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 American States Water (AWR) revenue becomes net income?

For TTM through Q1 2026, American States Water turned $679.25M of revenue into $133.55M of net income — a net margin of 19.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are American States Water (AWR) gross, operating, and net margins?

For TTM through Q1 2026, American States Water reported a gross margin of 57.5%, an operating margin of 30.8%, and a net margin of 19.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does American States Water (AWR) 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.

American States Water (AWR) Income Statement Waterfall

Revenue

$679.25M

Gross Margin

+57.5%

Operating Margin

+30.8%

Net Margin

+19.7%

Income statement waterfall for American States Water (AWR) — TTM through Q1 2026

Net income: $133.55M

Margin breakdown for American States Water (AWR) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$679.25M	$679.25M
Cost of Revenue	−$288.53M	$390.72M
Gross Profit	$390.72M	$390.72M
Operating Expenses	−$181.62M	$209.10M
Operating Income	$209.10M	$209.10M
Other Income / Expense	−$34.79M	$174.31M
Pre-tax Income	$174.31M	$174.31M
Income Tax	−$40.77M	$133.55M
Net Income	$133.55M	$133.55M

Revenue$679.25M
Cost of Revenue−$288.53M
Gross Profit$390.72M
Operating Expenses−$181.62M
Operating Income$209.10M
Other Income / Expense−$34.79M
Pre-tax Income$174.31M
Income Tax−$40.77M
Net Income$133.55M

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American States Water (AWR) Key Financials

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Income statement waterfall for American States Water (AWR) — TTM through Q1 2026

Margin breakdown for American States Water (AWR) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of American States Water (AWR) revenue becomes net income?

+What are American States Water (AWR) gross, operating, and net margins?

+Why does American States Water (AWR) 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?

American States Water (AWR) Key Financials

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