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 BXP (BXP) revenue becomes net income?

For TTM through Q1 2026, BXP turned $3.49B of revenue into $317M of net income — a net margin of 9.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are BXP (BXP) gross, operating, and net margins?

For TTM through Q1 2026, BXP reported a gross margin of 60.2%, an operating margin of 35.2%, and a net margin of 9.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does BXP (BXP) 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.

BXP (BXP) Income Statement Waterfall

Revenue

$3.49B

Gross Margin

+60.2%

Operating Margin

+35.2%

Net Margin

+9.1%

Income statement waterfall for BXP (BXP) — TTM through Q1 2026

Net income: $317M

Margin breakdown for BXP (BXP) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$3.49B	$3.49B
Cost of Revenue	-$1.39B	$2.1B
Gross Profit	$2.1B	$2.1B
Operating Expenses	-$872M	$1.23B
Operating Income	$1.23B	$1.23B
Other Income / Expense	-$799M	$430M
Pre-tax Income	$430M	$430M
Income Tax	$0.00	$430M
Other Items	-$113M	$317M
Net Income	$317M	$317M

Revenue$3.49B
Cost of Revenue-$1.39B
Gross Profit$2.1B
Operating Expenses-$872M
Operating Income$1.23B
Other Income / Expense-$799M
Pre-tax Income$430M
Income Tax$0.00
Other Items-$113M
Net Income$317M

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Operating Margin35.2%

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Employees714.0

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