Operating Profit

 

By THE INVESTOPEDIA TEAM 

 

Updated September 07, 2022

 

Reviewed by CHARLENE RHINEHART

 

营业利润

 

作者：投资百科团队

 

更新时间：2022年9月7日

 

审阅人：Charlene Rhinehart

 

 

 

 

 

 

 

 

 

 

What Is Operating Profit?

 

什么是营业利润？

 

 

 

 

A company's operating profit is its total earnings from its core business functions for a given period, excluding the deduction of interest and taxes. It also excludes any profits earned from ancillary investments, such as earnings from other businesses that a company has a part interest in. An operating loss occurs when core business income ends up being lower than expenses.

 

公司的营业利润指公司在一定时期内通过核心业务获得的全部利润，无需扣除利息和税金，也不包括从副业投资中获得的利润，如从公司拥有部分权益的其他业务中获得的利润。核心业务的收益最终低于支出时，公司发生经营亏损。

 

 

 

 

KEY TAKEAWAYS

 

文章要点

 

 

 

 

Operating profit is the net income derived from a company's primary or core business operations.

 

营业利润指源自公司主营或核心业务的净收益。

 

Operating profit is also (wrongfully) referred to as earnings before interest and tax (EBIT), as interest and taxes are non-operating expenses.

 

营业利润也（被错误地）称为息税前利润（EBIT），因为利息和税金属于营业外支出。

 

Operating profit does not include non-operating income, but EBIT does.

 

营业利润不包括营业外收益，但EBIT包括。

 

Operating profit eliminates several extraneous and indirect factors that can obscure a company's real performance.

 

营业利润排除了几个可能掩盖公司真实业绩的外部和间接因素。

 

Operating profit margin shows how well a company turns gross revenue into this figure.

 

营业利润率反映了公司将总收入转化为营业利润的能力。

 

 

 

 

Formula and Calculation of Operating Profit

 

营业利润的计算公式

 

 

 

 

The formula used to calculate operating profit is:

 

用于计算营业利润的公式为：

 

 

 

 

Operating Profit = Gross Profit - Operating Expenses - Depreciation - Amortization

 

营业利润=毛利润-营业支出-折旧-摊销

 

 

 

 

Where:

 

其中：

 

 

 

 

Gross Profit is calculated as Revenue - Cost of Goods Sold (COGS)

 

毛利润=收入-销货成本（COGS）

 

 

 

 

What Operating Profit Can Tell You

 

营业利润能告诉我们什么

 

 

 

 

Operating profit serves as a highly accurate indicator of a business's health because it removes all extraneous factors from the calculation. All expenses that are necessary to keep the business running are included, which is why operating profit takes into account asset-related depreciation and amortization—accounting tools that result from a firm's operations.

 

营业利润是判断企业健康状况的一个高度准确的指标，因为它在计算时去除了所有无关的因素。维持企业运营所需的所有费用都包括在内，这就是为什么营业利润要考虑与资产相关的折旧和摊销——企业运营产生的会计工具。

 

 

 

 

Operating profit is also referred to as operating income as well as earnings before interest and tax (EBIT)—although wrongfully, the latter includes non-operating income, which is not part of operating profit. If a firm does not have any non-operating income, its operating profit will equal EBIT.

 

营业利润也被称为营业收益以及息税前利润（EBIT）——尽管这样称呼是错误的，因为后者包含不属于营业利润的营业外收益。如果一个公司没有任何营业外收益，那么它的营业利润将等于EBIT。

 

 

 

 

Companies can choose to present their operating profit figures in place of their net profit figures, as the net profit of a company contains the effects of taxes and interest payments. If a company has a particularly high debt load, the operating profit may present the company's financial situation more positively than the net profit reflects.

 

公司可以选择用营业利润数据来代替净利润数据，因为公司的净利润包含了税金和利息支付的影响。如果一家公司的债务负担特别高，那么营业利润可能比净利润更能反映公司的财务状况。

 

 

 

 

While positive operating profit may express the overall health of a business, it does not guarantee future profitability. Case in point: A company with a high debt load may show a positive operating profit while simultaneously experiencing net losses. In addition, large but extraneous costs are not represented, which may also show a company with a negative net profit having a positive operating profit.

 

尽管营业利润为正可能能够反映企业整体处于健康状况，但这并不能保证企业在未来的营业能力。例证：一家负债累累的公司可能会出现正营业利润，同时出现净亏损。此外，营业利润不包含大量无关成本，这也可能导致企业出现负净利润和正营业利润共存的情况。

 

 

 

 

Operating profit is also referred colloquially as earnings before interest and tax (EBIT). However, EBIT can include non-operating revenue, which is not included in operating profit. If a company doesn't have non-operating revenue, EBIT and operating profit will be the same figure.

 

营业利润也通俗地被称为息税前利润（EBIT）。但是，EBIT可以包括营业外收益，营业外收益不包括在营业利润中。如果一家公司没有营业外收益，EBIT和营业利润将为同一数字。

 

 

 

 

Exclusions from Operating Income

 

营业收益除外项目

 

 

 

 

Revenue created through the sale of assets is not included in the operating profit figure, except for any items created for the explicit purpose of being sold as part of the core business. In addition, interest earned from cash such as checking or money market accounts is not included.

 

通过出售资产产生的收入不包括在营业利润中，但为作为核心业务的一部分出售这一明确目的而创造的任何项目除外。此外，从支票或货币市场账户等现金中赚取的利息不包括在内。

 

 

 

 

While the removal of production costs from overall operating revenue—along with any costs associated with depreciation and amortization—is permitted when determining the operating profit, the calculation does not account for any debt obligations that must be met. This is the case even if those obligations are directly tied to the company’s ability to maintain normal business operations.

 

虽然在厘定营业利润时允许从整体营业收益中扣除生产成本（连同任何与折旧及摊销相关的成本），但该计算并不计及任何必须履行的债务责任。即使该等责任与本公司维持正常业务营运的能力直接相关，亦是如此。

 

 

 

 

Operating income does not include investment income generated through a partial stake in another company, even if the investment income is tied directly to the core business operations of the second company. The sale of assets such as real estate and production equipment is also not included, as these sales are not a part of the core operations of the business.

 

营业收益不包括通过持有另一家公司的部分股份产生的投资收益，即使该投资收益与该公司的核心业务直接相关。房地产和生产设备等资产的销售也不包括在内，因为这些销售不是企业核心业务的一部分。

 

 

 

 

Example of Operating Profit

 

营业利润示例

 

 

 

 

Walmart Inc. reported an operating income of $22.6 billion for its fiscal year 2021. Total revenues (net sales as well as membership and other income) were $559.2 billion. These revenues came from sales across Walmart's global umbrella of physical stores, including Sam's Club, and its e-commerce businesses.

 

沃尔玛公司2021财年营业收益为226亿美元。总收入（净销售额以及会员和其他收益）为5592亿美元。这些收入来自沃尔玛全球实体店的销售，包括山姆会员店及其电商业务。

 

 

 

 

Meanwhile, the cost of sales (or COGS) and operating, selling, general, and administrative expenses, totaled $420.3 billion and $116.3 billion, respectively.

 

与此同时，销售成本（或COGS）以及运营、销售、一般和管理费用总计分别为4203亿美元和1163亿美元。

 

 

 

 

Operating Profit vs. Other Profit Measures

 

营业利润与其他利润的计算

 

 

 

 

Operating Profit vs. Gross Profit

 

营业利润与毛利润

 

 

 

 

Gross profit is the total revenue of a company minus the expenses directly related to the production of goods for sale (i.e., the cost of goods sold).

 

毛利润是用公司的总收入减去与生产待售商品直接相关的费用（即销售商品的成本）。

 

 

 

 

Gross Profit = Revenues - COGS

 

毛利润=收入-销货成本

 

 

 

 

Derived from gross profit, operating profit reflects the residual income that remains after accounting for all the costs of doing business.

 

营业利润来源于毛利润，反映了扣除所有经营成本后剩余的收益。

 

 

 

 

Operating Profit = Gross Profit - Operating Expenses - Depreciation - Amortization

 

营业利润=毛利润-营业费用-折旧-摊销

 

 

 

 

Operating Profit vs. EBITDA

 

营业利润与EBITDA

 

 

 

 

Earnings before income, taxes, depreciation, and amortization - better known as EBITDA - takes operating profit and adds back interest, depreciation, and amortization.

 

税息折旧及摊销前利润（更多的时候被称为EBITDA）是在营业利润的基础上加上利息、折旧和摊销。

 

 

 

 

EBITDA = Operating Profit + Interest + Depreciation + Amortization

 

EBITDA=营业利润+利息+折旧+摊销

 

 

 

 

EBITDA is a cash-focused metric for stakeholders who care about the cash flow of the business. Operating profit is an accounting metric for the stakeholders who care about the operational profitability of the company.

 

对于关心企业现金流的利益相关者而言，EBITDA是一个现金性指标。对于关心公司经营盈利能力的利益相关者而言，营业利润是一个会计指标。

 

 

 

 

Operating Profit vs. Net Profit

 

营业利润与净利润

 

 

 

 

Net profit (or net income) is the profit remaining after all costs incurred in the period have been subtracted from revenue generated from sales. Expenses that factor into the calculation of net income but not operating profit include payments on debts, interest on loans, and one-time payments for unusual events such as lawsuits. Additional income not counted as revenue is also considered in the calculation of net income and includes interest earned on investments and funds from the sale of assets not associated with primary operations.

 

净利润（或净收益）是指从销售收入中减去相关期间发生的所有成本后剩余的利润。计入净收益但不计入营业利润的费用包括债务支付、贷款利息以及诉讼等异常事件的一次性付款。未算作收入的额外收益也在净收益的计算中考虑，包括投资所得利息和出售与主营业务无关的资产所得资金。

 

 

 

 

What Does Operating Profit Tell You?

 

营业利润可以告诉我们什么

 

 

 

 

Operating profit is a useful and accurate indicator of a business's health because it removes any irrelevant factor from the calculation. Operating profit only takes into account those expenses that are necessary to keep the business running. This includes asset-related depreciation and amortization, which result from a firm's operations. Operating profit is also referred to as operating income.

 

营业利润是衡量企业健康状况的一个有用且准确的指标，因为它在计算时去除了任何不相关的因素。营业利润只考虑了维持业务运营所必需的费用。这包括因公司业务而引起的与资产相关的折旧和摊销。营业利润也被称为营业收益。

 

 

 

 

How Do You Calculate Operating Profit?

 

如何计算营业利润？

 

 

 

 

Operating profit is calculated by taking revenue and then subtracting cost of goods sold (COGS), operating expenses, and depreciation and amortization.

 

营业利润的计算方式为收入减销货成本（COGS）、营业支出以及折旧和摊销。

 

 

 

 

How Do You Find the Operating Profit Margin?

 

如何找到营业利润率？

 

 

 

 

The operating profit (or operating income) can be found on the income statement, or calculated as revenue - cost of goods sold (COGS) - operating expenses - depreciation - amortization. Operating profit margin is calculated by dividing operating income by revenue.

 

营业利润（或营业收益）可以在损益表中找到，或者可以通过收入-销货成本（COGS）-营业支出-折旧-摊销的方法计算。营业利润率可以通过将营业收益除以收入计算得出。

 

 

 

 

What Is Excluded From the Operating Profit?

 

营业利润中不包括什么？

 

 

 

 

Revenue created through the sale of assets is not included in the operating profit figure, except for any items created for the explicit purpose of being sold as part of the core business. In addition, interest earned from cash such as checking or money market accounts is not included, nor does it account for any debt obligations that must be met. Finally, it does not include investment income generated through a partial stake in another company.

 

通过出售资产产生的收入不包括在营业利润中，但为作为核心业务的一部分出售这一明确目的而创造的任何项目除外。此外，从支票或货币市场账户等现金中赚取的利息不包括在内，且营业利润中也不计入任何必须履行的债务。最后，营业利润也不包括通过持有另一家公司的部分股份产生的投资收益。

 

 

 

 

The Bottom Line

 

最终盈利或亏损

 

 

 

 

Operating profit looks at a company's earnings generated through normal business operations. Analyzing operating profit, which can be found on the income statement, is useful because it excludes accounting items such as one-time charges, interest, and taxes that may skew a company's profit in a given year. These items are accounted for instead in a company's net profit, or bottom line.

 

营业利润主要关注的是公司在正常业务运营中产生的收益。分析营业利润（可以在损益表上找到）是很有用的，因为它排除了可能扭曲公司相关年度利润的会计科目，如一次性费用、利息和税金。这些科目会被计入公司的净利润或最终盈利或亏损中。