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 Las Vegas Sands (LVS) revenue becomes net income?

For TTM through Q2 2026, Las Vegas Sands turned $13.7B of revenue into $2.14B of net income — a net margin of 15.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Las Vegas Sands (LVS) gross, operating, and net margins?

For TTM through Q2 2026, Las Vegas Sands reported a gross margin of 25%, an operating margin of 23.3%, and a net margin of 15.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Las Vegas Sands (LVS) 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.

Las Vegas Sands (LVS) Income Statement Waterfall

Revenue

$13.7B

Gross Margin

+25.0%

Operating Margin

+23.3%

Net Margin

+15.6%

Income statement waterfall for Las Vegas Sands (LVS) — TTM through Q2 2026

Net income: $2.14B

Margin breakdown for Las Vegas Sands (LVS) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$13.7B	$13.7B
Cost of Revenue	-$7.23B	$3.43B
Gross Profit	$3.43B	$3.43B
Operating Expenses	-$236M	$3.19B
Operating Income	$3.19B	$3.19B
Other Income / Expense	-$849M	$2.34B
Pre-tax Income	$2.34B	$2.34B
Tax Benefit	$1M	$2.34B
Other Items	-$199M	$2.14B
Net Income	$2.14B	$2.14B

Revenue$13.7B
Cost of Revenue-$7.23B
Gross Profit$3.43B
Operating Expenses-$236M
Operating Income$3.19B
Other Income / Expense-$849M
Pre-tax Income$2.34B
Tax Benefit$1M
Other Items-$199M
Net Income$2.14B

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