The profit margin spike of 2021 is relenting, but margins are still historically high: Pre- and post-tax profit margins, recently and historic averages
| Pre-tax | Post-tax | |
|---|---|---|
| 2016Q1 | 16.0% | 12.7% |
| 2016Q2 | 14.7% | 11.3% |
| 2016Q3 | 14.6% | 11.4% |
| 2016Q4 | 14.0% | 11.0% |
| 2017Q1 | 14.5% | 11.9% |
| 2017Q2 | 14.6% | 12.0% |
| 2017Q3 | 14.1% | 11.4% |
| 2017Q4 | 14.2% | 11.6% |
| 2018Q1 | 14.5% | 12.4% |
| 2018Q2 | 14.8% | 12.4% |
| 2018Q3 | 15.3% | 13.0% |
| 2018Q4 | 15.8% | 13.4% |
| 2019Q1 | 14.1% | 12.0% |
| 2019Q2 | 14.6% | 12.3% |
| 2019Q3 | 14.6% | 12.6% |
| 2019Q4 | 14.9% | 12.6% |
| 2020Q1 | 13.2% | 11.5% |
| 2020Q2 | 13.1% | 11.1% |
| 2020Q3 | 17.7% | 15.2% |
| 2020Q4 | 15.8% | 13.4% |
| 2021Q1 | 16.9% | 14.3% |
| 2021Q2 | 19.0% | 16.1% |
| 2021Q3 | 18.5% | 15.8% |
| 2021Q4 | 17.8% | 15.1% |
| 2022Q1 | 17.0% | 13.9% |
Note: Profit margin calculated as unit profits divided by the sum of unit labor and non-labor costs.
Source: EPI analysis of Bureau of Economic Analysis (BEA) National Income and Product Account (NIPA) Table 1.15.