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 AMERISAFE (AMSF) revenue becomes net income?

For TTM through Q1 2026, AMERISAFE turned $324.76M of revenue into $46.34M of net income — a net margin of 14.3%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are AMERISAFE (AMSF) gross, operating, and net margins?

For TTM through Q1 2026, AMERISAFE reported a gross margin of 47.6%, an operating margin of 17.8%, and a net margin of 14.3%. Each subtotal in the waterfall corresponds to one of these margins.

Why does AMERISAFE (AMSF) 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.

AMERISAFE (AMSF) Income Statement Waterfall

Revenue

$324.76M

Gross Margin

+47.6%

Operating Margin

+17.8%

Net Margin

+14.3%

Income statement waterfall for AMERISAFE (AMSF) — TTM through Q1 2026

Net income: $46.34M

Margin breakdown for AMERISAFE (AMSF) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$324.76M	$324.76M
Cost of Revenue	−$170.16M	$154.57M
Gross Profit	$154.57M	$154.57M
Operating Expenses	−$96.78M	$57.79M
Operating Income	$57.79M	$57.79M
Pre-tax Income	$57.79M	$57.79M
Income Tax	−$11.45M	$46.34M
Net Income	$46.34M	$46.34M

Revenue$324.76M
Cost of Revenue−$170.16M
Gross Profit$154.57M
Operating Expenses−$96.78M
Operating Income$57.79M
Pre-tax Income$57.79M
Income Tax−$11.45M
Net Income$46.34M

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Income statement waterfall for AMERISAFE (AMSF) — TTM through Q1 2026

Margin breakdown for AMERISAFE (AMSF) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of AMERISAFE (AMSF) revenue becomes net income?

+What are AMERISAFE (AMSF) gross, operating, and net margins?

+Why does AMERISAFE (AMSF) 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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