Earnings Before Interest and Taxes (EBIT)

By CHRIS B. MURPHY

Updated May 09, 2023

Reviewed by AMY DRURY

Fact checked by PETE RATHBURN

息税前利润（EBIT）

作者：CHRIS B. MURPHY

更新时间：2023年5月9日

审阅人：AMY DRURY

事实核查人：PETE RATHBURN

What Is Earnings Before Interest and Taxes (EBIT)?

什么是息税前利润（EBIT）？

Earnings before interest and taxes (EBIT) indicate a company's profitability. EBIT is calculated as revenue minus expenses excluding tax and interest. EBIT is also called operating earnings, operating profit, and profit before interest and taxes.

息税前利润（EBIT）表明的是公司的盈利能力。EBIT的计算方法是收入减去费用，不包括税和利息。EBIT也被称为营业收益、营业利润和息税前收益。

KEY TAKEAWAYS

文章要点

Earnings before interest and taxes (EBIT) measures a company's net income before income tax and interest expenses are deducted. 

息税前利润（EBIT）计算的是公司扣除所得税和利息支出前的净收益。

EBIT is used to analyze the performance of a company's core operations. 

EBIT可用于分析公司经营活动的绩效。

EBIT is also known as operating income.

EBIT也被称为营业收益。

EBITDA equals earnings before interest, taxes, depreciation, and amortization when calculating profitability.

计算盈利能力时，EBITDA等于息税折旧摊销前利润。

Earnings Before Interest and Taxes (EBIT)

息税前利润（EBIT）

Understanding Earnings Before Interest and Taxes (EBIT)

了解息税前利润（EBIT）

EBIT, or operating profit, measures the profit generated by a company's operations. By ignoring taxes and interest expenses, EBIT identifies a company's ability to generate enough earnings to be profitable, pay down debt, and fund ongoing operations.

EBIT，或营业利润，计算的是公司经营活动产生的利润。EBIT不考虑税和利息，主要确定的是公司创造足够的利润、偿还债务和为持续运营提供资金的能力。

EBIT is not a GAAP metric and not labeled on financial statements but may be reported as operating profits in a company's income statement. Operating expenses, including the cost of goods sold, are subtracted from total revenue or sales. A company may include non-operating income, such as income from investments.

EBIT并非GAAP指标，也不会在财务报表中列报，但可能会在公司的损益表中作为营业利润列报。营业费用，包括销货成本，会从总收入或销售额中扣除。公司可能会将投资收入等营业外收益包含在内。

A company may include interest income in EBIT depending on its sector. If the company extends credit to its customers as an integral part of its business, this interest income is a component of operating income. If interest income is derived from bond investments, it may be excluded.

公司可能会基于其行业在EBIT中计入利息收入。如果公司将向客户提供信贷作为其业务的一个重要组成部分，这种利息收入就是营业收益的组成部分。如果利息收入来自债券投资，则可以排除在外。

Formula and Calculation

计算公式

EBIT = Revenue − COGS − Operating Expenses

EBIT=收入-销货成本-营业费用

Or

或

EBIT = Net Income + Interest + Taxes

EBIT=净收益+利息+税

where:

其中

COGS = Cost of goods sold

销货成本=商品销售成本

The EBIT calculation combines a company's manufacturing cost, including raw materials, and total operating expenses, including employee wages. These items are subtracted from revenue:

在进行EBIT计算时，公司的生产制造成本（包括原材料）以及总运营费用（包括员工工资）被考虑在内。这些科目会从收入中扣除：

1.Take the value for revenue or sales from the top of the income statement.

从损益表顶部得到收入或销售额的数值。

2.Subtract the cost of goods sold from revenue or sales, which gives you gross profit.

从收入或销售额中减去销货成本，获得毛利润。

3.Subtract the operating expenses from the gross profit figure to achieve EBIT.

在毛利润中减去营业费用，得到EBIT。

What EBIT Tells Investors

投资者能从EBIT中得到什么

EBIT is useful in comparing the performances of similar companies in the same industry. EBIT is not a good measure across different sectors. For example, manufacturing companies have larger COGS than service-only companies. Companies in capital-intensive industries with significant fixed assets on their balance sheets are typically financed by debt with interest expenses.

EBIT有助于比较同行业类似公司的业绩。EBIT并非衡量不同行业的好标准。例如，与仅提供服务的公司相比，制造公司的销货成本更高。资产负债表上有大量固定资产的资本密集型行业的公司通常通过债务进行融资，需支付利息费用。

Investors use EBIT to speculate how a business runs without taxes or capital structure costs. EBIT also levels the playing field when investors compare multiple companies with different tax rates.

投资者利用EBIT来推测一家企业如何在没有税收或资本结构成本的情况下运营。当投资者比较不同税率的多家公司时，EBIT也提供了公平的衡量标准。

EBIT vs. EBITDA

EBIT与EBITDA

EBIT is a company's operating profit without interest expense and taxes. EBITDA or earnings before interest, taxes, depreciation, and amortization uses EBIT without depreciation and amortization expenses when calculating profitability. EBITDA also excludes taxes and interest expenses on debt. But, there are differences between EBIT and EBITDA.

EBIT是一家公司不含利息支出和税的营业利润。EBITDA或息税折旧摊销前利润在计算盈利能力时使用EBIT，不考虑折旧和摊销费用。EBITDA还不包括税和债务利息支出。但是，EBIT和EBITDA是有区别的。

Companies with a significant amount of fixed assets can depreciate the expense of purchasing those assets over their useful life. Depreciation allows a company to spread the cost of an asset over the life of the asset and reduces profitability. For a company with a significant amount of fixed assets, depreciation impacts net income. EBITDA measures a company's profits by removing depreciation and reveals the profitability of a company's operational performance.

拥有大量固定资产的公司可以在这些资产的使用寿命内对购买这些资产的费用进行折旧。折旧允许公司将资产成本分摊到资产的整个生命周期中，会降低盈利能力。对于拥有大量固定资产的公司，折旧会影响净收益。EBITDA通过去除折旧来计算公司的利润，并揭示公司经营业绩的盈利能力。

EBIT

息税前利润 EBITDA

息税折旧摊销前利润

Excludes Interest and Taxes

不包括利息和税 Excludes Interest, Taxes, Depreciation, and Amortization

不包括利息、税、折旧和摊销

Reported by companies with good operating profits

由经营利润良好的公司列报 Used by companies with large investments in fixed assets and debt

由存在大量固定资产投资和债务的公司使用

Measures business profit, comparable to operating income

计算业务利润，与营业收益相当 Measures business profit, comparable to operating income

计算业务利润，与营业收益相当

Balance Sheet Example of EBIT

资产负债表EBIT示例

Net sales

净销售额 65,299

Cost of products sold

销货成本 32,909

Gross profit

毛利润 32,390

Selling, general, and administrative expense

销售、一般及行政支出 18,949

Operating income

营业收益 13,441

Interest expense

利息支出 579

Interest income

利息收益 182

Other non-operating income, net

其他营业外收益，净值 325

Earnings from continuing operations before income taxes

扣除所得税前持续经营业务的利润 13,369

Income taxes on continuing operations

持续经营业务的所得税 3,342

Net earnings (loss) from discontinued operations

已终止业务的所得税净利润（损失） 577

Net earnings

净利润 10,604

Less: net earnings attributable to noncontrolling interests

减：可归属于非控股权益的净利润 96

Net earnings attributable to Company X

可归属于X公司的净利润 10,508

Assume all data for Company X represents all figures in millions of USD. To calculate EBIT, subtract the cost of goods sold and the SG&A expense from the net sales. However, consider the other types of income that can be included in the EBIT calculation such as non-operating income and interest income:

假设X公司的所有数据指以百万美元为单位的所有数字。要计算EBIT，需要从净销售额中减去销货成本和销售、一般及行政支出（SG&A支出）。然而，考虑到可包括在EBIT计算中的其他类型的收益，例如营业外收益和利息收入：

1.EBIT=NS-COGS-SG&A+NOI+II

2.EBIT=$65,299-$32,909-$18,949+$325+$182

3.EBIT=$13,948

Where:

其中：

NS=Net Sales

NS=净销售额

SG&A=Selling, general, and administrative expenses

SG&A=销售、一般及行政支出

NOI=Non-Operating Income

NOI=营业外收益

II=Interest Income

II=利息收入

A company can exclude one-time expenses. In this case, the company was continuing to operate in the country through subsidiaries. Due to capital controls in effect at the time, Company X took a one-time hit to remove foreign assets and liabilities from its balance sheet.

公司可以不把一次性费用包括在内。在此情况下，该公司继续通过子公司在该国经营。由于当时实施的资本管制，X公司遭受了一次性打击，从其资产负债表中删除了外国资产和负债。

There is also an argument for excluding interest income and other non-operating income from the equation. For some companies, the amount of interest income they report might be negligible and can be omitted. Other companies, such as banks, generate a substantial amount of interest income from the investments they hold in bonds or debt instruments.

关于从公式中排除利息收入和其他营业外收益，还存在一种争议。对于一些公司来说，他们列报的利息收入是可以忽略不计、可以省略的。但其他公司，如银行，则会通过其持有的债券或债务工具产生大量的利息收入。

A second way to calculate Company X's EBIT is to work from the bottom up, beginning with net earnings. We ignore non-controlling interests, as we are only concerned with the company's operations and subtract net earnings from discontinued operations for the same reason. We then add income taxes and interest expenses back in to obtain the same EBIT we did through the top-down method:

计算X公司EBIT的另一种方法是自下而上，从净利润开始。我们可以忽略非控股权益，因为我们只关注公司的运营，并出于同样的原因从已终止经营业务中减去净利润。然后，我们再加上所得税和利息支出，以获得与我们通过自上而下方法获得的相同的EBIT：

EBIT=NE-NEDO+IT+IE

EBIT=$10,604-$577+$3,342+$579

EBIT=$13,948

Where:

其中：

NE=Net Earnings

NE=净利润

NEDO=Net Earnings from discontinued operations

NEDO=从已终止业务中获得的净利润

IT=Income Taxes

IT=所得税

IE=Interest Expense

IE=利息支出

Why Is EBIT Important?

EBIT为什么重要？

EBIT is a measure of a firm's operating efficiency. Because it does not account for indirect expenses such as taxes and interest due on debts, it shows how much the business makes from its core operations.

EBIT是衡量一家公司经营效率的指标。EBIT并未考虑税、债务利息等间接费用，它显示的是企业从其核心业务中获得的收益。

What Are the Limitations of EBIT?

EBIT有哪些局限性？

Depreciation is included in the EBIT calculation and can lead to varying results when comparing companies in different industries. If an investor is comparing a company with a significant amount of fixed assets to a company that has few fixed assets, the depreciation expense reduces net income or profit. Also, companies with a large amount of debt will likely have a high amount of interest expense. EBIT removes the interest expense and thus inflates a company's earnings potential, particularly if the company has substantial debt.

EBIT计算时会考虑到折旧，在对不同行业的公司进行比较时，这会导致不同的结果。如果投资者将一家拥有大量固定资产的公司与一家固定资产很少的公司进行比较，折旧费用会减少净收益或利润。此外，负债累累的公司可能会有很高的利息支出。EBIT去除了利息支出，从而提高了公司的盈利潜力，特别是在公司存在大量债务的情况下。

How Is EBIT Calculated?

如何计算EBIT？

EBIT subtracts a company's cost of goods sold (COGS) and its operating expenses from its revenue. EBIT can also be calculated as operating revenue and non-operating income, less operating expenses.

EBIT是通过从公司收入中减去公司的销货成本和营业费用得到的。EBIT也可以通过使用营业收益和营业外收益减去营业费用的方式进行计算。

What Is the Difference Between EBIT and EBITDA?

EBIT和EBITDA有什么区别？

EBIT and EBITDA remove the cost of debt financing and taxes, while EBITDA adds depreciation and amortization expenses back into profit. Since depreciation is not captured in EBITDA, it can lead to profit distortions for companies with a sizable amount of fixed assets and substantial depreciation expenses. The greater the depreciation expense, the more it will boost EBITDA. 

EBIT和EBITDA都去除了债务融资和税收的成本，但EBITDA在计算利润时，有将折旧和摊销费用考虑在内。因为如果在EBITDA中不考虑折旧，那么可能会导致存在大量固定资产和折旧费用的公司的利润出现扭曲。折旧费用越高，对EBITDA的影响就越大。

How Do Analysts and Investors Use EBIT?

分析师和投资者应如何使用EBIT？

EBIT is used in several financial ratios in fundamental analysis. The interest coverage ratio divides EBIT by interest expense, and the EBIT/EV multiple compares a firm's earnings to its enterprise value.

EBIT可用于基本面分析中的多个财务比率。利息覆盖率是息税前利润与利息支出之比，EBIT/企业价值倍数可以将公司利润与其企业价值进行比较。

The Bottom Line

最终盈利或亏损

Earnings before interest and taxes (EBIT) help measure a company's profitability and is calculated as revenue minus expenses excluding tax and interest. EBIT is also called operating profit. EBIT helps investors compare the performances of similar companies in the same industry, but it is not a good measure across different industries.

息税前利润（EBIT）可以用来衡量一家公司的盈利能力，计算方法是收入减去除税和利息之外的费用。EBIT也被称为营业利润。EBIT可以帮助投资者比较同行业类似公司的业绩，但在对不同行业的公司进行比较这一方面并非一个好的衡量指标。