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.