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 AptarGroup (ATR) revenue becomes net income?

For TTM through Q1 2026, AptarGroup turned $3.87B of revenue into $387M of net income — a net margin of 10%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are AptarGroup (ATR) gross, operating, and net margins?

For TTM through Q1 2026, AptarGroup reported a gross margin of 29%, an operating margin of 13%, and a net margin of 10%. Each subtotal in the waterfall corresponds to one of these margins.

Why does AptarGroup (ATR) 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.

AptarGroup (ATR) Income Statement Waterfall

Revenue

$3.87B

Gross Margin

+29.0%

Operating Margin

+13.0%

Net Margin

+10.0%

Income statement waterfall for AptarGroup (ATR) — TTM through Q1 2026

Net income: $387M

Margin breakdown for AptarGroup (ATR) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$3.87B	$3.87B
Cost of Revenue	-$2.75B	$1.12B
Gross Profit	$1.12B	$1.12B
Operating Expenses	-$618M	$504M
Operating Income	$504M	$504M
Other Income / Expense	-$25.2M	$479M
Pre-tax Income	$479M	$479M
Income Tax	-$92.5M	$387M
Net Income	$387M	$387M

Revenue$3.87B
Cost of Revenue-$2.75B
Gross Profit$1.12B
Operating Expenses-$618M
Operating Income$504M
Other Income / Expense-$25.2M
Pre-tax Income$479M
Income Tax-$92.5M
Net Income$387M

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