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 MSA Safety (MSA) revenue becomes net income?

For TTM through Q1 2026, MSA Safety turned $1.92B of revenue into $291M of net income — a net margin of 15.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are MSA Safety (MSA) gross, operating, and net margins?

For TTM through Q1 2026, MSA Safety reported a gross margin of 46.8%, an operating margin of 22%, and a net margin of 15.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does MSA Safety (MSA) 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.

MSA Safety (MSA) Income Statement Waterfall

Revenue

$1.92B

Gross Margin

+46.8%

Operating Margin

+22.0%

Net Margin

+15.2%

Income statement waterfall for MSA Safety (MSA) — TTM through Q1 2026

Net income: $291M

Margin breakdown for MSA Safety (MSA) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.92B	$1.92B
Cost of Revenue	-$1.02B	$897M
Gross Profit	$897M	$897M
Operating Expenses	-$475M	$422M
Operating Income	$422M	$422M
Other Income / Expense	-$40.5M	$381M
Pre-tax Income	$381M	$381M
Income Tax	-$90.9M	$291M
Net Income	$291M	$291M

Revenue$1.92B
Cost of Revenue-$1.02B
Gross Profit$897M
Operating Expenses-$475M
Operating Income$422M
Other Income / Expense-$40.5M
Pre-tax Income$381M
Income Tax-$90.9M
Net Income$291M

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