# Operating income

> Profit from the company's operations: revenue less operating costs, before interest, other income and tax.

Updated Oct 17, 2026.

Operating income is revenue less the costs of running the business: cost of revenue, research and development, selling, general and administrative costs, and items such as restructuring and impairment charges. It comes before interest, investment gains and losses, other income and income tax. Filings also call it income from operations or operating profit. When it is negative it is an operating loss.

## How Listed shows it

As reported, under the XBRL concept `OperatingIncomeLoss`, or `ProfitLossFromOperatingActivities` for IFRS filers. Q4 is derived as the fiscal year less the first three quarters.

## What to check

- One-off charges, such as restructuring, impairments and litigation settlements, sit inside operating income. A large one can turn a profitable year into a loss. MD&A usually explains them.
- Stock-based compensation is an operating cost, spread across the expense lines. Earnings releases often add it back in non-GAAP figures; Listed does not.

## When it says "not reported"

- The company does not present an operating income line. Banks, insurers and some real estate companies often do not, and some companies use a single-step income statement that goes straight from revenue and expenses to pre-tax income.
- The company tags it with a concept of its own.

## Related terms

- [Operating margin](/glossary/operating-margin.md)
- [Gross profit](/glossary/gross-profit.md)
- [Net income](/glossary/net-income.md)
- [Revenue](/glossary/revenue.md)

All terms: [/glossary.md](/glossary.md)