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 Amphenol (APH) revenue becomes net income?

For TTM through Q1 2026, Amphenol turned $25.9B of revenue into $4.48B of net income — a net margin of 17.3%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Amphenol (APH) gross, operating, and net margins?

For TTM through Q1 2026, Amphenol reported a gross margin of 37.3%, an operating margin of 26%, and a net margin of 17.3%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Amphenol (APH) 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.

Amphenol (APH) Income Statement Waterfall

Revenue

$25.9B

Gross Margin

+37.3%

Operating Margin

+26.0%

Net Margin

+17.3%

Income statement waterfall for Amphenol (APH) — TTM through Q1 2026

Net income: $4.48B

Margin breakdown for Amphenol (APH) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$25.9B	$25.9B
Cost of Revenue	-$16.2B	$9.67B
Gross Profit	$9.67B	$9.67B
Operating Expenses	-$2.94B	$6.74B
Operating Income	$6.74B	$6.74B
Other Income / Expense	-$452M	$6.28B
Pre-tax Income	$6.28B	$6.28B
Income Tax	-$1.78B	$4.5B
Net Income	$4.48B	$4.48B

Revenue$25.9B
Cost of Revenue-$16.2B
Gross Profit$9.67B
Operating Expenses-$2.94B
Operating Income$6.74B
Other Income / Expense-$452M
Pre-tax Income$6.28B
Income Tax-$1.78B
Net Income$4.48B

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