Operating Income

By ADAM HAYES

Reviewed By BRIAN BARNIER

Updated Sep 17, 2020

营业收益

作者：Adam Hayes

审阅人：Brian Barnier

更新时间：2020年9月17日

 

What Is Operating Income?

什么是营业收益？

Operating income is an accounting figure that measures the amount of profit realized from a business's operations, after deducting operating expenses such as wages, depreciation and cost of goods sold (COGS).

营业收益指的是用以衡量在扣除工资、折旧和销货成本等营业费用后企业通过业务经营而实现的利润的会计数字。

 

Operating income—also called income from operations—takes a company's gross income, which is equivalent to total revenue minus COGS, and subtracts all operating expenses. A business's operating expenses are costs incurred from normal operating activities and include items such as office supplies and utilities.

营业收益-也被称为业务经营产生的收益-指的是公司的毛收益（等同于总收入）减去销货成本及所有营业费用之后剩下的收益。企业的营业费用指的是正常经营活动中产生的成本，包括办公用品和公用事业等科目产生的费用。

 

 

KEY TAKEAWAYS

文章要点

 

Operating income reports the amount of profit realized from a business's ongoing operations.

营业收益报告的是企业从持续经营的活动中实现的利润。

Operating income takes a company's gross income, which is equivalent to total revenue minus cost of goods sold (COGS), and subtracts all operating expenses.

营业收益指的是公司的毛收益（等同于总收入）减去销货成本及所有营业费用之后剩下的收益。

Analyzing operating income is helpful to investors because it doesn't include taxes and other one-off items that may skew a company's profit in a given year.

分析营业收益对于投资者来说是有益的，因为营业收益中并未包含税费及其他可能会在某一年度影响公司利润的一次性项目。

 

Operating Income

营业收益

 

Understanding Operating Income

了解营业收益

 

Operating income is a measurement that shows how much of a company's revenue will eventually become profits. Operating income is similar to a company's earnings before interest and taxes (EBIT); it is also referred to as the operating profit or recurring profit. The one big difference between operating income and EBIT is that EBIT includes any non-operating income the company generates.

营业收益这一指标衡量的是公司的收入中有多少最终会变成利润。营业收益与公司的息税前利润（EBIT）类似；它也被称为营业利润或经常性利润。营业收益和息税前利润之间的最大的差别在于息税前利润包含公司产生的任何非营业收益。

 

Analyzing operating income is helpful to investors because it doesn't include taxes and other one-off items that might skew profit or net income. A company that's generating an increasing amount of operating income is seen as favorable because it means that the company's management is generating more revenue while controlling expenses, production costs, and overhead.

分析营业收益对于投资者来说是有益的，因为营业收益中并未包含税费及其他可能会在某一年度影响公司利润的一次性项目。公司的营业收益增加是一件好事，因为这意味着公司的管理层在控制费用、生产成本和日常管理费用的同时，也创造了更多收入。

 

 

How to Calculate Operating Income/如何计算营业收益

 

The operating income formula is outlined below:

营业收益的计算公式如下：

 

Operating Income = Gross Income - Operating Expenses

营业收益=毛收益-营业费用

 

Operating expenses include selling, general, and administrative expense (SG&A), depreciation, and amortization, and other operating expenses. Operating income excludes items such as investments in other firms (non-operating income), taxes, and interest expenses. In addition, nonrecurring items, such as cash paid for a lawsuit settlement, are not included. Operating income is required to calculate the operating margin, which describes a company's operating efficiency.

营业费用包含销售、一般和管理费用（SG&A）、折旧和摊销及其他营业费用。营业收益不包括对其他公司的投资（非营业收益）、税费和利息费用等其他科目。此外，为诉讼和解支付的现金等非经常性科目也不包含在内。营业收益对于计算营业利润来说非常必要，后者体现了一家公司的经营效率。

 

Important: Operating income is the amount of income a company generates from its core operations, meaning it excludes any income and expenses not directly tied to the core business.

注意：营业收益指的是公司主营业务产生的收益，不包含与主营业务没有直接联系的任何收益和费用。

 

Operating Income Examples/营业收益示例

Many companies focus on operating income when measuring the operational success of the business. For example, Company ABC, a hospital and drug firm, reports an operating income rise by 20% year-over-year to $25 million during the first two quarters of its fiscal year. The company realized an increase in revenue and operating income due to an increase in patient volume over the two quarters. The rise in patient visits was driven by two of the company's new immunotherapy drugs: One drug treats lung cancer and the other drug treats melanoma.

许多公司在衡量企业经营成功与否时，往往会重点关注营业收益。例如，根据医药企业ABC公司的报告，其营业收益在其财年的前两个季度同比增长20%，达到2500万美元。由于过去两个季度患者数量的增加，公司实现了收入和营业收益的双增长。患者数量的增长则源于该公司两种新型免疫治疗药物的推动：这两种药物一种治疗肺癌，另一种治疗黑色素瘤。

 

In another example, we have Company Red, which reports financial results for the first quarter of its fiscal year. The company saw operating income rise by 37%, when compared with the same period in the previous year. The report of the increase in operating income is especially important because the company is looking to merge with Company Blue, and shareholders are slated to vote on the potential merger next month. While Company Red's first-quarter sales did fall by 3%, its operating income growth could potentially give Company Blue shareholders confidence in voting to merge the two companies.

再比如说，根据红色公司某财年第一季度的财报，该公司的营业收益与去年同期相比增长了37%。由于红色公司正寻求与蓝色公司合并且股东们将于次月就可能发生的合并进行投票，因而这一营业收益的增长报告就显得尤为重要。尽管红色公司第一季度的销售额下降了3%，但其营业收益的增长很有可能给予蓝色公司的股东信心，促使他们投票支持两公司的合并。

 

How to Find Operating Income/如何找到营业收益

The example below highlights how to find and calculate operating income using the income statement for Apple (AAPL). The figures are from the quarter ending June 29, 2019

下例重点介绍了如何利用苹果的利润表找到并计算营业收益。以下数据为截至2019年6月29日之季度的数据。

 

l Operating income for June 2019 was $11.5 billion (highlighted in green).

    2019年6月的营业收益为115亿美元（标蓝数据）

l Operating income is calculated before, or located slightly above, net income.

    营业收益在计算净收益之前计算，或略高于净收益。

l We can see that operating income is the result of gross income—or gross margin on Apple's income statement—of $20.2 billion minus operating expenses of $8.6 billion.

    可以看到营业收益即为苹果利润表的毛收益-或毛利润（即202亿美元）减去营业费用（86亿美元）。

Image by Sabrina Jiang © Investopedia 2020

图片由Sabrina Jiang© Investopedia 2020提供

 

 

 

苹果公司 简明利润表
	前三个月
	2019年6月29日	2019年6月30日
净销售额：	$42,354	$43,095
产品	11,455	10,170
服务	53,809	53,265
总销售额
销售成本：
产品	29,473	28,956
服务	4,109	3,888
总销售成本	33,582	32,844
总利润	20,227	20,421
营业费用：
研发	4,257	3,701
销售、一般和管理	4,426	4,108
总营业费用	8,683	7,809
营业收益	11,544	12,612
其他收益/（费用），净额	367	672
备付所得税前收益	11,911	13,284
备付所得税	1,867	1,765
净收益	$10,044	$11,519

 

It's important to note that operating income is different than net income (as well as gross profit). Operating income includes more expense line items than gross profit, which primarily includes the costs of production. Operating income includes both COGS—or cost of sales—as well as operating expenses. However, operating income does not include items such as other income, non-operating income, and non-operating expenses. Instead, those figures are included in the net income calculation.

需要注意的是营业收益与净收益（及毛利润）不同。与毛利润相比，营业收益包含的费用项目更多，而前者主要包括生产成本。营业收益既包括销货成本或销售成本，又包括营业费用。然而，营业收益并不包括其他收益、非营业收益和非营业费用等科目。而进行净收益计算时，这些数据常常被包含在内。