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 $341M 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: $341M

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

Line item	Amount	Running total
Revenue	$2.21B	$2.21B
Cost of Revenue	-$1.6B	$613M
Gross Profit	$613M	$613M
Operating Expenses	-$81.6M	$532M
Operating Income	$532M	$532M
Other Income / Expense	-$91.8M	$440M
Pre-tax Income	$440M	$440M
Income Tax	-$98.4M	$341M
Net Income	$341M	$341M

Revenue$2.21B
Cost of Revenue-$1.6B
Gross Profit$613M
Operating Expenses-$81.6M
Operating Income$532M
Other Income / Expense-$91.8M
Pre-tax Income$440M
Income Tax-$98.4M
Net Income$341M

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