Operating Margin

Operating income (revenue minus COGS and all operating expenses) as a percentage of revenue. Profitability before financial and tax effects.

Operating Margin — Operating income (revenue minus COGS and all operating expenses) as a percentage of revenue. Profitability before financial and tax effects.

Key facts

Category
Profitability
Definition
Operating income (revenue minus COGS and all operating expenses) as a percentage of revenue. Profitability before financial and tax effects.
Formula
Operating Margin = Operating Income / Revenue × 100
Live example
/research/stock/GOOGL
Last updated
2026-06-17

Formula

Operating Margin = Operating Income / Revenue × 100

Worked example

Company with $1B revenue, $400M COGS, $300M operating expenses → $300M operating income → 30% operating margin.

Interpretive bands

< 5%
Thin margin. Retail, distribution, hardware.
10 – 20%
Most industrials, mature businesses.
> 25%
Strong operating leverage. Software, financial services, brand-rich consumer.

How IndexAlpha uses Operating Margin

On the Profitability card alongside gross and net margin. The trend over 5 years matters more than the absolute level.

See it live

The Operating Margin metric shows up on every IndexAlpha research page. See it now on GOOGL — or research any stock to view its Operating Margin.

Related terms

Common questions

What is Operating Margin?

Operating income (revenue minus COGS and all operating expenses) as a percentage of revenue. Profitability before financial and tax effects.

How is Operating Margin calculated?

Operating Margin = Operating Income / Revenue × 100. Company with $1B revenue, $400M COGS, $300M operating expenses → $300M operating income → 30% operating margin.

How does IndexAlpha use Operating Margin?

On the Profitability card alongside gross and net margin. The trend over 5 years matters more than the absolute level.

Sources