Official definition · 官方定义
“Operating margin, also known as return on sales, is an important profitability ratio measuring revenue after the deduction of operating expenses.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Operating margin is operating profit divided by revenue. It measures how much a company earns from its core business after paying to run it, but before interest and taxes.
营业利润率是营业利润除以营收。它衡量核心业务在支付运营成本之后、扣除利息与税之前，还能剩下多少。
Operating margin is the cleanest read on operating leverage. When revenue grows 10% and operating margin expands, the company is spreading fixed costs over more units — that is where profit surprises come from. When revenue grows and margin falls, growth is being bought, and the market usually figures it out a quarter later.
营业利润率是看经营杠杆最干净的指标。营收涨 10%、利润率同时扩张，说明固定成本被摊薄——利润超预期就是这么来的。
反过来，营收涨而利润率跌，说明增长是花钱买来的，市场通常在一个季度后才反应过来。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Nestlé sells more coffee and chocolate as price rises slow 营业利润率 · 第 6 张术语卡 | Nestlé said its margin would be higher than in 2025, even with slower price rises. 提价能立刻抬高利润率，销量增长则要靠规模摊薄固定成本。两者对利润率的作用路径不同。 |
| 1.1% | The key elements of Porsche's turnaround plan 营业利润率 · 第 1 张术语卡 | This is the number the whole plan is built around: 1.1% in 2025, with a medium-term target of 10% to 15%. 注意区分三个容易混的指标：毛利率只减掉直接制造成本；销售回报率（营业利润率）还要减掉研发、销售与管理费用；净利润率再减掉利息和税。一家车企的销售回报率跌到 1.1%，等于卖一百多万的车几乎不赚钱 —— 这正是保时捷要动手术的原因。同业参照：法拉利约三成，斯柯达约 8.3%，梅赛德斯-奔驰约 5%，大众集团约 2.8%。 |
| — | Accenture Brushes Off the AI Disruption Fears With a Record Year of Bookings 营业利润率 · 第 3 张术语卡 | Accenture's fourth-quarter GAAP operating margin was 15.3 per cent, and management guided to 15.9–16.1 per cent for fiscal 2027. 咨询是人力生意，营业利润率普遍在 10%–20% 之间：人是最主要的成本，靠涨价、提高人均利用率、把交付标准化来提升。埃森哲本季利润率跳升，一部分是因为去年同期基数被重组费用压低——所以要看「调整后」口径再下结论。 |
| 8.6% | H&M: operating profit jumps 23% as cost control pays off 营业利润率 · 第 7 张术语卡 | It went from 8.6% to 10.6% — and the company's own goal is 10% over the cycle. Look at the row of numbers in this report and you can see the target in sight for the first time. 为什么要看百分比而不是绝对值：利润的绝对值会随规模涨跌，利润率才能横向比较 —— 一家 100 亿收入的公司和一家 1 万亿收入的公司在同一把尺子上。
H&M 这次：本季 10.6%（含一次性顺风）、前九个月 8.3%、最近 12 个月 9.0%，而公司的目标是 10%。 |
Margin is the same as markup
Margin divides by revenue; markup divides by cost. A 50% markup is a 33% margin.
Operating profit is cash
It includes depreciation and accruals.
A one-quarter margin is a trend
Seasonality and mix can move it several points.
· operating margin expanded to 18%
· margin pressure
· operating leverage
· cost discipline
· underlying margin
operating margin expanded to 18% 营业利润率扩大至 18%；margin pressure 利润率压力；operating leverage 经营杠杆；cost discipline 成本纪律；underlying margin 基础利润率。
· operating vs net margin
· reported vs adjusted margin
operating margin 是营业利润率，net margin 是净利润率；reported 是报表值，adjusted 是调整后。
Operating margin widened X points to Y%, helped by lower input costs.
财报句：投入成本下降帮助营业利润率扩大 X 个百分点至 Y%——helped by 后面跟的是原因。
“Nestlé said its margin would be higher than in 2025, even with slower price rises.”
“This is the number the whole plan is built around: 1.1% in 2025, with a medium-term target of 10% to 15%.”
“Accenture's fourth-quarter GAAP operating margin was 15.3 per cent, and management guided to 15.9–16.1 per ce…”
“It went from 8.6% to 10.6% — and the company's own goal is 10% over the cycle. Look at the row of numbers in…”