Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE

v3.26.1
REVENUE
 12 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following table represents the opening and closing balances of accounts receivable, net, contract assets, long-term accounts receivable, net, and contract liabilities as of the indicated dates.
As of June 30,
(Dollar amounts in thousands) 2026 2025 2024 FY26 vs. FY25 FY25 vs. FY24
Accounts receivable, net $ 2,889,208  $ 2,263,915  $ 1,833,041  $ 625,293  28  % $ 430,874  24  %
Contract assets $ 131,673  $ 105,081  $ 69,259  $ 26,592  25  % $ 35,822  52  %
Long-term accounts receivable, net $ 180,729  $ —  $ —  $ 180,729  100  % $ —  —  %
Contract liabilities $ 1,775,139  $ 1,713,689  $ 1,782,242  $ 61,450  4  % $ (68,553) (4) %
Our payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment, with the remainder payable within 30 days of acceptance.
The change in contract assets during the fiscal year ended June 30, 2026 was mainly due to $124.1 million of revenue recognized for which the payment is subject to conditions other than the passage of time, partially offset by $97.2 million of
contract assets reclassified to accounts receivable, net, as our right to consideration for these contract assets became unconditional. Contract assets are included in other current assets on our Consolidated Balance Sheets.
The change in contract liabilities during the fiscal year ended June 30, 2026 was mainly due to an increase in the value of products and services billed to customers for which control of the products and services has not transferred to the customers, partially offset by the recognition as revenue of $1.29 billion that was included in contract liabilities as of June 30, 2025. Contract liabilities are included in current liabilities and non-current liabilities, classified as deferred system revenue or deferred service revenue, on our Consolidated Balance Sheets.
The following table represents the transaction price for contracts that have not yet been recognized as revenue as of June 30, 2026, which equals our contract liabilities, and when the Company expects to recognize the amounts as revenue:
(In thousands) Less than 12 months 12 to 24 months 24 months or greater Total
Contract liabilities $ 1,537,028  $ 163,356  $ 74,755  $ 1,775,139