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 Federal Realty Investment Trust (FRT) revenue becomes net income?

For TTM through Q1 2026, Federal Realty Investment Trust turned $1.31B of revenue into $506M of net income — a net margin of 38.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Federal Realty Investment Trust (FRT) gross, operating, and net margins?

For TTM through Q1 2026, Federal Realty Investment Trust reported a gross margin of 53.6%, an operating margin of 41.6%, and a net margin of 38.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Federal Realty Investment Trust (FRT) 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.

Federal Realty Investment Trust (FRT) Income Statement Waterfall

Revenue

$1.31B

Gross Margin

+53.6%

Operating Margin

+41.6%

Net Margin

+38.6%

Income statement waterfall for Federal Realty Investment Trust (FRT) — TTM through Q1 2026

Net income: $506M

Margin breakdown for Federal Realty Investment Trust (FRT) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.31B	$1.31B
Cost of Revenue	-$608M	$703M
Gross Profit	$703M	$703M
Operating Expenses	-$158M	$545M
Operating Income	$545M	$545M
Other Income / Expense	-$27.2M	$518M
Pre-tax Income	$518M	$518M
Income Tax	$0.00	$518M
Other Items	-$11.7M	$506M
Net Income	$506M	$506M

Revenue$1.31B
Cost of Revenue-$608M
Gross Profit$703M
Operating Expenses-$158M
Operating Income$545M
Other Income / Expense-$27.2M
Pre-tax Income$518M
Income Tax$0.00
Other Items-$11.7M
Net Income$506M

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