<![CDATA[The COVID-19 pandemic placed considerable pressure on economic activity, including the food and beverage (F&B) industry listed on the Indonesia Stock Exchange (IDX). This study analyzes differences in operating costs and financial performance of F&B companies during the pandemic (2019–2021) and after the pandemic (2022–2024). Operating costs are measured using the Operating Expense Ratio (OER), while financial performance is assessed through Net Profit Margin (NPM), Current Ratio (CR), and Debt to Equity Ratio (DER). Using a comparative quantitative approach, this study analyzes secondary data from annual financial reports of 15 F&B companies selected through purposive sampling based on complete financial statements and consistent profits during 2019–2024. Normality was tested using the Kolmogorov-Smirnov test, followed by the Wilcoxon Signed Rank Test at a 5% significance level because the data were not normally distributed. The results show no significant differences in OER (Sig. 0.623), NPM (Sig. 0.835), CR (Sig. 0.977), or DER (Sig. 0.252) between the two periods. Descriptively, OER decreased from 26% to 25%, NPM from 7% to 6%, while CR increased from 2.95 to 3.02 times and DER from 0.72 to 0.82. These findings indicate relatively stable operating costs and financial performance among F&B companies despite the pandemic.]]>
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