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 Blackstone (BX) revenue becomes net income?

For TTM through Q1 2026, Blackstone turned $15B of revenue into $3.05B of net income — a net margin of 20.4%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Blackstone (BX) gross, operating, and net margins?

For TTM through Q1 2026, Blackstone reported a gross margin of 87.5%, an operating margin of 48.8%, and a net margin of 20.4%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Blackstone (BX) 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.

Blackstone (BX) Income Statement Waterfall

Revenue

$15B

Gross Margin

+87.5%

Operating Margin

+48.8%

Net Margin

+20.4%

Income statement waterfall for Blackstone (BX) — TTM through Q1 2026

Net income: $3.05B

Margin breakdown for Blackstone (BX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$15B	$15B
Cost of Revenue	-$1.87B	$13.1B
Gross Profit	$13.1B	$13.1B
Operating Expenses	-$5.8B	$7.32B
Operating Income	$7.32B	$7.32B
Other Income / Expense	-$144M	$7.17B
Pre-tax Income	$7.17B	$7.17B
Income Tax	-$1.08B	$6.1B
Other Items	-$3.04B	$3.05B
Net Income	$3.05B	$3.05B

Revenue$15B
Cost of Revenue-$1.87B
Gross Profit$13.1B
Operating Expenses-$5.8B
Operating Income$7.32B
Other Income / Expense-$144M
Pre-tax Income$7.17B
Income Tax-$1.08B
Other Items-$3.04B
Net Income$3.05B

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