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 American Tower (AMT) revenue becomes net income?

For TTM through Q1 2026, American Tower turned $10.8B of revenue into $2.88B of net income — a net margin of 26.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are American Tower (AMT) gross, operating, and net margins?

For TTM through Q1 2026, American Tower reported a gross margin of 73.4%, an operating margin of 44.2%, and a net margin of 26.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does American Tower (AMT) 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.

American Tower (AMT) Income Statement Waterfall

Revenue

$10.8B

Gross Margin

+73.4%

Operating Margin

+44.2%

Net Margin

+26.6%

Income statement waterfall for American Tower (AMT) — TTM through Q1 2026

Net income: $2.88B

Margin breakdown for American Tower (AMT) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$10.8B	$10.8B
Cost of Revenue	-$2.88B	$7.94B
Gross Profit	$7.94B	$7.94B
Operating Expenses	-$3.15B	$4.79B
Operating Income	$4.79B	$4.79B
Other Income / Expense	-$1.4B	$3.39B
Pre-tax Income	$3.39B	$3.39B
Income Tax	-$425M	$2.97B
Other Items	-$88.8M	$2.88B
Net Income	$2.88B	$2.88B

Revenue$10.8B
Cost of Revenue-$2.88B
Gross Profit$7.94B
Operating Expenses-$3.15B
Operating Income$4.79B
Other Income / Expense-$1.4B
Pre-tax Income$3.39B
Income Tax-$425M
Other Items-$88.8M
Net Income$2.88B

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Operating Margin44.2%

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