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 Avista (AVA) revenue becomes net income?

For TTM through Q1 2026, Avista turned $1.92B of revenue into $206M of net income — a net margin of 10.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Avista (AVA) gross, operating, and net margins?

For TTM through Q1 2026, Avista reported a gross margin of 56.1%, an operating margin of 18.9%, and a net margin of 10.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Avista (AVA) 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.

Avista (AVA) Income Statement Waterfall

Revenue

$1.92B

Gross Margin

+56.1%

Operating Margin

+18.9%

Net Margin

+10.7%

Income statement waterfall for Avista (AVA) — TTM through Q1 2026

Net income: $206M

Margin breakdown for Avista (AVA) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.92B	$1.92B
Cost of Revenue	-$842M	$1.08B
Gross Profit	$1.08B	$1.08B
Operating Expenses	-$712M	$363M
Operating Income	$363M	$363M
Other Income / Expense	-$132M	$231M
Pre-tax Income	$231M	$231M
Income Tax	-$25M	$206M
Net Income	$206M	$206M

Revenue$1.92B
Cost of Revenue-$842M
Gross Profit$1.08B
Operating Expenses-$712M
Operating Income$363M
Other Income / Expense-$132M
Pre-tax Income$231M
Income Tax-$25M
Net Income$206M

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