What are the differences between EBITDA and Cash Flow from Operations?

Answer

Four differences: (1) EBITDA normalizes one-time expenses (impairments, restructuring) — CFO doesn't; (2) EBITDA is pre-interest expense; CFO is post-interest (interest is part of operating); (3) EBITDA ignores working capital changes; CFO captures them; (4) EBITDA ignores cash taxes; CFO includes them.