Glossary
Fiscal year
The 12-month period a company uses for its accounts, which may not match the calendar year; Apple's ends in late September.
On this page
A fiscal year is the 12-month accounting period a company or government uses for its financial statements and budget. Many companies use the calendar year, but plenty do not: they choose a year-end that follows the natural rhythm of their business, often after the busiest season has passed. Investors need to know a company's fiscal calendar to line up quarterly results, compare competitors and read labels such as "Q1 FY2026" correctly.
How it works
The fiscal year is named for the calendar year in which it ends. Results are reported in four fiscal quarters, the first three on Form 10-Q and the full year on Form 10-K. Some companies use a 52/53-week year that always ends on a particular weekday, so roughly every five or six years they report a year with an extra week, which flatters year-over-year growth.
Examples of non-calendar year-ends:
- Apple: the last Saturday of September.
- Microsoft: June 30.
- Walmart: January 31, after the holiday season.
- US federal government: October 1 to September 30.
Why it matters
- Peer comparisons should match periods, or use trailing-twelve-month figures, rather than fiscal labels.
- Earnings-season timing differs: retailers with January year-ends report in late February and March, out of step with most companies.
- Guidance is usually given for the fiscal year, so "full-year guidance" may refer to a period ending months away from December.