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 Community Trust Bancorp (CTBI) revenue becomes net income?

For TTM through Q2 2026, Community Trust Bancorp turned $423M of revenue into $108M of net income — a net margin of 25.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Community Trust Bancorp (CTBI) gross, operating, and net margins?

For TTM through Q2 2026, Community Trust Bancorp reported a gross margin of 68.6%, an operating margin of 33.1%, and a net margin of 25.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Community Trust Bancorp (CTBI) 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.

Community Trust Bancorp (CTBI) Income Statement Waterfall

Revenue

$423M

Gross Margin

+68.6%

Operating Margin

+33.1%

Net Margin

+25.6%

Income statement waterfall for Community Trust Bancorp (CTBI) — TTM through Q2 2026

Net income: $108M

Margin breakdown for Community Trust Bancorp (CTBI) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$423M	$423M
Cost of Revenue	-$133M	$290M
Gross Profit	$290M	$290M
Operating Expenses	-$150M	$140M
Operating Income	$140M	$140M
Pre-tax Income	$140M	$140M
Income Tax	-$31.9M	$108M
Net Income	$108M	$108M

Revenue$423M
Cost of Revenue-$133M
Gross Profit$290M
Operating Expenses-$150M
Operating Income$140M
Pre-tax Income$140M
Income Tax-$31.9M
Net Income$108M

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