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 Algonquin Power & Utilities (AQN) revenue becomes net income?

For TTM through Q1 2026, Algonquin Power & Utilities turned $2.53B of revenue into $170.20M of net income — a net margin of 6.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Algonquin Power & Utilities (AQN) gross, operating, and net margins?

For TTM through Q1 2026, Algonquin Power & Utilities reported a gross margin of 72.6%, an operating margin of 20.1%, and a net margin of 6.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Algonquin Power & Utilities (AQN) 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.

Algonquin Power & Utilities (AQN) Income Statement Waterfall

Revenue

$2.53B

Gross Margin

+72.6%

Operating Margin

+20.1%

Net Margin

+6.7%

Income statement waterfall for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Net income: $170.20M

Margin breakdown for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.53B	$2.53B
Cost of Revenue	−$695.20M	$1.84B
Gross Profit	$1.84B	$1.84B
Operating Expenses	−$1.33B	$509.40M
Operating Income	$509.40M	$509.40M
Other Income / Expense	−$299.30M	$210.10M
Pre-tax Income	$210.10M	$210.10M
Income Tax	−$74.00M	$136.10M
Other Items	$34.10M	$170.20M
Net Income	$170.20M	$170.20M

Revenue$2.53B
Cost of Revenue−$695.20M
Gross Profit$1.84B
Operating Expenses−$1.33B
Operating Income$509.40M
Other Income / Expense−$299.30M
Pre-tax Income$210.10M
Income Tax−$74.00M
Other Items$34.10M
Net Income$170.20M

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Income statement waterfall for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Margin breakdown for Algonquin Power & Utilities (AQN) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Algonquin Power & Utilities (AQN) revenue becomes net income?

+What are Algonquin Power & Utilities (AQN) gross, operating, and net margins?

+Why does Algonquin Power & Utilities (AQN) 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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