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 Church & Dwight Co. (CHD) revenue becomes net income?

For TTM through Q1 2026, Church & Dwight Co. turned $6.21B of revenue into $733M of net income — a net margin of 11.8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Church & Dwight Co. (CHD) gross, operating, and net margins?

For TTM through Q1 2026, Church & Dwight Co. reported a gross margin of 45.1%, an operating margin of 17.3%, and a net margin of 11.8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Church & Dwight Co. (CHD) 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.

Church & Dwight Co. (CHD) Income Statement Waterfall

Revenue

$6.21B

Gross Margin

+45.1%

Operating Margin

+17.3%

Net Margin

+11.8%

Income statement waterfall for Church & Dwight Co. (CHD) — TTM through Q1 2026

Net income: $733M

Margin breakdown for Church & Dwight Co. (CHD) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.21B	$6.21B
Cost of Revenue	-$3.41B	$2.8B
Gross Profit	$2.8B	$2.8B
Operating Expenses	-$1.72B	$1.07B
Operating Income	$1.07B	$1.07B
Other Income / Expense	-$126M	$947M
Pre-tax Income	$947M	$947M
Income Tax	-$214M	$733M
Net Income	$733M	$733M

Revenue$6.21B
Cost of Revenue-$3.41B
Gross Profit$2.8B
Operating Expenses-$1.72B
Operating Income$1.07B
Other Income / Expense-$126M
Pre-tax Income$947M
Income Tax-$214M
Net Income$733M

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