Answer:
It is before operating expenses.
Step-by-step explanation:
Operating income is an accounting measure that shows the amount of money that a company has made from its daily operating activities. This means that operating income does not include earnings from non-operating activities like interest made from loans (unless we are talking about a financial institution).
Operating income is equal to revenue minus cost of goods sold, minus any other operating expense such as wages, depreciation, utilities, and rent.