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 Casey's General Stores (CASY) revenue becomes net income?

For TTM through Q2 2026, Casey's General Stores turned $17.6B of revenue into $714M of net income — a net margin of 4.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Casey's General Stores (CASY) gross, operating, and net margins?

For TTM through Q2 2026, Casey's General Stores reported a gross margin of 24.6%, an operating margin of 5.9%, and a net margin of 4.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Casey's General Stores (CASY) 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.

Casey's General Stores (CASY) Income Statement Waterfall

Revenue

$17.6B

Gross Margin

+24.6%

Operating Margin

+5.9%

Net Margin

+4.1%

Income statement waterfall for Casey's General Stores (CASY) — TTM through Q2 2026

Net income: $714M

Margin breakdown for Casey's General Stores (CASY) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$17.6B	$17.6B
Cost of Revenue	-$13.2B	$4.32B
Gross Profit	$4.32B	$4.32B
Operating Expenses	-$3.29B	$1.03B
Operating Income	$1.03B	$1.03B
Other Income / Expense	-$96.6M	$937M
Pre-tax Income	$937M	$937M
Income Tax	-$223M	$714M
Net Income	$714M	$714M

Revenue$17.6B
Cost of Revenue-$13.2B
Gross Profit$4.32B
Operating Expenses-$3.29B
Operating Income$1.03B
Other Income / Expense-$96.6M
Pre-tax Income$937M
Income Tax-$223M
Net Income$714M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Casey's General Stores (CASY) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

CASY Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation