diff --git a/packages/grafana-data/src/datetime/datemath.test.ts b/packages/grafana-data/src/datetime/datemath.test.ts
index d644f3be4a1..cc857c9311f 100644
--- a/packages/grafana-data/src/datetime/datemath.test.ts
+++ b/packages/grafana-data/src/datetime/datemath.test.ts
@@ -54,6 +54,53 @@ describe('DateMath', () => {
     expect(startOfDay).toBe(expected.getTime());
   });
 
+  describe('with fiscal quarters', () => {
+    beforeEach(() => {
+      const fixedTime = dateTime('2023-07-05T06:06:06.666Z').valueOf();
+      clock = sinon.useFakeTimers(fixedTime);
+    });
+
+    afterEach(() => {
+      clock.restore();
+    });
+
+    it('should parse current fiscal quarter correctly', () => {
+      const today = new Date();
+      const expected = new Date(Date.UTC(today.getUTCFullYear(), 6, 1, 0, 0, 0, 0));
+
+      const startOfDay = dateMath.parse('now/fQ', false, 'utc', 0)!.valueOf();
+      expect(startOfDay).toBe(expected.getTime());
+    });
+
+    it('should parse previous fiscal quarter correctly', () => {
+      const today = new Date();
+      const expected = new Date(Date.UTC(today.getUTCFullYear(), 3, 1, 0, 0, 0, 0));
+
+      const startOfDay = dateMath.parse('now-1Q/fQ', false, 'utc', 0)!.valueOf();
+      expect(startOfDay).toBe(expected.getTime());
+    });
+
+    describe('with a custom fiscal year start month', () => {
+      const FISCAL_YEAR_START_MONTH = 7; // August
+
+      it('should parse current fiscal quarter correctly', () => {
+        const today = new Date();
+        const expected = new Date(Date.UTC(today.getUTCFullYear(), 4, 1, 0, 0, 0, 0));
+
+        const startOfDay = dateMath.parse('now/fQ', false, 'utc', FISCAL_YEAR_START_MONTH)!.valueOf();
+        expect(startOfDay).toBe(expected.getTime());
+      });
+
+      it('should parse previous fiscal quarter correctly', () => {
+        const today = new Date();
+        const expected = new Date(Date.UTC(today.getUTCFullYear(), 1, 1, 0, 0, 0, 0));
+
+        const startOfDay = dateMath.parse('now-1Q/fQ', false, 'utc', FISCAL_YEAR_START_MONTH)!.valueOf();
+        expect(startOfDay).toBe(expected.getTime());
+      });
+    });
+  });
+
   describe('subtraction', () => {
     let now: DateTime;
     let anchored: DateTime;
@@ -175,8 +222,8 @@ describe('DateMath', () => {
 
     //fq1 = 2021-02-01 - 2021-04-30
     //fq2 = 2021-05-01 - 2021-07-31
-    //fq4 = 2021-08-01 - 2021-10-31
-    //fq5 = 2021-11-01 - 2022-01-31
+    //fq3 = 2021-08-01 - 2021-10-31
+    //fq4 = 2021-11-01 - 2022-01-31
 
     it('Should round to start of q2 when one month into q2', () => {
       let date = dateMath.roundToFiscal(1, dateTime([2021, 6, 1]), 'Q', false);
@@ -201,5 +248,15 @@ describe('DateMath', () => {
       let expected = dateTime([2022, 0, 31]).endOf('M');
       expect(date!.valueOf()).toEqual(expected.valueOf());
     });
+
+    it('should handle fyStartMonths set later in the year correctly', () => {
+      // Use fyStartMonth to 10 (November)
+      // Fiscal quarters are then Nov-Jan, Feb-Apr, May-Jul, Aug-Oct
+      // Use 1st Jan as the date to round
+      let date = dateMath.roundToFiscal(10, dateTime([2022, 0, 1]), 'Q', false);
+      // This should round back to 1st Nov 2021
+      let expected = dateTime([2021, 10, 1]);
+      expect(date!.valueOf()).toEqual(expected.valueOf());
+    });
   });
 });
diff --git a/packages/grafana-data/src/datetime/datemath.ts b/packages/grafana-data/src/datetime/datemath.ts
index 5478aa53edf..becb82991b2 100644
--- a/packages/grafana-data/src/datetime/datemath.ts
+++ b/packages/grafana-data/src/datetime/datemath.ts
@@ -163,15 +163,11 @@ export function parseDateMath(
       return undefined;
     } else {
       if (type === 0) {
-        if (roundUp) {
-          if (isFiscal) {
-            roundToFiscal(fiscalYearStartMonth, dateTime, unit, roundUp);
-          } else {
-            dateTime.endOf(unit);
-          }
+        if (isFiscal) {
+          roundToFiscal(fiscalYearStartMonth, dateTime, unit, roundUp);
         } else {
-          if (isFiscal) {
-            roundToFiscal(fiscalYearStartMonth, dateTime, unit, roundUp);
+          if (roundUp) {
+            dateTime.endOf(unit);
           } else {
             dateTime.startOf(unit);
           }
@@ -199,7 +195,8 @@ export function roundToFiscal(fyStartMonth: number, dateTime: any, unit: string,
       if (roundUp) {
         roundToFiscal(fyStartMonth, dateTime, unit, false).add(2, 'M').endOf('M');
       } else {
-        dateTime.subtract((dateTime.month() - fyStartMonth + 3) % 3, 'M').startOf('M');
+        // why + 12? to ensure this number is always a positive offset from fyStartMonth
+        dateTime.subtract((dateTime.month() - fyStartMonth + 12) % 3, 'M').startOf('M');
       }
       return dateTime;
     default: