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 BancFirst (BANF) revenue becomes net income?

For TTM through Q1 2026, BancFirst turned $835M of revenue into $247M of net income — a net margin of 29.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are BancFirst (BANF) gross, operating, and net margins?

For TTM through Q1 2026, BancFirst reported a gross margin of 83.5%, an operating margin of 37.8%, and a net margin of 29.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does BancFirst (BANF) 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.

BancFirst (BANF) Income Statement Waterfall

Revenue

$835M

Gross Margin

+83.5%

Operating Margin

+37.8%

Net Margin

+29.7%

Income statement waterfall for BancFirst (BANF) — TTM through Q1 2026

Net income: $247M

Margin breakdown for BancFirst (BANF) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$835M	$835M
Cost of Revenue	-$137M	$697M
Gross Profit	$697M	$697M
Operating Expenses	-$382M	$315M
Operating Income	$315M	$315M
Other Income / Expense	-$1.21M	$314M
Pre-tax Income	$314M	$314M
Income Tax	-$66.6M	$247M
Net Income	$247M	$247M

Revenue$835M
Cost of Revenue-$137M
Gross Profit$697M
Operating Expenses-$382M
Operating Income$315M
Other Income / Expense-$1.21M
Pre-tax Income$314M
Income Tax-$66.6M
Net Income$247M

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