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 NiSource (NI) revenue becomes net income?

For TTM through Q1 2026, NiSource turned $6.82B of revenue into $962M of net income — a net margin of 14.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are NiSource (NI) gross, operating, and net margins?

For TTM through Q1 2026, NiSource reported a gross margin of 55.9%, an operating margin of 27.8%, and a net margin of 14.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does NiSource (NI) 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.

NiSource (NI) Income Statement Waterfall

Revenue

$6.82B

Gross Margin

+55.9%

Operating Margin

+27.8%

Net Margin

+14.1%

Income statement waterfall for NiSource (NI) — TTM through Q1 2026

Net income: $962M

Margin breakdown for NiSource (NI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.82B	$6.82B
Cost of Revenue	-$3.01B	$3.82B
Gross Profit	$3.82B	$3.82B
Operating Expenses	-$1.92B	$1.9B
Operating Income	$1.9B	$1.9B
Other Income / Expense	-$669M	$1.23B
Pre-tax Income	$1.23B	$1.23B
Income Tax	-$184M	$1.04B
Other Items	-$80.3M	$962M
Net Income	$962M	$962M

Revenue$6.82B
Cost of Revenue-$3.01B
Gross Profit$3.82B
Operating Expenses-$1.92B
Operating Income$1.9B
Other Income / Expense-$669M
Pre-tax Income$1.23B
Income Tax-$184M
Other Items-$80.3M
Net Income$962M

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