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 Healthpeak Properties (DOC) revenue becomes net income?

For TTM through Q1 2026, Healthpeak Properties turned $2.87B of revenue into $222M of net income — a net margin of 7.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Healthpeak Properties (DOC) gross, operating, and net margins?

For TTM through Q1 2026, Healthpeak Properties reported a gross margin of 1.9%, an operating margin of 18.3%, and a net margin of 7.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Healthpeak Properties (DOC) 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.

Healthpeak Properties (DOC) Income Statement Waterfall

Revenue

$2.87B

Gross Margin

+1.9%

Operating Margin

+18.3%

Net Margin

+7.7%

Income statement waterfall for Healthpeak Properties (DOC) — TTM through Q1 2026

Net income: $222M

Margin breakdown for Healthpeak Properties (DOC) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.87B	$2.87B
Cost of Revenue	-$2.82B	$54.4M
Gross Profit	$54.4M	$54.4M
Operating Expenses	$472M	$526M
Operating Income	$526M	$526M
Other Income / Expense	-$268M	$258M
Pre-tax Income	$258M	$258M
Income Tax	-$7.46M	$251M
Other Items	-$28.5M	$222M
Net Income	$222M	$222M

Revenue$2.87B
Cost of Revenue-$2.82B
Gross Profit$54.4M
Operating Expenses$472M
Operating Income$526M
Other Income / Expense-$268M
Pre-tax Income$258M
Income Tax-$7.46M
Other Items-$28.5M
Net Income$222M

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Healthpeak Properties (DOC) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin18.3%

Cash Flow

Capital Return

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Operations

Employees411.0

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