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 Enbridge (ENB) revenue becomes net income?

For TTM through Q1 2026, Enbridge turned 78B CAD of revenue into 7.57B CAD of net income — a net margin of 9.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Enbridge (ENB) gross, operating, and net margins?

For TTM through Q1 2026, Enbridge reported a gross margin of 30.8%, an operating margin of 15.8%, and a net margin of 9.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Enbridge (ENB) 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.

Enbridge (ENB) Income Statement Waterfall

Revenue

78B CAD

Gross Margin

+30.8%

Operating Margin

+15.8%

Net Margin

+9.7%

Income statement waterfall for Enbridge (ENB) — TTM through Q1 2026

Net income: 7.57B CAD

Margin breakdown for Enbridge (ENB) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	78B CAD	78B CAD
Cost of Revenue	-54B CAD	24B CAD
Gross Profit	24B CAD	24B CAD
Operating Expenses	-11.6B CAD	12.4B CAD
Operating Income	12.4B CAD	12.4B CAD
Other Income / Expense	-2.5B CAD	9.86B CAD
Pre-tax Income	9.86B CAD	9.86B CAD
Income Tax	-2.11B CAD	7.74B CAD
Other Items	-172M CAD	7.57B CAD
Net Income	7.57B CAD	7.57B CAD

Revenue78B CAD
Cost of Revenue-54B CAD
Gross Profit24B CAD
Operating Expenses-11.6B CAD
Operating Income12.4B CAD
Other Income / Expense-2.5B CAD
Pre-tax Income9.86B CAD
Income Tax-2.11B CAD
Other Items-172M CAD
Net Income7.57B CAD

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