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 New Jersey Resources (NJR) revenue becomes net income?

For TTM through Q1 2026, New Jersey Resources turned $2.21B of revenue into $341.42M of net income — a net margin of 15.4%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are New Jersey Resources (NJR) gross, operating, and net margins?

For TTM through Q1 2026, New Jersey Resources reported a gross margin of 27.7%, an operating margin of 24.1%, and a net margin of 15.4%. Each subtotal in the waterfall corresponds to one of these margins.

Why does New Jersey Resources (NJR) 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.

New Jersey Resources (NJR) Income Statement Waterfall

Revenue

$2.21B

Gross Margin

+27.7%

Operating Margin

+24.1%

Net Margin

+15.4%

Income statement waterfall for New Jersey Resources (NJR) — TTM through Q1 2026

Net income: $341.42M

Margin breakdown for New Jersey Resources (NJR) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.21B	$2.21B
Cost of Revenue	−$1.60B	$613.25M
Gross Profit	$613.25M	$613.25M
Operating Expenses	−$81.61M	$531.64M
Operating Income	$531.64M	$531.64M
Other Income / Expense	−$91.84M	$439.80M
Pre-tax Income	$439.80M	$439.80M
Income Tax	−$98.38M	$341.42M
Net Income	$341.42M	$341.42M

Revenue$2.21B
Cost of Revenue−$1.60B
Gross Profit$613.25M
Operating Expenses−$81.61M
Operating Income$531.64M
Other Income / Expense−$91.84M
Pre-tax Income$439.80M
Income Tax−$98.38M
Net Income$341.42M

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New Jersey Resources (NJR) Key Financials

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Income statement waterfall for New Jersey Resources (NJR) — TTM through Q1 2026

Margin breakdown for New Jersey Resources (NJR) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of New Jersey Resources (NJR) revenue becomes net income?

+What are New Jersey Resources (NJR) gross, operating, and net margins?

+Why does New Jersey Resources (NJR) 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?

New Jersey Resources (NJR) Key Financials

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