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 Crown Castle (CCI) revenue becomes net income?

For TTM through Q2 2026, Crown Castle turned $4.16B of revenue into $1.08B of net income — a net margin of 25.8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Crown Castle (CCI) gross, operating, and net margins?

For TTM through Q2 2026, Crown Castle reported a gross margin of 47.7%, an operating margin of 47.7%, and a net margin of 25.8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Crown Castle (CCI) 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.

Crown Castle (CCI) Income Statement Waterfall

Revenue

$4.16B

Gross Margin

+47.7%

Operating Margin

+47.7%

Net Margin

+25.8%

Income statement waterfall for Crown Castle (CCI) — TTM through Q2 2026

Net income: $1.08B

Margin breakdown for Crown Castle (CCI) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$4.16B	$4.16B
Cost of Revenue	-$1.17B	$1.99B
Gross Profit	$1.99B	$1.99B
Operating Expenses	$0.00	$1.99B
Operating Income	$1.99B	$1.99B
Other Income / Expense	-$898M	$1.09B
Pre-tax Income	$1.09B	$1.09B
Income Tax	-$8M	$1.08B
Net Income	$1.08B	$1.08B

Revenue$4.16B
Cost of Revenue-$1.17B
Gross Profit$1.99B
Operating Expenses$0.00
Operating Income$1.99B
Other Income / Expense-$898M
Pre-tax Income$1.09B
Income Tax-$8M
Net Income$1.08B

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Operating Margin47.7%

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Operations

Employees4.0K

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