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 Apollo Global Management (APO) revenue becomes net income?

For TTM through Q1 2026, Apollo Global Management turned $29.7B of revenue into $2.15B of net income — a net margin of 7.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Apollo Global Management (APO) gross, operating, and net margins?

For TTM through Q1 2026, Apollo Global Management reported a gross margin of 89.3%, an operating margin of 31.1%, and a net margin of 7.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Apollo Global Management (APO) 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.

Apollo Global Management (APO) Income Statement Waterfall

Revenue

$29.7B

Gross Margin

+89.3%

Operating Margin

+31.1%

Net Margin

+7.2%

Income statement waterfall for Apollo Global Management (APO) — TTM through Q1 2026

Net income: $2.15B

Margin breakdown for Apollo Global Management (APO) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$29.7B	$29.7B
Cost of Revenue	-$3.17B	$26.5B
Gross Profit	$26.5B	$26.5B
Operating Expenses	-$17.3B	$9.22B
Operating Income	$9.22B	$9.22B
Other Income / Expense	-$2.38B	$6.84B
Pre-tax Income	$6.84B	$6.84B
Income Tax	-$2.25B	$4.59B
Other Items	-$2.44B	$2.15B
Net Income	$2.15B	$2.15B

Revenue$29.7B
Cost of Revenue-$3.17B
Gross Profit$26.5B
Operating Expenses-$17.3B
Operating Income$9.22B
Other Income / Expense-$2.38B
Pre-tax Income$6.84B
Income Tax-$2.25B
Other Items-$2.44B
Net Income$2.15B

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