Some companies, such as Apple, have financial year-ends at odd times. Apple’s financial year-end is the end of September. For 2014, its financial year-end was Sept. 27, for 2013 it was Sept. 28, and for 2012 it was Sept. 29. For 2014, the final day for quarters one through four, were Dec. 28, 2013, March 29, 2014, June 28, 2014 and Sept. 27, 2014, respectively.
Quarterly reports include key accounting and financial data for a company, including gross revenue, net profit, operational expenses and cash flow. The Securities and Exchange Commission (SEC) requires issuers of publicly traded shares to file Form 10-K annually and Form 10-Q quarterly within 60 days of the end of applicable period. These forms may include more detail than quarterly and annual reports.
Quarterly reports are usually accompanied by presentations from a company’s management where key performance indicator data are presented to investors and analysts. Management of firms often provide guidance for future financial results as well. These presentations are routinely followed by question and answer periods.
Analysts following companies often publish estimates of key metrics for future reporting periods. Financial publications average these estimates to arrive at street consensus estimates. Companies that exceed these estimates are said to have beaten expectations. Companies whose performances are in-line with estimates are said to have met expectations. Companies whose results are below estimates are said to have missed expectations.