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 Insulet (PODD) revenue becomes net income?

For TTM through Q1 2026, Insulet turned $2.9B of revenue into $303M of net income — a net margin of 10.4%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Insulet (PODD) gross, operating, and net margins?

For TTM through Q1 2026, Insulet reported a gross margin of 71%, an operating margin of 17.5%, and a net margin of 10.4%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Insulet (PODD) 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.

Insulet (PODD) Income Statement Waterfall

Revenue

$2.9B

Gross Margin

+71.0%

Operating Margin

+17.5%

Net Margin

+10.4%

Income statement waterfall for Insulet (PODD) — TTM through Q1 2026

Net income: $303M

Margin breakdown for Insulet (PODD) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.9B	$2.9B
Cost of Revenue	-$841M	$2.06B
Gross Profit	$2.06B	$2.06B
Operating Expenses	-$1.55B	$507M
Operating Income	$507M	$507M
Other Income / Expense	-$103M	$404M
Pre-tax Income	$404M	$404M
Income Tax	-$102M	$303M
Net Income	$303M	$303M

Revenue$2.9B
Cost of Revenue-$841M
Gross Profit$2.06B
Operating Expenses-$1.55B
Operating Income$507M
Other Income / Expense-$103M
Pre-tax Income$404M
Income Tax-$102M
Net Income$303M

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