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 Novo Nordisk (NVO) revenue becomes net income?

For TTM through Q1 2026, Novo Nordisk turned 327.80B DKK of revenue into 121.96B DKK of net income — a net margin of 37.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Novo Nordisk (NVO) gross, operating, and net margins?

For TTM through Q1 2026, Novo Nordisk reported a gross margin of 81.8%, an operating margin of 45.3%, and a net margin of 37.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Novo Nordisk (NVO) 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.

Novo Nordisk (NVO) Income Statement Waterfall

Revenue

327.80B DKK

Gross Margin

+81.8%

Operating Margin

+45.3%

Net Margin

+37.2%

Income statement waterfall for Novo Nordisk (NVO) — TTM through Q1 2026

Net income: 121.96B DKK

Margin breakdown for Novo Nordisk (NVO) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	327.80B DKK	327.80B DKK
Cost of Revenue	−59.50B DKK	268.30B DKK
Gross Profit	268.30B DKK	268.30B DKK
Operating Expenses	−119.82B DKK	148.49B DKK
Operating Income	148.49B DKK	148.49B DKK
Other Income / Expense	7.19B DKK	155.68B DKK
Pre-tax Income	155.68B DKK	155.68B DKK
Income Tax	−33.72B DKK	121.96B DKK
Net Income	121.96B DKK	121.96B DKK

Revenue327.80B DKK
Cost of Revenue−59.50B DKK
Gross Profit268.30B DKK
Operating Expenses−119.82B DKK
Operating Income148.49B DKK
Other Income / Expense7.19B DKK
Pre-tax Income155.68B DKK
Income Tax−33.72B DKK
Net Income121.96B DKK

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Income statement waterfall for Novo Nordisk (NVO) — TTM through Q1 2026

Margin breakdown for Novo Nordisk (NVO) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Novo Nordisk (NVO) revenue becomes net income?

+What are Novo Nordisk (NVO) gross, operating, and net margins?

+Why does Novo Nordisk (NVO) 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?

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