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 Coca-Cola Europacific Partners (CCEP) revenue becomes net income?

For TTM through Q4 2025, Coca-Cola Europacific Partners turned €41.3B of revenue into €3.36B of net income — a net margin of 8.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Coca-Cola Europacific Partners (CCEP) gross, operating, and net margins?

For TTM through Q4 2025, Coca-Cola Europacific Partners reported a gross margin of 35.6%, an operating margin of 11.9%, and a net margin of 8.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Coca-Cola Europacific Partners (CCEP) 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.

Coca-Cola Europacific Partners (CCEP) Income Statement Waterfall

Revenue

€41.3B

Gross Margin

+35.6%

Operating Margin

+11.9%

Net Margin

+8.1%

Income statement waterfall for Coca-Cola Europacific Partners (CCEP) — TTM through Q4 2025

Net income: €3.36B

Margin breakdown for Coca-Cola Europacific Partners (CCEP) — TTM through Q4 2025

Line item	Amount	Running total
Revenue	€41.3B	€41.3B
Cost of Revenue	-€26.6B	€14.7B
Gross Profit	€14.7B	€14.7B
Operating Expenses	-€9.79B	€4.93B
Operating Income	€4.93B	€4.93B
Other Income / Expense	-€420M	€4.51B
Pre-tax Income	€4.51B	€4.51B
Income Tax	-€1.08B	€3.42B
Other Items	-€63M	€3.36B
Net Income	€3.36B	€3.36B

Revenue€41.3B
Cost of Revenue-€26.6B
Gross Profit€14.7B
Operating Expenses-€9.79B
Operating Income€4.93B
Other Income / Expense-€420M
Pre-tax Income€4.51B
Income Tax-€1.08B
Other Items-€63M
Net Income€3.36B

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