Cumulative quarters and TTM (trailing twelve months)

Quarterly income statements in earnings summaries run from the start of the fiscal year to each quarter end. For a March year-end company, Q2 covers April–September (six months) and Q3 covers April–December (nine months).

Treat them like US three-month quarters and revenue appears to double every quarter. Before charting, always check whether a figure is cumulative or a single quarter.

ZENITH Code's financial endpoints return cumulative values exactly as disclosed. They do not return single-quarter values.

A single quarter is the difference between cumulative figures in the same fiscal year. For Q1, the cumulative figure is the single quarter.

• Q1 (single) = Q1 cumulative
• Q2 (single) = Q2 cumulative − Q1 cumulative
• Q3 (single) = Q3 cumulative − Q2 cumulative
• Q4 (single) = full year (FY) − Q3 cumulative

TTM is the sum of the 12 months ending at the latest quarter end. It gives an annual view of scale and margins without waiting for full-year results.

The usual formula from cumulative disclosures is below. For a 12-month fiscal year, TTM on the full-year (FY) row equals the full-year value.

• TTM = current cumulative + prior full year − prior-year cumulative for the same quarter

import requests

BASE = "https://api.zenithcode.net/stable"
HEADERS = {"x-api-key": "YOUR_API_KEY"}

rows = requests.get(f"{BASE}/income-statement",
                    params={"symbol": "7203", "limit": "20"},
                    headers=HEADERS, timeout=30).json()

ORDER = {"Q1": 1, "Q2": 2, "Q3": 3, "FY": 4}

def months(fp):  # "2026-06" -> 2026 * 12 + 6
    y, m = map(int, fp.split("-"))
    return y * 12 + m

def shift_year(fp, years):
    v = months(fp) + 12 * years - 1
    return f"{v // 12}-{v % 12 + 1:02d}"

rows = sorted((r for r in rows if r["period"] in ORDER),
              key=lambda r: months(r["fiscalPeriod"]))
by_key = {(r["fiscalPeriod"], r["period"]): r for r in rows}

for i, r in enumerate(rows):
    cum = r["revenue"]
    prev = rows[i - 1] if i > 0 else None

    # Single quarter: difference from the previous cumulative figure
    # (skip years with a fiscal year-end change: check fiscalPeriodDays)
    single = None
    if r["period"] == "Q1":
        single = cum
    elif (prev and ORDER[prev["period"]] == ORDER[r["period"]] - 1
          and months(r["fiscalPeriod"]) - months(prev["fiscalPeriod"]) == 3
          and None not in (cum, prev["revenue"])):
        single = cum - prev["revenue"]

    # TTM = current cumulative + prior full year - prior-year same-quarter cumulative
    ttm = cum if r["period"] == "FY" else None
    if r["period"] != "FY":
        last_fy = next((p for p in reversed(rows[:i]) if p["period"] == "FY"), None)
        same_q = by_key.get((shift_year(r["fiscalPeriod"], -1), r["period"]))
        if last_fy and same_q and None not in (cum, last_fy["revenue"], same_q["revenue"]):
            ttm = cum + last_fy["revenue"] - same_q["revenue"]

    print(r["fiscalPeriod"], r["period"], cum, single, ttm)

Earnings summaries include company guidance. Which year it covers depends on the type of summary.

In earnings-forecast, full-year (FY) rows carry next year's guidance and Q1–Q3 rows carry the current year's full-year guidance. forecastTarget is next-fiscal-year or current-fiscal-year.

curl -sG "https://api.zenithcode.net/stable/earnings-forecast" \
  --data-urlencode "symbol=7203" \
  --data-urlencode "limit=4" \
  -H "x-api-key: YOUR_API_KEY"

On Toyota's full-year row for the fiscal year ended March 2026, epsTtm equals full-year EPS at ¥295.25. ROE is also 10.15% on both a TTM and a full-year basis, because the full-year row already covers 12 months.

Revenue guidance for the fiscal year ending March 2027 appears on two rows. The full-year row for March 2026 (next-year guidance) shows ¥51 trillion, and the Q1 row of the year ending March 2027 (current-year guidance) shows ¥54 trillion. You can follow revisions of the same year's guidance.

• Q1 and Q3 figures come only from earnings summaries, since quarterly securities reports were abolished from fiscal 2024. They are unaudited.
• On quarterly rows, growth versus full-year actuals (such as revenueGrowthVsActual) is null, because cumulative actuals are not comparable.
• When a company declares its guidance undetermined, the values are null. Periods with no guidance at all have no row.