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 Alnylam Pharmaceuticals (ALNY) revenue becomes net income?

For TTM through Q1 2026, Alnylam Pharmaceuticals turned $4.29B of revenue into $577.22M of net income — a net margin of 13.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Alnylam Pharmaceuticals (ALNY) gross, operating, and net margins?

For TTM through Q1 2026, Alnylam Pharmaceuticals reported a gross margin of 80.9%, an operating margin of 17.5%, and a net margin of 13.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Alnylam Pharmaceuticals (ALNY) 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.

Alnylam Pharmaceuticals (ALNY) Income Statement Waterfall

Revenue

$4.29B

Gross Margin

+80.9%

Operating Margin

+17.5%

Net Margin

+13.5%

Income statement waterfall for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Net income: $577.22M

Margin breakdown for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$4.29B	$4.29B
Cost of Revenue	−$819.03M	$3.47B
Gross Profit	$3.47B	$3.47B
Operating Expenses	−$2.72B	$752.14M
Operating Income	$752.14M	$752.14M
Other Income / Expense	−$165.74M	$586.40M
Pre-tax Income	$586.40M	$586.40M
Tax Benefit	$22.14M	$608.54M
Other Items	−$31.32M	$577.22M
Net Income	$577.22M	$577.22M

Revenue$4.29B
Cost of Revenue−$819.03M
Gross Profit$3.47B
Operating Expenses−$2.72B
Operating Income$752.14M
Other Income / Expense−$165.74M
Pre-tax Income$586.40M
Tax Benefit$22.14M
Other Items−$31.32M
Net Income$577.22M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Alnylam Pharmaceuticals (ALNY) 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

ALNY Overview

Counters

Income Statement

Cash Flow

Capital Return

Buybacks

No dividends or stock splits on record for this company.

Forecast & Valuation

Income statement waterfall for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Margin breakdown for Alnylam Pharmaceuticals (ALNY) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Alnylam Pharmaceuticals (ALNY) revenue becomes net income?

+What are Alnylam Pharmaceuticals (ALNY) gross, operating, and net margins?

+Why does Alnylam Pharmaceuticals (ALNY) 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?

Alnylam Pharmaceuticals (ALNY) Key Financials

Explore more