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 Kimco Realty (KIM) revenue becomes net income?

For TTM through Q1 2026, Kimco Realty turned $2.16B of revenue into $616M of net income — a net margin of 28.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Kimco Realty (KIM) gross, operating, and net margins?

For TTM through Q1 2026, Kimco Realty reported a gross margin of 54.7%, an operating margin of 36.1%, and a net margin of 28.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Kimco Realty (KIM) 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.

Kimco Realty (KIM) Income Statement Waterfall

Revenue

$2.16B

Gross Margin

+54.7%

Operating Margin

+36.1%

Net Margin

+28.5%

Income statement waterfall for Kimco Realty (KIM) — TTM through Q1 2026

Net income: $616M

Margin breakdown for Kimco Realty (KIM) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.16B	$2.16B
Cost of Revenue	-$979M	$1.18B
Gross Profit	$1.18B	$1.18B
Operating Expenses	-$403M	$780M
Operating Income	$780M	$780M
Other Income / Expense	-$184M	$596M
Pre-tax Income	$596M	$596M
Income Tax	-$2.09M	$594M
Other Items	$22.1M	$616M
Net Income	$616M	$616M

Revenue$2.16B
Cost of Revenue-$979M
Gross Profit$1.18B
Operating Expenses-$403M
Operating Income$780M
Other Income / Expense-$184M
Pre-tax Income$596M
Income Tax-$2.09M
Other Items$22.1M
Net Income$616M

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Kimco Realty (KIM) Key Financials

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Operating Margin36.1%

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Operations

Employees710.0

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