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What is EBITDA? Profit before four charges, with real US companies

EBITDA is profit before interest, taxes, depreciation and amortization. How it is worked out, where its parts sit in a 10-K, and real US company figures.

By · Checked against filings: , 1 min read, Seen in 83 companies on Cityfort. Editorial policy. Corrections

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What does EBITDA mean?

EBITDA stands for earnings before interest, taxes, depreciation and amortization.[S1] It is profit before interest and tax, and before the yearly charge for wear on long-lived assets such as machines.[S2]

How is EBITDA worked out?

The SEC staff says "earnings" here means GAAP net income. So EBITDA adds interest, income taxes, depreciation and amortization back to net income.[S1]

Cityfort's stock pages start from operating income instead, and add depreciation and amortization from the cash flow statement. A figure built from net income also picks up items outside operating income, so the two can differ.[S1]

EBITDA margin is EBITDA divided by revenue, times 100.

On Costco's Cityfort page, EBITDA is $14.4B (FY2026) and the EBITDA margin is 4.7% (FY2026).

Where do you find it in a 10-K or 10-Q?

The parts sit in the financial statements: 10-K Item 8, or 10-Q Part I, Item 1.[S4][S5] Operating income is on the income statement, and depreciation is added back in the cash flow statement's operating section.[S2]

EBITDA itself is not a GAAP line. SEC rules keep it off the face of the statements and out of their notes.[S3]

What is adjusted EBITDA?

It is a company's own measure that removes further items. The SEC staff says such measures should carry a different title, such as "Adjusted EBITDA".[S1] Each company picks its own adjustments, so the figures are not like for like. See non-GAAP measures.

What does EBITDA leave out?

  • Interest on borrowed money.
  • Income taxes.
  • Depreciation and amortization: the cost of long-lived assets, spread over the years they are used.[S2]
  • Cash spent buying new property and equipment, which the cash flow statement shows under investing activities.[S2]

See it in real companies

EBITDA at companies on Cityfort

83 companies on Cityfort, listed A–Z (not ranked).

AbbVie
$23.2BFY2025 · consolidated · source S1
Accelevation
$79.1MFY2025 · consolidated · source S1
Adobe
$9.5BFY2025 · consolidated · source S1
Airbnb
$2.6BFY2025 · consolidated · source S1
Alphabet
$150.2BFY2025 · consolidated · source S1
Amaero
−$17.8MFY2025 · consolidated · source S1
Amazon
$145.7BFY2025 · consolidated · source S1
AMD
$6.7BFY2025 · consolidated · source S1
Apple
$144.7BFY2025 · consolidated · source S1, S9
Arm
$1.1BFY2026 · consolidated · source S1
AT&T
$45.0BFY2025 · consolidated · source S1, S24
Block
$2.1BFY2025 · consolidated · source S1
Bloom Energy
$123MFY2025 · consolidated · source S1
Boeing
$6.2BFY2025 · consolidated · source S1
Booking Holdings
$9.4BFY2025 · consolidated · source S1
Broadcom
$34.3BFY2025 · consolidated · source S1
Caterpillar
$13.4BFY2025 · consolidated · source S1
Cerebras
−$111MFY2025 · consolidated · source S1
Chipotle
$2.3BFY2025 · consolidated · source S1
Cisco
$17.9BFY2026 · consolidated · source S1
City Therapeutics
−$58.8MFY2025 · consolidated · source S1
Coca-Cola
$14.8BFY2025 · consolidated · source S1
Coinbase
$1.6BFY2025 · consolidated · source S1
Comcast
$36.9BFY2025 · consolidated · source S1

And 59 more companies on Cityfort; each stock page shows it in context.

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

See it in real companies

EBITDA margin at companies on Cityfort

82 companies on Cityfort, listed A–Z (not ranked).

AbbVie
38.0%FY2025 · consolidated · source S1
Accelevation
17.7%FY2025 · consolidated · source S1
Adobe
40.1%FY2025 · consolidated · source S1
Airbnb
21.5%FY2025 · consolidated · source S1
Alphabet
37.3%FY2025 · consolidated · source S1
Amaero
−281.7%FY2025 · consolidated · source S1
Amazon
20.3%FY2025 · consolidated · source S1
AMD
19.3%FY2025 · consolidated · source S1
Apple
34.8%FY2025 · consolidated · source S1, S9
Arm
23.4%FY2026 · consolidated · source S1
AT&T
35.9%FY2025 · consolidated · source S1, S24
Block
8.6%FY2025 · consolidated · source S1
Bloom Energy
6.1%FY2025 · consolidated · source S1
Boeing
7.0%FY2025 · consolidated · source S1
Booking Holdings
35.1%FY2025 · consolidated · source S1
Broadcom
53.6%FY2025 · consolidated · source S1
Caterpillar
19.8%FY2025 · consolidated · source S1
Cerebras
−21.8%FY2025 · consolidated · source S1
Chipotle
19.3%FY2025 · consolidated · source S1
Cisco
28.3%FY2026 · consolidated · source S1
City Therapeutics
−433.2%FY2025 · consolidated · source S1
Coca-Cola
30.9%FY2025 · consolidated · source S1
Coinbase
22.6%FY2025 · consolidated · source S1
Comcast
29.8%FY2025 · consolidated · source S1

And 58 more companies on Cityfort; each stock page shows it in context.

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

Is EBITDA a GAAP number?
No. It is a non-GAAP measure. SEC rules do not allow non-GAAP measures on the face of the GAAP financial statements in a filing, or in their notes.[S3]
Is adjusted EBITDA the same as EBITDA?
No. The SEC staff says a measure calculated differently from EBITDA should not be called EBITDA, and gives "Adjusted EBITDA" as an example of a distinct title. Each company chooses its own adjustments.[S1]
Which GAAP number is EBITDA reconciled to?
Net income, when EBITDA is shown as a performance measure. The SEC staff says operating income is not the most directly comparable GAAP measure, because EBITDA adjusts for items that operating income does not include.[S1]
Can a company show EBITDA per share?
No. The SEC staff says EBIT and EBITDA must not be presented on a per-share basis.[S1]

Sources

  1. S1Non-GAAP Financial Measures: Corporation Finance Interpretations, Questions 103.01 and 103.02 (EBIT and EBITDA), last updated Dec 13, 2022 · U.S. Securities and Exchange Commission, Division of Corporation FinanceTier 1: company or exchange filing · Dec 13, 2022
  2. S2Beginners' Guide to Financial Statements: income statements and cash flow statements (operating activities), last reviewed or updated Feb 6, 2017 · U.S. Securities and Exchange CommissionTier 1: company or exchange filing · Feb 6, 2017
  3. S317 CFR 229.10(e) (Regulation S-K Item 10(e)): use of non-GAAP financial measures in Commission filings (eCFR, up to date as of Nov 4, 2026) · Electronic Code of Federal Regulations (eCFR)Tier 1: company or exchange filing · Nov 4, 2026
  4. S4Investor Bulletin: How to Read a 10-K, September 2011 (Item 8, Financial Statements and Supplementary Data) · U.S. Securities and Exchange Commission, Office of Investor Education and AdvocacyTier 1: company or exchange filing · Sep 1, 2011
  5. S5Form 10-Q, General Instructions and Part I, Item 1 (Financial Statements) (form version SEC 1296, 02-25) · U.S. Securities and Exchange CommissionTier 1: company or exchange filing · Feb 1, 2025

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