Revenue

9 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Net sales disaggregated by significant products and services for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 were as follows (in millions):

	Three Months Ended				Nine Months Ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
iPhone®	$	39,669	$	40,665	$	156,778	$	162,863
Mac®	6,840		7,382		21,743		28,669
iPad®	5,791		7,224		21,857		22,118
Wearables, Home and Accessories	8,284		8,084		30,523		31,591
Services	21,213		19,604		62,886		58,941
Total net sales	$	81,797	$	82,959	$	293,787	$	304,182

Total net sales include $3.3 billion of revenue recognized in the three months ended July 1, 2023 that was included in deferred revenue as of April 1, 2023, $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue as of March 26, 2022, $7.0 billion of revenue recognized in the nine months ended July 1, 2023 that was included in deferred revenue as of September 24, 2022, and $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was included in deferred revenue as of September 25, 2021.

The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10, “Segment Information and Geographic Data” for the three- and nine-month periods ended July 1, 2023 and June 25, 2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.

As of July 1, 2023 and September 24, 2022, the Company had total deferred revenue of $12.2 billion and $12.4 billion, respectively. As of July 1, 2023, the Company expects 67% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 6% within two-to-three years and 1% in greater than three years.