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 Global Payments (GPN) revenue becomes net income?

For TTM through Q1 2026, Global Payments turned $8.83B of revenue into -$706M of net income — a net margin of -8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Global Payments (GPN) gross, operating, and net margins?

For TTM through Q1 2026, Global Payments reported a gross margin of 67.3%, an operating margin of 16.2%, and a net margin of -8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Global Payments (GPN) 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.

Global Payments (GPN) Income Statement Waterfall

Revenue

$8.83B

Gross Margin

+67.3%

Operating Margin

+16.2%

Net Margin

-8.0%

Income statement waterfall for Global Payments (GPN) — TTM through Q1 2026

Net income: -$706M

Margin breakdown for Global Payments (GPN) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$8.83B	$8.83B
Cost of Revenue	-$2.89B	$5.94B
Gross Profit	$5.94B	$5.94B
Operating Expenses	-$4.51B	$1.43B
Operating Income	$1.43B	$1.43B
Other Income / Expense	-$497M	$934M
Pre-tax Income	$934M	$934M
Income Tax	-$273M	$661M
Other Items	-$1.37B	-$706M
Net Loss	-$706M	-$706M

Revenue$8.83B
Cost of Revenue-$2.89B
Gross Profit$5.94B
Operating Expenses-$4.51B
Operating Income$1.43B
Other Income / Expense-$497M
Pre-tax Income$934M
Income Tax-$273M
Other Items-$1.37B
Net Loss-$706M

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