The fiscal year (FY) for the federal government begins on October 1 and ends on September 30, and is designated by the year in which it ends. (e.g., FY2026 began on Oct. 1, 2025). This October to September timeline has been the fiscal year since Sept. 1, 1976. Previously, from 1843 to 1976, the fiscal year ran from July 1 to June 30. 1976 experienced a transition quarter (TQ) for quarter 3; 1843 experienced a transition “half year” from Jan. 1 to June 30, 1843. Prior to 1843, the fiscal year and calendar year were aligned.
Glossary Term