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TTM, quarterly and annual financial data
Understand reporting periods, financial statement dates and a simple trailing twelve-month example before comparing company figures.
Published by Vaniras · 2026-10-04
Two figures can share the same label and still describe different periods. Revenue for one quarter, revenue for a fiscal year and trailing twelve-month revenue answer different questions. A useful comparison starts with the period, currency and accounting definition, before the size of the number.
Distinguish a period from a point in time
An income statement reports activity over a period, such as revenue and profit for a quarter. A cash-flow statement also covers a period. A balance sheet describes assets, liabilities and equity at a particular date. Adding four quarterly cash balances does not create an annual cash balance.
| Label | What it describes | What to check |
|---|---|---|
| Quarterly | Activity during one fiscal quarter | Exact start and end dates; whether the figure is a standalone quarter or cumulative year-to-date amount |
| Annual | Activity during a company's fiscal year | Fiscal year-end, period length and any restatement |
| TTM | Activity across the latest twelve months represented by the inputs | Which consecutive periods are included and when they end |
| Balance-sheet date | A position at one reporting date | Whether the date matches the other measures used in a ratio |
A fiscal year need not end on December 31. Two companies' latest annual statements may therefore end in different months. Seasonal businesses can also have very different quarters even when their full-year activity is similar.
A simple TTM example
The following is a hypothetical illustration in USD millions, not financial data for a listed company. Assume the four revenue figures are consecutive, non-overlapping standalone quarters with the same definition and currency.
| Quarter | Revenue |
|---|---|
| Q3 of Year 1 | 20 |
| Q4 of Year 1 | 25 |
| Q1 of Year 2 | 22 |
| Q2 of Year 2 | 23 |
| TTM through Q2 of Year 2 | 90 |
The TTM figure is 20 + 25 + 22 + 23 = 90. It spans two fiscal years. It is not the same period as Year 1 revenue, and multiplying the latest quarter by four would produce 92 under a different assumption. Neither calculation establishes future revenue.
Do not apply this sum to every measure. Ratios need aligned numerators and denominators. Earnings per share can be affected by changing share counts, and cash-flow statements can report cumulative year-to-date amounts. Summing cumulative quarters would count some activity more than once.
Reporting dates and availability dates differ
A quarter-end date describes the period covered. The filing or publication date tells you when information became available. A later amendment can change the reported figures. The date when a research website received or displayed a value is another clock.
When examining a historical forecast, information reported after that forecast's cutoff cannot be treated as if it was already known. When reading current research, a recent score date does not imply that every financial statement ended on that date. Vaniras uses shown TTM periods where applicable and dated balance-sheet measures; read the score methodology for the specific context.
A comparison checklist
- Identify whether the measure describes activity over a period or a position at a date.
- Compare the exact reporting periods, not only labels such as “latest.”
- Check currency, units and the definition used for each company.
- Look for amendments, acquisitions, discontinued operations or a change in fiscal year that could affect comparability.
- Keep missing periods unavailable instead of filling them with zero or reusing an older period silently.
The SEC's introduction to financial statements explains the four main statements. Its EDGAR research guide explains how to find annual and quarterly filings and their amendments. Use original filings to investigate a material difference.
Continue your research
Read descriptive stock scores, missing and stale research data, and forecast dates and ranges. Financial information can help explain a business without guaranteeing a future price.