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 Comfort Systems USA (FIX) revenue becomes net income?

For TTM through Q1 2026, Comfort Systems USA turned $10.1B of revenue into $1.22B of net income — a net margin of 12.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Comfort Systems USA (FIX) gross, operating, and net margins?

For TTM through Q1 2026, Comfort Systems USA reported a gross margin of 25.1%, an operating margin of 15.7%, and a net margin of 12.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Comfort Systems USA (FIX) 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.

Comfort Systems USA (FIX) Income Statement Waterfall

Revenue

$10.1B

Gross Margin

+25.1%

Operating Margin

+15.7%

Net Margin

+12.1%

Income statement waterfall for Comfort Systems USA (FIX) — TTM through Q1 2026

Net income: $1.22B

Margin breakdown for Comfort Systems USA (FIX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$10.1B	$10.1B
Cost of Revenue	-$7.59B	$2.55B
Gross Profit	$2.55B	$2.55B
Operating Expenses	-$956M	$1.59B
Operating Income	$1.59B	$1.59B
Other Income / Expense	-$22.9M	$1.57B
Pre-tax Income	$1.57B	$1.57B
Income Tax	-$344M	$1.22B
Net Income	$1.22B	$1.22B

Revenue$10.1B
Cost of Revenue-$7.59B
Gross Profit$2.55B
Operating Expenses-$956M
Operating Income$1.59B
Other Income / Expense-$22.9M
Pre-tax Income$1.57B
Income Tax-$344M
Net Income$1.22B

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