Operating income and revenue both show the money that a company makes. However, the two numbers are different ways of expressing a company’s earnings, and they have different deductions and credits involved in their calculations. The main difference is that revenue is a company’s income before deducting expenses, while operating income represents the profit after subtracting expenses.

营业收入和营收都显示了公司赚的钱。但是，这两个数字是公司收益的不同表达方式，它们在计算中涉及不同的扣除额和抵免额。主要区别在于，营收是扣除开支前公司的收入，而营业收入代表的是减去开支后的利润。

Nevertheless, both revenue and operating income are essential in analyzing whether a company is performing well. Here’s a closer look at each of these terms.

然而，在分析一家公司是否表现良好时，营收和营业收入都是必不可少的。详述如下。

What Is Revenue?

什么是营收？

Revenue is the total amount of income that a company generates from the sale of goods and services. It refers to the sum generated before deducting any expenses, such as those involved in running the business.

营收是公司从销售商品和服务中获得的总收入。它是指在扣除任何开支（如经营企业所涉及的开支）之前产生的金额。

Revenue is often called the top line because it’s located at the top of an income statement. When a company is said to have “top-line growth,” it means the company’s revenue—the money it’s taking in—is growing.

营收通常被称为顶线，因为它位于损益表的顶部。当一家公司被称为“顶线增长”时，这意味着该公司的营收——它正在吸纳的资金——正在增长。

Revenue or net sales refer only to business-related income (the equivalent of earned income for an individual). If a company has other sources of income—for example, from investments—that income is not considered revenue since it wasn’t the result of the primary income-generating activity. Any such additional income is accounted for separately on balance sheets and financial statements.

营收或净销售额仅指与业务相关的收入（相当于个人的劳动所得）。如果一家公司有其他收入来源，例如投资收入，这种收入不被认为是营收，因为它不是主要的创收活动的结果。任何此类额外收入在资产负债表和财务报表中单独核算。

Operating Revenue

营业创收

Operating revenue is revenue earned from a business’s main activities, whether selling goods or services. For example, a bakery’s operating revenue comes from selling baked goods. An electrician’s operating revenue comes from providing electrical services. Apple’s revenue comes from iPhones, iMacs, and other devices and services sold by the company.

营业创收是从企业的主要活动中获得的收入，无论是通过销售商品还是提供服务。例如，面包店的营业创收来自销售烘焙食品。电工的营业创收来自提供电气服务。苹果的营业创收来自该公司销售的iPhones、iMacs以及其他设备和服务。

Nonoperating Revenue

非营业创收

Nonoperating revenue is the money that a business earns from side activities unrelated to its daily activities, such as profits from investments or dividend income. This type of revenue is generally less consistent than operating revenue.

非营业创收是指企业从与其日常活动无关的辅助活动中获得的收入，如投资利润或股息收入。这种营收通常不如营业创收稳定。

What Is Operating Income?

什么是营业收入？

If revenue refers to earnings before subtracting any costs or expenses, then operating income, by contrast, is a company’s profit after subtracting operating expenses, which are the costs of running the daily business. Operating income helps investors separate out the earnings for the company’s operating performance by excluding interest and taxes.

如果营收是指减去任何成本或开支之前的收益，那么相比之下，营业收入是指公司减去运营费用后的利润，运营费用是指日常业务的运营成本。营业收入排除利息和税收，帮助投资者分离出公司经营业绩的收益。

Operating expenses include selling, general, and administrative expenses (SG&A), depreciation, and amortization. Operating income does not include money earned from investments in other companies or nonoperating income, taxes, and interest expenses. Also excluded are any special or nonrecurring items, such as acquisition expenses, proceeds from the sale of a property, or cash paid for a lawsuit settlement.

运营费用包括销售、一般和管理费用(SG&A)、折旧和摊销。营业收入不包括从其他公司的投资或非营业收入、税收和利息支出中获得的收入。也不包括任何特殊或非经常性项目，如收购费用、出售财产的收益或为诉讼和解支付的现金。

How to Calculate Operating Income

如何计算营业收入

Operating income is often used interchangeably with earnings before interest and taxes (EBIT). However, there is a slight difference between the two: Operating income equals revenue minus operating expenses, while EBIT also subtracts the cost of goods sold (COGS). Here are the basic formulas:

营业收入通常与息税前利润(EBIT)互换使用。但是，两者略有不同：营业收入等于营收减去运营费用，而EBIT还减去了销货成本(COGS)。以下是基本公式：

Operating income = revenue - operating expenses

营业收入= 营收-运营费用

EBIT = revenue - operating expenses - COGS

EBIT = 营收-运营费用-销货成本

What is not included in operating income?

什么不计入营业收入？

Operating income does not take into consideration taxes, interest, financing charges, investment income, or one-off (nonrecurring) or special items, such as money paid to settle a lawsuit.

营业收入不考虑税收、利息、融资费用、投资收入或一次性(非经常性)或特殊项目，如支付的诉讼费用。

Is net operating income the same as net income?

净营业收入和净收入一样吗？

Net operating income (NOI) and net income differ slightly. Net operating income is revenue minus all operating expenses. Conversely, net income is revenue minus all expenses, including operating expenses and nonoperating expenses, such as taxes.

净营业收入(NOI)和净收入略有不同。净营业收入是营收减去所有运营费用。相反，净收入是营收减去所有费用，包括运营费用和非运营费用，如税收。

Is earnings before interest and taxes (EBIT) the same as operating income?

息税前利润(EBIT)与营业收入相同吗？

Earnings before interest and taxes (EBIT) and operating income are sometimes used interchangeably, but they are not the same. While operating income equals revenue minus operating expenses, EBIT also subtracts the cost of goods sold (COGS).

息税前利润(EBIT)和营业收入有时可以互换使用，但它们并不相同。营业收入等于营收减去运营费用，EBIT还减去了销货成本(COGS)。

Strategies to Help Maximize Income

实现收入最大化的策略

A strategic approach to investing can help you maximize your retirement income while minimizing your investment taxes. With no commissions and no financial incentives, Vanguard Personal Advisor Services® can develop a goal-driven plan to help you do just that. You’ll also have access to personal service at a low cost. Learn more about how you can access personal financial advice and start the conversation.

战略性的投资方法可以助你实现退休收入的最大化，同时最小化你的投资税。无需佣金和财务激励，Vanguard Personal Advisor Services®可以制定一个目标驱动的计划来助你实现这一点。同时你还可以享受低价的个人服务。了解更多关于如何获得个人理财建议并开始对话的信息。

(英文来源：https://www.investopedia.com/）