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息税前利润(Earnings Before Interest and Taxes, EBIT)

Earnings before interest and taxes is an indicator of a company's profitability. One can calculate it as revenue minus expenses, excluding tax and interest. EBIT is also referred to as operating earnings, operating profit, and profit before interest and taxes.


EBIT = Revenue − COGS − Operating Expenses

EBIT = Net Income + Interest + Taxes

其中:COGS = Cost of goods sold

You calculate EBIT by taking a company's cost of manufacturing including raw materials, as well as the company's total operating expenses, which includes employee wages and subtract those figures from revenue. The steps are outlined below:

  1. Take revenue or sales from the top of the income statement.
  2. Subtract the cost of goods sold from revenue or sales, which gives you gross profit.
  3. Subtract the operating expenses from the gross profit figure to achieve EBIT.

Key Takeaways

  • EBIT is a company's net income before income tax expense and interest expenses have been deducted.
  • EBIT is used to analyze the performance of a company's core operations without the costs of the capital structure and tax expenses impacting profit.
  • EBIT is also known as operating income since they both exclude interest expenses and taxes from their calculations. However, there are cases when operating income can differ from EBIT.


Earnings before and taxes measures the profit a company generates from its operations, making it synonymous with operating profit. By ignoring taxes and interest expense, EBIT focuses solely on a company's ability to generate earnings from operations, ignoring variables such as the tax burden and capital structure. EBIT is an especially useful metric because it helps to identify a company's ability to generate enough earnings to be profitable, pay down debt, and fund ongoing operations.


invest/finance/ebit.txt · Last modified: 2019/12/19 09:24 by zhwiki