Revenue

9 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (in millions):

	Three Months Ended				Nine Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
iPhone®	$	39,296	$	39,669	$	154,961	$	156,778
Mac®	7,009		6,840		22,240		21,743
iPad®	7,162		5,791		19,744		21,857
Wearables, Home and Accessories	8,097		8,284		27,963		30,523
Services	24,213		21,213		71,197		62,886
Total net sales	$	85,777	$	81,797	$	296,105	$	293,787

Total net sales include $3.4 billion of revenue recognized in the three months ended June 29, 2024 that was included in deferred revenue as of March 30, 2024, $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, $6.5 billion of revenue recognized in the nine months ended June 29, 2024 that was included in deferred revenue as of September 30, 2023, and $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.

The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 29, 2024 and July 1, 2023, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.

As of June 29, 2024 and September 30, 2023, the Company had total deferred revenue of $12.5 billion and $12.1 billion, respectively. As of June 29, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.