# Months in Each Quarter: Calendar vs Fiscal Guide Published: 2026-04-19 Author: Warren Team URL: https://www.heywarren.com/blog/fiscal-quarters --- Every January, finance Twitter explodes with confusion when Apple reports "Q1 2026" earnings — but the numbers cover October through December 2025. Then, two weeks later, JPMorgan reports "Q4 2025" results covering the exact same months. Same calendar period, different quarter labels, two completely different reporting frameworks. If you've ever tried to compare two companies and gotten tangled up in months, quarters, and fiscal year designations, you're not alone. The problem is that "fiscal quarters" and "calendar quarters" overlap in some companies and diverge wildly in others. Apple's fiscal year ends in late September. Walmart's ends in late January. The U.S. federal government runs on an October-to-September cycle. Misalign these periods and your year-over-year comparisons become meaningless — or worse, misleading. This guide gives you the complete map: which months belong to which quarter under the standard calendar, why companies like Apple, Microsoft, Walmart, Disney, and Nike pick non-calendar fiscal years, how to decode quarter naming conventions like "1Q26" and "Fiscal Q1 2026," and when earnings actually drop during each season. By the end, you'll be able to read any 10-Q, 10-K, or 8-K filing without confusion — and compare any two companies apples-to-apples. ## The Standard Calendar Quarters: Q1 Through Q4 The default business calendar splits the year into four three-month quarters that mirror the Gregorian calendar. **Q1** runs January through March, **Q2** covers April through June, **Q3** spans July through September, and **Q4** finishes the year October through December. This is the convention used by most U.S. financial institutions, the S&P 500 majority, and economic data publishers. ![Standard calendar quarters Q1-Q4](data:image/svg+xml;base64,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) When you see economic data — GDP growth, unemployment rate, consumer spending — assume calendar quarters unless explicitly stated otherwise. The same is true for most banks, insurance companies, and roughly two-thirds of S&P 500 firms, which all close their books on December 31. ## Fiscal Year vs. Calendar Year: Why They Differ A **fiscal year** is the 12-month period a company uses for accounting and reporting, and it doesn't have to align with the January-to-December calendar. The [IRS](https://www.irs.gov/) allows businesses to elect a non-calendar fiscal year if it better matches their operating cycle. Public companies must disclose their fiscal year-end in their SEC filings. Companies pick non-calendar fiscal years for several practical reasons. Retailers often end their year in late January or early February so they can fully account for holiday sales and post-holiday returns before closing the books. Tech and entertainment companies sometimes pick a quieter month to avoid the year-end product launch rush. Some industries — like education and agriculture — follow natural seasonal cycles. And tax planning, audit firm scheduling, and historical convention all play a role. The result: the calendar Q4 of 2025 (Oct-Dec 2025) might be Apple's **fiscal Q1 2026**, Microsoft's **fiscal Q2 2026**, Walmart's **fiscal Q4 2026**, and JPMorgan's **fiscal Q4 2025**. Same three months, four different labels. ## Major US Companies with Non-Calendar Fiscal Years Some of the most-watched U.S. companies do not follow the calendar year. Apple's fiscal year ends the last Saturday of September, Microsoft's ends June 30, Walmart's ends January 31, Disney's ends in late September, and Nike's ends May 31. Each of these shifts how their quarters map to actual months. ![Major US company fiscal year mapping](data:image/svg+xml;base64,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) Why the spread? Apple's late-September close means its first fiscal quarter captures the full holiday-shopping season including the iPhone launch. Walmart's January end lets it close out Christmas returns. Microsoft's June end aligns with its enterprise sales cycle and avoids competing with calendar-year-end finance teams for [auditor](/blog/what-is-the-auditor) attention. Each choice serves the business — but each requires you to translate before comparing. ## Quarter Naming Conventions: Decoding the Labels You'll encounter several naming styles for the same period: **"Q1 2026"** (calendar quarter), **"Q1 FY2026"** (fiscal Q1 of fiscal year 2026), and **"1Q26"** (analyst shorthand). When a company's fiscal year is offset, "Fiscal Q1 2026" can refer to a period that took place in calendar year 2025 — Apple's Fiscal Q1 2026 covers October through December 2025. ![Quarter naming and reporting timeline](data:image/svg+xml;base64,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) **YoY (year-over-year)** compares the same quarter across two years — Q1 2026 vs Q1 2025 — which strips out seasonal effects. **QoQ (quarter-over-quarter)** compares sequential quarters, which keeps seasonality in the picture and is most useful when you want to see momentum, like a SaaS company's growth or a retailer's holiday lift. ## Earnings Season: When Companies Report Public companies typically announce results three to six weeks after a quarter closes, creating a four-times-per-year **earnings season** that follows a predictable rhythm. The big banks go first, then mega-cap tech, then consumer staples, then traditional retail. By the time Walmart and Home Depot report in mid-to-late February, the bank cycle that started in mid-January has long concluded. ![Public companies report results via three SEC forms depending on the event and quarter.](data:image/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20600%20211%22%20width%3D%22600%22%20height%3D%22211%22%20role%3D%22img%22%3E%3Ctitle%3EHierarchy%3C%2Ftitle%3E%3Crect%20width%3D%22100%25%22%20height%3D%22100%25%22%20fill%3D%22%23f8fafc%22%2F%3E%3Crect%20x%3D%22220%22%20y%3D%2220%22%20width%3D%22160%22%20height%3D%2258%22%20rx%3D%228%22%20fill%3D%22%232563eb%22%2F%3E%3Ctext%20x%3D%22300%22%20y%3D%2254%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2214%22%20font-weight%3D%22700%22%20fill%3D%22white%22%3ESEC%20Filings%3C%2Ftext%3E%3Cpath%20d%3D%22M%20300%2078%20L%20300%20105.5%20L%20120%20105.5%20L%20120%20133%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%20fill%3D%22none%22%2F%3E%3Crect%20x%3D%2240%22%20y%3D%22133%22%20width%3D%22160%22%20height%3D%2258%22%20rx%3D%228%22%20fill%3D%22white%22%20stroke%3D%22%230891b2%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22120%22%20y%3D%22158%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2213%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3E10-Q%3C%2Ftext%3E%3Ctext%20x%3D%22120%22%20y%3D%22176%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EQ1%2C%20Q2%2C%20Q3%20quarterly%3C%2Ftext%3E%3Cpath%20d%3D%22M%20300%2078%20L%20300%20105.5%20L%20300%20105.5%20L%20300%20133%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%20fill%3D%22none%22%2F%3E%3Crect%20x%3D%22220%22%20y%3D%22133%22%20width%3D%22160%22%20height%3D%2258%22%20rx%3D%228%22%20fill%3D%22white%22%20stroke%3D%22%230891b2%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22300%22%20y%3D%22158%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2213%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3E10-K%3C%2Ftext%3E%3Ctext%20x%3D%22300%22%20y%3D%22176%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EAnnual%20%28replaces%20Q4%2010-Q%29%3C%2Ftext%3E%3Cpath%20d%3D%22M%20300%2078%20L%20300%20105.5%20L%20480%20105.5%20L%20480%20133%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%20fill%3D%22none%22%2F%3E%3Crect%20x%3D%22400%22%20y%3D%22133%22%20width%3D%22160%22%20height%3D%2258%22%20rx%3D%228%22%20fill%3D%22white%22%20stroke%3D%22%230891b2%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22480%22%20y%3D%22158%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2213%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3E8-K%3C%2Ftext%3E%3Ctext%20x%3D%22480%22%20y%3D%22176%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EMaterial%20events%20between%20q%E2%80%A6%3C%2Ftext%3E%3C%2Fsvg%3E) *Public companies report results via three SEC forms depending on the event and quarter.* A typical Q4 calendar earnings season looks like this: - **Mid-January**: JPMorgan, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup - **Late January**: Microsoft, Tesla, IBM, Intel - **Early February**: Alphabet, Amazon, Meta, Apple - **Mid-February**: Walmart, Home Depot, Cisco - **Late February to March**: smaller-cap and offset fiscal-year companies Every public company is required to file a **10-Q** (quarterly report) with the SEC for the first three quarters of its fiscal year and a **10-K** (annual report) instead of a Q4 10-Q. Material events between quarterly filings — [acquisitions](/blog/what-is-acquisitions), executive changes, big legal developments — get reported on **Form 8-K**. Most companies also host an **earnings call** the same day as the press release, where management walks through results and takes analyst questions. ## Government, Tax, and International Quarters The **U.S. federal government's fiscal year** runs October 1 through September 30. So "FY2026" in a federal budget document means October 1, 2025 through September 30, 2026. This drives the appropriations calendar, agency budget requests, and the perennial late-September scramble to avoid a shutdown. Defense contractors and government services firms often watch this cycle closely. ![The IRS 'quarterly' tax payment schedule uses unequal periods of 3, 2, 3, and 4 months.](data:image/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20800%20149%22%20width%3D%22800%22%20height%3D%22149%22%20role%3D%22img%22%3E%3Ctitle%3ETimeline%3C%2Ftitle%3E%3Crect%20width%3D%22100%25%22%20height%3D%22100%25%22%20fill%3D%22%23f8fafc%22%2F%3E%3Cline%20x1%3D%22137.5%22%20y1%3D%2255%22%20x2%3D%22662.5%22%20y2%3D%2255%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%223%22%2F%3E%3Ccircle%20cx%3D%22137.5%22%20cy%3D%2255%22%20r%3D%2224%22%20fill%3D%22white%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22137.5%22%20y%3D%2260%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2215%22%20font-weight%3D%22700%22%20fill%3D%22%230f172a%22%3E1%3C%2Ftext%3E%3Ctext%20x%3D%22137.5%22%20y%3D%22101%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2212%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3EApr%2015%3C%2Ftext%3E%3Ctext%20x%3D%22137.5%22%20y%3D%22119%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EJan%E2%80%93Mar%20%283%20mo%29%3C%2Ftext%3E%3Ccircle%20cx%3D%22312.5%22%20cy%3D%2255%22%20r%3D%2224%22%20fill%3D%22%232563eb%22%20stroke%3D%22%232563eb%22%20stroke-width%3D%223%22%2F%3E%3Ctext%20x%3D%22312.5%22%20y%3D%2260%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2215%22%20font-weight%3D%22700%22%20fill%3D%22white%22%3E2%3C%2Ftext%3E%3Ctext%20x%3D%22312.5%22%20y%3D%22101%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2212%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3EJun%2015%3C%2Ftext%3E%3Ctext%20x%3D%22312.5%22%20y%3D%22119%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EApr%E2%80%93May%20%282%20mo%29%3C%2Ftext%3E%3Ccircle%20cx%3D%22487.5%22%20cy%3D%2255%22%20r%3D%2224%22%20fill%3D%22white%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22487.5%22%20y%3D%2260%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2215%22%20font-weight%3D%22700%22%20fill%3D%22%230f172a%22%3E3%3C%2Ftext%3E%3Ctext%20x%3D%22487.5%22%20y%3D%22101%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2212%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3ESep%2015%3C%2Ftext%3E%3Ctext%20x%3D%22487.5%22%20y%3D%22119%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3EJun%E2%80%93Aug%20%283%20mo%29%3C%2Ftext%3E%3Ccircle%20cx%3D%22662.5%22%20cy%3D%2255%22%20r%3D%2224%22%20fill%3D%22white%22%20stroke%3D%22%23cbd5e1%22%20stroke-width%3D%222%22%2F%3E%3Ctext%20x%3D%22662.5%22%20y%3D%2260%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2215%22%20font-weight%3D%22700%22%20fill%3D%22%230f172a%22%3E4%3C%2Ftext%3E%3Ctext%20x%3D%22662.5%22%20y%3D%22101%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2212%22%20font-weight%3D%22600%22%20fill%3D%22%230f172a%22%3EJan%2015%3C%2Ftext%3E%3Ctext%20x%3D%22662.5%22%20y%3D%22119%22%20text-anchor%3D%22middle%22%20font-family%3D%22system-ui%2C-apple-system%2Csans-serif%22%20font-size%3D%2210%22%20fill%3D%22%2364748b%22%3ESep%E2%80%93Dec%20%284%20mo%29%3C%2Ftext%3E%3C%2Fsvg%3E) *The IRS 'quarterly' tax payment schedule uses unequal periods of 3, 2, 3, and 4 months.* **Estimated tax payments** for individuals and small businesses follow a different — and famously uneven — quarterly schedule. Payments are due **April 15** (covering Jan-Mar income), **June 15** (Apr-May, only two months), **September 15** (Jun-Aug, three months), and **January 15** of the following year (Sep-Dec, four months). The IRS calls these "quarterly," but the periods are actually 3, 2, 3, and 4 months long. International conventions vary by country. **Japan** has many corporates ending fiscal years on March 31. **The United Kingdom and Australia** often use a June 30 fiscal year-end, especially in government and many corporates. **India's** fiscal year runs April 1 through March 31. When you compare a Japanese company's "Q3" against an American one's, you're often comparing entirely different calendar months — always confirm the period before drawing conclusions. ## Common Mistakes (and How to Avoid Them) The most common error is **confusing calendar Q1 with fiscal Q1**. Apple's "Q1 2026" earnings, released in early February 2026, cover October-December 2025 — not the start of calendar 2026. If you read the headline as forward-looking when it's reporting last quarter, you'll misjudge timing. Always check the cover page of the 10-Q for "for the quarterly period ended" — that's the source of truth. A related mistake is **comparing two companies on different fiscal years without aligning periods**. If you compare Apple's fiscal Q3 (ending June) against Microsoft's fiscal Q3 (ending March), you're looking at completely different three-month windows in different macro environments. To compare cleanly, line up by calendar months: Apple's Apr-Jun quarter against Microsoft's Apr-Jun quarter, regardless of what each calls it internally. Finally, watch out for **"fiscal year stub" or 53-week years**. Some retailers and tech companies use a 52- or 53-week fiscal year that always ends on a specific weekday (e.g., the last Saturday of January). Every five or six years they add an extra week, which inflates that year's revenue and complicates YoY comparisons. The 10-K will disclose this — read the footnotes if a quarter looks unusually big. ## Putting It All Together Master the months-and-quarters map and the rest of financial reporting becomes much easier to navigate. Calendar quarters are the default — Q1 is January through March, Q4 is October through December. Companies that want a different fiscal year-end disclose it on the cover of every SEC filing, and once you know the offset, you can translate any quarter label into actual months. Apple's Fiscal Q1 is the holiday quarter. Walmart's Fiscal Q4 is the holiday quarter. JPMorgan's Q4 is the holiday quarter. They're all reporting on roughly the same calendar period — just labeling it through their own fiscal lens. Whether you're modeling a stock, planning your estimated tax payments, tracking a federal appropriations cycle, or simply trying to understand why one earnings headline contradicts another, the framework is the same: identify the company's fiscal year-end, translate the quarter label into actual months, and compare like-for-like periods. Ready to put this knowledge to work? Try Warren, your AI financial advisor — get personalized, conflict-free guidance at heywarren.com --- ## Related Reading **More from Warren**: - [1035 Exchanges: How to Transfer Annuities and Life Insurance Without Paying Taxes](/blog/1035-exchanges) - [ACAT Transfer: How to Transfer a Brokerage Account In-Kind](/blog/acat-transfer) - [Accrual Accounting vs. Cash Accounting: Key Differences and When Each Is Used](/blog/accrual-vs-cash-accounting) **Authoritative sources**: - [SEC — Markets Overview](https://www.sec.gov/reportspubs/investor-publications/investor-pubs-tradeexechtm.html) - [FINRA — Understanding the Markets](https://www.finra.org/investors/learn-to-invest/advanced-investing) - [CFTC — Derivatives Markets](https://www.cftc.gov/IndustryOversight/index.htm) ## Authoritative Sources For deeper background and primary-source data on this topic, the following authoritative sources are useful starting points: - [Bureau of Economic Analysis](https://www.bea.gov/) - [Bureau of Labor Statistics](https://www.bls.gov/)