When profit is larger than the profit from operating
144 companies above $1bn in revenue reported net income larger than their operating income.
Net income normally sits below operating income, because interest and tax come out between them. When it sits above, something has been added: an investment gain, a disposal, a tax benefit, or a revaluation.
None of those are improper, and some are entirely routine -- a company with a large investment portfolio will see it move through the income statement, and accounting rules require it. But they are not the operating business, and they do not repeat on any schedule.
The practical consequence is for anyone using net income to value the company. A price-to-earnings ratio built on a year that included a one-off gain describes a company that does not exist. Operating income is the more durable line, which is why this screen is worth running before trusting an earnings multiple.
What this is usually called
Operating income is also called operating profit or EBIT, and the items between it and net income are described as non-operating, below-the-line or, when they are large and unrepeatable, one-off or exceptional. Analysts strip them out to reach normalised or core earnings. Where the addition comes from marking investments to market, the filing will call it an unrealised gain.
The question, as a query
The list below is what this returns today. It is written in the screener's own syntax, so it can be copied, loosened or tightened without leaving the site.
net_income > operating_income AND revenue > 1b| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $402.84B | $132.17B | 59.7% | $73.27B |
| CNC InsurerCENTENE CORP | $194.78B | -$6.67B | 7.3% | $4.32B |
| INTCINTEL CORP | $52.85B | -$267.00M | 34.8% | -$4.95B |
| UBERUber Technologies, Inc | $52.02B | $10.05B | Unavailable | $9.76B |
| PAAPLAINS ALL AMERICAN PIPELINE LP | $44.26B | $1.44B | 8.7% | $2.29B |
| GEVGE Vernova Inc. | $38.07B | $4.88B | 19.8% | Unavailable |
| CHSCPCHS INC | $35.46B | $597.92M | 3.2% | -$92.79M |
| AMDADVANCED MICRO DEVICES INC | $34.64B | $4.34B | 49.5% | $6.74B |
| HPEHewlett Packard Enterprise Co | $34.30B | $57.00M | Unavailable | Unavailable |
| LUVSOUTHWEST AIRLINES CO | $28.06B | $441.00M | Unavailable | Unavailable |
| CLFCLEVELAND-CLIFFS INC. | $18.61B | -$1.48B | -4.6% | -$1.02B |
| FLRFLUOR CORP | $15.50B | -$51.00M | -0.8% | -$437.00M |
| FANGDiamondback Energy, Inc. | $15.03B | $1.66B | Unavailable | Unavailable |
| ECHOEchoStar CORP | $15.00B | -$14.50B | Unavailable | -$1.07B |
| REGNREGENERON PHARMACEUTICALS, INC. | $14.34B | $4.50B | Unavailable | Unavailable |
| DASHDoorDash, Inc. | $13.72B | $935.00M | Unavailable | $2.17B |
| TAPMOLSON COORS BEVERAGE CO | $13.04B | -$2.14B | 32.8% | Unavailable |
| WDCWESTERN DIGITAL CORP | $12.92B | $9.42B | 48.9% | $3.51B |
| APDAir Products & Chemicals, Inc. | $12.04B | -$394.50M | 31.4% | Unavailable |
| WLKWESTLAKE CORP | $11.17B | -$1.51B | 7.3% | -$530.00M |
| AGCOAGCO CORP /DE | $10.08B | $726.50M | 25.5% | $740.20M |
| OVVOvintiv Inc. | $8.91B | $1.24B | Unavailable | $1.50B |
| FDXFFedEx Freight Holding Company, Inc. | $8.80B | $655.00M | Unavailable | Unavailable |
| AAPADVANCE AUTO PARTS INC | $8.60B | $44.00M | 43.4% | -$298.00M |
| MRVLMarvell Technology, Inc. | $8.19B | $2.67B | 51.0% | $1.40B |
| SNPSSYNOPSYS INC | $7.05B | $1.33B | 77.0% | $1.35B |
| COMPCompass, Inc. | $6.96B | -$58.50M | Unavailable | $203.30M |
| NSPINSPERITY, INC. | $6.81B | -$7.00M | 13.2% | -$309.00M |
| LYFTLyft, Inc. | $6.32B | $2.84B | 41.5% | Unavailable |
| TOSTToast, Inc. | $6.15B | $342.00M | 25.9% | Unavailable |
| DLRDIGITAL REALTY TRUST, INC. | $6.11B | $1.31B | Unavailable | Unavailable |
| DKNGDraftKings Inc. | $6.05B | $3.71M | 41.3% | $647.50M |
| ONON SEMICONDUCTOR CORP | $6.00B | $121.00M | 33.1% | $1.42B |
| AGLagilon health, inc. | $5.93B | -$391.35M | Unavailable | -$119.00M |
| SNAPSnap Inc | $5.93B | -$460.49M | 55.0% | $437.19M |
| RHIROBERT HALF INC. | $5.38B | $132.99M | 37.2% | $266.81M |
| GHCGraham Holdings Co | $4.91B | $292.29M | Unavailable | $275.30M |
| RBLXRoblox Corp | $4.89B | -$1.07B | 78.1% | $1.36B |
| ZMZoom Communications, Inc. | $4.87B | $1.90B | 77.0% | $1.92B |
| CRWDCrowdStrike Holdings, Inc. | $4.81B | -$162.50M | 74.7% | $1.31B |
Showing the 40 largest by revenue of 144. Open the full list in the screener.
What this does not show
Some companies genuinely earn a large share of their income from investments as a matter of business model. For them this is the normal state, not an anomaly.
The measures behind this
Net income Operating income Pretax income
Related findings
Citing this
SequelSEC, “When profit is larger than the profit from operating”, 17 October 2026. https://sequelsec.com/findings/net-income-above-operating-income
Figures are recomputed on every view from SEC filings, so a number quoted from this page should carry the date it was read.