What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Federal Agricultural Mortgage (AGM) revenue becomes net income?

For TTM through Q1 2026, Federal Agricultural Mortgage turned $1.36B of revenue into $216.86M of net income — a net margin of 16%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Federal Agricultural Mortgage (AGM) gross, operating, and net margins?

For TTM through Q1 2026, Federal Agricultural Mortgage reported a gross margin of 29.5%, an operating margin of 19.5%, and a net margin of 16%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Federal Agricultural Mortgage (AGM) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Federal Agricultural Mortgage (AGM) Income Statement Waterfall

Revenue

$1.36B

Gross Margin

+29.5%

Operating Margin

+19.5%

Net Margin

+16.0%

Income statement waterfall for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Net income: $216.86M

Margin breakdown for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.36B	$1.36B
Cost of Revenue	−$956.59M	$400.74M
Gross Profit	$400.74M	$400.74M
Operating Expenses	−$136.72M	$264.03M
Operating Income	$264.03M	$264.03M
Pre-tax Income	$264.03M	$264.03M
Income Tax	−$47.16M	$216.86M
Net Income	$216.86M	$216.86M

Revenue$1.36B
Cost of Revenue−$956.59M
Gross Profit$400.74M
Operating Expenses−$136.72M
Operating Income$264.03M
Pre-tax Income$264.03M
Income Tax−$47.16M
Net Income$216.86M

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Income statement waterfall for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Margin breakdown for Federal Agricultural Mortgage (AGM) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Federal Agricultural Mortgage (AGM) revenue becomes net income?

+What are Federal Agricultural Mortgage (AGM) gross, operating, and net margins?

+Why does Federal Agricultural Mortgage (AGM) have such a high (or low) gross margin?

+What is the difference between gross, operating, and net margin?

Data & methodology

+What is this view?

+How to read this waterfall

+How is the data calculated?

+What is the USD toggle?

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