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 MDU Resources Group (MDU) revenue becomes net income?

For TTM through Q1 2026, MDU Resources Group turned $1.81B of revenue into $189M of net income — a net margin of 10.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are MDU Resources Group (MDU) gross, operating, and net margins?

For TTM through Q1 2026, MDU Resources Group reported a gross margin of 28.2%, an operating margin of 16.2%, and a net margin of 10.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does MDU Resources Group (MDU) 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.

MDU Resources Group (MDU) Income Statement Waterfall

Revenue

$1.81B

Gross Margin

+28.2%

Operating Margin

+16.2%

Net Margin

+10.5%

Income statement waterfall for MDU Resources Group (MDU) — TTM through Q1 2026

Net income: $189M

Margin breakdown for MDU Resources Group (MDU) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.81B	$1.81B
Cost of Revenue	-$1.3B	$509M
Gross Profit	$509M	$509M
Operating Expenses	-$215M	$293M
Operating Income	$293M	$293M
Other Income / Expense	-$87.7M	$206M
Pre-tax Income	$206M	$206M
Income Tax	-$15.7M	$190M
Net Income	$189M	$189M

Revenue$1.81B
Cost of Revenue-$1.3B
Gross Profit$509M
Operating Expenses-$215M
Operating Income$293M
Other Income / Expense-$87.7M
Pre-tax Income$206M
Income Tax-$15.7M
Net Income$189M

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