0001628280-25-050698 | 10-Q | XBRL Viewer

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Supplemental Financial Statement Data - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 9,216	$ 11,082
Other comprehensive income (loss)	25	254
Income tax expense related to items of other comprehensive income	(10)	(45)
Net current-period other comprehensive income (loss)	15	209
Ending balance	9,381	12,126
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(249)	(452)
Ending balance	(234)	$ (243)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(202)
Other comprehensive income (loss)	(14)
Income tax expense related to items of other comprehensive income	0
Net current-period other comprehensive income (loss)	(14)
Ending balance	(216)
Unrealized Income (Losses) on Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(47)
Other comprehensive income (loss)	39
Income tax expense related to items of other comprehensive income	(10)
Net current-period other comprehensive income (loss)	29
Ending balance	$ (18)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Segment Reporting

3 Months Ended

Oct. 03, 2025

Segment Reporting [Abstract]

Segment Reporting

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



	October 3, 2025		September 27, 2024
	(in millions)
Revenue	2,308		1,883
Costs of revenue (1)	1,617		1,152
Operating expenses (1)	446		377
Stock-based compensation expenses	53		41

Employee termination and other	(3)		2

Business separation costs	9		20

Loss on business divestiture	10		—


Total interest and other expense, net	52		24
Income tax expense	12		56
Net income	$	112	$	211

(1) For purposes of the management view presented to the CODM, Costs of revenue excludes stock-based compensation and business separation costs, and Operating expenses excludes stock-based compensation, employee termination, and business separation, each of which are presented separately in the table above.

- 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Current assets:
Cash and cash equivalents	$ 1,442	$ 1,481
Accounts receivable, net	1,193	1,068
Inventories	1,907	2,079
Income tax receivable	72	66
Other current assets	370	392
Total current assets	4,984	5,086
Non-current assets:
Property, plant and equipment, net	630	619
Notes receivable and investments in Flash Ventures	602	654
Goodwill	4,998	4,999
Deferred tax assets	57	58
Income tax receivable, non-current	61	80
Other non-current assets	1,417	1,489
Total assets	12,749	12,985
Current liabilities:
Accrued expenses	382	425
Accrued compensation	208	173
Income tax payables	22	43
Current portion of long-term debt	20	20
Total current liabilities	1,516	1,427
Non-current liabilities:
Deferred tax liabilities	28	17
Long-term debt	1,331	1,829
Other liabilities	493	496
Total liabilities	3,368	3,769
Commitments and contingencies (Notes 10, 11, 14 and 15)
Shareholders’ equity:
Common stock, $0.01 par value; authorized — 450 shares; issued and outstanding — 147 shares and 146000000 shares, respectively	1	1
Additional paid-in capital	11,286	11,248
Accumulated deficit	(1,672)	(1,784)
Accumulated other comprehensive loss	(234)	(249)
Total shareholders’ equity	9,381	9,216
Total liabilities and shareholders’ equity	12,749	12,985
Nonrelated Party
Current liabilities:
Accounts payable	398	366
Related Party
Current liabilities:
Accounts payable	$ 486	$ 400

Debt - Term Loan Facility (Details) - Term B Loan - Line of Credit - USD ($) $ in Millions		3 Months Ended
	Feb. 21, 2025	Oct. 03, 2025
Debt Instrument [Line Items]
Repayment percentage of principal	0.25%
Interest expense		$ 37
Amortization of issuance costs		$ 2
SOFR
Debt Instrument [Line Items]
Variable interest rate	3.00%
Base Rate
Debt Instrument [Line Items]
Variable interest rate	2.00%

- 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Oct. 03, 2025	Jun. 27, 2025
Statement of Financial Position [Abstract]
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	450	450
Shares issued (in shares)	147	146
Shares outstanding (in shares)	147	146

Related Parties and Related Commitments and Contingencies - Unis Venture (Details)	3 Months Ended		12 Months Ended
	Oct. 03, 2025	Sep. 27, 2024	Jun. 27, 2025
Accounts Receivable \| Customer Concentration Risk \| Unis Venture
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%		1.00%
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%

Debt (Tables)

3 Months Ended

Oct. 03, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Debt consisted of the following:


	October 3, 2025		June 27, 2025
	(in millions)
Variable interest rate Term Loan Facility maturing 2032	$	1,400	$	1,900
$1.5B Revolving Credit Facility maturing 2030	—		$	—
Total debt	1,400		$	1,900
Unamortized issuance costs	49		$	51
Subtotal	1,351		$	1,849
Less: Current portion of long-term debt	20		$	20
Long term debt	$	1,331	$	1,829

- 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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+ Details

Related Parties and Related Commitments and Contingencies - Combined Consolidated Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Related Party Transaction [Line Items]
Interest income on notes due from Western Digital Corporation	$ (40)	$ (2)
Interest expense on notes due to Western Digital Corporation	16	3
Research and development	316	283
Selling, general and administrative	179	130
Business separation costs	9	20
Employee termination and other	(3)	2
Total operating expenses	511	435
Related Party
Related Party Transaction [Line Items]
Interest income on notes due from Western Digital Corporation	0	(1)
Interest expense on notes due to Western Digital Corporation	0	2
Research and development	0	187
Selling, general and administrative	0	113
Business separation costs	0	2
Employee termination and other	0	20
Total operating expenses	$ 0	$ 322

- 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.

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+ 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

Leases and Other Commitments - Minimum Lease Payments (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Leases [Abstract]
Remaining nine months of 2026	$ 29
2027	36
2028	28
2029	24
2030	20
Thereafter	182
Total future minimum lease payments	319
Less: Imputed interest	107
Present value of lease liabilities	$ 212	$ 219

Geographic Information and Concentrations of Risk - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Disaggregation of Revenue [Line Items]
Revenue, net	$ 2,308	$ 1,883
Asia
Disaggregation of Revenue [Line Items]
Revenue, net	1,515	1,150
Americas
Disaggregation of Revenue [Line Items]
Revenue, net	406	443
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue, net	387	290
Datacenter
Disaggregation of Revenue [Line Items]
Revenue, net	269	300
Edge
Disaggregation of Revenue [Line Items]
Revenue, net	1,387	1,069
Consumer
Disaggregation of Revenue [Line Items]
Revenue, net	$ 652	$ 514

- 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.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Related Parties and Related Commitments and Contingencies - Schedule of Variable Interest Entity Maximum Loss Exposure (Details) - Oct. 03, 2025 - Related Party $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 3,094
Operating lease guarantees	1,219	¥ 180
Inventory and prepayments	1,273
Notes receivable
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	341
Equity investments
Guarantor Obligations [Line Items]
Maximum estimable loss exposure	$ 261

Supplemental Financial Statement Data - Schedule of Warranty Accrual (Details) $ in Millions	3 Months Ended
	Oct. 03, 2025 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty accrual, beginning of period	$ 44
Charges to operations	14
Utilization	(8)
Changes in estimate related to pre-existing warranties	4
Warranty accrual, end of period	$ 54

Geographic Information and Concentrations of Risk

3 Months Ended

Oct. 03, 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. Datacenter represents a large and growing end market comprised primarily of products for public or private cloud environments and enterprise customers. Through the Edge end market, the Company provides its original equipment manufacturer (“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:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Revenue by end market:
Datacenter	$	269	$	300
Edge	1,387		1,069
Consumer	652		514
Total revenue	$	2,308	$	1,883

Revenue by geography:
Asia	$	1,515	$	1,150
Americas	406		443
Europe, Middle East and Africa	387		290
Total revenue	$	2,308	$	1,883

The Company’s top 10 customers accounted for 40% and 53% of its net revenue for the three months ended October 3, 2025 and September 27, 2024, respectively. For the three months ended October 3, 2025 and September 27, 2024, no customer accounted for more than 10% of the Company’s net revenue.

Revenue

Contract assets represent the Company’s right to consideration where performance obligations are completed but the customer payments are not due until another performance obligation is satisfied. The Company had no contract assets as of October 3, 2025 or June 27, 2025. 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 October 3, 2025, and June 27, 2025, and changes in contract liabilities for the three months ended October 3, 2025 and September 27, 2024, 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.

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. For the three months ended October 3, 2025, the transaction price allocated to the remaining performance obligations was not material.

- 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.

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-Topic 606
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-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-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
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-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

Net Income per Common Share (Tables)

3 Months Ended

Oct. 03, 2025

Earnings Per Share [Abstract]

Schedule of Net Income (loss) per Common Share

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


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions, except per share amounts)


Net income	$	112	$	211

Weighted average shares outstanding:
Basic	146		145

Diluted (1)	149		145

Net income per common share:
Basic	$	0.77	$	1.46
Diluted (1)	$	0.75	$	1.46

(1) For the three months ended October 3, 2025, 0.7 million weighted average outstanding awards were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive.

Shareholders' Equity

3 Months Ended

Oct. 03, 2025

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

Shareholders’ Equity

Prior to the separation, certain 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 Condensed 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 awards 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 $29 million of incremental stock-based compensation expense over the remaining service period for the awards. Of this amount, $5 million was recognized during the quarter ended October 3, 2025, and approximately $24 million is expected to 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.

After the separation, certain employees of the Company participate in stock incentive plans which allow for stock-based compensation in a number of forms, including RSU awards, PSU awards, and an employee stock purchase plan (“ESPP”).

Restricted and Performance Stock Unit Awards

The fair value of an RSU award equals the closing share price on the grant date of the award. The fair value of a PSU award containing a market condition is estimated using a Monte Carlo simulation on the grant date. The expense associated with these awards is recognized over their requisite service period, usually four years for RSUs and three years for PSUs.

The following table summarizes RSU and PSU award activity under the Company’s incentive plans during the three months ended October 3, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value at Vest Date
	(in millions)
RSUs and PSUs outstanding at June 27, 2025	6.6	$	38.98	$	—

Granted	3.2	52.78		—
Issued	(1.0)	39.34		48.45

Canceled/forfeited	(0.2)	35.95		—
RSUs and PSUs outstanding at October 3, 2025	8.6	$	44.12	$	48.45

RSUs are generally settled in an equal number of shares of the Company’s common stock upon vesting. PSUs contain performance conditions under which the recipient may earn between 0% to 300% of the target number of shares awarded. The PSU awards consist of 1.4 million granted awards that could result in a maximum of 3.6 million shares available to vest if all PSU performance conditions are met. Forfeitures are recognized as they occur.

Compensation cost related to unvested RSUs, PSUs, and rights to purchase shares of common stock under the ESPP is 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 October 3, 2025:


	Unamortized Compensation Costs		Weighted average service period
	(in millions)		(years)
RSUs and PSUs	$	424	2.78
ESPP	—		—
Total unamortized compensation cost	$	424

Employee Stock Purchase Plan

The Company has an ESPP under which WDC, as its previously sole stockholder, 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 fiscal year.

Stock-based Compensation Expense

The following tables present the Company’s stock-based compensation for equity-settled awards by type, financial statement line, and the related tax benefit included in the Company’s Condensed Consolidated Statements of Operations:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
RSUs and PSUs	$	51	$	36
ESPP	2		5
Total	$	53	$	41


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Cost of revenue	$	4	$	6
Research and development	23		15
Selling general, and administrative	26		20
Subtotal	$	53	$	41
Tax benefit	(6)		(5)
Total	$	47	$	36

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.

- Definition

The entire disclosure for equity.

+ References

+ Details

Related Parties and Related Commitments and Contingencies

3 Months Ended

Oct. 03, 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 following table presents the notes receivable from, and equity investments in, Flash Ventures for the periods presented:


	October 3, 2025		June 27, 2025
	(in millions)
Notes receivable, Flash Partners	$	6	$	7
Notes receivable, Flash Alliance	39		36
Notes receivable, Flash Forward	296		316
Investment in Flash Partners	39		55
Investment in Flash Alliance	112		115
Investment in Flash Forward	110		125
Total notes receivable and investments in Flash Ventures	$	602	$	654

During the three months ended October 3, 2025 and September 27, 2024, the Company made net payments to Flash Ventures of $0.9 billion and $0.9 billion, respectively, for purchases of flash-based memory wafers and net loans. In addition, during the three months ended October 3, 2025, the Company received a $15 million dividend distribution from Flash Ventures.

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 October 3, 2025 and June 27, 2025, the Company had accounts payable balances due to Flash Ventures of $338 million and $279 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 October 3, 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.


	October 3, 2025
	(in millions)
Notes receivable	$	341
Equity investments	261
Operating lease guarantees	1,219
Inventory and prepayments	1,273
Maximum estimable loss exposure	$	3,094

The Company is obligated to pay for variable costs incurred by Flash Ventures in producing the Company’s share of Flash Ventures’ flash-based memory wafer supply, based on its rolling three-month forecast. The Company’s share 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 cannot 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 at nearly 100% of its manufacturing capacity. During the three months ended October 3, 2025, as a result of flash market conditions, the Company temporarily reduced its utilization of its share of Flash Ventures’ manufacturing capacity to a level that more closely aligned the Company’s flash-based wafer supply with projected demand. During the three months ended October 3, 2025, the Company incurred costs of $11 million associated with the reduction in utilization related to Flash Ventures, which was recorded as a charge to Cost of revenue. No such charges were incurred during the three months ended September 27, 2024.

The Company has facility agreements with Kioxia related to the construction and operation of Kioxia’s 300-millimeter wafer fabrication facility in Kitakami, Japan, referred to as “K1”, a wafer fabrication facility in Yokkaichi, Japan, referred to as “Y7”, and a wafer fabrication facility in Kitakami, Japan, referred to as “K2”. In connection with the construction of these facilities, the Company makes prepayments toward Kioxia’s 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 October 3, 2025, $914 million, with $131 million recorded within Other current assets and $783 million recorded within Other non-current assets in the Condensed Consolidated Balance Sheets, remain to be credited against future building depreciation charges and ultimately released within Costs of revenue when the Company’s inventory is sold. As of October 3, 2025, the Company is also committed to making additional building depreciation prepayments of $259 million, based on the Japanese yen to U.S. dollars exchange rate of ¥147.34 as of such date, payable as follows: $32 million for the remaining of fiscal year 2026, $119 million in fiscal year 2027, $95 million in fiscal year 2028 and $14 million in fiscal year 2029. As of October 3, 2025, in addition to the requirements to make building depreciation prepayments, the Company will also make payments for building depreciation of approximately $186 million at varying dates through fiscal year 2035.

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 research and development (“R&D”) activities with Kioxia and is contractually committed to a minimum funding level. R&D commitments due for the remaining nine months of 2026 are $87 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 October 3, 2025:


	Lease Amounts
	(Japanese yen, in billions)		(U.S. dollar, in millions)
Total guarantee obligations	¥	180	$	1,219

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 October 3, 2025:


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

2026	297		70		367
2027	274		104		378
2028	138		100		238
2029	58		54		112
2030	25		62		87
2031	2		35		37
Total guarantee obligations	$	794	$	425	$	1,219

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 October 3, 2025, no amounts have been accrued in the Condensed 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. 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.

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. The remaining $187 million pre-tax proceeds are payable in five equal installments of approximately $37 million on September 28 of each year through September 28, 2029.

On September 25, 2025, SanDisk China and JCET entered into an Amendment No. 1 to the Amended and Restated Equity Purchase Agreement that included a $10 million provision for working capital support, resulting in a reduction of the September 28, 2025 installment payment from JCET to $27 million. The Company recognized the adjustment as a Loss on business divestiture for the three months ended October 3, 2025.

As of October 3, 2025, the outstanding consideration receivable was recognized at its present value of $133 million, with $36 million classified as Other current assets and $97 million classified as Other non-current assets in the Condensed Consolidated Balance Sheets. The remaining present value discount of $17 million as of October 3, 2025 will be recognized using the effective interest method over the next four years as Interest income in the Condensed 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 within Other non-current assets in the Condensed Consolidated Balance Sheets. The Company’s 20% interest in the earnings of SDSS is recognized one quarter in arrears and is reported in Other expense, net in the Condensed Consolidated Statements of Operations. As of October 3, 2025, the 20% retained interest in SDSS was valued at $162 million.

Subsequent to and in connection with the Transaction, Western Digital Technologies, Inc. (“WDT,” a WDC affiliate) 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 it fails to meet its minimum annual commitment. The Supply Agreement also provides that if the Company’s 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 three months ended October 3, 2025, the Company made purchases of $139 million under the Supply Agreement and had a $147 million accounts payable balance due to SDSS as of October 3, 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 and develops data storage systems for the Chinese market.

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 within the Company’s Condensed 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 expense, net in the Condensed Consolidated Statements of Operations.

Revenue from products distributed by the Unis Venture is recognized upon sell-through to third-party customers. For the three months ended October 3, 2025, and September 27, 2024, the Company recognized approximately 1% and 1%, respectively, of its condensed consolidated revenue on products distributed by the Unis Venture. The outstanding accounts receivable due from the Unis Venture were 2% and 1% of Accounts receivable, net, as of October 3, 2025 and June 27, 2025, respectively.

Related Party Transactions

Separation and Distribution Agreement and Other Related Party Transactions with WDC

As described in Note 1, Organization and Basis of Presentation, 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 Condensed Combined Balance Sheets were retained by WDC and certain assets and liabilities not included in the Company’s Condensed Combined Balance Sheets were transferred to the Company as of the date of the separation.

As of quarter end October 3, 2025, the separation between the Company and WDC has been finalized, and no separation-related adjustments have been, or are expected to be, incurred going forward.

•Employee Matters Agreement - The Employee Matters Agreement allocates liabilities and responsibilities relating to employment matters, employee compensation and benefit plans and programs and other related matters. Pursuant to this agreement, during the three months ended October 3, 2025, the Company received reimbursement of short-term employee incentives totaling $22 million from WDC.

•Transition Services Agreement - The Transition Services Agreement 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.

•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 increased to reflect changes in indemnification obligations under the Tax Matters Agreement, which is recorded in Other expense, net in the Condensed Consolidated Statements of Operations. The remaining tax indemnification liability of $125 million is classified as Other liabilities in the Condensed Consolidated Balance Sheets as of October 3, 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 within Interest expense and Interest income in the Condensed Consolidated Statements of Operations for the periods presented:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Interest income on notes due from Western Digital Corporation	$	—	$	(1)
Interest expense on notes due to Western Digital Corporation	$	—	$	2

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 the Company or the benefit received by the Company.

Effective at the beginning of the second quarter of fiscal year 2025, the Company was operationally separated from the operations that were ultimately retained by WDC following completion of the spin-off. 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 fiscal year 2025 and those allocations ceased post-separation.

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


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Research and development	$	—	$	187
Selling general, and administrative	—		113
Business separation costs	—		2
Employee termination and other charges	—		20
Total allocation of Corporate Expenses	$	—	$	322

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 the Company 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 the Company 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 Condensed 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 Condensed Consolidated Statements of Shareholders’ Equity to the corresponding amounts on the Condensed Consolidated Statements of Cash Flows is as follows:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Net transfers from Western Digital Corporation per Condensed Consolidated Statements of Shareholders’ Equity	$	—	$	583
Notes due to Western Digital Corporation	—		(378)
Other assets and liabilities, net transferred from Western Digital Corporation	—		(6)

Property, plant and equipment, net transferred from Western Digital Corporation	—		(3)
Tax balances transferred from Western Digital Corporation	—		(7)


Net transfers to Western Digital Corporation per Condensed Consolidated Statements of Cash Flows	$	—	$	189

Related Parties and Related Commitments and Contingencies - Schedule of Notes Receivable and Investments in Related Parties (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	$ 602	$ 654
Flash Ventures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable and investments in Flash Ventures	602	654
Flash Partners Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	39	55
Flash Partners Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	6	7
Flash Alliance Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	112	115
Flash Alliance Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	39	36
Flash Forward Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments	110	125
Flash Forward Ltd \| Related Party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, related parties	$ 296	$ 316

Debt - Additional Information (Details) $ in Billions	Feb. 21, 2025 USD ($)
Western Digital Corporation
Debt Instrument [Line Items]
Dividends paid	$ 1.5
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1.5

- 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

Shareholders' Equity - Unamortized Compensation Costs (Details) $ in Millions	3 Months Ended
	Oct. 03, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 424
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 424
Weighted average service period	2 years 9 months 10 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized Compensation Costs	$ 0
Weighted average service period	0 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
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+ Details

Income Tax Expense - Schedule of Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Oct. 03, 2025 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning balance	$ 140
Gross increases related to current year tax positions	1
Gross decrease related to prior year tax positions	(4)
Unrecognized tax benefit, ending balance	$ 137

Supplemental Financial Statement Data (Details) $ in Millions	3 Months Ended
	Oct. 03, 2025 USD ($) reporting_unit segment	Jun. 27, 2025 USD ($)	Feb. 21, 2025 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 \| $	$ 125	$ 110
Related Party
Related Party Transaction [Line Items]
Tax indemnification liability \| $			$ 112

- 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 Current Portion of the Warranty Accrual (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Warranty accrual:
Current portion	$ 26	$ 22
Long-term portion	28	22
Total warranty accrual	$ 54	$ 44

Geographic Information and Concentrations of Risk - Additional Information (Details)	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Revenue from Contract with Customer \| Customer Concentration Risk \| Top Ten Customers
Concentration Risk [Line Items]
Concentration risk, percentage	40.00%	53.00%

- 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

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+ 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

Leases and Other Commitments (Tables)

3 Months Ended

Oct. 03, 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 Condensed Consolidated Balance Sheets:


	October 3, 2025		June 27, 2025
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	207	$	214

Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)	24		26
Long-term operating lease liabilities (included in other liabilities)	188		193
Total operating lease liabilities	$	212	$	219

Schedule of Supplemental Cash Flow

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


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Cost of operating leases	$	11	$	7
Cash paid for operating leases	10		7
Operating lease assets obtained in exchange for operating lease liabilities	2		—

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


	October 3, 2025		September 27, 2024
Weighted average remaining lease term in years	10.9		13.6
Weighted average discount rate	7.3	%	7.5	%

Schedule of Minimum Lease Payments

As of October 3, 2025, minimum lease payments were as follows:


	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
Remaining nine months of 2026	$	29
2027	36
2028	28
2029	24
2030	20
Thereafter	182
Total future minimum lease payments	319
Less: Imputed interest	107
Present value of lease liabilities	$	212

Schedule of Minimum Long-Term Commitments

As of October 3, 2025, the Company had the following minimum long-term commitments:


	Long-term commitments
	(in millions)
Fiscal year:
Remaining nine months of 2026	$	98
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$	2,481

Debt - Revolving Credit Facilities (Details) - USD ($)	Feb. 21, 2025	Oct. 03, 2025	Jun. 27, 2025
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 49,000,000	$ 51,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Variable interest rate	0.10%
Commitment fee percentage	0.30%
Debt Issuance Costs, Net	$ 8,000,000
Letters of credit outstanding		0
Available borrowing capacity		$ 1,500,000,000
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%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Cash flows from operating activities
Net income	$ 112	$ 211
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	36	54
Stock-based compensation	53	41
Deferred income taxes	3	(5)
Unrealized foreign exchange (gain) loss	1	(8)
Loss on sale of business divestiture	10	0
Amortization of debt issuance costs and discounts	2	0
Equity loss in investees, net of dividends received	27	10
Other non-cash operating activities, net	(6)	6
Settlement of accrued interest on Notes due to Western Digital Corporation	0	(96)
Changes in:
Accounts receivable, net	(125)	(102)
Inventories	172	(149)
Accounts payable	30	33
Accounts payable to related parties	86	39
Accrued expenses	(43)	(172)
Accrued compensation	35	(13)
Other assets and liabilities, net	95	20
Net cash provided by (used in) operating activities	488	(131)
Cash flows from investing activities
Purchases of property, plant and equipment	(50)	(67)
Proceeds from dispositions of business	25	0
Notes receivable issuances to Flash Ventures	(87)	(14)
Notes receivable proceeds from Flash Ventures	97	62
Net cash used in investing activities	(15)	(19)
Cash flows from financing activities
Taxes paid on vested stock awards under employee stock plans	(15)	0
Repayment of debt	(500)	0
Proceeds from principal repayments on Notes due from Western Digital Corporation	0	101
Repayments of principal on Notes due to Western Digital Corporation	0	(76)
Transfers from Western Digital Corporation	0	189
Net cash provided by (used in) financing activities	(515)	214
Effect of exchange rate changes on cash	3	1
Changes in cash and cash equivalents classified as assets held for sale	0	(71)
Net decrease in cash and cash equivalents	(39)	(6)
Cash and cash equivalents, beginning of year	1,481	328
Cash and cash equivalents, end of period	1,442	322
Supplemental disclosure of cash flow information:
Cash paid for interest	48	98
Cash received for interest	16	1
Cash paid for income taxes	39	0
Notes due to Western Digital Corporation	0	378
Changes in other assets and liabilities, net, from Western Digital Corporation	0	6
Property, plant and equipment from Western Digital Corporation	0	3
Tax balances to Western Digital Corporation	$ 0	$ 7

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Oct. 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation 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 consumer applications. 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 “Datacenter” (formerly referred to as “Cloud”), “Edge” (formerly referred to as “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 21, 2025, 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. 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 outstanding shares of the Company’s common stock. Following the distribution, the Company became an independent publicly listed company, and on February 24, 2025, the Company began trading as an independent, publicly traded company under the stock symbol “SNDK” on Nasdaq. 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 (“TSA”), 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 Quarterly Report on Form 10-Q. 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. The Company also entered into various sublease agreements and established a stock compensation incentive plan in connection with the separation. Also on February 21, 2025, in connection with the separation, the Company entered into a $1.5 billion revolving credit facility, which was undrawn at the separation 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. On June 9, 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, which shares were sold by affiliates of the WDC creditors in a registered public offering by the Company. All expenses for the offering were paid for by us. As of October 3, 2025, WDC continued to retain 7,513,019, or 5.1%, of the outstanding shares of the Company’s common stock. 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 consolidated 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 the policies and practices that are generally accepted in the industry in which it operates. Basis of Consolidation The Condensed 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 Condensed 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 Condensed 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 loss, a component of shareholders’ equity. Unless otherwise noted, all figures within the Condensed Consolidated Financial Statements are stated in U.S. dollars. Periods Prior to the Separation Prior to the separation on February 21, 2025, the Company was an operating segment of WDC. Consequently, standalone interim financial statements were not historically prepared for the Company. The accompanying Condensed Consolidated Financial Statements were prepared based upon WDC’s historical consolidated interim 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 historic Condensed Consolidated Financial Statements. The Condensed 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 has 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 Condensed Consolidated Balance Sheets, transactions between the Company and WDC were generally considered to be effectively settled in the Condensed Consolidated Financial Statements at the time the transactions were recorded. The total net effect of the settlement of these transactions was reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity and in the Condensed 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 Condensed Consolidated Statements of Operations and Comprehensive Income 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 Condensed Consolidated Statements of Operations. The Condensed 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 expense 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 cost associated with those plans was included in the Company’s Condensed Consolidated Statements of Operations for the periods presented in this Quarterly Report on Form 10-Q. Before the spin-off, stock-based compensation expense was included within Net investment from Western Digital Corporation. The amounts presented in the Condensed 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 October 3, 2025 are Condensed Consolidated Financial Statements based on the Company’s reported results as a standalone company. All transactions and accounts between controlled entities within the Company have been eliminated. Following the separation, certain functions continue to be provided by or for WDC for up to fifteen months under the TSA or are being performed using the Company’s own resources or third-party service providers. As of October 3, 2025, charges under the TSA were not material. Unaudited Interim Financial Information The Company has prepared the accompanying Condensed Consolidated Financial Statements pursuant to the rules and regulations of the SEC for interim financial reporting. These Condensed Consolidated Financial Statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s operations, financial position, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying notes for the year ended June 27, 2025, included in the Company’s Annual Report on Form 10-K. 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, the Company reports a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal year 2025, which ended on June 27, 2025, was comprised of 52 weeks, with all quarters consisting of 13 weeks. Fiscal year 2026 will be comprised of 53 weeks and will end on July 3, 2026, with the first fiscal quarter consisting of 14 weeks. 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 condensed consolidated basis. Segment Reporting The Company develops, manufactures, markets, and sells data storage devices and solutions based on NAND flash technology in the 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 condensed consolidated net income. 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. 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 within Business separation costs in the Condensed Consolidated Statements of Operations.

Segment Reporting (Tables)

3 Months Ended

Oct. 03, 2025

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated



	October 3, 2025		September 27, 2024
	(in millions)
Revenue	2,308		1,883
Costs of revenue (1)	1,617		1,152
Operating expenses (1)	446		377
Stock-based compensation expenses	53		41

Employee termination and other	(3)		2

Business separation costs	9		20

Loss on business divestiture	10		—


Total interest and other expense, net	52		24
Income tax expense	12		56
Net income	$	112	$	211

Income Tax Expense (Tables)

3 Months Ended

Oct. 03, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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


	Three Months Ended
	October 3, 2025			September 27, 2024
	(in millions)
Income before taxes	$	124		$	267
Income tax expense	12			56
Effective tax rate	10		%	21		%

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 three months ended October 3, 2025:


	(in millions)
Accrual balance at June 27, 2025	$	140

Gross increases related to current year tax positions	1
Gross decrease related to prior year tax positions	(4)



Accrual balance at October 3, 2025	$	137

Income Tax Expense

3 Months Ended

Oct. 03, 2025

Income Tax Disclosure [Abstract]

Income Tax Expense

H.R.1, more widely known as the One Big Beautiful Bill Act (“OBBBA”), was 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 the Company’s foreign subsidiaries are changed under H.R. 1, which applies to the Company’s fiscal years 2027 and onwards. Depending on the Company’s operating results, these changes can materially impact the Company’s effective tax rate and its operating cash flows. During the three months ended October 3, 2025, the Company recorded a $10 million tax benefit in relation to the OBBBA’s impact on its 2025 tax provision.

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 fiscal year 2026 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 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 fiscal year 2025. For the first fiscal quarter of 2026, the Company expects to be able to meet certain transitional safe harbors and does not expect any material Pillar Two taxes. There may be material increases in the Company’s future tax obligations if the Company’s operating results change.

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


	Three Months Ended
	October 3, 2025			September 27, 2024
	(in millions)
Income before taxes	$	124		$	267
Income tax expense	12			56
Effective tax rate	10		%	21		%

The relative mix of earnings and losses by jurisdiction, 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 three months ended October 3, 2025.

The relative mix of earnings and losses by jurisdiction, the deduction for foreign-derived intangible income, 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 three months ended September 27, 2024. However, the tax effects of the mandatory capitalization of R&D expenses offset these decreases, resulting in the effective tax rate being closer to the U.S. Federal statutory rate for the three months ended September 27, 2024.

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 Condensed Consolidated Balance Sheets.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding accrued interest and penalties for the three months ended October 3, 2025:


	(in millions)
Accrual balance at June 27, 2025	$	140

Gross increases related to current year tax positions	1
Gross decrease related to prior year tax positions	(4)



Accrual balance at October 3, 2025	$	137

As of October 3, 2025 and June 27, 2025, the liability for unrecognized tax benefits (excluding accrued interest and penalties) was $137 million and $140 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 October 3, 2025 and June 27, 2025 was $13 million and $11 million, respectively.

The Company believes that 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 not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Any significant change in the amount of the Company’s liability for unrecognized tax benefits would most likely result from additional information relating to the examination of the Company’s tax returns.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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 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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+ Details

Related Parties and Related Commitments and Contingencies - Schedule of Remaining Guarantee Obligations (Details) - Flash Ventures $ in Millions	Oct. 03, 2025 USD ($)
Guarantor Obligations [Line Items]
2026	$ 367
2027	378
2028	238
2029	112
2030	87
2031	37
Total guarantee obligations	1,219
Payment of Principal Amortization
Guarantor Obligations [Line Items]
2026	297
2027	274
2028	138
2029	58
2030	25
2031	2
Total guarantee obligations	794
Purchase Option Exercise Price at Final Lease Terms
Guarantor Obligations [Line Items]
2026	70
2027	104
2028	100
2029	54
2030	62
2031	35
Total guarantee obligations	$ 425

Leases and Other Commitments - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024	Jun. 27, 2025
Leases [Abstract]
Cost of operating leases	$ 11	$ 7
Cash paid for operating leases	10	7
Operating lease assets obtained in exchange for operating lease liabilities	$ 2	$ 0
Weighted average remaining lease term in years	10 years 10 months 24 days		13 years 7 months 6 days
Weighted average discount rate	7.30%		7.50%

Debt

3 Months Ended

Oct. 03, 2025

Debt Disclosure [Abstract]

Debt

Loan Agreement

Debt consisted of the following:


	October 3, 2025		June 27, 2025
	(in millions)
Variable interest rate Term Loan Facility maturing 2032	$	1,400	$	1,900
$1.5B Revolving Credit Facility maturing 2030	—		$	—
Total debt	1,400		$	1,900
Unamortized issuance costs	49		$	51
Subtotal	1,351		$	1,849
Less: Current portion of long-term debt	20		$	20
Long term debt	$	1,331	$	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 prohibits the Company from exceeding 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 outstanding principal balance of the Term Loan Facility is required to be repaid in quarterly installments that began on June 27, 2025, in an aggregate amount equal to 0.25% of the aggregate principal amount of the Term Loan Facility. A final payment comprised of all principal and interest is due and payable at maturity on February 20, 2032.

For the three months ended October 3, 2025, interest expense was $37 million and amortization of issuance costs was $2 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 are 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 prohibits the Company from exceeding a maximum Leverage Ratio (as defined in the Loan Agreement). As of October 3, 2025, the Company was in compliance with the financial covenant.

As of October 3, 2025, the Company had no outstanding standby letters of credit, and the available capacity under the Revolving Credit Facility was $1.5 billion.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Geographic Information and Concentrations of Risk (Tables)

3 Months Ended

Oct. 03, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s disaggregated revenue information was as follows:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Revenue by end market:
Datacenter	$	269	$	300
Edge	1,387		1,069
Consumer	652		514
Total revenue	$	2,308	$	1,883

Revenue by geography:
Asia	$	1,515	$	1,150
Americas	406		443
Europe, Middle East and Africa	387		290
Total revenue	$	2,308	$	1,883

Supplemental Financial Statement Data - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,160	$ 2,125
Accumulated depreciation	(1,530)	(1,506)
Property, plant and equipment, net	630	619
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	1,499	1,480
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	393	390
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	182	176
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18	18
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 58	$ 51

Supplemental Financial Statement Data (Tables)

3 Months Ended

Oct. 03, 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:


	Goodwill
	(in millions)
Balance at June 27, 2025	$	4,999

Impairment charges	—
Foreign currency translation adjustment	(1)
Balance at October 3, 2025	$	4,998

Schedule of Inventories

Inventories


	October 3, 2025		June 27, 2025
	(in millions)
Inventories:
Raw materials and component parts	$	1,289	$	1,517
Work-in-process	255		262
Finished goods	363		300
Total inventories	$	1,907	$	2,079

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net


	October 3, 2025		June 27, 2025
	(in millions)
Property, plant and equipment:
Land	$	10	$	10
Machinery and equipment	1,499		1,480
Buildings and improvements	393		390
Computer equipment and software	182		176
Furniture and fixtures	18		18
Construction-in-process	58		51
Property, plant and equipment, gross	2,160		2,125
Accumulated depreciation	(1,530)		(1,506)
Property, plant and equipment, net	$	630	$	619

Schedule of Product Warranty Liability

Product warranty liability

Changes in the warranty accrual were as follows:



	October 3, 2025
	(in millions)
Warranty accrual, beginning of period	$	44
Charges to operations	14
Utilization	(8)
Changes in estimate related to pre-existing warranties	4
Warranty accrual, end of period	$	54

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:


	October 3, 2025		June 27, 2025
	(in millions)
Warranty accrual:
Current portion	$	26	$	22
Long-term portion	28		22
Total warranty accrual	$	54	$	44

Schedule of Other Liabilities

Other liabilities


	October 3, 2025		June 27, 2025
	(in millions)
Other liabilities:
Non-current lease liability	$	188	$	193
Non-current net tax payable	112		131
Tax indemnification liability	125		110
Other non-current liabilities	68		62
Total other liabilities	$	493	$	496

Schedule of 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 27, 2025	$	(202)	$	(47)	$	(249)
Other comprehensive income (loss)	(14)		39		25
Income tax expense related to items of other comprehensive income	—		(10)		(10)
Net current-period other comprehensive income (loss)	(14)		29		15

Balance at October 3, 2025	$	(216)	$	(18)	$	(234)

- 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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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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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Topic 350
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Leases and Other Commitments - Schedule of Minimum Long-Term Commitments (Details) $ in Millions	Oct. 03, 2025 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remaining nine months of 2026	$ 98
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$ 2,481

Fair Value Measurements and Investments - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Liabilities
Fair value of debt	$ 1,400
Fair Value, Measurements, Recurring
Assets
Total assets at fair value	537	$ 768
Liabilities
Total liabilities at fair value	9	22
Fair Value, Measurements, Recurring \| Foreign exchange contracts
Assets
Derivative Asset	4	17
Liabilities
Derivative liability	9	22
Fair Value, Measurements, Recurring \| Cash equivalents - Money market funds
Assets
Cash equivalents - Money market funds	533	751
Fair Value, Measurements, Recurring \| Level 1
Assets
Total assets at fair value	533	751
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	533	751
Fair Value, Measurements, Recurring \| Level 2
Assets
Total assets at fair value	4	17
Liabilities
Total liabilities at fair value	9	22
Fair Value, Measurements, Recurring \| Level 2 \| Foreign exchange contracts
Assets
Derivative Asset	4	17
Liabilities
Derivative liability	9	22
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

Related Parties and Related Commitments and Contingencies (Tables)

3 Months Ended

Oct. 03, 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:


	October 3, 2025		June 27, 2025
	(in millions)
Notes receivable, Flash Partners	$	6	$	7
Notes receivable, Flash Alliance	39		36
Notes receivable, Flash Forward	296		316
Investment in Flash Partners	39		55
Investment in Flash Alliance	112		115
Investment in Flash Forward	110		125
Total notes receivable and investments in Flash Ventures	$	602	$	654


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Interest income on notes due from Western Digital Corporation	$	—	$	(1)
Interest expense on notes due to Western Digital Corporation	$	—	$	2

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


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Research and development	$	—	$	187
Selling general, and administrative	—		113
Business separation costs	—		2
Employee termination and other charges	—		20
Total allocation of Corporate Expenses	$	—	$	322


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Net transfers from Western Digital Corporation per Condensed Consolidated Statements of Shareholders’ Equity	$	—	$	583
Notes due to Western Digital Corporation	—		(378)
Other assets and liabilities, net transferred from Western Digital Corporation	—		(6)

Property, plant and equipment, net transferred from Western Digital Corporation	—		(3)
Tax balances transferred from Western Digital Corporation	—		(7)


Net transfers to Western Digital Corporation per Condensed Consolidated Statements of Cash Flows	$	—	$	189

Schedule of Variable Interest Entities


	October 3, 2025
	(in millions)
Notes receivable	$	341
Equity investments	261
Operating lease guarantees	1,219
Inventory and prepayments	1,273
Maximum estimable loss exposure	$	3,094

Schedule of Guarantor Obligations


	Lease Amounts
	(Japanese yen, in billions)		(U.S. dollar, in millions)
Total guarantee obligations	¥	180	$	1,219


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

2026	297		70		367
2027	274		104		378
2028	138		100		238
2029	58		54		112
2030	25		62		87
2031	2		35		37
Total guarantee obligations	$	794	$	425	$	1,219

- 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

Legal Proceedings	3 Months Ended
Legal Proceedings	Oct. 03, 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

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Oct. 03, 2025	Sep. 27, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 2,308	$ 1,883
Stock-based compensation expenses	53	41
Employee termination and other	3	(2)
Business separation costs	9	20
Loss on sale of business divestiture	10	0
Total interest and other expense, net	(52)	(24)
Income tax expense	12	56
Net income	(112)	(211)
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	2,308	1,883
Costs of revenue	1,617	1,152
Operating expenses	446	377
Stock-based compensation expenses	53	41
Employee termination and other	(3)	2
Business separation costs	9	20
Loss on sale of business divestiture	10	0
Total interest and other expense, net	52	24
Income tax expense	12	56
Net income	$ 112	$ 211

Revenue

3 Months Ended

Oct. 03, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Geographic Information and Concentrations of Risk

Disaggregated Revenue

The Company’s disaggregated revenue information was as follows:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Revenue by end market:
Datacenter	$	269	$	300
Edge	1,387		1,069
Consumer	652		514
Total revenue	$	2,308	$	1,883

Revenue by geography:
Asia	$	1,515	$	1,150
Americas	406		443
Europe, Middle East and Africa	387		290
Total revenue	$	2,308	$	1,883

Revenue

- Definition

+ 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
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-Paragraph 10
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-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
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-Publisher FASB
-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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Related Parties and Related Commitments and Contingencies - Schedule of Guarantor Obligations (Details) - Oct. 03, 2025 $ in Millions, ¥ in Billions	USD ($)	JPY (¥)
Related Party
Loss Contingencies [Line Items]
Total guarantee obligations	$ 1,219	¥ 180

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 450
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Income Tax Expense - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income before taxes	$ 124	$ 267
Income tax expense	$ 12	$ 56
Effective tax rate	10.00%	21.00%

- 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
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Related Parties and Related Commitments and Contingencies - Net Transfer From (to) Parent (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Related Party Transaction [Line Items]
Net transfers from Western Digital Corporation per Condensed Consolidated Statements of Shareholders’ Equity		$ 583
Other assets and liabilities, net transferred from Western Digital Corporation	$ 0	6
Property, plant and equipment, net transferred from Western Digital Corporation	0	3
Tax balances transferred from Western Digital Corporation	0	7
Related Party
Related Party Transaction [Line Items]
Net transfers from Western Digital Corporation per Condensed Consolidated Statements of Shareholders’ Equity	0	583
Notes due to Western Digital Corporation	0	(378)
Other assets and liabilities, net transferred from Western Digital Corporation	0	(6)
Property, plant and equipment, net transferred from Western Digital Corporation	0	(3)
Tax balances transferred from Western Digital Corporation	0	(7)
Net transfers to Western Digital Corporation per Condensed Consolidated Statements of Cash Flows	$ 0	$ 189

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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.

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Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Oct. 03, 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 consolidated 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 the policies and practices that are generally accepted in the industry in which it operates. Periods Prior to the Separation Prior to the separation on February 21, 2025, the Company was an operating segment of WDC. Consequently, standalone interim financial statements were not historically prepared for the Company. The accompanying Condensed Consolidated Financial Statements were prepared based upon WDC’s historical consolidated interim 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 historic Condensed Consolidated Financial Statements. The Condensed 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 has 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 Condensed Consolidated Balance Sheets, transactions between the Company and WDC were generally considered to be effectively settled in the Condensed Consolidated Financial Statements at the time the transactions were recorded. The total net effect of the settlement of these transactions was reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity and in the Condensed 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 Condensed Consolidated Statements of Operations and Comprehensive Income 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 Condensed Consolidated Statements of Operations. The Condensed 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 expense 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 cost associated with those plans was included in the Company’s Condensed Consolidated Statements of Operations for the periods presented in this Quarterly Report on Form 10-Q. Before the spin-off, stock-based compensation expense was included within Net investment from Western Digital Corporation. The amounts presented in the Condensed 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 October 3, 2025 are Condensed Consolidated Financial Statements based on the Company’s reported results as a standalone company. All transactions and accounts between controlled entities within the Company have been eliminated. Following the separation, certain functions continue to be provided by or for WDC for up to fifteen months under the TSA or are being performed using the Company’s own resources or third-party service providers. As of October 3, 2025, charges under the TSA were not material. Unaudited Interim Financial Information The Company has prepared the accompanying Condensed Consolidated Financial Statements pursuant to the rules and regulations of the SEC for interim financial reporting. These Condensed Consolidated Financial Statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s operations, financial position, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying notes for the year ended June 27, 2025, included in the Company’s Annual Report on Form 10-K
Basis of Consolidation	Basis of Consolidation The Condensed 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 Condensed 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 Condensed 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 loss, a component of shareholders’ equity. Unless otherwise noted, all figures within the Condensed Consolidated Financial Statements are stated in U.S. dollars.
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, the Company reports a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal year 2025, which ended on June 27, 2025, was comprised of 52 weeks, with all quarters consisting of 13 weeks. Fiscal year 2026 will be comprised of 53 weeks and will end on July 3, 2026, with the first fiscal quarter consisting of 14 weeks. 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 condensed 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 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 condensed consolidated net income. 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.
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 within Business separation costs in the Condensed Consolidated Statements of Operations.
Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Recently Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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.
Fair Value Measurements and Investments	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.

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Disclosure of accounting policy for segment reporting.

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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Supplemental Financial Statement Data - Schedule of Inventories (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and component parts	$ 1,289	$ 1,517
Work-in-process	255	262
Finished goods	363	300
Total inventories	$ 1,907	$ 2,079

Fair Value Measurements and Investments

3 Months Ended

Oct. 03, 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.

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:


	October 3, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	533	$	—	$	—	$	533
Foreign exchange contracts (included in Other current assets)	—		4		—		4
Total assets at fair value	$	533	$	4	$	—	$	537
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	9	$	—	$	9
Total liabilities at fair value	$	—	$	9	$	—	$	9


	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

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 $1.4 billion as of October 3, 2025. The fair value of the debt was determined based on observable market prices in less active markets. The fair values do not indicate the amount the Company would have to pay to extinguish the debt. For more information regarding debt, see Note 8, Debt f

- 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

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+ Details

Supplemental Financial Statement Data - Accounts Receivable, Net (Details) - USD ($)	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024	Jun. 27, 2025
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	$ 0

Debt - Schedule of Debt (Details) - USD ($)	Oct. 03, 2025	Jun. 27, 2025	Feb. 21, 2025
Debt Instrument [Line Items]
Total debt	$ 1,400,000,000	$ 1,900,000,000
Unamortized issuance costs	49,000,000	51,000,000
Subtotal	1,351,000,000	1,849,000,000
Less: Current portion of long-term debt	20,000,000	20,000,000
Long-term debt	1,331,000,000	1,829,000,000
Term B Loan \| Line of Credit
Debt Instrument [Line Items]
Total debt	1,400,000,000	1,900,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 0	$ 0
Unamortized 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

Shareholders' Equity - Award Activity (Details) - RSUs and PSUs shares in Millions	3 Months Ended
	Oct. 03, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	6.6
Granted (in shares) \| shares	3.2
Issued (in shares) \| shares	(1.0)
Canceled/forfeited (in shares) \| shares	(0.2)
Ending balance (in shares) \| shares	8.6
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per shares)	$ 38.98
Granted (in dollars per shares)	52.78
Issued (in dollars per shares)	39.34
Canceled/forfeited (in dollars per shares)	35.95
Ending balance (in dollars per shares)	44.12
Aggregate Intrinsic Value at Vest Date
Beginning balance (in dollars per shares)	0
Granted (in dollars per shares)	0
Issued (in dollars per shares)	48.45
Canceled/forfeited (in dollars per shares)	0
Ending balance (in dollars per shares)	$ 48.45

Supplemental Financial Statement Data - Goodwill Roll Forward (Details) - USD ($)	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Goodwill [Roll Forward]
Balance at June 27, 2025	$ 4,999,000,000
Impairment charges	0	$ 0
Foreign currency translation adjustment	(1,000,000)
Balance at October 3, 2025	$ 4,998,000,000

- 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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+ 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

Supplemental Financial Statement Data - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Other liabilities:
Non-current lease liability	$ 188	$ 193
Non-current net tax payable	112	131
Tax indemnification liability	125	110
Other non-current liabilities	68	62
Total other liabilities	$ 493	$ 496

Related Parties and Related Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024	Jun. 27, 2025	Feb. 21, 2025
Related Party Transaction [Line Items]
Tax indemnification liability	$ 125,000,000		$ 110,000,000
Repayment of debt	$ 500,000,000	$ 0
Flash Ventures
Related Party Transaction [Line Items]
Ownership percentage	49.90%
Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 486,000,000		400,000,000
Investment funding commitments, percentage	50.00%
Manufacturing capacity percent operating	100.00%
Costs incurred associated with reduction in utilization	$ 11,000,000	0
Tax indemnification liability				$ 112,000,000
Notes payable	550,000,000
Repayment of debt	6,000,000
Related Party \| WDC Subsidiaries
Related Party Transaction [Line Items]
Notes payable	553,000,000
Related Party \| Research And Development Commitments
Related Party Transaction [Line Items]
Related party transaction	87,000,000
Related Party \| Reimbursement of Short-Term Employee Incentives
Related Party Transaction [Line Items]
Related party transaction	$ 22,000,000
Related Party \| Maximum
Related Party Transaction [Line Items]
Investment funding commitments, percentage	50.00%
Related Party \| Flash Ventures \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Other commitment	$ 259,000,000
Exchange rate	147.34
To be paid remainder of fiscal year	$ 32,000,000
To be paid year one	119,000,000
To be paid year two	95,000,000
To be paid year three	14,000,000
Related party transaction	186,000,000
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments
Related Party Transaction [Line Items]
Other commitment	914,000,000
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other current assets
Related Party Transaction [Line Items]
Other commitment	131,000,000
Related Party \| K1, K2, And Y7 Facilities \| Future Building Depreciation Payments \| Other noncurrent assets
Related Party Transaction [Line Items]
Other commitment	783,000,000
Flash Ventures \| Related Party
Related Party Transaction [Line Items]
Payments for equity method investments	900,000,000	$ 900,000,000
Proceeds from distribution	15,000,000
Accounts payable	$ 338,000,000		$ 279,000,000

Leases and Other Commitments - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Oct. 03, 2025	Jun. 27, 2025
Leases [Abstract]
Operating lease right-of-use assets (included in other non-current assets)	$ 207	$ 214
Operating Lease, Liability, Current	24	26
Long-term operating lease liabilities (included in other liabilities)	188	193
Total operating lease liabilities	$ 212	$ 219
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

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Foreign exchange contracts
Derivative [Line Items]
Net realized and unrealized loss	$ 3	$ 15

Net Income per Common Share

3 Months Ended

Oct. 03, 2025

Earnings Per Share [Abstract]

Net Income 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 per common share:


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions, except per share amounts)


Net income	$	112	$	211

Weighted average shares outstanding:
Basic	146		145

Diluted (1)	149		145

Net income per common share:
Basic	$	0.77	$	1.46
Diluted (1)	$	0.75	$	1.46

Basic net income per share is computed using (i) net income divided by (ii) weighted average basic shares outstanding. Diluted net income 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 112	$ 211
Other comprehensive income, before tax
Foreign currency translation adjustment	(14)	43
Net unrealized gain on derivative contracts	39	211
Total other comprehensive income, before tax	25	254
Income tax expense related to items of other comprehensive income, before tax	(10)	(45)
Other comprehensive income, net of tax	15	209
Total comprehensive income	$ 127	$ 420

- 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.

+ References

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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: 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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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: 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
-Topic 946
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Shareholders' Equity (Tables)

3 Months Ended

Oct. 03, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Award Activity

The following table summarizes RSU and PSU award activity under the Company’s incentive plans during the three months ended October 3, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value at Vest Date
	(in millions)
RSUs and PSUs outstanding at June 27, 2025	6.6	$	38.98	$	—

Granted	3.2	52.78		—
Issued	(1.0)	39.34		48.45

Canceled/forfeited	(0.2)	35.95		—
RSUs and PSUs outstanding at October 3, 2025	8.6	$	44.12	$	48.45

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 October 3, 2025:


	Unamortized Compensation Costs		Weighted average service period
	(in millions)		(years)
RSUs and PSUs	$	424	2.78
ESPP	—		—
Total unamortized compensation cost	$	424

Schedule of Stock-based Compensation Expense


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
RSUs and PSUs	$	51	$	36
ESPP	2		5
Total	$	53	$	41


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Cost of revenue	$	4	$	6
Research and development	23		15
Selling general, and administrative	26		20
Subtotal	$	53	$	41
Tax benefit	(6)		(5)
Total	$	47	$	36

CONDENSED 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 (shares) at Jun. 28, 2024		0
Beginning balance at Jun. 28, 2024	$ 11,082	$ 0	$ 0	$ 0	$ (452)	$ 11,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	211					211
Foreign currency translation adjustment	43				43
Net unrealized gain (loss) on derivative contracts	166				166
Stock-based compensation	41					41
Net transfer from Western Digital Corporation	583					583
Ending balance (shares) at Sep. 27, 2024		0
Ending balance at Sep. 27, 2024	12,126	$ 0	0	0	(243)	12,369
Beginning balance (shares) at Jun. 27, 2025		146
Beginning balance at Jun. 27, 2025	9,216	$ 1	11,248	(1,784)	(249)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	112			112
Employee stock plans (in shares)		1
Employee stock plans	(15)		(15)
Foreign currency translation adjustment	(14)				(14)
Net unrealized gain (loss) on derivative contracts	29				29
Stock-based compensation	53		53
Ending balance (shares) at Oct. 03, 2025		147
Ending balance at Oct. 03, 2025	$ 9,381	$ 1	$ 11,286	$ (1,672)	$ (234)	$ 0

Leases and Other Commitments

3 Months Ended

Oct. 03, 2025

Leases [Abstract]

Leases and Other Commitments

Leases

The Company leases certain domestic and international facilities and datacenter space under long-term, non-cancelable operating leases that expire at various dates through fiscal year 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 fiscal year 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 Condensed Consolidated Balance Sheets:


	October 3, 2025		June 27, 2025
	(in millions)
Operating lease right-of-use assets (included in other non-current assets)	$	207	$	214

Operating lease liabilities:
Current portion of long-term operating lease liabilities (included in accrued expenses)	24		26
Long-term operating lease liabilities (included in other liabilities)	188		193
Total operating lease liabilities	$	212	$	219

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


	Three Months Ended
	October 3, 2025		September 27, 2024
	(in millions)
Cost of operating leases	$	11	$	7
Cash paid for operating leases	10		7
Operating lease assets obtained in exchange for operating lease liabilities	2		—

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


	October 3, 2025		September 27, 2024
Weighted average remaining lease term in years	10.9		13.6
Weighted average discount rate	7.3	%	7.5	%

As of October 3, 2025, minimum lease payments were as follows:


	Lease Amounts
	(in millions)
Minimum lease payments by fiscal year:
Remaining nine months of 2026	$	29
2027	36
2028	28
2029	24
2030	20
Thereafter	182
Total future minimum lease payments	319
Less: Imputed interest	107
Present value of lease liabilities	$	212

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 October 3, 2025, the Company had the following minimum long-term commitments:


	Long-term commitments
	(in millions)
Fiscal year:
Remaining nine months of 2026	$	98
2027	583
2028	570
2029	570
2030	570
Thereafter	90
Total	$	2,481

Income Tax Expense - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Jun. 27, 2025
Income Tax Disclosure [Abstract]
OBBA benefit	$ 10
Unrecognized tax benefits	137	$ 140
Penalties and interest accrued on unrecognized tax benefits	$ 13	$ 11

Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024	Jun. 27, 2025	Feb. 21, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	147.0		146.0	145.0
Par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Net Income (Loss)	$ 112	$ 211
Weighted average shares outstanding:
Basic (in shares)	146.0	145.0
Diluted (in shares)	149.0	145.0
Net income per common share:
Basic (in dollars per share)	$ 0.77	$ 1.46
Diluted (in dollars per share)	$ 0.75	$ 1.46
Antidilutive weighted-average shares (in shares)	0.7
Western Digital Corporation
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Percent distribution of shares				80.10%

Related Parties and Related Commitments and Contingencies - Sale of Majority Interest (Details) $ in Millions					3 Months Ended		9 Months Ended
	Jan. 06, 2025 USD ($)	Oct. 01, 2024 USD ($)	Sep. 29, 2024 USD ($)	Sep. 28, 2024 USD ($) installment	Oct. 03, 2025 USD ($)	Sep. 27, 2024 USD ($)	Mar. 27, 2026 USD ($)
Related Party Transaction [Line Items]
Gain (loss) sale of business divestiture					$ (10)	$ 0
Proceeds from dispositions of business					$ 25	$ 0
SanDisk Semiconductor (Shanghai) Co. Ltd.
Related Party Transaction [Line Items]
Commitment term			5 years
Purchase commitment amount			$ 550
Renewal term					1 year
SanDisk Semiconductor (Shanghai) Co. Ltd. \| Certain Flash-Based Products
Related Party Transaction [Line Items]
Commitment purchases					$ 139
Accounts payable					147
SanDisk Semiconductor (Shanghai) Co. Ltd.
Related Party Transaction [Line Items]
Ownership percentage				20.00%
Equity investment				$ 162	158
Disposed of by sale \| SanDisk Semiconductor (Shanghai) Co. Ltd.
Related Party Transaction [Line Items]
Ownership percentage sold				80.00%
Gain (loss) sale of business divestiture				$ 34
Cash and cash equivalents				(71)
Goodwill				382
Disposal consideration				$ 659
Proceeds from dispositions of business	$ 210	$ 262
Number of installment payments \| installment				5
Installment payment				$ 37	27
Consideration receivable					133
Present value discount					$ 17
Term of effective interest method					4 years
Disposed of by sale \| SanDisk Semiconductor (Shanghai) Co. Ltd. \| Other current assets
Related Party Transaction [Line Items]
Consideration receivable					$ 36
Disposed of by sale \| SanDisk Semiconductor (Shanghai) Co. Ltd. \| Other noncurrent assets
Related Party Transaction [Line Items]
Consideration receivable					$ 97
Disposed of by sale \| SanDisk Semiconductor (Shanghai) Co. Ltd. \| Forecast
Related Party Transaction [Line Items]
Proceeds from dispositions of business							$ 187

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Oct. 03, 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 Accounting Standards Update (“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. 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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+ Details

Shareholders' Equity - Additional Information (Details) shares in Thousands, $ in Millions	3 Months Ended
	Oct. 03, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected incremental cost \| $	$ 29
Incremental stock-based compensation expense \| $	5
Incremental stock-based compensation expense, remaining \| $	$ 24
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares) \| shares	1,400
Shares outstanding (in shares) \| shares	3,600
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance percentage	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target performance percentage	300.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) \| shares	4,300
Percentage of market value	95.00%

Organization and Basis of Presentation (Details) $ in Billions	Jun. 09, 2025 shares	Feb. 21, 2025 USD ($) shares	Oct. 03, 2025 shares	Feb. 22, 2025 shares
Western Digital Corporation
Noncontrolling Interest [Line Items]
Dividends paid \| $		$ 1.5
Revolving Credit Facility \| Line of Credit
Noncontrolling Interest [Line Items]
Maximum borrowing capacity \| $		1.5
Term B Loan \| Line of Credit
Noncontrolling Interest [Line Items]
Maximum borrowing capacity \| $		$ 2.0
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			7,513,019	28,827,787
Ownership percentage			5.10%	19.90%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Income Statement [Abstract]
Revenue, net	$ 2,308	$ 1,883
Cost of revenue	1,621	1,157
Gross profit	687	726
Operating expenses:
Research and development	316	283
Selling, general and administrative	179	130
Business separation costs	9	20
Employee termination and other	(3)	2
Loss on sale of business divestiture	10	0
Total operating expenses	511	435
Operating income	176	291
Interest and other expense:
Interest income	16	3
Interest expense	(40)	(2)
Other expense, net	(28)	(25)
Total interest and other expense, net	(52)	(24)
Income before taxes	124	267
Income tax expense	12	56
Net income	$ 112	$ 211
Net income per common share:
Basic (in dollars per share)	$ 0.77	$ 1.46
Diluted (in dollars per share)	$ 0.75	$ 1.46
Weighted average shares outstanding:
Basic (in shares)	146	145
Diluted (in shares)	149	145

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 03, 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

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 03, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 03, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,553,179
Entity Central Index Key	0002023554
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--07-03

Supplemental Financial Statement Data

3 Months Ended

Oct. 03, 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:


	Goodwill
	(in millions)
Balance at June 27, 2025	$	4,999

Impairment charges	—
Foreign currency translation adjustment	(1)
Balance at October 3, 2025	$	4,998

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.

For the three months ended October 3, 2025 and September 27, 2024, the Company recorded no impairment charges.

Accounts receivable, net

From time to time, 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 three months ended October 3, 2025, there were no trade accounts receivable sold by the Company. During the three months ended September 27, 2024, there were no trade accounts receivable sold by WDC. There were no factored receivables outstanding as of October 3, 2025 and June 27, 2025.

Inventories


	October 3, 2025		June 27, 2025
	(in millions)
Inventories:
Raw materials and component parts	$	1,289	$	1,517
Work-in-process	255		262
Finished goods	363		300
Total inventories	$	1,907	$	2,079

Property, plant and equipment, net


	October 3, 2025		June 27, 2025
	(in millions)
Property, plant and equipment:
Land	$	10	$	10
Machinery and equipment	1,499		1,480
Buildings and improvements	393		390
Computer equipment and software	182		176
Furniture and fixtures	18		18
Construction-in-process	58		51
Property, plant and equipment, gross	2,160		2,125
Accumulated depreciation	(1,530)		(1,506)
Property, plant and equipment, net	$	630	$	619

Product warranty liability

Changes in the warranty accrual were as follows:



	October 3, 2025
	(in millions)
Warranty accrual, beginning of period	$	44
Charges to operations	14
Utilization	(8)
Changes in estimate related to pre-existing warranties	4
Warranty accrual, end of period	$	54

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:


	October 3, 2025		June 27, 2025
	(in millions)
Warranty accrual:
Current portion	$	26	$	22
Long-term portion	28		22
Total warranty accrual	$	54	$	44

Other liabilities


	October 3, 2025		June 27, 2025
	(in millions)
Other liabilities:
Non-current lease liability	$	188	$	193
Non-current net tax payable	112		131
Tax indemnification liability	125		110
Other non-current liabilities	68		62
Total other liabilities	$	493	$	496

In connection with the separation, the Company recorded a $112 million liability to indemnify WDC as a result of the Tax Matters Agreement entered into between the parties in connection with the separation. 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. The outstanding balance of the liability as of October 3, 2025 was $125 million.

Accumulated other comprehensive loss


	Foreign Currency Translation Adjustment		Unrealized Income (Losses) on Derivative Contracts		Total Accumulated Comprehensive Loss
	(in millions)





Balance at June 27, 2025	$	(202)	$	(47)	$	(249)
Other comprehensive income (loss)	(14)		39		25
Income tax expense related to items of other comprehensive income	—		(10)		(10)
Net current-period other comprehensive income (loss)	(14)		29		15

Balance at October 3, 2025	$	(216)	$	(18)	$	(234)

As of October 3, 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.

Shareholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2025	Sep. 27, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 53	$ 41
Tax benefit	(6)	(5)
Total	47	36
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	51	36
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	2	5
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	4	6
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	23	15
Selling general, and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses on stock-based compensation	$ 26	$ 20

- 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

Fair Value Measurements and Investments (Tables)

3 Months Ended

Oct. 03, 2025

Fair Value Disclosures [Abstract]

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


	October 3, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents - Money market funds	$	533	$	—	$	—	$	533
Foreign exchange contracts (included in Other current assets)	—		4		—		4
Total assets at fair value	$	533	$	4	$	—	$	537
Liabilities:
Foreign exchange contracts (included in Accrued expenses)	$	—	$	9	$	—	$	9
Total liabilities at fair value	$	—	$	9	$	—	$	9


	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

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Oct. 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of October 3, 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. Changes in the fair values of the non-designated foreign exchange contracts are recognized in Other expense, net, and are largely offset by corresponding changes in the fair values of the foreign currency-denominated monetary assets and liabilities. For the three months ended October 3, 2025 and September 27, 2024, total net realized and unrealized transactions and foreign exchange contract currency were losses of $3 million and $15 million, respectively. Unrealized gains or losses on designated cash flow hedges are recognized in AOCL. For more information regarding cash flow hedges, 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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+ Details