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 Ferrovial (FER) revenue becomes net income?

For TTM through Q1 2026, Ferrovial turned €9.63B of revenue into €852M of net income — a net margin of 8.8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Ferrovial (FER) gross, operating, and net margins?

For TTM through Q1 2026, Ferrovial reported a gross margin of 93.7%, an operating margin of 10.4%, and a net margin of 8.8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Ferrovial (FER) 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.

Ferrovial (FER) Income Statement Waterfall

Revenue

€9.63B

Gross Margin

+93.7%

Operating Margin

+10.4%

Net Margin

+8.8%

Income statement waterfall for Ferrovial (FER) — TTM through Q1 2026

Net income: €852M

Margin breakdown for Ferrovial (FER) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	€9.63B	€9.63B
Cost of Revenue	-€605M	€9.02B
Gross Profit	€9.02B	€9.02B
Operating Expenses	-€8.03B	€997M
Operating Income	€997M	€997M
Other Income / Expense	-€53.5M	€943M
Pre-tax Income	€943M	€943M
Income Tax	-€45M	€898M
Other Items	-€46M	€852M
Net Income	€852M	€852M

Revenue€9.63B
Cost of Revenue-€605M
Gross Profit€9.02B
Operating Expenses-€8.03B
Operating Income€997M
Other Income / Expense-€53.5M
Pre-tax Income€943M
Income Tax-€45M
Other Items-€46M
Net Income€852M

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