, information technology, employee benefits administration, treasury, risk management, procurement, and other shared services. These corporate expenses were allocated to the Company based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount, revenue, or other relevant measures. The allocated costs were deemed to be settled between the Company and WDC in the period in which the expense was recorded in the Consolidated Statements of Operations. The Consolidated Statements of Cash Flows present these corporate expenses as cash flows from operating activities, as these costs were incurred by WDC on the Company’s behalf. The Company considers these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided to, the Company. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. Additionally, these costs may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from an unrelated third party. It is not practicable to estimate the actual costs that would have been incurred had the Company been a standalone company during the periods presented. The actual costs that may have been incurred would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by employees, and decisions with respect to areas such as facilities, information technology, and operating infrastructure. WDC maintains various stock-based compensation plans at a corporate level. Employees of the Company participated in those programs, and a portion of the compensation costs associated with those plans was included in the Company’s Consolidated Statements of Operations for the periods presented in this Annual Report on Form 10-K. Before the spin-off, stock-based compensation expense was included within Net investment from Western Digital Corporation. The amounts presented in the Consolidated Financial Statements are not necessarily indicative of future awards and may not reflect the results that the Company would have experienced as a standalone entity. Current and deferred income taxes and related tax expenses were determined based on the standalone results of the Company by applying Accounting Standards Codification (“ASC”) No. 740, Income Taxes, to the Company’s operations in each country as if it were a separate taxpayer (i.e., following the “Separate Return Methodology”). Periods Post Separation After the separation on February 21, 2025, the Company’s financial statements for the period from February 22, 2025, through June 27, 2025, are consolidated financial statements based on the Company’s reported results as a standalone company. All significant transactions and accounts between controlled entities within the Company were eliminated. Following the separation, certain functions continue to be provided by or for WDC under the Transition Services Agreement (“TSA”) for up to fifteen months or are being performed using the Company’s own resources or third-party service providers. As of June 27, 2025, charges under the TSA were not material. Fiscal Year The Company’s fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal years 2025, 2024, and 2023, which ended on June 27, 2025, June 28, 2024, and June 30, 2023, are each comprised of 52 weeks, with all quarters presented consisting of 13 weeks. Fiscal year 2026 will be comprised of 52 weeks and end on July 3, 2026. Unless otherwise indicated, references herein to specific years and quarters are to fiscal years and fiscal quarters, and references to financial information are on a consolidated basis. Segment Reporting The Company develops, manufactures, markets, and sells data storage devices and solutions based on NAND flash technology in the United States (“U.S.”) and in foreign countries through its sales personnel, dealers, distributors, retailers, and subsidiaries. The Company manages and reports its business operations under a single reportable operating segment. Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Chief Executive Officer, who is the CODM, evaluates the performance of the Company and makes resource allocation decisions for its single reportable operating segment based upon the Company’s consolidated net income (loss). The CODM considers variances of actual performance to forecasted amounts when making decisions. Asset information is not used by the CODM to evaluate performance or allocate resources. See Note 9, Segment Reporting, for additional disclosures. Use of Estimates Management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented, with consideration given to the potential impacts of current macroeconomic conditions, including the evolving impacts from tariffs. However, actual results could differ materially from these estimates. Business Separation Costs The Company has incurred separation and transition costs related to the completion of its separation from WDC. The separation and transition costs are recorded in Business separation costs in the Consolidated Statements of Operations. Cash Equivalents The Company’s cash equivalents represent highly liquid investments in money market funds, which are invested in U.S. Treasury securities and U.S. Government agency securities as well as time deposits with original maturities at purchase of three months or less. These deposits are maintained at financial institutions which may exceed U.S. federal insured limits. Cash equivalents are carried at cost which approximates fair value. Equity Investments The Company enters into certain strategic investments for the promotion of business and strategic objectives. The equity method of accounting is used if the Company’s ownership interest is greater than or equal to 20.0% but less than a majority or where the Company has the ability to exercise significant influence over operating and financial policies. The Company’s equity in the earnings or losses in equity-method investments is recognized in Other income (expense), net, in the Consolidated Statements of Operations. Equity earnings or losses in the Company’s equity method investments (as defined in Note 10, Related Parties and Related Commitments and Contingencies) are reported on a three-month lag. If the Company’s ownership interest is less than 20.0% and the Company does not have the ability to exercise significant influence over operating and financial policies of the investee, the Company accounts for these investments at fair value, or if these equity securities do not have a readily determinable fair value, these securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes. These investments are recorded in Other non-current assets in the Consolidated Balance Sheets and are periodically analyzed to determine whether or not impairment indicators exist. Variable Interest Entities The Company evaluates its investments and other significant relationships to determine whether any investee is a variable interest entity (“VIE”). If the Company concludes that an investee is a VIE, the Company evaluates its power to direct the activities of the investee, its obligation to absorb the expected losses of the investee and its right to receive the expected residual returns of the investee to determine whether the Company is the primary beneficiary of the investee. If the Company is the primary beneficiary of a VIE, the Company consolidates such entity and reflects the non-controlling interest of other beneficiaries of that entity. For the period presented, the Company determined that it did not have any VIEs that are required to be consolidated. Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value for all periods presented because of the short-term maturity of these assets and liabilities. The carrying value of notes receivable from Flash Ventures (as defined in Note 10, Related Parties and Related Commitments and Contingencies) also approximates fair value for all periods presented because they bear variable market rates of interest. The fair value of investments that are not accounted for under the equity method is based on appropriate market information. The carrying amounts of Notes due to (from) Western Digital Corporation approximate their fair value as the notes were due on demand. Inventories The Company values inventories at the lower of cost (first-in, first-out) or net realizable value. Inventory write-downs are recorded for the valuation of inventory at the lower of cost or net realizable value by analyzing market conditions and estimates of future sales prices as compared to inventory costs and inventory balances. The Company evaluates inventory balances for excess quantities and obsolescence on a regular basis by analyzing estimated demand, inventory on hand, sales levels and other information, and reduces inventory balances to net realizable value for excess and obsolete inventory based on this analysis. Unanticipated changes in technology or customer demand could result in a decrease in demand for one or more of the Company’s products, which may require a write-down of inventory that could materially affect operating results. Property, Plant and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. The cost of property, plant and equipment is depreciated over the estimated useful lives of the respective assets. The Company’s buildings and improvements are depreciated over periods ranging from fifteen to thirty years. The majority of the Company’s machinery and equipment, software and furniture and fixtures are depreciated on a straight-line basis over a period of two to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease terms. Goodwill Goodwill attributed to the Company represents the amount by which the purchase price of businesses acquired in a business combination exceeded the estimated fair value of acquired net assets. Goodwill is not amortized. Instead, it is tested for impairment on at least an annual basis or more frequently whenever events or changes in circumstances indicate that goodwill may be impaired. The Company performs an annual impairment test as of the beginning of its fourth quarter or sooner if an indicator of impairment exists. The Company uses qualitative factors to determine whether goodwill is more-likely-than-not impaired and whether a quantitative test for impairment is considered necessary. If the Company concludes from the qualitative assessment that goodwill is more-likely-than-not impaired, the Company is required to perform a quantitative approach to determine the amount of impairment. The Company is required to use judgment when applying the goodwill impairment test including the identification of reporting units, assignment of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit. In addition, the estimates used to determine the fair value of reporting units may change based on results of operations, macroeconomic conditions or other factors. Changes in these estimates could materially affect the Company’s assessment of the fair value and goodwill impairment. The Company’s assessment resulted in no impairment of goodwill in 2024. In 2025 and 2023, certain macroeconomic conditions caused the Company to perform a quantitative impairment analysis which resulted in a $1.8 billion and $671 million impairment of goodwill for the years ended June 27, 2025 and June 30, 2023, respectively. See Note 5, Supplemental Financial Statement Data for additional disclosures. Revenue and Accounts Receivable The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to the customer. The transaction price to be recognized as revenue is adjusted for variable consideration, such as sales incentives, and excludes amounts collected on behalf of third parties, including taxes imposed by governmental authorities. The Company’s performance obligations are typically not constrained based on the Company’s history with similar transactions and the fact that uncertainties are resolved in a fairly short period of time. Substantially all of the Company’s revenue is derived from the sale of tangible products for which the performance obligations are satisfied at a point in time, generally upon delivery. The Company’s services revenue mainly includes professional service arrangements and post-contract customer support, warranty as a service and maintenance contracts and was not material for the periods presented. The performance obligations for the Company’s services are generally satisfied ratably over the service period based on the nature of the service provided and contract terms. Similarly, revenue from patent licensing arrangements is recognized based on whether the arrangement provides the customer a right-to-use or right-to-access the IP. Revenue for a right to use arrangement is recognized at the time the control of the license is transferred to the customer. Revenue for a right to access arrangement is recognized over the contract period as the access is provided to the customer. For the sales-based royalty arrangements, the Company estimates and recognizes revenue in the period in which customers’ licensable sales occur. The Company’s customer payment terms are typically less than two months from the date control over the product or service is transferred to the customer. The Company uses the practical expedient and does not recognize a significant financing component for payment considerations of less than one year. The Company provides distributors and retailers, which we refer to collectively as resellers, with limited price protection for inventories held by resellers at the time of published list price reductions. The Company also provides resellers and OEMs with other sales incentive programs. The Company records estimated variable consideration related to these items as a reduction of revenue at the time of revenue recognition. The Company uses judgment in its assessment of variable consideration in contracts to be included in the transaction price. The Company uses the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable and believes that the expected value method is the appropriate estimate of the amount of variable consideration based on the fact that the Company has a large number of contracts with similar characteristics. For sales to OEMs, the Company’s methodology for estimating variable consideration is based on the amount of consideration expected to be earned based on the OEMs’ volume of purchases from the Company or other agreed-upon sales incentive programs. For sales to resellers, the Company’s methodology for estimating variable consideration is based on several factors including historical pricing information, current pricing trends and channel inventory levels. Differences between the estimated and actual amounts of variable consideration are recognized as adjustments to revenue. Marketing development program costs are typically recorded as a reduction of the transaction price and, therefore, of revenue. The Company nets sales rebates against open customer receivable balances if the criteria to offset are met, otherwise they are recorded in other accrued liabilities. For contracts with multiple performance obligations, the Company evaluates whether each deliverable is a distinct promise and should be accounted for as a separate performance obligation. If a promised good or service is not distinct in accordance with the revenue guidance, the Company combines that good or service with the other promised goods or services in the arrangement until a distinct bundle of goods is identified. If applicable, the Company allocates the transaction price to the performance obligations of each distinct product or service, or distinct bundle, based on their relative standalone selling prices. The Company records an allowance for doubtful accounts by analyzing specific customer accounts and assessing the risk of loss based on insolvency or other collection issues. In addition, the Company routinely analyzes the various receivable aging categories to establish reserves based on a combination of past due receivables and expected future losses. If the financial condition of a significant customer deteriorates resulting in its inability to pay its accounts when due, or if the Company’s overall loss trajectory changes significantly, an adjustment in the Company’s allowance for doubtful accounts would be required, which could materially affect operating results. Warranty The Company records an accrual for estimated warranty costs when revenue is recognized. The Company generally warrants its products for a period of one to five years, with a small number of products having a warranty ranging up to ten years or more. The warranty provision considers estimated product failure rates and trends, estimated replacement costs, estimated repair costs which include scrap costs and estimated costs for customer compensatory claims related to product quality issues, if any. For warranties ten years or greater, including lifetime warranties, the Company uses the estimated useful life of the product to calculate the warranty exposure. A statistical warranty tracking model is used to help prepare estimates and assist the Company in exercising judgment in determining the underlying estimates. The statistical tracking model captures specific details on product reliability, such as factory test data, historical field return rates and costs to repair by product type. Management’s judgment is subject to a greater degree of subjectivity with respect to newly introduced products because of limited field experience with those products upon which to base warranty estimates. Management reviews the warranty accrual quarterly for products shipped in prior periods and which are still under warranty. Any changes in the estimates underlying the accrual may result in adjustments that impact current period gross profit and income. Such changes are generally a result of differences between forecasted and actual return rate experience and costs to repair and could differ significantly from the estimates. Litigation and Other Contingencies When the Company becomes aware of a claim or potential claim, the Company assesses the likelihood of any loss or exposure. The Company discloses information regarding each material claim where the likelihood of a loss contingency is probable or reasonably possible. If a loss contingency is probable and the amount of the loss can be reasonably estimated, the Company records an accrual for the calculated loss exposure. In such cases, there may be an exposure to potential loss in excess of the amount accrued. Where a loss is not probable but is reasonably possible or where a loss in excess of the amount accrued is reasonably possible, the Company discloses an estimate of the amount of the loss or range of possible losses for the claim if a reasonable estimate can be made, unless the amount of such reasonably possible losses is not material to the Company’s financial position, results of operations or cash flows. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. The actual outcome of such matters could differ materially from management’s estimates. See Note 16, Legal Proceedings for additional disclosures related to the Company’s litigation. Advertising Expense Advertising costs are expensed as incurred and amounted to $29 million, $31 million, and $35 million in 2025, 2024 and 2023, respectively. These expenses are included in Selling, general and administrative in the Consolidated Statements of Operations. Research and Development Expense Research and Development (“R&D”) expenditures are expensed as incurred. Income Taxes Income taxes are calculated as if the Company filed U.S. tax returns on a stand-alone basis separate from WDC for the pre-spin period. The Company accounts for income taxes under the asset and liability method, which provides that deferred tax assets and liabilities be recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities and expected benefits of utilizing net operating loss (“NOL”) and tax credit carryforwards. The Company records a valuation allowance when it is more-likely-than-not that the deferred tax assets will not be realized. Each quarter, the Company evaluates the need for a valuation allowance for its deferred tax assets and adjusts the valuation allowance so that the Company records net deferred tax assets only to the extent that it has concluded it is more-likely-than-not that these deferred tax assets will be realized. The assessment of valuation allowances against the Company’s deferred tax assets requires estimation and significant judgment. The Company continues to assess and adjust its valuation allowance based on operating results and market conditions. The Company accounts for interest and penalties related to income taxes as a component of the provision for income taxes. The Company recognizes liabilities for uncertain tax positions based on a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty, no benefit is recognized in the financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties related to unrecognized tax benefits are recognized in liabilities recorded for uncertain tax positions and are recorded in the provision for income taxes. The actual liability for unrealized tax benefits in any such contingency may be materially different from the Company’s estimates, which could result in the need to record additional liabilities for unrecognized tax benefits or potentially adjust previously recorded liabilities for unrealized tax benefits and may materially affect the Company’s operating results. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed using the weighted average shares of common stock outstanding during the period and potentially dilutive common shares, including the effect of RSUs, PSUs, and right to purchase shares of common stock under the Company’s Employee Stock Purchase Program (“ESPP”) using the treasury stock method. Stock-based Compensation Expense Stock-based compensation represents the cost associated with stock-based awards granted to employees under stock-based compensation plans. The Company establishes stock-based compensation values at the grant date based on the estimated fair value of the award, and recognizes the cost on a straight-line basis over the requisite service period of the employee. The Company grants RSUs and PSUs subject to market conditions. RSUs are typically awarded to employees over a two- to four-year period. Market-conditioned PSUs are granted to employees with vesting conditions based on the Company’s stock price and are cliff-vested at the end of the service period. The fair value of RSUs is determined on the grant date based on the Company’s stock price at that time. The fair value of market-conditioned PSUs awards is determined on the grant date using a Monte Carlo simulation model, which estimates the probability of satisfying the market conditions of the award. Forfeitures are recognized as they occur. Stock-based compensation cost is recorded in Cost of Revenue and Operating Expenses in the Consolidated Statement of Income based on the employees’ respective functions. Prior to the separation, the Consolidated Statements of Operations included all stock-based compensation expenses for WDC RSU and PSU awards directly attributable to Sandisk’s employees, as well as an allocation of WDC’s corporate and shared functional employees’ expenses. See Note 12, Shareholders’ Equity for additional disclosures. Other comprehensive income (loss), net of tax Other comprehensive income (loss), net of tax refers to gains and losses that are recorded as an element of equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, is primarily comprised of unrealized gains or losses on foreign exchange contracts designated as cash flow hedges and foreign currency translation. Derivative Contracts The majority of the Company’s transactions are in U.S. dollars; however, some transactions are based in various foreign currencies. The Company purchases foreign exchange contracts to hedge the impact of foreign currency exchange fluctuations on certain underlying assets, liabilities and commitments for operating expenses and product costs denominated in foreign currencies. The purpose of entering into these hedging transactions is to minimize the impact of foreign currency fluctuations on the Company’s results of operations. Substantially all of these contract maturity dates do not exceed 12 months. All foreign exchange contracts are for risk management purposes only. The Company does not purchase foreign exchange contracts for speculative or trading purposes. The Company had foreign exchange contracts with commercial banks for European euro, Canadian dollar, Japanese yen, Malaysian ringgit, Korean won and Israeli shekel, which had an aggregate notional amount of $2.5 billion and $2.9 billion at June 27, 2025 and June 28, 2024, respectively. If the derivative is designated as a cash flow hedge and is determined to be highly effective, the change in fair value of the derivative is initially deferred in Other comprehensive income (loss), net of tax. These amounts are subsequently recognized into earnings when the underlying cash flow being hedged is recognized into earnings. Recognized gains and losses on foreign exchange contracts are reported in Cost of revenue and Operating expenses and presented in cash flows from operating activities. Hedge effectiveness is measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the underlying exposure’s terminal value. The Company determined the ineffectiveness associated with its cash flow hedges to be immaterial to the Consolidated Financial Statements for the periods presented. A change in the fair value of undesignated hedges is recognized in earnings in the period incurred and is reported in Other income (expense), net. Leases The Company leases certain domestic and international facilities under long-term, non-cancelable operating leases that expire at various dates through 2039. These leases include no material variable or contingent lease payments. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using the Company’s incremental borrowing rate. Operating lease assets also include prepaid lease payments minus any lease incentives. Extension or termination options present in the Company’s lease agreements are included in determining the right-of-use asset and lease liability when it is reasonably certain the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Warranty and Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Product Warranty Liability [Line Items]
Advertising costs	$ 29	$ 31	$ 35
Product Warranty Up To 10 Years Or More
Product Warranty Liability [Line Items]
Warranty term	10 years
Minimum
Product Warranty Liability [Line Items]
Warranty term	1 year
Maximum
Product Warranty Liability [Line Items]
Warranty term	5 years

Related Parties and Related Commitments and Contingencies (Tables)

12 Months Ended

Jun. 27, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Related Party Transactions

The following table presents the notes receivable from, and equity investments in, Flash Ventures for the periods presented:


	June 27, 2025		June 28, 2024
	(in millions)
Notes receivable, Flash Partners	$	7	$	1
Notes receivable, Flash Alliance	36		5
Notes receivable, Flash Forward	316		485
Investment in Flash Partners	55		148
Investment in Flash Alliance	115		219
Investment in Flash Forward	125		143
Total notes receivable and investments in Flash Ventures	$	654	$	1,001


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Interest expense on notes due to Western Digital Corporation	$	7	$	6	$	16
Interest (income) on notes due from Western Digital Corporation	$	(1)	$	(37)	$	(29)

The table below summarizes the impact of expense allocations from WDC in the Consolidated Statements of Operations for the periods presented:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Research and development	$	189	$	723	$	750
Selling general, and administrative	158		418		452
Business separation costs	50		(40)		61
Employee termination and other charges	5		64		—
Total allocation of Corporate Expenses	$	402	$	1,165	$	1,263


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Net transfers from Western Digital Corporation per Consolidated Statements of Shareholders’ Equity	$	(585)	$	275	$	376
Notes due (to) from Western Digital Corporation	(1,223)		113		316
Other assets and liabilities, net transferred from Western Digital Corporation	(105)		—		—
Unis venture transferred from Western Digital Corporation	(61)		—		—
Property, plant and equipment, net transferred from Western Digital Corporation	(27)		(11)		(18)
Tax balances transferred from Western Digital Corporation	(8)		17		2
Accumulated other comprehensive loss transferred to Western Digital Corporation	10		—		—
Tax indemnification liability transferred to Western Digital Corporation	112		—		—
Net transfers (to) from Western Digital Corporation per Consolidated Statements of Cash Flows	$	(1,887)	$	394	$	676

Schedule of Variable Interest Entities


	June 27, 2025
	(in millions)
Notes receivable	$	359
Equity investments	295
Operating lease guarantees	1,404
Inventory and prepayments	1,326
Maximum estimable loss exposure	$	3,384

Schedule of Guarantor Obligations


	Lease Amounts
	(Japanese yen, in billions)		(U.S. dollar, in millions)
Total guarantee obligations	¥	203	$	1,404


Annual Installments	Payment of Principal Amortization		Purchase Option Exercise Price at Final Lease Terms		Guarantee Amount
	(in millions)

2026	$	507	$	124	$	631
2027	259		106		365
2028	124		102		226
2029	48		55		103
2030	16		63		79
Total guarantee obligations	$	954	$	450	$	1,404

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Supplemental Financial Statement Data (Details) $ in Millions	12 Months Ended
	Jun. 27, 2025 USD ($) segment reporting_unit	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Number of reporting units \| reporting_unit	1
Tax indemnification liability to Western Digital Corporation	$ 112	$ 0	$ 0
Tax balances from (to) Western Digital Corporation	8	(17)	(2)
Related Party
Related Party Transaction [Line Items]
Tax indemnification liability to Western Digital Corporation	112	0	0
Tax balances from (to) Western Digital Corporation	$ (8)	$ 17	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Jun. 27, 2025
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands segment reporting requirements, primarily through enhanced disclosures surrounding significant segment expenses. This ASU expands on existing segment reporting requirements to require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity’s CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. These incremental disclosures are required beginning with the Company’s financial statements for the fiscal year ending 2025. The Company adopted the guidance retrospectively in the fourth quarter of fiscal 2025. See Note 9, Segment Reporting, for additional disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU calls for enhanced income tax disclosure requirements surrounding the tabular rate reconciliation and income taxes paid. The Company is currently compiling the information required for these disclosures. These incremental disclosures will be required beginning with the Company’s financial statements for the year ending July 3, 2026, with early adoption permitted. The Company expects to provide any required disclosures at that time. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which is intended to improve disclosures about the expenses of public entities. This ASU requires more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales and selling, general and administrative expenses) and requires public entities to disclose, on an annual and interim basis, the amounts of expenses included in each relevant expense caption presented on the face of the income statement within continuing operations, in a tabular format. Additionally, public entities will be required to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and, in annual reporting periods, the definition of selling expenses. This ASU is effective on either a prospective or retrospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently compiling the information required for these disclosures and assessing the basis of adoption. The Company expects to provide any required disclosures for annual reporting periods included in the Company’s financial statements for the year ending June 30, 2028.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases and Other Commitments (Tables)

12 Months Ended

Jun. 27, 2025

Leases [Abstract]

Schedule of Supplemental Balance Sheet Disclosures

The following table presents right-of-use lease assets and lease liabilities included in the Company’s Consolidated Balance Sheets:


	June 27, 2025		June 28, 2024
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	214	$	179

Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)	26		11
Long-term operating lease liabilities (included in other liabilities)	193		171
Total operating lease liabilities	$	219	$	182

Schedule of Supplemental Cash Flow

The following table summarizes supplemental disclosures of operating cost and cash flow information related to operating leases:


	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Cost of operating leases	$	38	$	29	$	21
Cash paid for operating leases	33		30		14
Operating lease assets obtained in exchange for operating lease liabilities	49		167		3
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement	—		71		—

The weighted average remaining lease term and discount rate for the Company’s operating leases were as follows:


	June 27, 2025		June 28, 2024
Weighted average remaining lease term in years	11.00		13.7
Weighted average discount rate	7.3	%	7.5	%

Schedule of Minimum Lease Payments

As of June 27, 2025, minimum lease payments were as follows:


	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
2026	$	41
2027	35
2028	28
2029	24
2030	20
Thereafter	183
Total future minimum lease payments	331
Less: Imputed interest	112
Present value of lease liabilities	$	219

Schedule of Minimum Long-Term Commitments

As of June 27, 2025, the Company had the following minimum long-term commitments:


	Long-term commitments
	(in millions)
Fiscal year:
2026	$	250
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$	2,633

CONSOLIDATED BALANCE SHEETS (Parenthetical) shares in Thousands	Jun. 27, 2025 $ / shares shares
Statement of Financial Position [Abstract]
Par value (in dollars per share) \| $ / shares	$ 0.01
Shares authorized (in shares)	450,000
Shares issued (in shares)	146,000
Shares outstanding (in shares)	146,000

Shareholders' Equity - Award Activity (Details) - RSUs and PSUs shares in Millions	12 Months Ended
	Jun. 27, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	0.0
Converted (in shares) \| shares	6.4
Granted (in shares) \| shares	1.5
Issued (in shares) \| shares	(1.1)
Canceled/forfeited (in shares) \| shares	(0.2)
Ending balance (in shares) \| shares	6.6
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per shares)	$ 0
Converted (in dollars per shares)	35.32
Granted (in dollars per shares)	50.47
Issued (in dollars per shares)	34.07
Canceled/forfeited (in dollars per shares)	36.14
Ending balance (in dollars per shares)	38.98
Aggregate Intrinsic Value at Vest Date
Beginning balance (in dollars per shares)	0
Issued (in dollars per shares)	46.95
Ending balance (in dollars per shares)	$ 0

Income Tax Expense - NOL And Tax Credits (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Operating Loss Carryforwards [Line Items]
Net earnings	$ (1,348)	$ (543)	$ (2,253)
Malaysia
Operating Loss Carryforwards [Line Items]
Net earnings	$ 82
Diluted net earnings per share (in dollars per share)	$ 0.56
State
Operating Loss Carryforwards [Line Items]
Tax credits	$ 38
Foreign
Operating Loss Carryforwards [Line Items]
NOL	$ 2,100

Segment Reporting

12 Months Ended

Jun. 27, 2025

Segment Reporting [Abstract]

Segment Reporting


	Year Ended
	June 27, 2025		June 28, 2024		June 30, 2023
	(in millions)
Revenue	$	7,355	$	6,663	$	6,086
Costs of revenue (1)	(5,127)		(5,607)		(5,637)
Operating expenses (1)	(1,539)		(1,365)		(1,425)
Stock-based compensation expenses	(182)		(149)		(165)
Amortization of acquired intangible assets	—		—		(133)
Employee termination and other	(21)		40		(69)
Goodwill impairment	(1,830)		—		(671)
Business separation costs	(67)		(64)		—
Strategic review	—		(20)		(20)
Gain on business divestiture	34		—		—
Recoveries of contamination related charges	—		36		—
Other	—		(2)		(1)
Total interest and other income (expense), net	(102)		(35)		33
Income tax expense	(162)		(169)		(141)
Net loss	$	(1,641)	$	(672)	$	(2,143)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Termination and Other Charges - Schedule of Net Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Employee termination and other	$ 21	$ (40)	$ 69
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Employee termination and other	18	15	68
Restructuring accrual	15	0	3
Asset impairments and other charges (gains)
Restructuring Cost and Reserve [Line Items]
Employee termination and other	0	5	1
Contract termination and other
Restructuring Cost and Reserve [Line Items]
Employee termination and other	3	0	0
Gain on sale-leaseback of facility
Restructuring Cost and Reserve [Line Items]
Employee termination and other	$ 0	$ (60)	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Tax Expense - Reconciliation of Income Tax Rate (Details)	3 Months Ended		12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate			21.00%	21.00%	21.00%
Tax rate differential on international incomes			(1.00%)	(42.00%)	(29.00%)
Foreign withholding tax			(1.00%)	(11.00%)	(2.00%)
Change in valuation allowance			0.00%	(2.00%)	0.00%
Tax effect of U.S foreign income inclusion			(7.00%)	(1.00%)	0.00%
Tax effect of U.S. foreign derived intangible income			1.00%	2.00%	3.00%
Tax effect of permanent differences			0.00%	(2.00%)	(1.00%)
Tax effect of goodwill impairment			(26.00%)	0.00%	(7.00%)
Tax effect of intangible assets			0.00%	1.00%	4.00%
Tax rate change			0.00%	1.00%	0.00%
Unremitted earnings of certain non-U.S. entities			(2.00%)	2.00%	0.00%
Change in uncertain tax positions			(1.00%)	(12.00%)	1.00%
Return to provision adjustment			1.00%	(1.00%)	0.00%
Foreign income tax credits			4.00%	5.00%	1.00%
R&D tax credits			1.00%	3.00%	1.00%
Federal audit settlements			0.00%	3.00%	0.00%
Other			(1.00%)	(1.00%)	1.00%
Effective income tax rate	(11.00%)	(34.00%)	(11.00%)	(34.00%)	(7.00%)

Supplemental Financial Statement Data - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2025	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,125	$ 2,994
Accumulated depreciation	(1,506)	(2,203)
Property, plant and equipment, net	619	791
Depreciation expense	163	224	$ 315
Amortization of intangible assets			$ 133
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10	10
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,480	2,340
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	390	397
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	176	123
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18	16
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 51	$ 108

Related Parties and Related Commitments and Contingencies - Schedule of Variable Interest Entity Maximum Loss Exposure (Details) - Jun. 27, 2025 - Related Party $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 3,384
Operating lease guarantees	1,404	¥ 203
Inventory and prepayments	1,326
Notes receivable
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	359
Equity investments
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 295