TABCF (Tabcorp Holdings) Operating Income: $104 Mil (TTM As of Dec. 2025)

What is Tabcorp Holdings Operating Income?

Tabcorp Holdings TABCF 49 Operating Income is $104 Mil as of Dec. 2025. GuruFocus rates TABCF with a GF Score™ of 49/100 and a GF Value™ of $0.79. The stock has 6 warning signs investors should review.

Tabcorp Holdings's Operating Income for the six months ended in Dec. 2025 was $59 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $104 Mil.

Warning Sign:

Tabcorp Holdings Ltd has recorded a loss in operating income at least once over the past 3 years.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tabcorp Holdings's Operating Income for the six months ended in Dec. 2025 was $59 Mil. Tabcorp Holdings's Revenue for the six months ended in Dec. 2025 was $894 Mil. Therefore, Tabcorp Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was 6.60%.

Tabcorp Holdings's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tabcorp Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 2.96%. Tabcorp Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 86.94%.

Tabcorp Holdings (OTCPK:TABCF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Tabcorp Holdings's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	118.006 * ( 1 - 51.99% )	/	( (1900.65	+	1927.376)	/ 2 )
=	56.6546806	/	1914.013
=	2.96 %

where

	Invested Capital		(Q: Jun. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2044.401	-	367.383	-	( 153.971	-	max(0, 473.372	-	249.74	+	153.971	))
=	1900.65

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2085.316	-	374.352	-	( 145.05	-	max(0, 482.126	-	265.714	+	145.05	))
=	1927.376

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Tabcorp Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	117.608	/	( ( (133.268 + max(-367.121, 0))	+	(137.276 + max(-341.063, 0)) )	/	2 )
=	117.608	/	( ( 133.268	+	137.276 )	/	2 )
=	117.608	/	135.272
=	86.94 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(45.508	+	0	+	38.608)	-	(367.383	+	7.878	+	75.976)
=	-367.121

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(67.907	+	0	+	52.757)	-	(374.352	+	12.159	+	75.216)
=	-341.063

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Tabcorp Holdings's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	59.003	/	893.688
	=	6.60 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Tabcorp Holdings Operating Income Related Terms

Tabcorp Holdings Operating Income Historical Data

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The historical data trend for Tabcorp Holdings's Operating Income can be seen below:

Tabcorp Holdings Operating Income Chart

Tabcorp Holdings Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Operating Income

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511.47

-54.32

50.94

-45.75

99.87

Tabcorp Holdings Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															6.02	-51.73	52.95	45.44	59.00

49GF Score

Tabcorp Holdings Ltd TABCF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Tabcorp Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $104 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $104 Mil mean?

Tabcorp Holdings (TABCF) has a Operating Income of $104 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tabcorp Holdings and its competitors.

Is Tabcorp Holdings' Operating Income too high?

Tabcorp Holdings' current Operating Income is $104 Mil. Overall, Tabcorp Holdings has a GF Score™ of 49/100, reflecting its overall financial health beyond just this single metric.

How does Tabcorp Holdings' Operating Income compare to FLUT and DKNG?

Tabcorp Holdings' Operating Income of $104 Mil can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Travel & Leisure company?

A good Operating Income depends on the Travel & Leisure industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tabcorp Holdings and its competitors. Tabcorp Holdings's current Operating Income is $104 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tabcorp Holdings stock overvalued right now?

Tabcorp Holdings (TABCF) has a current Operating Income of $104 Mil. The stock's GF Value™ is $0.79, compared to a current price of $0.80 — trading 1.3% above its estimated fair value. The current Operating Income is $104 Mil. Tabcorp Holdings' overall GF Score™ is 49/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Tabcorp Holdings (TABCF), the current Operating Income is $104 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Tabcorp Holdings (TABCF) Overvalued in 2026?

Based on GuruFocus' analysis, Tabcorp Holdings stock appears to be overvalued. The current stock price of $0.80 is trading 1.3% above its estimated GF Value™ of $0.79.

Key valuation signals for TABCF:

Operating Income: $104 Mil
GF Value™: $0.79 vs. price of $0.80 (1.3% above fair value)
GF Score™: 49/100 with 6 warning signs

No single metric tells the full story. See the TABCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tabcorp Holdings Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies ASX:AGI ASX:JIN ASX:PBH ASX:BET ASX:BBT ASX:ALL FLUT OSTO:EVO ATH:ALWN DKNG ASX:TLC SGHC MIL:LTMC CHDN LNWO LSE:ENT XPAR:FDJU RSI ATH:BYLOT BRSL

Other Exchanges THL:Germany TAH:Australia

Address 727 Collins Street, Level 19, Tower 2, Collins Square, Melbourne, VIC, AUS, 3008

Website https://www.tabcorp.com.au

Tabcorp is essentially a pure-play Australian wagering operator, with exclusive rights to physical wagering at venues (pubs, clubs, and racecourses) and also a digital offering. Tabcorp operates through principally through two segments: wagering and media and gaming services. The firm conducts wagering activities under the TAB brand both online and physically in every Australian state and territory other than Western Australia, reaching 90% of the population through a network of retail venues. In addition, Integrity Services provides services to electronic gaming machine venues.

49GF Score

Get the complete analysis for TABCF

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.80

Price

$0.79

GF Value

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