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 Nebius Group (NBIS) revenue becomes net income?

For TTM through Q1 2026, Nebius Group turned $877.90M of revenue into $836.40M of net income — a net margin of 95.3%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Nebius Group (NBIS) gross, operating, and net margins?

For TTM through Q1 2026, Nebius Group reported a gross margin of 47.9%, an operating margin of -68.8%, and a net margin of 95.3%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Nebius Group (NBIS) 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.

Nebius Group (NBIS) Income Statement Waterfall

Revenue

$877.90M

Gross Margin

+47.9%

Operating Margin

-68.8%

Net Margin

+95.3%

Income statement waterfall for Nebius Group (NBIS) — TTM through Q1 2026

Net income: $836.40M

Margin breakdown for Nebius Group (NBIS) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$877.90M	$877.90M
Cost of Revenue	−$457.30M	$420.60M
Gross Profit	$420.60M	$420.60M
Operating Expenses	−$1.02B	−$603.90M
Operating Income	−$603.90M	−$603.90M
Other Income / Expense	$1.36B	$751.80M
Pre-tax Income	$751.80M	$751.80M
Tax Benefit	$2.70M	$754.50M
Other Items	$81.90M	$836.40M
Net Income	$836.40M	$836.40M

Revenue$877.90M
Cost of Revenue−$457.30M
Gross Profit$420.60M
Operating Expenses−$1.02B
Operating Income−$603.90M
Other Income / Expense$1.36B
Pre-tax Income$751.80M
Tax Benefit$2.70M
Other Items$81.90M
Net Income$836.40M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Nebius Group (NBIS) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

NBIS Overview

Counters

Income Statement

Cash Flow

Capital Return

Buybacks

No dividends or stock splits on record for this company.

Forecast & Valuation

Income statement waterfall for Nebius Group (NBIS) — TTM through Q1 2026

Margin breakdown for Nebius Group (NBIS) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Nebius Group (NBIS) revenue becomes net income?

+What are Nebius Group (NBIS) gross, operating, and net margins?

+Why does Nebius Group (NBIS) have such a high (or low) gross margin?

+What is the difference between gross, operating, and net margin?

Data & methodology

+What is this view?

+How to read this waterfall

+How is the data calculated?

+What is the USD toggle?

Nebius Group (NBIS) Key Financials

Explore more