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 Ames National (ATLO) revenue becomes net income?

For TTM through Q1 2026, Ames National turned $99.60M of revenue into $21.54M of net income — a net margin of 21.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Ames National (ATLO) gross, operating, and net margins?

For TTM through Q1 2026, Ames National reported a gross margin of 69.5%, an operating margin of 26.8%, and a net margin of 21.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Ames National (ATLO) 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.

Ames National (ATLO) Income Statement Waterfall

Revenue

$99.60M

Gross Margin

+69.5%

Operating Margin

+26.8%

Net Margin

+21.6%

Income statement waterfall for Ames National (ATLO) — TTM through Q1 2026

Net income: $21.54M

Margin breakdown for Ames National (ATLO) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$99.60M	$99.60M
Cost of Revenue	−$30.40M	$69.20M
Gross Profit	$69.20M	$69.20M
Operating Expenses	−$42.54M	$26.66M
Operating Income	$26.66M	$26.66M
Other Income / Expense	$660.00K	$27.32M
Pre-tax Income	$27.32M	$27.32M
Income Tax	−$5.78M	$21.54M
Net Income	$21.54M	$21.54M

Revenue$99.60M
Cost of Revenue−$30.40M
Gross Profit$69.20M
Operating Expenses−$42.54M
Operating Income$26.66M
Other Income / Expense$660.00K
Pre-tax Income$27.32M
Income Tax−$5.78M
Net Income$21.54M

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Income statement waterfall for Ames National (ATLO) — TTM through Q1 2026

Margin breakdown for Ames National (ATLO) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Ames National (ATLO) revenue becomes net income?

+What are Ames National (ATLO) gross, operating, and net margins?

+Why does Ames National (ATLO) 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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