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 Alliant Energy (LNT) revenue becomes net income?

For TTM through Q1 2026, Alliant Energy turned $4.42B of revenue into $821M of net income — a net margin of 18.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Alliant Energy (LNT) gross, operating, and net margins?

For TTM through Q1 2026, Alliant Energy reported a gross margin of 38%, an operating margin of 23%, and a net margin of 18.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Alliant Energy (LNT) 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.

Alliant Energy (LNT) Income Statement Waterfall

Revenue

$4.42B

Gross Margin

+38.0%

Operating Margin

+23.0%

Net Margin

+18.6%

Income statement waterfall for Alliant Energy (LNT) — TTM through Q1 2026

Net income: $821M

Margin breakdown for Alliant Energy (LNT) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$4.42B	$4.42B
Cost of Revenue	-$2.74B	$1.68B
Gross Profit	$1.68B	$1.68B
Operating Expenses	-$661M	$1.02B
Operating Income	$1.02B	$1.02B
Other Income / Expense	-$358M	$659M
Pre-tax Income	$659M	$659M
Tax Benefit	$162M	$821M
Net Income	$821M	$821M

Revenue$4.42B
Cost of Revenue-$2.74B
Gross Profit$1.68B
Operating Expenses-$661M
Operating Income$1.02B
Other Income / Expense-$358M
Pre-tax Income$659M
Tax Benefit$162M
Net Income$821M

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