Companies report results by quarter, governments plan budgets by fiscal year, and many teams set quarterly goals. But “Q1” does not mean the same months everywhere. This guide explains financial quarters, the calendar and fiscal year versions, and how to find the current quarter with our free Quarter Dates tool.
Calendar quarters
| Quarter | Months | Dates |
|---|---|---|
| Q1 | January–March | 1 Jan – 31 Mar |
| Q2 | April–June | 1 Apr – 30 Jun |
| Q3 | July–September | 1 Jul – 30 Sep |
| Q4 | October–December | 1 Oct – 31 Dec |
Pakistan’s fiscal year
Pakistan’s government fiscal year runs from 1 July to 30 June. The federal budget is presented in June for the year starting in July, and the tax year for individuals follows the same period.
| Fiscal quarter | Months |
|---|---|
| Q1 | July–September |
| Q2 | October–December |
| Q3 | January–March |
| Q4 | April–June |
So October is Q4 of the calendar year but Q2 of Pakistan’s fiscal year.
Other countries
- India, UK government, Japan: April–March
- USA federal government: October–September
- Australia, Egypt: July–June
Companies can choose their own financial year, so always check which one a report uses.
Why quarters matter
- Listed companies publish quarterly accounts.
- Businesses track sales, costs and tax by quarter.
- Teams set goals for 13-week periods.
- Advance tax payments in some systems are due quarterly.
Days in each quarter
Calendar quarters have 90 to 92 days. Q1 has 90 days (91 in a leap year), Q2 has 91 and Q3 and Q4 have 92.
Planning with quarters
Set one or two goals per quarter and review at the end. Read quarterly planning for small businesses, and see week numbers with What Week Is It?. For tax year details, the FBR Salary Tax Calculator 2026-27 uses Pakistan’s July–June year.
Half-years and year-to-date
Reports also use half-years (H1 and H2) and year-to-date (YTD) figures. H1 covers the first two quarters and H2 the last two. YTD means from the start of the financial year until now. In Pakistan’s fiscal year, “H1 FY27” means July to December 2026. When reading news about the economy, check which year and period a figure refers to.
Frequently asked questions
What months are in Q1?
January to March for the calendar year; July to September for Pakistan’s fiscal year.
When does Pakistan’s financial year start?
On 1 July.
How many days are in a quarter?
Between 90 and 92 days.