™An EBITDA figure excludes specified interest, tax, depreciation and amortization effects; it still does not represent cash left after working capital and capital spending.
Fundamentals
EBITDA
Earnings before interest, taxes, depreciation and amortization; a non-GAAP metric with important limitations.
Plain-English context
Put the definition to work.
EBITDA and adjusted EBITDA are not interchangeable, and neither automatically represents cash available after investment or debt service.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. SEC — financial statement guide