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No restructuring charges were recorded during the three and nine months ended March 30, 2025. During the three months ended March 31, 2024, net restructuring costs of $ 15.2 million and $ 15.2 million were recorded in restructuring charges, net - cost of goods sold, and restructuring charges, net - operating expenses, respectively, in the Condensed Consolidated Statements of Operations. During the nine months ended March 31, 2024, net restructuring costs of $ 38.1 million and $ 19.0 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Condensed Consolidated Statements of Operations.
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No restructuring costs were recorded during the fiscal year ended June 29, 2025. During the fiscal year ended June 30, 2024, net restructuring costs of $ 43.4 million and $ 18.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Consolidated Statements of Operations.
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No restructuring costs were recorded during the fiscal year ended June 28, 2026 or June 29, 2025. During the fiscal year ended June 30, 2024, net restructuring costs of $ 43.4 million and $ 18.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Consolidated Statements of Operations.
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No restructuring charges were recorded during the nine months ended March 30, 2025. During the nine months ended March 31, 2024, the company recorded net restructuring costs of $57.1 million.
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The restructuring plan was substantially completed as of June 30, 2024, and cumulative costs as of June 30, 2024 totaled $ 181.9 million. The associated restructuring liability was substantially satisfied in the three months ended September 29, 2024.
Read in the filing ↗ Also in 10-Q of Apr 25, 2025, 10-K of Aug 11, 2025
Restructuring charges decreased during fiscal year 2024 compared to fiscal year 2023 primarily due to lower employee severance and separation costs. Please refer to Note 20: Restructuring charges, Net of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for additional information.
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The following table is a summary of the activity related to the restructuring plan:
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• announcements of restructurings, reductions in force, departure of key employees, and/or consolidations of operations;
Read in the filing ↗ Also in 10-K of Aug 11, 2025, 10-Q of Oct 24, 2025, 10-Q of Jan 29, 2026, 10-Q of Apr 23, 2026, 10-K of Aug 7, 2026, 10-Q of Oct 22, 2026
Please refer to Note 14, “Restructuring charges, net,” to our Condensed Consolidated Financial Statements, included in Part I of this Form 10-Q for additional information.
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• Gross margin as a percentage of revenue - restructuring charges, $13 million; transformational costs, $12 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $28 million.
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• Operating income as a percentage of revenue - restructuring charges, $28 million; transformational costs, $20 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $51 million.
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• Gross margin as a percentage of revenue - transformational costs, $18 million; restructuring charges, $9 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $30 million.
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• Operating income as a percentage of revenue - transformational costs, $29 million; restructuring charges, $10 million; and amortization related to intangible assets acquired through business combinations, $4 million; totaling $43 million.
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We May Not Achieve the Expected Benefits of Our Restructuring Plans and Business Transformation Initiatives, and These Efforts Could Have a Material Adverse Effect on Our Business, Operations, Financial Condition, Results of Operations and Competitive Position
Read in the filing ↗ Also in 10-K of Aug 11, 2025, 10-Q of Oct 24, 2025, 10-Q of Jan 29, 2026, 10-Q of Apr 23, 2026, 10-K of Aug 7, 2026, 10-Q of Oct 22, 2026
In fiscal year 2023, we initiated a restructuring plan that continued into fiscal year 2024, designed to better align our cost structure with our outlook for the economic environment and business opportunities. Under the plan we terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs were primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, we made a strategic decision to relocate certain manufacturing activities to pre-existing facilities. The restructuring plan was substantially completed as of June 30, 2024.
Read in the filing ↗ Also in 10-K of Aug 11, 2025
In January 2023, we announced that we were implementing a restructuring plan consisting of a workforce reduction, and that we anticipated undertaking, and may in the future undertake, additional business restructuring, realignment and transformation initiatives. While the restructuring plan was intended to better align our cost structure with the current economic environment and future business opportunities, and our anticipated transformation …
Read in the filing ↗ Also in 10-K of Aug 11, 2025
• Net income per diluted share - restructuring charges, $28 million; transformational costs, $20 million; amortization related to intangible assets acquired though business combinations, $3 million; amortization of debt discounts, $1 million; and associated tax benefit for non-GAAP items ($6 million); totaling $46 million.
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• Net income per diluted share - transformational costs, $29 million; restructuring charges, $10 million; amortization related to intangible assets acquired though business combinations, $4 million; amortization of debt discounts, $1 million; and associated tax benefit for non-GAAP items ($5 million); totaling $39 million.
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Fluctuating levels of investment by semiconductor manufacturers may materially affect our aggregate shipments, revenues, results of operations, and cash flows. Where appropriate, we endeavor to attempt to respond to these fluctuations with cost management programs aimed at aligning our expenditures with anticipated revenue streams, which sometimes result in restructuring charges.
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Apr 25, 2025, 10-K of Aug 11, 2025, 10-Q of Oct 24, 2025, 10-Q of Jan 29, 2026, 10-K of Aug 7, 2026
… For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit …
Read in the filing ↗ Also in 10-K of Aug 7, 2026
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the December 2023 and September 2023 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, net restructuring charges, transformational costs, and the net income tax effect of non-GAAP items.
Read in the filing ↗ Also in 8-K of Oct 23, 2024, 8-K of Apr 24, 2024, 8-K of Jul 31, 2024
We have in the past undertaken, and may in the future undertake, business restructuring, realignment and transformation plans or initiatives. While such plans or initiatives would generally have the goal of strengthening our operations and/or achieving operational efficiencies, there can be no assurance that we will be successful in these plans and initiatives. Implementation of such plans and initiatives may be costly and disruptive to our business, we may not be able to complete them at the cost or within the time frame contemplated, and we may not be able to obtain the anticipated benefits within the projected timing or at all. Restructuring and transformation may adversely affect our internal programs and our ability to recruit and retain skilled and motivated personnel, may result in a loss of continuity, loss of accumulated knowledge and/or inefficiency during transitional periods, may require a significant amount of management and other employees' time and focus, and may be distracting to employees and management, which may divert attention from operating and growing our business. Additionally, reductions in our workforce may cause a reduction in our
Read in the filing ↗ Also in 10-Q of Jan 29, 2026, 10-Q of Apr 23, 2026, 10-K of Aug 7, 2026, 10-Q of Oct 22, 2026
The Company's CODM utilizes segment gross margin as the measure of profit or loss to evaluate operating segment profitability and to assess the allocation of resources. Segment gross margin excludes both routine and non-routine expenses that are not allocated to the reportable segment, including, but not limited to, amortization of intangible assets acquired in certain business combinations, the change in value of the Company's elective deferred compensation-related liability, restructuring charges, impairment of long-lived assets, and transformational charges.
Read in the filing ↗ Also in 10-K of Aug 7, 2026
September 29, June 30, Three Months Ended 2024 2024 ────────────────────────────────────────────────────────────────────────────── U.S. GAAP gross $ 2,002,683 $ 1,840,098 margin Pre-tax non-GAAP items: Amortization related to intangible assets acquired 3,076 3,076 through certain business combinations EDC related liability 3,263 2,488 valuation increase Restructuring — 5,276 charges, net Transformational — 25,407 costs Non-GAAP gross $ 2,009,022 $ 1,876,345 margin U.S. GAAP gross margin as a 48.0 % 47.5 % percentage of revenue Non-GAAP gross margin as a 48.2 % 48.5 % percentage of revenue U.S. GAAP operating $ 738,486 $ 713,538 expenses Pre-tax non-GAAP items: Amortization related to intangible assets acquired -692 -770 through certain business combinations EDC related liability -15,646 -7,465 valuation increase Restructuring — 768 charges, net Transformational — -16,938 costs Non-GAAP operating $ 722,148 $ 689,133 expenses U.S. GAAP $ 1,264,197 $ 1,126,560 operating income Non-GAAP $ 1,286,874 $ 1,187,212 operating income U.S. GAAP operating income 30.3 % 29.1 % as percent of revenue Non-GAAP operating income 30.9 % 30.7 % as a percent of revenue
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Three Months December 24, September 24, Ended 2023 2023 ────────────────────────────────────────────────────────────────────────────── U.S. GAAP gross $ 1,757,455 $ 1,654,702 margin Pre-tax non-GAAP items: Amortization related to intangible assets acquired 2,631 3,149 through certain business combinations EDC related liability valuation 6,492 -591 increase (decrease) Restructuring 14,957 7,940 charges, net Transformation… 8,853 4,269 costs Non-GAAP gross $ 1,790,388 $ 1,669,469 margin U.S. GAAP gross margin as a 46.8 % 47.5 % percentage of revenue Non-GAAP gross margin as a 47.6 % 47.9 % percentage of revenue U.S. GAAP operating $ 700,243 $ 631,673 expenses Pre-tax non-GAAP items: Amortization related to intangible assets acquired -770 -1,186 through certain business combinations EDC related liability valuation -19,475 1,773 (increase) decrease Restructuring -1,688 -2,021 charges, net Transformation… -16,051 -8,020 costs Non-GAAP operating $ 662,259 $ 622,219 expenses U.S. GAAP operating $ 1,057,212 $ 1,023,029 income Non-GAAP operating $ 1,128,129 $ 1,047,250 income U.S. GAAP operating income as 28.1 % 29.4 % percent of revenue Non-GAAP operating income as a 30.0 % 30.1 % percent of revenue
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June 30, March 31, Three Months Ended 2024 2024 ────────────────────────────────────────────────────────────────────────────── U.S. GAAP gross $ 1,840,098 $ 1,800,536 margin Pre-tax non-GAAP items: Amortization related to intangible assets acquired 3,076 3,076 through certain business combinations EDC related liability 2,488 6,963 valuation increase Restructuring 5,276 15,202 charges, net Transformational 25,407 13,270 costs Impairment of — 8,705 long-lived assets Non-GAAP gross margin $ 1,876,345 $ 1,847,752 U.S. GAAP gross margin as a 47.5 % 47.5 % percentage of revenue Non-GAAP gross margin as a percentage of 48.5 % 48.7 % revenue U.S. GAAP operating $ 713,538 $ 743,424 expenses Pre-tax non-GAAP items: Amortization related to intangible assets acquired -770 -770 through certain business combinations EDC related liability -7,465 -20,890 valuation increase Restructuring 768 -15,246 charges, net Transformational -16,938 -8,846 costs Non-GAAP operating $ 689,133 $ 697,672 expenses U.S. GAAP operating $ 1,126,560 $ 1,057,112 income Non-GAAP operating $ 1,187,212 $ 1,150,080 income U.S. GAAP operating income as percent of 29.1 % 27.9 % revenue Non-GAAP operating income as a percent 30.7 % 30.3 % of revenue
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March 31, December 24, Three Months Ended 2024 2023 ────────────────────────────────────────────────────────────────────────────── U.S. GAAP gross $ 1,800,536 $ 1,757,455 margin Pre-tax non-GAAP items: Amortization related to intangible assets acquired 3,076 2,631 through certain business combinations EDC related liability 6,963 6,492 valuation increase Restructuring 15,202 14,957 charges, net Transformational 13,270 8,853 costs Impairment of 8,705 — long-lived assets Non-GAAP gross $ 1,847,752 $ 1,790,388 margin U.S. GAAP gross margin as a 47.5 % 46.8 % percentage of revenue Non-GAAP gross margin as a 48.7 % 47.6 % percentage of revenue U.S. GAAP $ 743,424 $ 700,243 operating expenses Pre-tax non-GAAP items: Amortization related to intangible assets acquired -770 -770 through certain business combinations EDC related liability -20,890 -19,475 valuation increase Restructuring -15,246 -1,688 charges, net Transformational -8,846 -16,051 costs Non-GAAP operating $ 697,672 $ 662,259 expenses U.S. GAAP $ 1,057,112 $ 1,057,212 operating income Non-GAAP operating $ 1,150,080 $ 1,128,129 income U.S. GAAP operating income 27.9 % 28.1 % as percent of revenue Non-GAAP operating income as a 30.3 % 30.0 % percent of revenue
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December 24, September 24, Three Months Ended 2023 2023 ────────────────────────────────────────────────────────────────────────────── U.S. GAAP net income $ 954,266 $ 887,398 Pre-tax non-GAAP items: Amortization related to intangible assets acquired through certain 2,631 3,149 business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability 6,492 -591 valuation increase (decrease) - cost of goods sold Restructuring charges, net - cost 14,957 7,940 of goods sold Transformational costs - cost of 8,853 4,269 goods sold EDC related liability valuation increase 11,685 -1,064 (decrease) - research and development Amortization related to intangible assets acquired through certain 770 1,186 business combinations - selling, general and administrative EDC related liability valuation increase 7,790 -709 (decrease) - selling, general and administrative Transformational costs - selling, 16,051 8,020 general and administrative Restructuring charges, net - 1,688 2,021 operating expenses Amortization of note discounts - other 746 1,017 income (expense), net (Gain) Loss on EDC related asset - other -25,530 2,901 income (expense), net Net income tax benefit on non-GAAP -6,114 -3,098 items Non-GAAP net income $ 994,285 $ 912,439 Non-GAAP net income $ 7.52 $ 6.85 per diluted share U.S. GAAP net income $ 7.22 $ 6.66 per diluted share U.S. GAAP and non-GAAP number of shares 132,220 133,166 used for per diluted share calculation
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During the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities. Under the plan, through June 30, 2024, the Company terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs are primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements.
Read in the filing ↗ Also in 10-K of Aug 7, 2026, 10-Q of Apr 25, 2025
… Amortization related to intangible assets acquired through 3,076 2,631 certain business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability 6,963 6,492 valuation increase - cost of goods sold Restructuring charges, net - cost of 15,202 14,957 goods sold Transformational costs - cost of goods 13,270 8,853 sold Impairment of long-lived assets …
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… Amortization related to intangible assets acquired through 3,076 3,076 certain business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability valuation 2,488 6,963 increase - cost of goods sold Restructuring charges, net - cost of 5,276 15,202 goods sold Transformational costs - cost of goods 25,407 13,270 sold Impairment of long-lived assets …
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The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:
Read in the filing ↗ Also in 8-K of Apr 22, 2026, 8-K of Jul 29, 2026, 8-K of Oct 21, 2026, 8-K of Jan 24, 2024, 8-K of Apr 24, 2024, 8-K of Jul 31, 2024, 8-K of Oct 23, 2024, 8-K of Jan 29, 2025, 8-K of Apr 23, 2025, 8-K of Jul 30, 2025, 8-K of Oct 22, 2025
… Amortization related to intangible assets acquired through 3,076 3,076 certain business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability 3,263 2,488 valuation increase - cost of goods sold Restructuring charges, net - cost of — 5,276 goods sold Transformational costs - cost of goods — 25,407 sold EDC related liability valuation increase 8,136 4,479 …
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The Company reviews goodwill at least annually for impairment during the fourth quarter of each fiscal year and if certain events or indicators of impairment occur between annual impairment tests. When reviewing goodwill for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In performing a qualitative assessment, it considers business conditions and other factors including, but not limited to (i) adverse industry or economic trends, (ii) restructuring actions and lower projections that may impact future operating results, (iii) sustained decline in share price, and (iv) overall financial performance and other events affecting the reporting units. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative impairment test is performed by estimating the fair value of the reporting unit and comparing it to its carrying value, including goodwill allocated to that reporting unit. The Company did no t record impairments of goodwill during the years ended June 29, 2025, June 30, 2024, or June 25, 2023.
Read in the filing ↗ Also in 10-K of Aug 7, 2026
… and development expenditures, international sales, revenue (actual and/or deferred), operating expenses and earnings generally; management’s plans and objectives for our current and future operations and business focus; restructuring activities; business process improvements and initiatives; volatility in our quarterly results; the makeup of our customer base; customer and end user requirements and our ability to satisfy those requirements; the …
Read in the filing ↗ Also in 10-K of Aug 11, 2025, 10-Q of Oct 24, 2025, 10-Q of Jan 29, 2026, 10-Q of Apr 25, 2025