Listed

TTM

The sum of the last four reported quarters, with the fourth quarter derived from the annual figure.

Updated Oct 17, 2026

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Contents, 4 sections
  1. Formula
  2. What it applies to
  3. When it says "not reported"
  4. Watch for

TTM, for trailing twelve months, is a company's figure for the most recent four quarters together. It gives a full year's view that is more current than the last annual report.

Formula

TTM = Q(n) + Q(n−1) + Q(n−2) + Q(n−3)

where Q(n) is the latest reported quarter. Companies file no 10-Q for the fourth quarter, so Q4 is derived from the 10-K:

Q4 = fiscal year − Q1 − Q2 − Q3

What it applies to

  • Flows: revenue, costs, gross profit, operating income, net income, operating cash flow, capital expenditure and free cash flow. These add up across quarters.
  • Not balance sheet items. Cash, debt and equity are amounts on one date, not over a period. Listed uses the latest balance sheet for them.
  • Not per-share figures. Diluted EPS does not add across quarters, because the share count changes. Listed shows no TTM EPS.

A TTM margin divides the TTM numerator by TTM revenue.

When it says "not reported"

Any of the four quarters is missing: a 10-Q not yet filed, a figure the company did not tag in one of them, or a Q4 that cannot be derived because the annual figure or one of the three quarters is missing.

Watch for

Some companies use 52 or 53 week fiscal years. In a 53 week year, one quarter has 14 weeks, and the TTM figure that contains it covers an extra week.

All terms

Related terms

  • Fiscal quarterOne of the four three-month periods of a company's fiscal year. The first three are reported on 10-Qs, the fourth inside the 10-K.
  • Fiscal yearThe twelve-month period a company reports on, which need not match the calendar year.
  • RevenueWhat a company earned from customers in a period for its goods and services, before any costs are taken off.
  • Free cash flowOperating cash flow less capital expenditure, both as reported. One formula, used for every company.
  • Return on equityTrailing twelve-month net income divided by the average of opening and closing shareholders' equity.

Guides that use it

  • How to read a 10-QWhat is in a quarterly report, how its columns differ from the annual report's, and how to read one quickly against the last 10-K.