# TTM

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

Updated Oct 17, 2026.

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](/glossary/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.

## Related terms

- [Fiscal quarter](/glossary/fiscal-quarter.md)
- [Fiscal year](/glossary/fiscal-year.md)
- [Revenue](/glossary/revenue.md)
- [Free cash flow](/glossary/free-cash-flow.md)
- [Return on equity](/glossary/return-on-equity.md)

## Guides that use it

- [How to read a 10-Q](/guides/how-to-read-a-10-q.md)

All terms: [/glossary.md](/glossary.md)