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 Assurant (AIZ) revenue becomes net income?

For TTM through Q1 2026, Assurant turned $13.16B of revenue into $1.00B of net income — a net margin of 7.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Assurant (AIZ) gross, operating, and net margins?

For TTM through Q1 2026, Assurant reported a gross margin of 77.8%, an operating margin of 9.4%, and a net margin of 7.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Assurant (AIZ) 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.

Assurant (AIZ) Income Statement Waterfall

Revenue

$13.16B

Gross Margin

+77.8%

Operating Margin

+9.4%

Net Margin

+7.6%

Income statement waterfall for Assurant (AIZ) — TTM through Q1 2026

Net income: $1.00B

Margin breakdown for Assurant (AIZ) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$13.16B	$13.16B
Cost of Revenue	−$2.92B	$10.24B
Gross Profit	$10.24B	$10.24B
Operating Expenses	−$9.00B	$1.24B
Operating Income	$1.24B	$1.24B
Pre-tax Income	$1.24B	$1.24B
Income Tax	−$239.10M	$1.00B
Net Income	$1.00B	$1.00B

Revenue$13.16B
Cost of Revenue−$2.92B
Gross Profit$10.24B
Operating Expenses−$9.00B
Operating Income$1.24B
Pre-tax Income$1.24B
Income Tax−$239.10M
Net Income$1.00B

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Assurant (AIZ) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

AIZ Overview

Counters

Revenue Counter$417.31/s
Earnings Counter$31.72/s
Economic Scale> Equatorial Guinea

Income Statement

How It Makes Money
Income Statement Waterfall
Profit Bridge

Cash Flow

Cash Flow Waterfall
Free Cash Flow Bridge

Capital Return

Buybacks3.36% TTM
Dividend Profile1.65% yield
Dividend Calculator
Dividend Forecast
Dividend Capture

Forecast & Valuation

Price Target Scenarios
Fair Value
What If Invested
Stock Seasonality
Daily Price Character53.2% win rate

Income statement waterfall for Assurant (AIZ) — TTM through Q1 2026

Margin breakdown for Assurant (AIZ) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Assurant (AIZ) revenue becomes net income?

+What are Assurant (AIZ) gross, operating, and net margins?

+Why does Assurant (AIZ) 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?

Assurant (AIZ) Key Financials

Explore more