LEARN THE BASICS
Compare dates before comparing companies
Learn to distinguish quarterly, year-to-date, and annual figures, and understand a trailing-twelve-month example.
Arqaris Research · Published September 8, 2026
A year label is not enough
Two companies can call a report FY2025 while covering different dates. Check start dates, end dates, and period lengths in the statements and notes. U.S. domestic issuers describe fiscal periods in their annual 10-K and quarterly 10-Q filings. Some fiscal years contain an extra week. A filing date tells you when a report was submitted, not when the underlying activity happened.
Align only compatible measures
Where compatible data exist, additive flows such as revenue can be combined into a common twelve-month period. Keep currency, units, accounting definitions, and business scope consistent. A balance-sheet amount is a snapshot, not a flow to add across periods. Do not apply the formula below directly to margins or earnings per share.
A worked example
All figures below are hypothetical revenue in millions. Company A has calendar-year data; Company B reports a July–June fiscal year. This is an arithmetic illustration, not an automatic adjustment that Arqaris applies to every comparison.
| Company / period | Basis | Revenue |
|---|---|---|
| A: January–December 2025 | Reported full year | 100 |
| A: January–June 2026 | Reported six months | 60 |
| A: January–June 2025 | Comparable prior six months | 45 |
| A: July 2025–June 2026 | 100 + 60 − 45 | 115 |
| B: July 2025–June 2026 | Reported full year | 112 |
The aligned illustration compares 115 with 112, not 100 with 112. Acquisitions, accounting changes, different currencies, seasonality, and extra reporting weeks can still limit comparability. Multiplying one quarter by four assumes away seasonality. A newer refresh date does not make a financial period newer.
Questions to take into a report
- Do the numbers cover the same dates and number of weeks?
- Is each figure quarterly, year-to-date, or annual?
- Do accounting differences or business changes limit the comparison?
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Primary reading and preparation
Original explanation and hypothetical arithmetic prepared with automated assistance, using the linked primary references. This is not a claim of independent human or legal review. Check the sources and a company’s full filing for context. Research and educational purposes only. Not investment advice.
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