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 Carlisle Companies (CSL) revenue becomes net income?

For TTM through Q1 2026, Carlisle Companies turned $4.98B of revenue into $725M of net income — a net margin of 14.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Carlisle Companies (CSL) gross, operating, and net margins?

For TTM through Q1 2026, Carlisle Companies reported a gross margin of 35.6%, an operating margin of 20.1%, and a net margin of 14.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Carlisle Companies (CSL) 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.

Carlisle Companies (CSL) Income Statement Waterfall

Revenue

$4.98B

Gross Margin

+35.6%

Operating Margin

+20.1%

Net Margin

+14.6%

Income statement waterfall for Carlisle Companies (CSL) — TTM through Q1 2026

Net income: $725M

Margin breakdown for Carlisle Companies (CSL) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$4.98B	$4.98B
Cost of Revenue	-$3.21B	$1.77B
Gross Profit	$1.77B	$1.77B
Operating Expenses	-$770M	$1B
Operating Income	$1B	$1B
Other Income / Expense	-$63.3M	$937M
Pre-tax Income	$937M	$937M
Income Tax	-$207M	$730M
Net Income	$725M	$725M

Revenue$4.98B
Cost of Revenue-$3.21B
Gross Profit$1.77B
Operating Expenses-$770M
Operating Income$1B
Other Income / Expense-$63.3M
Pre-tax Income$937M
Income Tax-$207M
Net Income$725M

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