Net Income per Share

12 Months Ended

Jun. 30, 2024

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, and restricted stock units.

The following table reconciles the inputs to the basic and diluted computations for net income per share.


	Year Ended
	June 30, 2024		June 25, 2023		June 26, 2022
	(in thousands, except per share data)
Numerator:
Net income	$	3,827,772	$	4,510,931	$	4,605,286
Denominator:
Basic average shares outstanding	131,410		135,472		139,899
Effect of potential dilutive securities:
Employee stock plans	585		362		729


Diluted average shares outstanding	131,995		135,834		140,628
Net income per share - basic	$	29.13	$	33.30	$	32.92
Net income per share - diluted	$	29.00	$	33.21	$	32.75

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. These anti-dilutive securities, including options, service-based RSUs, and market-based PRSUs, were not material for fiscal years ended June 30, 2024, June 25, 2023, and June 26, 2022.