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 Campbell Soup (CPB) revenue becomes net income?

For TTM through Q2 2026, Campbell Soup turned $9.93B of revenue into $608M of net income — a net margin of 6.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Campbell Soup (CPB) gross, operating, and net margins?

For TTM through Q2 2026, Campbell Soup reported a gross margin of 28.8%, an operating margin of 11.5%, and a net margin of 6.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Campbell Soup (CPB) 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.

Campbell Soup (CPB) Income Statement Waterfall

Revenue

$9.93B

Gross Margin

+28.8%

Operating Margin

+11.5%

Net Margin

+6.1%

Income statement waterfall for Campbell Soup (CPB) — TTM through Q2 2026

Net income: $608M

Margin breakdown for Campbell Soup (CPB) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$9.93B	$9.93B
Cost of Revenue	-$7.06B	$2.86B
Gross Profit	$2.86B	$2.86B
Operating Expenses	-$1.72B	$1.14B
Operating Income	$1.14B	$1.14B
Other Income / Expense	-$351M	$792M
Pre-tax Income	$792M	$792M
Income Tax	-$184M	$608M
Net Income	$608M	$608M

Revenue$9.93B
Cost of Revenue-$7.06B
Gross Profit$2.86B
Operating Expenses-$1.72B
Operating Income$1.14B
Other Income / Expense-$351M
Pre-tax Income$792M
Income Tax-$184M
Net Income$608M

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