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 Camden Property Trust (CPT) revenue becomes net income?

For TTM through Q1 2026, Camden Property Trust turned $1.57B of revenue into $388M of net income — a net margin of 24.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Camden Property Trust (CPT) gross, operating, and net margins?

For TTM through Q1 2026, Camden Property Trust reported a gross margin of 42.3%, an operating margin of 18.4%, and a net margin of 24.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Camden Property Trust (CPT) 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.

Camden Property Trust (CPT) Income Statement Waterfall

Revenue

$1.57B

Gross Margin

+42.3%

Operating Margin

+18.4%

Net Margin

+24.7%

Income statement waterfall for Camden Property Trust (CPT) — TTM through Q1 2026

Net income: $388M

Margin breakdown for Camden Property Trust (CPT) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.57B	$1.57B
Cost of Revenue	-$908M	$666M
Gross Profit	$666M	$666M
Operating Expenses	-$377M	$289M
Operating Income	$289M	$289M
Other Income / Expense	$114M	$403M
Pre-tax Income	$403M	$403M
Income Tax	-$4.4M	$399M
Other Items	-$10.4M	$388M
Net Income	$388M	$388M

Revenue$1.57B
Cost of Revenue-$908M
Gross Profit$666M
Operating Expenses-$377M
Operating Income$289M
Other Income / Expense$114M
Pre-tax Income$403M
Income Tax-$4.4M
Other Items-$10.4M
Net Income$388M

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Operating Margin18.4%

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Operations

Employees1.6K

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