TBILLYIELD Function in Google Sheets: Formula, Examples & Troubleshooting

=TBILLYIELD(settlement, maturity, price)

There are no optional arguments. Google limits maturity to no more than one year after settlement, recommends date-valued inputs, and relates this function to YIELDDISC using US Treasury bill conventions. Google TBILLYIELD reference.

Use the per-100 price convention illustrated in Google’s published example. The third argument is neither a discount rate nor the total cash price of an arbitrarily sized holding.

1. In B7 enter =TBILLYIELD(B2,B3,B4).
2. Format B7 as a percentage. Expected result: 4.040404%.
3. In B8 enter =B3-B2, with number formatting. Expected interval: 90 days.
4. In B9 enter =(100-B4)/B4. Expected holding-period return: 1.010101%.
5. In B10 enter =B9*360/B8. This independent annualization matches B7’s modeled result.

For the position amount, =B5*B4/100 gives 9,900 paid and =B5-B5*B4/100 gives 100 difference at redemption. The holding-period return is 100 divided by 9,900. It is not 100 divided by 10,000.

Google’s embedded example uses February 1 to June 30, 2011, and a price of 99. It publishes 0.02440512508. The actual interval is 149 days, and ((100-99)/99)*360/149 matches that result. Both the price normalization and annualization used in this guide are supported by this first-party example. Published TBILLYIELD sheet.

This is a simple annualized comparison using the illustrated convention. It does not forecast reinvestment, fees, taxes, or compound growth of an investment account.

Keep the two dates fixed. Enter 98.5, 99, and 99.5 in D2:D4. In E2 enter =TBILLYIELD($B$2,$B$3,D2) and fill down. In F2 enter =$B$5*D2/100 to scale each quote to the same 10,000 face amount.

Lower purchase prices produce larger gains on the amount invested when the maturity and redemption value are unchanged. This helps audit quote imports: a higher price accompanied by a higher modeled yield merits investigation.

A separate discount-rate calculation for the middle row is =(100-B4)/100*360/B8, which gives 4%. The yield is 4.040404% because its denominator is 99, not 100. These are two different quote conventions, not two display formats for the same number.

• A decimal around 0.04: Format as a percentage once.
• An unexpectedly large return: Confirm that price is 99 rather than 0.99, and inspect the number of days.
• A rate entered as the third argument: Replace it with the actual price quote. TBILLYIELD does not accept a discount rate there.
• Date or term problem: Ensure maturity follows settlement and is within the documented one-year limit. The exact leap-year boundary is not tested here.
• A total investment amount entered as price: Normalize it to the per-100 quote before calling the function.

Google’s published error table shows #NUM! for a term from March 31, 2008 to June 1, 2009 and for reversed dates from March 31, 2009 to June 1, 2008. Its third column is mislabeled “discount” even though the formulas are TBILLYIELD calls. Follow the documented price argument, not that table heading. The negative-input row also has an overlong term, so it does not isolate a negative-price rule. Published error table.

Google currently lists TBILLYIELD. The reviewed sources do not establish an introduction date, earliest working version, or retirement date. Other products’ date truncation, boundary errors, or numerical algorithms have not been assumed equivalent.

Related: DATE, IF, and ROUND.

References checked October 17, 2026: Google syntax and limits, published calculation.