TTM Calculator – Trailing Twelve Months (quarters or annual + YTD)

Understanding the TTM (trailing twelve months) calculator — concept and principle

Trailing twelve months (TTM) is the total of a financial figure over the most recent four quarters. It always covers a full year but is more up to date than the last annual report. Analysts use TTM revenue, profit or EPS for ratios such as the trailing P/E.

Adding the last four quarters gives 510, the same as last year’s 450 plus this year-to-date 270 minus last year’s 210.

How it is calculated

Method 1: TTM = sum of the last four quarterly figures.
Method 2: TTM = last full fiscal year + current year-to-date − same year-to-date period a year earlier.
Both should agree; a difference points to a restatement or a typing mistake.
Run rate = latest quarter × 4, shown for comparison.
TTM per share = TTM ÷ shares outstanding.

The principle

A single quarter is noisy and often seasonal. Summing four consecutive quarters covers every season once, so it is comparable with an annual figure but updated every quarter. Method 2 is useful when a company reports year-to-date figures: replacing the old quarters of last year with the new ones gives the same rolling year. The run rate reacts faster to change but ignores seasonality, so it can mislead for seasonal businesses.

Worked example

Default inputs: quarters 140, 130, 125, 115 (most recent first); last fiscal year 450; current YTD 270; prior YTD 210.

Method 1: 140 + 130 + 125 + 115 = 510.
Method 2: 450 + 270 − 210 = 510; difference = 0.
Run rate = 140 × 4 = 560.
Average per quarter = 510 ÷ 4 = 127.5; latest quarter vs average = 140 ÷ 127.5 − 1 ≈ 9.8%.
No shares were entered, so TTM per share shows —.

Each point is the calculator re-run with only “Most recent quarter” changed; the gold point is the default example. Change the inputs above and this chart follows your numbers.

Most recent quarter	TTM total (sum of the last four quarters)
35	405
70	440
105	475
140	510
175	545
210	580
280	650

How to read the result

TTM is the standard base for trailing valuation ratios. If the run rate is well above TTM, the business may be accelerating, or the latest quarter may be seasonally strong. Use TTM only for flow figures such as revenue, profit or cash flow, not for balance-sheet amounts such as cash or debt.

Common mistakes

Summing balance-sheet items, which are point-in-time values.
Mixing restated and unrestated quarters.
Using quarters in the wrong order or skipping one.
Treating the run rate as a forecast for a seasonal business.

Keep in mind: TTM figures depend on the accuracy of the reported quarters. This is an analytical tool, not investment advice.

Frequently asked questions

What does TTM mean in finance?

Trailing twelve months: the sum of the last four quarters of a figure.

How is TTM different from annual figures?

Annual figures cover a fixed fiscal year; TTM rolls forward every quarter.

Can I calculate TTM EPS?

Yes, by summing the last four quarterly EPS figures or dividing TTM net income by shares outstanding.

Sources: CFA Institute, Equity Valuation: Market-Based Valuation (trailing P/E) · US SEC, Form 10-Q and Form 10-K reporting (quarterly and annual reports)

Checked 9 Nov 2026. Trailing-twelve-month totals as the sum of the four latest quarters, or fiscal year + current year-to-date − prior year-to-date: standard financial-analysis arithmetic.

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