Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP) Operating Income: CHF971 Mil (TTM As of Dec. 2025)

What is Chocoladefabriken Lindt & Spruengli AG Operating Income?

Chocoladefabriken Lindt & Spruengli AG XSWX:LISP -2.50% 85 Operating Income is CHF971 Mil as of Dec. 2025. GuruFocus rates XSWX:LISP with a GF Score™ of 85/100 and a GF Value™ of CHF12,640.02 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Chocoladefabriken Lindt & Spruengli AG's Operating Income for the six months ended in Dec. 2025 was CHF712 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF971 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Chocoladefabriken Lindt & Spruengli AG's Operating Income for the six months ended in Dec. 2025 was CHF712 Mil. Chocoladefabriken Lindt & Spruengli AG's Revenue for the six months ended in Dec. 2025 was CHF3,563 Mil. Therefore, Chocoladefabriken Lindt & Spruengli AG's Operating Margin % for the quarter that ended in Dec. 2025 was 19.98%.

Good Sign:

Chocoladefabriken Lindt & Spruengli AG operating margin is expanding. Margin expansion is usually a good sign.

Chocoladefabriken Lindt & Spruengli AG's 5-Year average Growth Rate for Operating Margin % was 8.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Chocoladefabriken Lindt & Spruengli AG's annualized ROC % for the quarter that ended in Dec. 2025 was 14.28%. Chocoladefabriken Lindt & Spruengli AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 52.35%.

Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP) Operating Income Explanation

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

Chocoladefabriken Lindt & Spruengli AG'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 )
=	1423.6 * ( 1 - 20.99% )	/	( (7845.1	+	7913.1)	/ 2 )
=	1124.78636	/	7879.1
=	14.28 %

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	))
=	8565.2	-	447.5	-	( 272.6	-	max(0, 1429.1	-	2436.1	+	272.6	))
=	7845.1

	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	))
=	9098.7	-	574	-	( 611.6	-	max(0, 1759.9	-	3227.7	+	611.6	))
=	7913.1

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:

Chocoladefabriken Lindt & Spruengli AG'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 )
=	1413.4	/	( ( (1862.6 + max(700.3, 0))	+	(2007.9 + max(828.9, 0)) )	/	2 )
=	1413.4	/	( ( 2562.9	+	2836.8 )	/	2 )
=	1413.4	/	2699.85
=	52.35 %

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)
=	(544.4	+	1399.9	+	23.4)	-	(447.5	+	0	+	819.9)
=	700.3

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1184.8	+	1190.1	+	64.9)	-	(574	+	0	+	1036.9)
=	828.9

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 %:

Chocoladefabriken Lindt & Spruengli AG'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 )
	=	711.8	/	3563.2
	=	19.98 %

* 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.

Chocoladefabriken Lindt & Spruengli AG Operating Income Related Terms

Chocoladefabriken Lindt & Spruengli AG Operating Income Historical Data

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The historical data trend for Chocoladefabriken Lindt & Spruengli AG's Operating Income can be seen below:

Chocoladefabriken Lindt & Spruengli AG Operating Income Chart

Chocoladefabriken Lindt & Spruengli AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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644.90

744.60

813.10

884.20

971.00

Chocoladefabriken Lindt & Spruengli AG 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															558.10	292.30	591.90	259.20	711.80

85GF Score

Chocoladefabriken Lindt & Spruengli AG XSWX:LISP

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Chocoladefabriken Lindt & Spruengli AG 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 CHF971 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF971 Mil mean?

Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP) has a Operating Income of CHF971 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Chocoladefabriken Lindt & Spruengli AG and its competitors.

Is Chocoladefabriken Lindt & Spruengli AG's Operating Income too high?

Chocoladefabriken Lindt & Spruengli AG's current Operating Income is CHF971 Mil. Overall, Chocoladefabriken Lindt & Spruengli AG has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Chocoladefabriken Lindt & Spruengli AG's Operating Income compare to MDLZ and HSY?

Chocoladefabriken Lindt & Spruengli AG's Operating Income of CHF971 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?

A good Operating Income depends on the Consumer Packaged Goods 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 Chocoladefabriken Lindt & Spruengli AG and its competitors. Chocoladefabriken Lindt & Spruengli AG's current Operating Income is CHF971 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Chocoladefabriken Lindt & Spruengli AG stock overvalued right now?

Based on GuruFocus' analysis, Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF12,640.02, compared to a current price of CHF9,345.00 — trading 26.1% below its estimated fair value. The current Operating Income is CHF971 Mil. Chocoladefabriken Lindt & Spruengli AG's overall GF Score™ is 85/100 with 2 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 Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP), the current Operating Income is CHF971 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 Chocoladefabriken Lindt & Spruengli AG (XSWX:LISP) Overvalued in 2026?

Based on GuruFocus' analysis, Chocoladefabriken Lindt & Spruengli AG stock appears to be undervalued. The current stock price of CHF9,345.00 is trading 26.1% below its estimated GF Value™ of CHF12,640.02. GuruFocus considers Chocoladefabriken Lindt & Spruengli AG to be Modestly Undervalued.

Key valuation signals for XSWX:LISP:

Operating Income: CHF971 Mil
GF Value™: CHF12,640.02 vs. price of CHF9,345.00 (26.1% below fair value)
GF Score™: 85/100 with 2 warning signs

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

Chocoladefabriken Lindt & Spruengli AG Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies XSWX:BARN MDLZ HSY XKRX:271560 TR SZSE:000833 TSE:2222 CAS:CSR OSTO:CLA B TSE:2201 BOM:500038 XKRX:004990 BOM:532356 XKRX:001800 IST:ULKER STC:SBT XKLS:5102 XZIM:SACL.ZW SHSE:600191 SZSE:301206

Other Exchanges CHLSY:USA LDSVF:USA LISNz:UK LISPz:UK 0QP1:UK 0QKN:UK LISPE:Switzerland LISNE:Switzerland LISN:Switzerland LISP:Austria

Address Seestrasse 204, Kilchberg, CHE, CH-8802

Website https://www.lindt-spruengli.com

Swiss-based Chocoladefabriken Lindt & Spruengli is a manufacturer of premium chocolate. Key brands include Lindt, Lindor, Ghirardelli, Russell Stover, Whitman's, and Caffarel. The company bought US-based Russell Stover, its largest-ever acquisition, in 2014. It derives the bulk of its sales from Europe (47% of its consolidated base) but also competes in North America (40%) and the rest of the world (13%). The company operates 11 manufacturing plants in Europe and the United States. Its distribution network includes more than 620 own stores.

85GF Score

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

CHF9,345.00

Price

CHF12,640.02

GF Value

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