v3.25.4
Cover Page - shares
 6 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Focus Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-35300  
Entity Registrant Name UBIQUITI INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 32-0097377  
Entity Address, Address Line One 685 Third Avenue  
Entity Address, Address Line Two 27th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10017  
City Area Code 646  
Local Phone Number 780-7958  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol UI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   60,520,794
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001511737  
Current Fiscal Year End Date --06-30  
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Current assets:    
Cash and cash equivalents $ 302,819 $ 149,727
Accounts receivable, net of allowance for doubtful accounts of $11,926 and $11,956 at December 31, 2025 and June 30, 2025, respectively 214,376 244,616
Inventories 674,698 675,098
Vendor deposits 36,132 48,209
Prepaid expenses and other current assets 64,858 55,572
Total current assets 1,292,883 1,173,222
Property and equipment, net 73,900 73,495
Operating lease right-of-use assets, net 65,498 44,655
Deferred tax assets 107,930 107,968
Other long-term assets 67,974 67,111
Total assets 1,608,185 1,466,451
Current liabilities:    
Accounts payable 249,820 164,793
Income taxes payable 0 40,733
Debt — short-term 47,356 249,557
Other current liabilities 178,347 255,772
Total current liabilities 475,523 710,855
Income taxes payable — long-term 26,535 25,529
Operating lease liabilities — long-term 57,708 35,458
Other long-term liabilities 32,862 26,349
Total liabilities 592,628 798,191
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock—$0.001 par value; 50,000,000 shares authorized; none issued 0 0
Common stock—$0.001 par value; 500,000,000 shares authorized: 60,499,834 and 60,492,105 issued and outstanding as of December 31, 2025 and June 30, 2025, respectively 61 61
Additional paid–in capital 19,685 17,075
Retained earnings 995,811 651,124
Total stockholders’ equity 1,015,557 668,260
Total liabilities and stockholders’ equity $ 1,608,185 $ 1,466,451
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 11,926 $ 11,956
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 60,499,834 60,492,105
Common stock, shares outstanding (in shares) 60,499,834 60,492,105
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Revenues $ 814,867 $ 599,879 $ 1,548,640 $ 1,150,223
Cost of revenues 440,867 352,649 837,231 671,375
Gross profit 374,000 247,230 711,409 478,848
Operating expenses:        
Research and development 50,845 39,958 99,388 77,955
Sales, general and administrative 30,254 28,460 57,398 52,875
Total operating expenses 81,099 68,418 156,786 130,830
Income from operations 292,901 178,812 554,623 348,018
Interest expense and other, net 1,589 11,440 4,771 22,018
Income before income taxes 291,312 167,372 549,852 326,000
Provision for income taxes 57,702 30,577 108,366 61,217
Net income $ 233,610 $ 136,795 $ 441,486 $ 264,783
Net income per share of common stock:        
Basic (in dollar per share) $ 3.86 $ 2.26 $ 7.30 $ 4.38
Diluted (in dollar per share) $ 3.86 $ 2.26 $ 7.29 $ 4.38
Weighted average shares used in computing net income per share of common stock:        
Basic (in dollar per shares) 60,500 60,470 60,499 60,470
Diluted (in dollar per shares) 60,566 60,527 60,564 60,514
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Beginning balance (in shares) at Jun. 30, 2024   60,462,539    
Beginning balance at Jun. 30, 2024 $ 95,060 $ 60 $ 10,645 $ 84,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income 127,988     127,988
Restricted stock units issued, net of tax withholdings (in shares)   7,669    
Restricted stock units issued, net of tax withholdings (323)   (323)  
Share-based compensation expense 1,696   1,696  
Dividends paid on Common Stock (36,282)     (36,282)
Ending balance (in shares) at Sep. 30, 2024   60,470,208    
Ending balance at Sep. 30, 2024 188,139 $ 60 12,018 176,061
Beginning balance (in shares) at Jun. 30, 2024   60,462,539    
Beginning balance at Jun. 30, 2024 95,060 $ 60 10,645 84,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income 264,783      
Ending balance (in shares) at Dec. 31, 2024   60,470,517    
Ending balance at Dec. 31, 2024 290,445 $ 60 13,811 276,574
Beginning balance (in shares) at Sep. 30, 2024   60,470,208    
Beginning balance at Sep. 30, 2024 188,139 $ 60 12,018 176,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income 136,795     136,795
Restricted stock units issued, net of tax withholdings (in shares)   309    
Restricted stock units issued, net of tax withholdings 0      
Share-based compensation expense 1,793   1,793  
Dividends paid on Common Stock (36,282)     (36,282)
Ending balance (in shares) at Dec. 31, 2024   60,470,517    
Ending balance at Dec. 31, 2024 $ 290,445 $ 60 13,811 276,574
Beginning balance (in shares) at Jun. 30, 2025 60,492,105 60,492,105    
Beginning balance at Jun. 30, 2025 $ 668,260 $ 61 17,075 651,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income 207,876     207,876
Restricted stock units issued, net of tax withholdings (in shares)   7,450    
Restricted stock units issued, net of tax withholdings (1,178)   (1,178)  
Share-based compensation expense 1,884   1,884  
Dividends paid on Common Stock (48,398)     (48,398)
Ending balance (in shares) at Sep. 30, 2025   60,499,555    
Ending balance at Sep. 30, 2025 $ 828,444 $ 61 17,781 810,602
Beginning balance (in shares) at Jun. 30, 2025 60,492,105 60,492,105    
Beginning balance at Jun. 30, 2025 $ 668,260 $ 61 17,075 651,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 441,486      
Ending balance (in shares) at Dec. 31, 2025 60,499,834 60,499,834    
Ending balance at Dec. 31, 2025 $ 1,015,557 $ 61 19,685 995,811
Beginning balance (in shares) at Sep. 30, 2025   60,499,555    
Beginning balance at Sep. 30, 2025 828,444 $ 61 17,781 810,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income 233,610     233,610
Restricted stock units issued, net of tax withholdings (in shares)   279    
Restricted stock units issued, net of tax withholdings 0      
Share-based compensation expense 1,904   1,904  
Dividends paid on Common Stock $ (48,401)     (48,401)
Ending balance (in shares) at Dec. 31, 2025 60,499,834 60,499,834    
Ending balance at Dec. 31, 2025 $ 1,015,557 $ 61 $ 19,685 $ 995,811
v3.25.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends paid on Common Stock (in dollars per share) $ 0.8 $ 0.8 $ 0.6 $ 0.6
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net income $ 441,486 $ 264,783
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,621 10,710
Amortization of debt issuance costs 665 1,369
Non-cash lease expense 342 (108)
Provision for excess and obsolete inventory 5,192 2,949
Provision for loss on vendor deposits 4,906 6,874
Share-based compensation 3,788 3,489
Provision for bad debts (30) 5,527
Other, net (615) (757)
Changes in operating assets and liabilities:    
Accounts receivable 30,270 (4,263)
Inventories (3,739) (78,603)
Vendor deposits 7,171 42,880
Prepaid expenses and other assets (11,289) (10,300)
Accounts payable 84,562 71,466
Income taxes payable (39,727) (16,700)
Deferred revenues 16,521 8,985
Accrued and other liabilities (86,766) 77,797
Net cash provided by operating activities 462,358 386,098
Cash Flows from Investing Activities:    
Purchase of property and equipment and other long-term assets (8,789) (4,590)
Net cash used in investing activities (8,789) (4,590)
Cash Flows from Financing Activities:    
Payment of common stock cash dividends (96,799) (72,564)
Tax withholdings related to net share settlements of restricted stock units (1,178) (323)
Net cash used in financing activities (300,477) (374,762)
Net increase in cash and cash equivalents 153,092 6,746
Cash and cash equivalents at beginning of period 149,727 126,342
Cash and cash equivalents at end of period 302,819 133,088
Supplemental Disclosure of Cash Flow Information:    
Income taxes paid, net of refunds 155,111 78,779
Interest paid 4,867 20,281
Non-Cash Investing and Financing Activities:    
Right-of-use asset recognized 28,230 2,495
Unpaid property and equipment and other long-term assets 1,912 742
Revolving credit facility    
Cash Flows from Financing Activities:    
Repayments of debt 0 (175,000)
Term Loan    
Cash Flows from Financing Activities:    
Repayments of debt $ (202,500) $ (126,875)
v3.25.4
BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS AND BASIS OF PRESENTATION BUSINESS AND BASIS OF PRESENTATION
Business— Ubiquiti Inc. and its wholly owned subsidiaries (collectively, “Ubiquiti” or the “Company”) develop high performance networking technology for service providers, enterprises, and consumers globally.

The Company operates on a fiscal year ending June 30. In these notes, Ubiquiti refers to the fiscal years ending June 30, 2026 and 2025, as fiscal 2026 and fiscal 2025, respectively.

Basis of Presentation— The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) related to interim financial statements based on applicable Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements reflect all adjustments, which are, in the opinion of the Company, of a normal and recurring nature and those necessary to state fairly the statements of financial position, results of operations and cash flows for the dates and periods presented. The June 30, 2025 balance sheet was derived from the audited consolidated financial statements as of that date. All significant intercompany transactions and balances have been eliminated.

These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2025, included in its Annual Report on Form 10-K, as filed with the SEC on August 22, 2025 (the “Annual Report”). The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for any future periods.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company’s significant accounting policies are disclosed in its audited consolidated financial statements for the fiscal year ended June 30, 2025, included in the Annual Report. There have been no changes to the Company’s significant accounting policies as discussed in the Annual Report.

Use of Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Those estimates and assumptions include, but are not limited to, revenue recognition and deferred revenue; sales return reserves; inventory valuation and vendor deposits; accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions. We evaluate our estimates and assumptions based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.

Recent Accounting Pronouncements Not Yet Effective

Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) ("ASU 2023-09"), which amends the existing guidance relating to the annual disclosures for accounting for income taxes. ASU 2023-09 requires a public business entity to disclose a tabular rate reconciliation using specified categories and providing additional information for reconciling items that exceed a quantitative threshold. In addition, ASU 2023-09 requires the disaggregation of federal, state and foreign income taxes paid (net of funds received), with further disaggregation required for individual jurisdictions in which the income taxes paid exceed five percent of the Company's total income taxes paid. The provision for income taxes in the Company's statement of operations will also be required to be disaggregated by federal, state and foreign jurisdictions. The amendments in ASU 2023-09 will become effective for annual disclosures for fiscal year 2026. The FASB indicated ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This ASU will only impact our disclosures with no impact to our results of operations, cash flows, and financial condition.

Disaggregation of Expenses
In November 2024, the FASB issued ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03") which requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. The amendments in ASU 2024-03 will become effective for
annual disclosures in the Company's fiscal year beginning July 1, 2027, with interim period disclosures required effective with the Company's fiscal year beginning July 1, 2028. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows, and financial condition.
v3.25.4
REVENUES
 6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue is primarily generated from the sale of hardware as well as the related implied post contract services (“PCS”).

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products and PCS to our customers. Transfer of control to the customer for products generally occurs at the point in time when products have been shipped to our customer as this represents the point in time when the customer has a present obligation to pay and physical possession including title and risk of loss have been transferred to the customer. Revenue for PCS is recognized ratably over time over the estimated period for which implied PCS services will be delivered.

Disaggregation of Revenue

See Note 12, "Segment Information, Revenues by Geography and Significant Customers" for disaggregation of revenue by product category and geography.

Contract Balances

The timing of revenue recognition, billing and cash collections results in billed accounts receivable, deferred revenue primarily attributable to PCS and customer deposits on the consolidated balance sheets. Accounts receivable are recognized in the period the Company’s right to the consideration is unconditional. Our contract liabilities consist of advance payments (customer deposits) as well as billing in excess of revenue recognized primarily related to deferred revenue. We classify customer deposits as a current liability, and deferred revenue as a current or non-current liability based on the timing of when we expect to fulfill these remaining performance obligations. The current portion of deferred revenue is included in other current liabilities and the non-current portion is included in other long-term liabilities in our consolidated balance sheets.

As of December 31, 2025 and June 30, 2025, the Company’s customer deposits were $2.6 million and $2.8 million, respectively.

As of December 31, 2025, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $45.6 million and $32.9 million, respectively.

As of June 30, 2025, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $36.0 million and $26.0 million, respectively.

We expect the majority of our deferred revenue to convert to revenue in two years. For the three and six months ended December 31, 2025 we recognized revenues amounting to $8.7 million and $21.6 million, respectively, from the deferred revenue balance as of June 30, 2025. For the three and six months ended December 31, 2024, we recognized revenues amounting to $4.9 million and $12.3 million, respectively, from the deferred revenue balance as of June 30, 2024.
v3.25.4
EARNINGS PER SHARE
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
Numerator:
Net income$233,610 $136,795 $441,486 $264,783 
Denominator:
Weighted-average shares used in computing basic earnings per share60,500 60,470 60,499 60,470 
Add—dilutive potential common shares:
Restricted stock units66 57 65 44 
Weighted-average shares used in computing diluted net income per share60,566 60,527 60,564 60,514 
Net income per share of common stock:
Basic$3.86 $2.26 $7.30 $4.38 
Diluted$3.86 $2.26 $7.29 $4.38 

The Company excludes potentially dilutive securities from its diluted net income per share calculation when their effect would be anti-dilutive to net income per share amounts.
v3.25.4
BALANCE SHEET COMPONENTS
 6 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Inventories

Inventories consisted of the following (in thousands):
December 31, 2025June 30, 2025
Finished goods$633,744 $627,971 
Raw materials40,954 47,127 
Total$674,698 $675,098 

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):
December 31, 2025June 30, 2025
Prepaid income taxes$14,085 $7,339 
Prepaid expenses and other assets40,643 39,458 
Other taxes10,130 8,775 
Total$64,858 $55,572 
Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Testing equipment$20,137 $20,581 
Tooling equipment31,108 26,528 
Leasehold improvements28,052 27,578 
Computer and other equipment8,963 8,141 
Software8,784 9,016 
Furniture and fixtures2,170 2,170 
Corporate aircraft65,807 65,807 
Property and equipment, gross165,021 159,821 
Less: Accumulated depreciation and amortization(91,121)(86,326)
Property and equipment, net$73,900 $73,495 

Other Long-term Assets

Other long-term assets consisted of the following (in thousands):
December 31, 2025June 30, 2025
Hong Kong Tax deposit (1)
$60,787 $60,270 
Intangible assets, net (2)(3)
1,854 2,628 
Other long-term assets, net5,333 4,213 
Total$67,974 $67,111 
(1) The Company expects the deposits made with the Hong Kong Inland Revenue Department (“IRD”) to be refunded upon completion of the audit. See Note 11, "Income Taxes" to the consolidated financial statements for additional details regarding this ongoing tax audit.
(2) Accumulated amortization was $9.8 million and $9.1 million as of December 31, 2025, and June 30, 2025, respectively.
(3) Amortization expense for intangible assets was $0.4 million and was $0.8 million for both the three and six months ended December 31, 2025 and 2024, respectively.

The following table presents expected future intangible asset amortization as of December 31, 2025:

Fiscal 2026$126
Fiscal 2027250
Fiscal 2028250
Fiscal 2029244
Fiscal 2030241
Thereafter743
Total future intangible asset amortization$1,854
Other Current Liabilities

Other current liabilities consisted of the following (in thousands):
December 31, 2025June 30, 2025
Deferred revenue — short-term$45,642 35,968 
Accrued expenses22,924 36,090 
Lease liability— current11,333 12,401 
Warranty accrual11,247 11,739 
Accrued compensation and benefits21,231 9,086 
Customer deposits2,577 2,817 
Reserve for sales returns3,740 3,005 
Inventory received not billed33,768 120,826 
Other payables25,885 23,840 
Total$178,347 $255,772 

Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):
December 31, 2025June 30, 2025
Deferred revenue — long-term$32,862 $26,015 
Deferred tax liability— 334 
Total$32,862 $26,349 
v3.25.4
ACCRUED WARRANTY
 6 Months Ended
Dec. 31, 2025
Product Warranties Disclosures [Abstract]  
ACCRUED WARRANTY ACCRUED WARRANTY
The Company offers warranties on certain products, generally a period of one to two years and records a liability for the estimated future costs associated with potential warranty claims. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. The warranties are typically in effect for one year for distributors from the date of shipment and two years for direct sales from the date of delivery. The Company assesses the adequacy of its accrued warranty liabilities and adjusts the amounts as necessary based on historical experience factors and changes in future estimates. Historical factors include product failure rates, material usage and service delivery costs incurred in correcting product failures. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.

Warranty obligations, included in other current liabilities, were as follows (in thousands):
 Six Months Ended December 31,
 20252024
Beginning balance$11,739 $10,825 
Accruals for warranties issued during the period7,179 7,929 
Changes in liability for pre-existing warranties during the period(1,729)(331)
Settlements made during the period(5,942)(6,612)
Ending balance$11,247 $11,811 
v3.25.4
DEBT
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
On March 30, 2021, the Company, as borrower and certain domestic subsidiaries, as guarantors (the "Domestic Guarantors"), entered into an amended and restated credit agreement (as amended by a first amendment on April 3, 2023, the “Amended Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), the other financial institutions named as lenders therein, and Wells Fargo as administrative agent and collateral agent for the lenders, that extended the $700 million senior secured revolving credit facility (the “Revolving Facility,” together with the Term Loan Facility, as defined below, the "Facilities") and provided a $500 million senior secured term loan facility (the “Term Loan Facility”), and extended the maturity of the Facilities to March 30, 2026. In addition, the Facilities include an option to request increases in the amounts of such credit facilities by up to an additional $500
million in the aggregate. The loans under the Term Loan Facility are payable in quarterly installments of $6.25 million per quarter, commencing with the quarter ending June 30, 2021.

The obligations of the Company and certain domestic subsidiaries under the Amended Credit Agreement are required to be guaranteed by the Domestic Guarantors and are collateralized by substantially all assets (excluding intellectual property) of the Company and the Domestic Guarantors.

The Company's unamortized balance of debt issuance costs is $0.1 million as of December 31, 2025, which are amortized as interest expense over the life of the Facilities. Amortization of debt issuance costs included in interest expense for both the three months ended December 31, 2025 and December 31, 2024 were $0.3 million. Amortization of debt issuance costs included in interest expense for the six months ended December 31, 2025 and December 31, 2024 were $0.7 million and $1.4 million, respectively.

The Company's debt consisted of the following (in thousands):
December 31, 2025June 30, 2025
Term Loan Facility - short term$47,500 $250,000 
Debt issuance costs, net(144)(443)
Total Debt - short term47,356 249,557 

The Revolving Facility includes a sub-limit of $25.0 million for letters of credit and a sub-limit of $25.0 million for swingline loans. The Facilities are available for working capital and general corporate purposes that comply with the terms of the Amended Credit Agreement, including to finance the repurchase of the Company’s common stock or to make dividends to the holders of the Company's common stock. Under the Amended Credit Agreement, revolving loans and swingline loans may be borrowed, repaid and reborrowed until March 30, 2026, at which time all amounts borrowed must be repaid. Loans under the Facilities may be prepaid at any time without penalty.

The revolving loans and term loans under the Term Loan Facility bear interest, at the Company’s option, at either (i) a floating rate per annum equal to the Base Rate (as defined below) plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter or (ii) a floating per annum rate equal to the Adjusted Term SOFR (as defined below) for a specified period, plus a margin of between 1.50% and 2.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Swingline loans bear interest at a floating rate per annum equal to the Base Rate plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Base Rate is defined in the Amended Credit Agreement as the highest of (a) the Prime Rate (as defined in the Amended Credit Agreement), (b) the Federal Funds Rate (as defined in the Amended Credit Agreement) plus 0.50% and (c) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable). The Base Rate shall not be less than 1.00%. Adjusted Term SOFR is Term SOFR (as defined in the Amended Credit Agreement) plus 0.10% per annum; provided that Adjusted Term SOFR shall in no event be less than 0.00%.

A default interest rate shall apply on all obligations during certain events of default under the Amended Credit Agreement at a rate per annum equal to 2.00% above the applicable interest rate. The Company will pay to each lender a facility fee on a quarterly basis based on the unused amount of each lender’s commitment to make revolving loans, of between 0.20% and 0.35%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. The Company will also pay to the applicable lenders on a quarterly basis certain fees based on the daily amount available to be drawn under each outstanding letter of credit, including aggregate letter of credit commissions of between 1.50% and 2.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter, and issuance fees of 0.125% per annum. The Company is also obligated to pay Wells Fargo, as agent, fees customary for a credit facility of this size and type.

The Amended Credit Agreement requires the Company to maintain during the term of the Facilities a maximum consolidated total leverage ratio of 3.50 to 1.00 and a minimum consolidated interest coverage ratio of 3.50 to 1.00. In addition, the Amended Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the ability of the Company and its subsidiaries to, among other things, grant liens or enter into agreements restricting their ability to grant liens on property, enter into mergers, dispose of assets, change their accounting or reporting policies, change their business and incur indebtedness, in each case subject to customary exceptions for a credit facility of this size and type. The Amended Credit Agreement includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement.
The Facilities

As of December 31, 2025, $47.5 million was outstanding on the Term Loan Facility. There was no outstanding balance on the Revolving Facility as of December 31, 2025, resulting in $700.0 million being available on the Revolving Facility. As of December 31, 2025 and June 30, 2025, the fair value of the Facilities approximated the historical cost.

Term Loan Facilities

During the six months ended December 31, 2025, the Company made aggregate payments of $207.4 million under the Term Loan Facilities, of which $202.5 million was repayment of principal and $4.9 million was payment of interest.

Revolving Facility

There were no payments made under the Revolving Facility during the six months ended December 31, 2025.

The following table summarizes the Company’s estimated debt and interest payment obligations as of December 31, 2025, for the remainder of fiscal 2026 and future fiscal years (in thousands):

2026 (remainder)
2027202820292030ThereafterTotal
Debt payment obligations$47,500 $— $— $— $— $— $47,500 
Interest and other payments on debt payment obligations (1)
970 — — — — — 970 
Total$48,470 $— $— $— $— $— $48,470 
(1) Interest payments are calculated based on the applicable rates and payment dates as of December 31, 2025. Although our interest rates on our debt obligations may vary, we have assumed the most recent available interest rates for all periods presented.
v3.25.4
LEASES
 6 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company has entered into agreements under which we lease various real estate spaces in North America, Europe and Asia Pacific, under non-cancellable leases that expire on various dates through fiscal 2037. Some of our leases include options to extend the term of such leases for a period from 12 months to 60 months, and/or have options to early terminate the lease. As of December 31, 2025, we included such options in determining the lease terms for certain of our leases because we were reasonably certain that we would exercise the extension options. Most of our leases require us to pay certain operating expenses in addition to base rent, such as taxes, insurance and maintenance costs.

The following table summarizes our lease costs for the three and six months ended December 31, 2025 and 2024 (in thousands):
Financial Statement ClassificationThree Months Ended December 31,Six Months Ended December 31,
2025202420252024
Operating lease costs:
Fixed lease costsOperating expenses$3,292 $2,928 $6,285 $5,845 
Fixed lease costsCost of revenues1,111 1,159 2,199 2,318 
Variable lease costsOperating expenses521 140 998 253 
Variable lease costsCost of revenues202 190 272 386 
Total lease costs$5,126 $4,417 $9,754 $8,802 

The operating lease costs in the table above include costs for long-term and short-term leases. Total short-term costs for the three and six months ended December 31, 2025 and 2024 were immaterial. Variable lease costs primarily include maintenance, utilities and operating expenses that are incremental to the fixed base rent payments and are excluded from the calculation of operating lease liabilities and ROU assets. For the three months ended December 31, 2025 and 2024, cash paid for amounts associated with the Company's operating lease liabilities was approximately $4.7 million and $4.5 million, respectively. For the six months ended December 31, 2025 and 2024, cash paid for amounts associated with the Company's operating lease liabilities were approximately $9.3 million and $8.9 million, respectively. Cash paid for amounts associated with the Company’s operating lease liabilities were classified as operating activities in the consolidated statement of cash flows.
The following table shows the Company’s undiscounted future fixed payment obligations under the Company’s recognized operating leases and a reconciliation to the operating lease liabilities as of December 31, 2025:
Remainder of Fiscal 2026
$7,464 
Fiscal 2027
13,009 
Fiscal 2028
11,195 
Fiscal 2029
9,162 
Fiscal 2030
8,064 
Thereafter33,376 
Total future fixed operating lease payments$82,270 
Less: Imputed interest$13,229 
Total operating lease liabilities$69,041 
Weighted-average remaining lease term - operating leases8 years
Weighted-average discount rate - operating leases4.7 %
v3.25.4
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Purchase Obligations

We subcontract with third parties to manufacture our products and supply key components. As of December 31, 2025, we had $1,263.8 million of purchase commitments with these third parties. If we cancel all or part of the orders, we may still be liable to the contract manufacturers for the cost of the components purchased by the subcontractors to manufacture our products. There have been no significant liabilities for current or anticipated cancellations recorded as of December 31, 2025. Our consolidated financial position and results of operations could be negatively impacted if we were required to compensate these third parties. In addition, we may be subject to additional purchase obligations to our contract manufacturers for supply agreements and components ordered by them based on manufacturing forecasts we provide them each month.

Other Obligations

As of December 31, 2025, the Company has other obligations of $4.9 million which consisted primarily of commitments related to research and development projects.

Indemnification Obligations

The Company enters into standard indemnification agreements with many of its business partners in the ordinary course of business. These agreements include provisions for indemnifying the business partner against any claim brought by a third-party to the extent any such claim alleges that a Company product infringes a patent, copyright or trademark, or violates any other proprietary rights of that third-party. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not estimable and the Company has not incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements to date.

Legal Matters

The Company may be involved, from time to time, in a variety of claims, lawsuits, investigations, and proceedings relating to contractual disputes, intellectual property rights, employment matters, regulatory compliance matters and other litigation matters relating to various claims that arise in the normal course of business. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company assesses its potential liability by analyzing specific litigation and regulatory matters using available information. The Company develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies. Taking all of the above factors into account, the Company records an amount where it is probable that the Company will incur a loss and where that loss can be reasonably estimated. However, the Company’s estimates may be incorrect and the Company could ultimately incur more or less than the amounts initially recorded. The Company may also incur significant legal fees, which are expensed as incurred, in
defending against these claims. The Company is not currently aware of any pending or threatened litigation that would have a material adverse effect on the Company’s financial statements.

Intellectual Ventures I LLC v. Ubiquiti Inc.

On August 8, 2023, Intellectual Ventures I LLC ("IV") filed a patent infringement lawsuit against the Company in the District of Delaware, alleging that various Company products infringe United States Patent Number 8,594,122, which relates to 802.11ac “Beamforming” standards. IV seeks compensatory and enhanced damages, attorneys' fees and costs, and pre- and post-judgment interest. The Company plans to vigorously defend itself against these claims; however, there can be no assurance that the Company will prevail in the lawsuit. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this litigation.

Ax Wireless, LLC Litigation

On February 2, 2026, Ax Wireless, LLC (“Ax Wireless”) filed a complaint against the Company with the U.S. International Trade Commission (“ITC”) alleging infringement of certain U.S. patents related to Wi-Fi 6 (802.11ax) technology, including U.S. Patent Nos. 10,079,707; 10,917,272; 11,646,927; 11,777,776; and 11,812,134. The complainant seeks a limited exclusion order and a cease and desist order that would prohibit the Company from importing into the United States, and selling in the United States, certain wireless networking products and components that allegedly infringe these patents. Concurrently with the ITC filing, Ax Wireless filed a related complaint in the U.S. District Court for the Northern District of Illinois alleging infringement of the same patents and seeking unspecified monetary damages, interest, and fees.

The Company plans to vigorously defend itself in both the ITC investigation and the District Court action; however, there can be no assurance that the Company will prevail. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with either the ITC investigation or the District Court action. An adverse ruling at the ITC could result in an order excluding our products from the U.S. market, which would have a material adverse effect on our business, financial condition, and results of operations. The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with either the ITC investigation or the District Court action.
v3.25.4
SHARE-BASED COMPENSATION
 6 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Share-Based Compensation Plans

The Company’s 2020 and 2010 Equity Incentive Plans are described in the Annual Report.

As of December 31, 2025, the Company had 4,941,077 authorized shares available for future issuance under all of its stock incentive plans.

Share-Based Compensation

The following table shows total share-based compensation expense included in the consolidated statements of operations for the three and six months ended December 31, 2025 and 2024 (in thousands):

 Three Months Ended December 31,Six Months Ended December 31,
 2025202420252024
Cost of revenues$72 $57 $142 $111 
Research and development1,311 1,318 2,622 2,556 
Sales, general and administrative521 418 1,024 822 
$1,904 $1,793 $3,788 $3,489 
Stock Options

There were no options exercised under the Company’s stock incentive plans during the three and six months ended December 31, 2025 and 2024.

As of December 31, 2025, the Company had no unrecognized compensation costs related to stock options, and the Company did not grant any employee stock options during the three and six months ended December 31, 2025, and 2024.
Restricted Stock Units (“RSUs”)

The following table summarizes the activity of the RSUs made by the Company:

Number of SharesWeighted Average Grant Date Fair Value Per Share
Non-vested RSUs, June 30, 2025
100,064 $209.90 
RSUs granted4,968 $410.02 
RSUs vested(10,604)$188.02 
RSUs canceled(5,466)$209.80 
Non-vested RSUs, December 31, 2025
88,962 $223.69 

The intrinsic value of RSUs vested in both the three months ended December 31, 2025 and 2024 was $0.1 million.

The intrinsic value of RSUs vested in the six months ended December 31, 2025 and 2024 was $4.5 million and $1.6 million, respectively.

The total intrinsic value of all outstanding RSUs was $49.2 million as of December 31, 2025.

As of December 31, 2025, there were unrecognized compensation costs related to RSUs of $12.0 million which the Company expects to recognize over a weighted average period of 2.8 years.
v3.25.4
INCOME TAXES
 6 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded tax provisions of $57.7 million and $108.4 million for the three and six months ended December 31, 2025, respectively, as compared to $30.6 million and $61.2 million for the three and six months ended December 31, 2024, respectively. Our effective tax rate increased to 19.8% for the three months ended December 31, 2025 as compared to 18.3% for the three months ended December 31, 2024. Our effective tax rate increased from 18.8% for the six months ended December 31, 2024 to 19.7% for the six months ended December 31, 2025. The change in effective tax rates for the three and six months ended December 31, 2025, as compared to the same periods in the prior year, was primarily driven by changes in the mix of the income earned in various tax jurisdictions as well as in the mix of income eligible for the Foreign-Derived Intangible Income (“FDII”) rules and subject to the Global Intangible Low-Taxes Income ("GILTI") and Pillar Two rules.

The Company’s estimated fiscal year 2026 effective tax rate, before discrete items, differs from the U.S. statutory rate primarily due to the income tax benefits from the FDII deduction as well as profits earned in jurisdictions where the tax rate is lower than the U.S. tax rate, partially offset by additional Pillar Two top up taxes related to our non-U.S. operations as well as income subject to GILTI.

As of December 31, 2025, the Company had approximately $34.7 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. As of December 31, 2025, the Company had $6.6 million accrued interest related to uncertain tax matters.

The Company and one or more of its subsidiaries, file income tax returns in the United States federal jurisdiction, and various state, local, and foreign jurisdictions and is currently undergoing income tax examinations by the U.S. Internal Revenue Service (“IRS”) and the Hong Kong Inland Revenue Department (“IRD”). All material consolidated federal, state and local income tax matters have been concluded for years through 2015. The majority of the Company's foreign jurisdictions have been concluded through 2015, with the exception of Hong Kong which has been reviewed through 2009 and is currently under audit for the 2010-2019 statutory tax years.

In July 2018, the Company received a draft Notice of Proposed Adjustment (“Draft NOPA”) from the IRS proposing an adjustment to income for the fiscal 2015 and fiscal 2016 tax years based on its interpretation of certain obligations of the non-U.S. entities under the credit facility. This Draft NOPA was superseded by an Acknowledgement of Facts (“AOF”) issued to the Company by the IRS on January 17, 2020. The IRS in its AOF continued to propose an adjustment to the Company’s income for its fiscal 2015 and fiscal 2016 tax years based on the IRS’ interpretation of certain obligations of the Company’s foreign subsidiaries under the Company’s credit facilities. On May 12, 2020, the IRS issued a final NOPA to the Company with respect to the 2015/2016 tax years. The Company formally protested the adjustment and the case was moved from the Examination Division to the IRS Appeals Division where a formal review of the facts and the applicable law took place on May 9, 2022. The Appeals Officer issued a Notice of Deficiency on August 3, 2022, which upheld the position of the Examination Division. The Company filed a petition with the United States Tax Court seeking
to have the Notice of Deficiency reversed. On November 8, 2023, the Company filed a Motion for Summary Judgment. The IRS responded to the Company’s Motion on December 26, 2023 and filed a Cross-Motion for Summary Judgment. On January 22, 2024, the judge assigned to this case rejected both Motions for Summary Judgment. As such, the Company is awaiting a trial date to be set. The Company continues to believe that its tax position filed with the IRS with regard to this matter is more likely than not to be sustained based on technical merits. However, there can be no assurance that this matter will be resolved in the Company’s favor. Regardless of whether the matter is resolved in the Company’s favor, the final resolution of this matter could be expensive and time-consuming to defend and/or settle. The Company estimates the incremental tax liability associated with the income adjustment proposed in the AOF would be approximately $50.0 million, excluding potential interest and penalties, after adjusting for the impact of an adjustment on the amount of transition tax paid and payable in future years by the Company. As the Company believes that the tax originally paid in fiscal 2015 and fiscal 2016 is correct, it has not provided a reserve for this tax uncertainty. However, an adverse outcome may have a material and adverse effect on the Company’s results of operations and financial condition.

The Hong Kong Inland Revenue Department (the “IRD”) is examining the Company’s claims that its revenue is generated through activities performed wholly outside of the Hong Kong tax jurisdiction and are therefore exempt from Hong Kong tax. The Company is fully cooperating with the examination including submitting documentation in support of its position. The Company continues to believe that its tax positions filed with the IRD are more likely than not to be sustained based on their technical merits and therefore no reserve has been provided for this tax uncertainty. Between fiscal years 2018 and 2024, the Company made payments totaling a combined amount of $60.4 million as deposits with the IRD in connection with extending the statute of limitation for the 2010-2018 income tax audits. On March 28, 2025, the Company received notification that the IRD is seeking an additional $2.0 million deposit covering the 2019 statutory tax year. The Company filed a formal protest in response to this notice and the Assessor's office agreed to a reduced deposit of under $0.2 million covering the 2019 statutory tax year. The refundable deposits are included within other long-term assets on our consolidated balance sheets. The Company expects the $60.8 million (net of foreign currency impact) of deposits made with the IRD to be refunded upon completion of the audit. However, there can be no assurance that this matter will be resolved in the Company’s favor and therefore it's possible that an adverse outcome of the matter could have a material effect on the Company’s results of operations and financial condition.

The Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion and Profit Shifting released Pillar Two Model Rules (“Pillar Two”) for a global minimum tax. Many countries have enacted certain aspects of the Pillar Two framework with effective dates prior to the conclusion of the Company’s fiscal year 2025. Entities operating in countries where Pillar Two has been enacted are required to estimate Pillar Two top-up tax obligations beginning in the first quarter of fiscal year 2025. For the three months ended December 31, 2025, the Company included approximately $2.4 million Pillar Two top-up tax obligations impacting the Company’s estimated annual effective tax rate. The Company will continue to evaluate the impact of proposed and enacted legislation as new guidance becomes available.
On July 4, 2025, the United States enacted tax reform legislation through the One Big Beautiful Bill Act (“OBBBA”). Included in this legislation are provisions that allow for the immediate expensing of domestic United States research and development expenses, immediate expensing of certain capital expenditures, and changes to the U.S. taxation of profits derived from foreign operations. ASC 740, "Income Taxes", requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The legislation has multiple effective dates, with certain provisions effective in 2025 (our current fiscal year 2026) and others implemented through 2027 (our fiscal year 2028). The Company has evaluated the OBBBA enacted during the quarter and determined its impact on the consolidated financial statements to be immaterial.
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS
We have one reportable segment, which reflects how the chief operating decision maker (“CODM”), our Chief Executive Officer, reviews and assesses performance of the business. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated net income reported in the consolidated statement of operations. The CODM uses consolidated net income in deciding whether to reinvest profits into certain parts of the business or return a portion of such profits to shareholders through dividends and stock repurchases. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the consolidated statement of operations.

Revenue

The Company presents its revenue by product type in two primary categories: Service Provider Technology and Enterprise Technology.
Revenues by product type are as follows (in thousands, except percentages):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
Enterprise technology$728,991 89%$518,202 86%$1,386,137 90%$988,385 86%
Service provider technology85,876 11%81,677 14%162,503 10%161,838 14%
Total revenues$814,867 100%$599,879 100%$1,548,640 100%$1,150,223 100%

Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
North America (1)
$443,568 54%$321,644 54%$826,392 53%$592,890 52%
Europe, the Middle East and Africa (“EMEA”)280,712 34%208,579 35%543,832 35%413,467 36%
Asia Pacific54,465 7%43,081 7%107,589 7%84,019 7%
South America36,122 5%26,575 4%70,827 5%59,847 5%
Total revenues$814,867 100%$599,879 100%$1,548,640 100%$1,150,223 100%
 (1) Revenue for the United States was $388.3 million and $296.1 million for the three months ended December 31, 2025 and 2024, respectively. Revenue for the United States was $739.6 million and $544.8 million for the six months ended December 31, 2025 and 2024, respectively.

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:

 Percentage of RevenuesPercentage of Accounts Receivable
 Three months ended December 31,December 31,June 30,
 2025202420252025
Customer A**12 %*
* Denotes less than 10%
v3.25.4
COMMON STOCK AND TREASURY STOCK
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
COMMON STOCK AND TREASURY STOCK COMMON STOCK AND TREASURY STOCK
On August 21, 2025, the Company’s Board of Directors approved a $500 million stock repurchase program (the “2025 August Program”). Under the 2025 August Program, the Company is authorized to repurchase up to $500 million of its common stock. The
2025 August Program expires on September 30, 2026. During the three and six months ended December 31, 2025, the Company did not make any repurchases under the 2025 August Program.
v3.25.4
RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS
 6 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS
Mr. Robert J. Pera, our Chairman and Chief Executive Officer, is the controlling owner of the Memphis Grizzlies, a team in the National Basketball Association (the “Grizzlies”). From time to time, the Grizzlies purchase our products through our webstore, on terms that we believe are no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances. During the three and six months ended December 31, 2025, we received approximately $8,000 and $198,000, respectively, from sales to the Grizzlies, inclusive of sales tax and shipping charges. Additionally, from time to time, the Grizzlies may participate in our product testing and marketing activities.
v3.25.4
SUBSEQUENT EVENTS
 6 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Dividends

On February 6, 2026, the Company's Board of Directors approved a quarterly cash dividend of $0.80 per share payable on February 23, 2026 to shareholders of record at the close of business on February 17, 2026. Any future dividends will be subject to the approval of the Company’s Board of Directors.

Ax Wireless, LLC Litigation

On February 2, 2026, Ax Wireless, LLC filed a complaint with the U.S. International Trade Commission and a related complaint in the U.S. District Court for the Northern District of Illinois alleging patent infringement. Refer to Part I, Item 1, Note 9, "Commitments and Contingencies" of the notes to consolidated financial statements for further information.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation— The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) related to interim financial statements based on applicable Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These consolidated financial statements reflect all adjustments, which are, in the opinion of the Company, of a normal and recurring nature and those necessary to state fairly the statements of financial position, results of operations and cash flows for the dates and periods presented. The June 30, 2025 balance sheet was derived from the audited consolidated financial statements as of that date. All significant intercompany transactions and balances have been eliminated.

These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2025, included in its Annual Report on Form 10-K, as filed with the SEC on August 22, 2025 (the “Annual Report”). The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for any future periods.
Use of Accounting Estimates
Use of Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Those estimates and assumptions include, but are not limited to, revenue recognition and deferred revenue; sales return reserves; inventory valuation and vendor deposits; accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions. We evaluate our estimates and assumptions based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements Not Yet Effective
Recent Accounting Pronouncements Not Yet Effective

Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) ("ASU 2023-09"), which amends the existing guidance relating to the annual disclosures for accounting for income taxes. ASU 2023-09 requires a public business entity to disclose a tabular rate reconciliation using specified categories and providing additional information for reconciling items that exceed a quantitative threshold. In addition, ASU 2023-09 requires the disaggregation of federal, state and foreign income taxes paid (net of funds received), with further disaggregation required for individual jurisdictions in which the income taxes paid exceed five percent of the Company's total income taxes paid. The provision for income taxes in the Company's statement of operations will also be required to be disaggregated by federal, state and foreign jurisdictions. The amendments in ASU 2023-09 will become effective for annual disclosures for fiscal year 2026. The FASB indicated ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This ASU will only impact our disclosures with no impact to our results of operations, cash flows, and financial condition.

Disaggregation of Expenses
In November 2024, the FASB issued ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses ("ASU 2024-03") which requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. The amendments in ASU 2024-03 will become effective for
annual disclosures in the Company's fiscal year beginning July 1, 2027, with interim period disclosures required effective with the Company's fiscal year beginning July 1, 2028. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows, and financial condition.
Disaggregation of Revenue
Disaggregation of Revenue

See Note 12, "Segment Information, Revenues by Geography and Significant Customers" for disaggregation of revenue by product category and geography.

Contract Balances

The timing of revenue recognition, billing and cash collections results in billed accounts receivable, deferred revenue primarily attributable to PCS and customer deposits on the consolidated balance sheets. Accounts receivable are recognized in the period the Company’s right to the consideration is unconditional. Our contract liabilities consist of advance payments (customer deposits) as well as billing in excess of revenue recognized primarily related to deferred revenue. We classify customer deposits as a current liability, and deferred revenue as a current or non-current liability based on the timing of when we expect to fulfill these remaining performance obligations. The current portion of deferred revenue is included in other current liabilities and the non-current portion is included in other long-term liabilities in our consolidated balance sheets.
Accrued Warranty
The Company offers warranties on certain products, generally a period of one to two years and records a liability for the estimated future costs associated with potential warranty claims. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. The warranties are typically in effect for one year for distributors from the date of shipment and two years for direct sales from the date of delivery. The Company assesses the adequacy of its accrued warranty liabilities and adjusts the amounts as necessary based on historical experience factors and changes in future estimates. Historical factors include product failure rates, material usage and service delivery costs incurred in correcting product failures. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.
v3.25.4
EARNINGS PER SHARE (Tables)
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
Numerator:
Net income$233,610 $136,795 $441,486 $264,783 
Denominator:
Weighted-average shares used in computing basic earnings per share60,500 60,470 60,499 60,470 
Add—dilutive potential common shares:
Restricted stock units66 57 65 44 
Weighted-average shares used in computing diluted net income per share60,566 60,527 60,564 60,514 
Net income per share of common stock:
Basic$3.86 $2.26 $7.30 $4.38 
Diluted$3.86 $2.26 $7.29 $4.38 
v3.25.4
BALANCE SHEET COMPONENTS (Tables)
 6 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
December 31, 2025June 30, 2025
Finished goods$633,744 $627,971 
Raw materials40,954 47,127 
Total$674,698 $675,098 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
December 31, 2025June 30, 2025
Prepaid income taxes$14,085 $7,339 
Prepaid expenses and other assets40,643 39,458 
Other taxes10,130 8,775 
Total$64,858 $55,572 
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Testing equipment$20,137 $20,581 
Tooling equipment31,108 26,528 
Leasehold improvements28,052 27,578 
Computer and other equipment8,963 8,141 
Software8,784 9,016 
Furniture and fixtures2,170 2,170 
Corporate aircraft65,807 65,807 
Property and equipment, gross165,021 159,821 
Less: Accumulated depreciation and amortization(91,121)(86,326)
Property and equipment, net$73,900 $73,495 
Schedule of Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
December 31, 2025June 30, 2025
Hong Kong Tax deposit (1)
$60,787 $60,270 
Intangible assets, net (2)(3)
1,854 2,628 
Other long-term assets, net5,333 4,213 
Total$67,974 $67,111 
(1) The Company expects the deposits made with the Hong Kong Inland Revenue Department (“IRD”) to be refunded upon completion of the audit. See Note 11, "Income Taxes" to the consolidated financial statements for additional details regarding this ongoing tax audit.
(2) Accumulated amortization was $9.8 million and $9.1 million as of December 31, 2025, and June 30, 2025, respectively.
(3) Amortization expense for intangible assets was $0.4 million and was $0.8 million for both the three and six months ended December 31, 2025 and 2024, respectively.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents expected future intangible asset amortization as of December 31, 2025:

Fiscal 2026$126
Fiscal 2027250
Fiscal 2028250
Fiscal 2029244
Fiscal 2030241
Thereafter743
Total future intangible asset amortization$1,854
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
December 31, 2025June 30, 2025
Deferred revenue — short-term$45,642 35,968 
Accrued expenses22,924 36,090 
Lease liability— current11,333 12,401 
Warranty accrual11,247 11,739 
Accrued compensation and benefits21,231 9,086 
Customer deposits2,577 2,817 
Reserve for sales returns3,740 3,005 
Inventory received not billed33,768 120,826 
Other payables25,885 23,840 
Total$178,347 $255,772 
Schedule of Other Long-Term Liabilities
Other long-term liabilities consisted of the following (in thousands):
December 31, 2025June 30, 2025
Deferred revenue — long-term$32,862 $26,015 
Deferred tax liability— 334 
Total$32,862 $26,349 
v3.25.4
ACCRUED WARRANTY (Tables)
 6 Months Ended
Dec. 31, 2025
Product Warranties Disclosures [Abstract]  
Schedule of Warranty Obligations
Warranty obligations, included in other current liabilities, were as follows (in thousands):
 Six Months Ended December 31,
 20252024
Beginning balance$11,739 $10,825 
Accruals for warranties issued during the period7,179 7,929 
Changes in liability for pre-existing warranties during the period(1,729)(331)
Settlements made during the period(5,942)(6,612)
Ending balance$11,247 $11,811 
v3.25.4
DEBT (Tables)
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following (in thousands):
December 31, 2025June 30, 2025
Term Loan Facility - short term$47,500 $250,000 
Debt issuance costs, net(144)(443)
Total Debt - short term47,356 249,557 
Schedule of Estimated Debt and Interest Payment Obligations
The following table summarizes the Company’s estimated debt and interest payment obligations as of December 31, 2025, for the remainder of fiscal 2026 and future fiscal years (in thousands):

2026 (remainder)
2027202820292030ThereafterTotal
Debt payment obligations$47,500 $— $— $— $— $— $47,500 
Interest and other payments on debt payment obligations (1)
970 — — — — — 970 
Total$48,470 $— $— $— $— $— $48,470 
(1) Interest payments are calculated based on the applicable rates and payment dates as of December 31, 2025. Although our interest rates on our debt obligations may vary, we have assumed the most recent available interest rates for all periods presented.
v3.25.4
LEASES (Tables)
 6 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs
The following table summarizes our lease costs for the three and six months ended December 31, 2025 and 2024 (in thousands):
Financial Statement ClassificationThree Months Ended December 31,Six Months Ended December 31,
2025202420252024
Operating lease costs:
Fixed lease costsOperating expenses$3,292 $2,928 $6,285 $5,845 
Fixed lease costsCost of revenues1,111 1,159 2,199 2,318 
Variable lease costsOperating expenses521 140 998 253 
Variable lease costsCost of revenues202 190 272 386 
Total lease costs$5,126 $4,417 $9,754 $8,802 
Schedule of Undiscounted Future Fixed Payment Obligations Under Recognized Operating Leases and Reconciliation of Operating Lease Liabilities
The following table shows the Company’s undiscounted future fixed payment obligations under the Company’s recognized operating leases and a reconciliation to the operating lease liabilities as of December 31, 2025:
Remainder of Fiscal 2026
$7,464 
Fiscal 2027
13,009 
Fiscal 2028
11,195 
Fiscal 2029
9,162 
Fiscal 2030
8,064 
Thereafter33,376 
Total future fixed operating lease payments$82,270 
Less: Imputed interest$13,229 
Total operating lease liabilities$69,041 
Weighted-average remaining lease term - operating leases8 years
Weighted-average discount rate - operating leases4.7 %
v3.25.4
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table shows total share-based compensation expense included in the consolidated statements of operations for the three and six months ended December 31, 2025 and 2024 (in thousands):

 Three Months Ended December 31,Six Months Ended December 31,
 2025202420252024
Cost of revenues$72 $57 $142 $111 
Research and development1,311 1,318 2,622 2,556 
Sales, general and administrative521 418 1,024 822 
$1,904 $1,793 $3,788 $3,489 
Schedule of Activity of RSUs
The following table summarizes the activity of the RSUs made by the Company:

Number of SharesWeighted Average Grant Date Fair Value Per Share
Non-vested RSUs, June 30, 2025
100,064 $209.90 
RSUs granted4,968 $410.02 
RSUs vested(10,604)$188.02 
RSUs canceled(5,466)$209.80 
Non-vested RSUs, December 31, 2025
88,962 $223.69 
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS (Tables)
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenues by Product
Revenues by product type are as follows (in thousands, except percentages):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
Enterprise technology$728,991 89%$518,202 86%$1,386,137 90%$988,385 86%
Service provider technology85,876 11%81,677 14%162,503 10%161,838 14%
Total revenues$814,867 100%$599,879 100%$1,548,640 100%$1,150,223 100%
Schedule of Revenues by Geography
Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages):
 Three Months Ended December 31,
Six Months Ended December 31,
 2025202420252024
North America (1)
$443,568 54%$321,644 54%$826,392 53%$592,890 52%
Europe, the Middle East and Africa (“EMEA”)280,712 34%208,579 35%543,832 35%413,467 36%
Asia Pacific54,465 7%43,081 7%107,589 7%84,019 7%
South America36,122 5%26,575 4%70,827 5%59,847 5%
Total revenues$814,867 100%$599,879 100%$1,548,640 100%$1,150,223 100%
 (1) Revenue for the United States was $388.3 million and $296.1 million for the three months ended December 31, 2025 and 2024, respectively. Revenue for the United States was $739.6 million and $544.8 million for the six months ended December 31, 2025 and 2024, respectively.
Schedule of Concentration of Risk by Customer
Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:

 Percentage of RevenuesPercentage of Accounts Receivable
 Three months ended December 31,December 31,June 30,
 2025202420252025
Customer A**12 %*
* Denotes less than 10%
v3.25.4
REVENUES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]          
Customer deposits $ 2,577   $ 2,577   $ 2,817
Deferred revenue, current 45,600   45,600   36,000
Deferred revenue — long-term 32,900   32,900   $ 26,000
Deferred revenue recognized $ 8,700 $ 4,900 $ 21,600 $ 12,300  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01          
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]          
Deferred revenue recognition period (in years) 2 years   2 years    
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Numerator:            
Net income $ 233,610 $ 207,876 $ 136,795 $ 127,988 $ 441,486 $ 264,783
Denominator:            
Weighted-average shares used in computing basic earnings per share (in shares) 60,500   60,470   60,499 60,470
Add—dilutive potential common shares:            
Weighted-average shares used in computing diluted net income per share (in shares) 60,566   60,527   60,564 60,514
Net income per share of common stock:            
Basic (in usd per share) $ 3.86   $ 2.26   $ 7.30 $ 4.38
Diluted (in usd per share) $ 3.86   $ 2.26   $ 7.29 $ 4.38
Restricted stock units            
Add—dilutive potential common shares:            
Restricted stock units (in shares) 66   57   65 44
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Inventories [Abstract]    
Finished goods $ 633,744 $ 627,971
Raw materials 40,954 47,127
Total $ 674,698 $ 675,098
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]    
Prepaid income taxes $ 14,085 $ 7,339
Prepaid expenses and other assets 40,643 39,458
Other taxes 10,130 8,775
Total $ 64,858 $ 55,572
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 165,021 $ 159,821
Less: Accumulated depreciation and amortization (91,121) (86,326)
Property and equipment, net 73,900 73,495
Testing equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 20,137 20,581
Tooling equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 31,108 26,528
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 28,052 27,578
Computer and other equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,963 8,141
Software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,784 9,016
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,170 2,170
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 65,807 $ 65,807
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Other Long-term Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Other Long-term Debt [Abstract]          
Hong Kong Tax deposit $ 60,787   $ 60,787   $ 60,270
Intangible assets, net 1,854   1,854   2,628
Other long-term assets, net 5,333   5,333   4,213
Total 67,974   67,974   67,111
Accumulated Amortization, Intangible Assets 9,800   9,800   $ 9,100
Amortization of Intangible Assets $ 400 $ 800 $ 400 $ 800  
v3.25.4
BALANCE SHEET COMPONENTS -Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Balance Sheet Related Disclosures [Abstract]  
Fiscal 2026 $ 126
Fiscal 2027 250
Fiscal 2028 250
Fiscal 2029 244
Fiscal 2030 241
Thereafter 743
Total future intangible asset amortization $ 1,854
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Other Current Liabilities [Abstract]        
Deferred revenue — short-term $ 45,642 $ 35,968    
Accrued expenses 22,924 36,090    
Lease liability— current 11,333 12,401    
Warranty accrual 11,247 11,739 $ 11,811 $ 10,825
Accrued compensation and benefits 21,231 9,086    
Customer deposits 2,577 2,817    
Reserve for sales returns 3,740 3,005    
Inventory received not billed 33,768 120,826    
Other payables 25,885 23,840    
Total $ 178,347 $ 255,772    
v3.25.4
BALANCE SHEET COMPONENTS - Schedule of Other Long Term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Other Long-Term Liabilities [Abstract]    
Deferred revenue — long-term $ 32,862 $ 26,015
Deferred tax liability 0 334
Total $ 32,862 $ 26,349
v3.25.4
ACCRUED WARRANTY - Narrative (Details)
 6 Months Ended
Dec. 31, 2025
Distributors  
Product Warranty Liability [Line Items]  
Warranty period 1 year
Direct Sales  
Product Warranty Liability [Line Items]  
Warranty period 2 years
Minimum  
Product Warranty Liability [Line Items]  
Warranty period 1 year
Maximum  
Product Warranty Liability [Line Items]  
Warranty period 2 years
v3.25.4
ACCRUED WARRANTY - Schedule of Warranty Obligations (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Beginning balance $ 11,739 $ 10,825
Accruals for warranties issued during the period 7,179 7,929
Changes in liability for pre-existing warranties during the period (1,729) (331)
Settlements made during the period (5,942) (6,612)
Ending balance $ 11,247 $ 11,811
v3.25.4
DEBT - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 30, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Amortization of debt issuance costs       $ 665,000 $ 1,369,000
Amended and Restated Credit Agreement | Federal funds rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 0.50%        
Term Loan | SOFR          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 0.10%        
Term Loan | Minimum | Base Rate          
Debt Instrument [Line Items]          
Stated interest rate (in percentage) 1.00%        
Term Loan | Minimum | SOFR          
Debt Instrument [Line Items]          
Stated interest rate (in percentage) 0.00%        
Revolving credit facility          
Debt Instrument [Line Items]          
Principal payment       0 175,000,000
Revolving credit facility | Amended and Restated Credit Agreement          
Debt Instrument [Line Items]          
Revolving credit facility $ 700,000,000        
Debt issuance costs   $ 100,000   100,000  
Amortization of debt issuance costs   300,000 $ 300,000 700,000 1,400,000
Issuance fees per annum (in percentage) 0.125%        
Maximum leverage ratio 3.5        
Minimum consolidated interest coverage ratio 3.5        
Outstanding borrowing   0   0  
Available borrowing capacity   700,000,000   700,000,000  
Revolving credit facility | Amended and Restated Credit Agreement | Applicable interest rate          
Debt Instrument [Line Items]          
Debt basis spread over applicable interest rate (in percentage) 2.00%        
Revolving credit facility | Amended and Restated Credit Agreement | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage of unused borrowings (in percentage) 0.20%        
Revolving credit facility | Amended and Restated Credit Agreement | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage of unused borrowings (in percentage) 0.35%        
Initial Term Loan | Amended and Restated Credit Agreement          
Debt Instrument [Line Items]          
Revolving credit facility $ 500,000,000        
Additional borrowing capacity 500,000,000        
Outstanding borrowing   $ 47,500,000   47,500,000  
Initial Term Loan | Term Loan          
Debt Instrument [Line Items]          
Periodic payment $ 6,250,000        
Initial Term Loan | Term Loan | Minimum | Base Rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 0.50%        
Initial Term Loan | Term Loan | Minimum | SOFR          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 1.50%        
Initial Term Loan | Term Loan | Maximum | Base Rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 1.25%        
Initial Term Loan | Term Loan | Maximum | SOFR          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 2.25%        
Letters of credit | Amended and Restated Credit Agreement          
Debt Instrument [Line Items]          
Revolving credit facility $ 25,000,000        
Letters of credit | Amended and Restated Credit Agreement | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage of unused borrowings (in percentage) 1.50%        
Letters of credit | Amended and Restated Credit Agreement | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage of unused borrowings (in percentage) 2.25%        
Sublimit for swingline loan advances | Amended and Restated Credit Agreement          
Debt Instrument [Line Items]          
Revolving credit facility $ 25,000,000        
Sublimit for swingline loan advances | Amended and Restated Credit Agreement | SOFR, One Month Rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 1.00%        
Sublimit for swingline loan advances | Term Loan | Minimum | Base Rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 0.50%        
Sublimit for swingline loan advances | Term Loan | Maximum | Base Rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate (in percentage) 1.25%        
Term Loan          
Debt Instrument [Line Items]          
Principal payment       202,500,000 $ 126,875,000
Term Loan | Amended and Restated Credit Agreement          
Debt Instrument [Line Items]          
Repayment of outstanding balance       207,400,000  
Principal payment       202,500,000  
Interest payment       $ 4,900,000  
v3.25.4
DEBT - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Debt Instrument [Line Items]    
Debt issuance costs, net $ (144) $ (443)
Total Debt - short term 47,356 249,557
Initial Term Loan    
Debt Instrument [Line Items]    
Term Loan Facility - short term $ 47,500 $ 250,000
v3.25.4
DEBT - Schedule of Estimated Debt and Interest Payment Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt payment obligations  
2026 (remainder) $ 47,500
2027 0
2028 0
2029 0
2030 0
Thereafter 0
Total 47,500
Interest and other payments on debt payment obligations  
2026 (remainder) 970
2027 0
2028 0
2029 0
2030 0
Thereafter 0
Total 970
Total  
2026 (remainder) 48,470
2027 0
2028 0
2029 0
2030 0
Thereafter 0
Total $ 48,470
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]        
Operating lease payments $ 4.7 $ 4.5 $ 9.3 $ 8.9
Minimum        
Lessee, Lease, Description [Line Items]        
Lease, extension of terms 12 months   12 months  
Maximum        
Lessee, Lease, Description [Line Items]        
Lease, extension of terms 60 months   60 months  
v3.25.4
LEASES - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Lease, Cost [Abstract]        
Total lease costs $ 5,126 $ 4,417 $ 9,754 $ 8,802
Operating expenses        
Lease, Cost [Abstract]        
Fixed lease costs 3,292 2,928 6,285 5,845
Variable lease costs 521 140 998 253
Cost of revenues        
Lease, Cost [Abstract]        
Fixed lease costs 1,111 1,159 2,199 2,318
Variable lease costs $ 202 $ 190 $ 272 $ 386
v3.25.4
LEASES - Schedule of Operating Leases Future Payment Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]  
Remainder of Fiscal 2026 $ 7,464
Fiscal 2027 13,009
Fiscal 2028 11,195
Fiscal 2029 9,162
Fiscal 2030 8,064
Thereafter 33,376
Total future fixed operating lease payments 82,270
Less: Imputed interest 13,229
Total operating lease liabilities $ 69,041
v3.25.4
LEASES - Schedule of Weighted-Average Term and Discount Rate (Details)
Dec. 31, 2025
Leases [Abstract]  
Weighted-average remaining lease term - operating leases 8 years
Weighted-average discount rate - operating leases 4.70%
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligation $ 1,263.8
Other obligations $ 4.9
v3.25.4
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Authorized shares, stock incentive plans (in shares) 4,941,077   4,941,077  
Options granted (in shares) 0 0 0 0
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options exercised (in shares) 0 0 0 0
Unrecognized compensation costs $ 0   $ 0  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation costs 12,000,000   12,000,000  
Intrinsic value of RSUs vested 100,000 $ 100,000 4,500,000 $ 1,600,000
Intrinsic value of RSUs outstanding $ 49,200,000   $ 49,200,000  
Weighted-average period recognized (in years)     2 years 9 months 18 days  
v3.25.4
SHARE-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 1,904 $ 1,793 $ 3,788 $ 3,489
Cost of revenues        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 72 57 142 111
Research and development        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 1,311 1,318 2,622 2,556
Sales, general and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 521 $ 418 $ 1,024 $ 822
v3.25.4
SHARE-BASED COMPENSATION -Schedule of RSU Activity (Details) - Restricted stock units
 6 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares  
Non-vested RSUs, beginning balance (in shares) | shares 100,064
RSUs granted (in shares) | shares 4,968
RSUs vested (in shares) | shares (10,604)
RSUs canceled (in shares) | shares (5,466)
Non-vested RSUs, ending balance (in shares) | shares 88,962
Weighted Average Grant Date Fair Value Per Share  
Non-vested RSUs, beginning balance (in usd per share) | $ / shares $ 209.90
RSUs granted (in usd per share) | $ / shares 410.02
RSUs vested (in usd per share) | $ / shares 188.02
RSUs canceled (in usd per share) | $ / shares 209.80
Non-vested RSUs, ending balance (in usd per share) | $ / shares $ 223.69
v3.25.4
INCOME TAXES (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
May 18, 2023
USD ($)
Dec. 31, 2025
USD ($)
subsidiary
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
subsidiary
Dec. 31, 2024
USD ($)
Mar. 28, 2025
USD ($)
Income Tax Disclosure [Abstract]            
Provision for income taxes   $ 57,702 $ 30,577 $ 108,366 $ 61,217  
Effective income tax rate (in percentage)   19.80% 18.30% 19.70% 18.80%  
Unrecognized tax benefits   $ 34,700   $ 34,700    
Interest accrued related to uncertain tax matters   $ 6,600   $ 6,600    
Number of subsidiaries (or more) | subsidiary   1   1    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]            
Estimated global minimum tax expense   $ 2,400        
Hong Kong Inland Revenue Department            
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]            
Payment for tax deposit       $ 60,800    
Hong Kong Inland Revenue Department | Tax Year 2010 - 2017            
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]            
Payment for tax deposit       60,400    
Hong Kong Inland Revenue Department | Tax Year 2018            
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]            
Payment for tax deposit $ 200          
Additional tax deposit requested           $ 2,000
IRS            
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]            
Loss contingency, estimate of possible loss   $ 50,000   $ 50,000    
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Narrative - (Details)
 6 Months Ended
Dec. 31, 2025
segment
product
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product types | product 2
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Schedule of Revenues by Product (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 814,867 $ 599,879 $ 1,548,640 $ 1,150,223
Enterprise technology        
Segment Reporting Information [Line Items]        
Total revenues 728,991 518,202 1,386,137 988,385
Service provider technology        
Segment Reporting Information [Line Items]        
Total revenues $ 85,876 $ 81,677 $ 162,503 $ 161,838
Product concentration risk | Revenues        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 100.00% 100.00% 100.00% 100.00%
Product concentration risk | Enterprise technology | Revenues        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 89.00% 86.00% 90.00% 86.00%
Product concentration risk | Service provider technology | Revenues        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 11.00% 14.00% 10.00% 14.00%
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Schedule of Revenues by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Revenues $ 814,867 $ 599,879 $ 1,548,640 $ 1,150,223
North America        
Segment Reporting Information [Line Items]        
Revenues 443,568 321,644 826,392 592,890
Europe, the Middle East and Africa (“EMEA”)        
Segment Reporting Information [Line Items]        
Revenues 280,712 208,579 543,832 413,467
Asia Pacific        
Segment Reporting Information [Line Items]        
Revenues 54,465 43,081 107,589 84,019
South America        
Segment Reporting Information [Line Items]        
Revenues 36,122 26,575 70,827 59,847
United States        
Segment Reporting Information [Line Items]        
Revenues $ 388,300 $ 296,100 $ 739,600 $ 544,800
Geographic concentration risk | Revenues        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 100.00% 100.00% 100.00% 100.00%
Geographic concentration risk | Revenues | North America        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 54.00% 54.00% 53.00% 52.00%
Geographic concentration risk | Revenues | Europe, the Middle East and Africa (“EMEA”)        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 34.00% 35.00% 35.00% 36.00%
Geographic concentration risk | Revenues | Asia Pacific        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 7.00% 7.00% 7.00% 7.00%
Geographic concentration risk | Revenues | South America        
Segment Reporting Information [Line Items]        
Revenue (in percentage) 5.00% 4.00% 5.00% 5.00%
v3.25.4
SEGMENT INFORMATION, REVENUES BY GEOGRAPHY AND SIGNIFICANT CUSTOMERS - Schedule of Concentration of Risk by Customer (Details)
 6 Months Ended
Dec. 31, 2025
Customer concentration risk | Accounts Receivable | Customer A  
Revenue, Major Customer [Line Items]  
Concentration percentage 12.00%
v3.25.4
COMMON STOCK AND TREASURY STOCK (Details) - 2025 August Program
$ in Thousands
Aug. 21, 2025
USD ($)
Equity, Class of Treasury Stock [Line Items]  
Stock repurchase program, authorized amount $ 500,000
Common Stock  
Equity, Class of Treasury Stock [Line Items]  
Stock repurchase program, authorized amount $ 500,000
v3.25.4
RELATED PARTY TRANSACTIONS AND CERTAIN OTHER TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]        
Revenues $ 814,867 $ 599,879 $ 1,548,640 $ 1,150,223
Chief Executive Officer | Related Party        
Related Party Transaction [Line Items]        
Revenues $ 8   $ 198  
v3.25.4
SUBSEQUENT EVENTS (Details)
Feb. 06, 2026
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Dividends declared per share (in dollars per share) $ 0.8