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 Old Republic International (ORI) revenue becomes net income?

For TTM through Q1 2026, Old Republic International turned $9.37B of revenue into $1.02B of net income — a net margin of 10.9%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Old Republic International (ORI) gross, operating, and net margins?

For TTM through Q1 2026, Old Republic International reported a gross margin of 51.1%, an operating margin of 13.8%, and a net margin of 10.9%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Old Republic International (ORI) 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.

Old Republic International (ORI) Income Statement Waterfall

Revenue

$9.37B

Gross Margin

+51.1%

Operating Margin

+13.8%

Net Margin

+10.9%

Income statement waterfall for Old Republic International (ORI) — TTM through Q1 2026

Net income: $1.02B

Margin breakdown for Old Republic International (ORI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$9.37B	$9.37B
Cost of Revenue	-$4.58B	$4.79B
Gross Profit	$4.79B	$4.79B
Operating Expenses	-$3.5B	$1.29B
Operating Income	$1.29B	$1.29B
Other Income / Expense	$400K	$1.29B
Pre-tax Income	$1.29B	$1.29B
Income Tax	-$264M	$1.03B
Net Income	$1.02B	$1.02B

Revenue$9.37B
Cost of Revenue-$4.58B
Gross Profit$4.79B
Operating Expenses-$3.5B
Operating Income$1.29B
Other Income / Expense$400K
Pre-tax Income$1.29B
Income Tax-$264M
Net Income$1.02B

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Old Republic International (ORI) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees9.5K

Explore more

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

Overview

ORI Overview

Counters