“We'll finalise the budget in Q1.” This statement is meaningless without knowing whose Q1.
Calendar quarters are straightforward: Q1 is January through March, Q2 is April through June, and so on. But fiscal quarters — the ones that matter for budgets, reports, and deadlines — vary wildly.
Fiscal Year Variations
Consider these common fiscal year start dates:
- Calendar year — Q1 starts 1 January
- UK government — Q1 starts 6 April
- US federal government — Q1 starts 1 October
- Many retailers — Q1 starts 1 February (after the holiday season)
- Some tech companies — Fiscal years aligned to founding dates or IPO dates
When Apple announces “Q1 results,” they mean October through December — what most people would call Q4.
The Reporting Lag Problem
Even when you know which quarter is meant, there is often a lag between the quarter ending and results being available. “Q1 numbers” might not be finalised until weeks or months into Q2.
This creates confusion in conversations:
- “Q1 numbers” might mean the quarter that just ended
- “Q1 targets” might mean the quarter we are currently in
- “Q1 planning” might mean preparing for the next Q1
Key Advice
Always specify the actual date range when discussing quarters. “Q1 FY26 (October–December 2025)” is unambiguous. “Q1” alone is not.
When working across organisations, ask explicitly: “Which months does your Q1 cover?” This one question prevents significant confusion.
For recurring reports, include a legend that maps your organisation's quarters to calendar months. Make the conversion obvious so readers do not need to guess.