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 PSB Holdings (PSBQ) revenue becomes net income?

For TTM through Q1 2026, PSB Holdings turned $86M of revenue into $14.8M of net income — a net margin of 17.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are PSB Holdings (PSBQ) gross, operating, and net margins?

For TTM through Q1 2026, PSB Holdings reported a gross margin of 60.6%, an operating margin of 21.9%, and a net margin of 17.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does PSB Holdings (PSBQ) 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.

PSB Holdings (PSBQ) Income Statement Waterfall

Revenue

$86M

Gross Margin

+60.6%

Operating Margin

+21.9%

Net Margin

+17.2%

Income statement waterfall for PSB Holdings (PSBQ) — TTM through Q1 2026

Net income: $14.8M

Margin breakdown for PSB Holdings (PSBQ) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$86M	$86M
Cost of Revenue	-$32.8M	$52.1M
Gross Profit	$52.1M	$52.1M
Operating Expenses	-$33.3M	$18.8M
Operating Income	$18.8M	$18.8M
Other Income / Expense	-$1.12M	$17.7M
Pre-tax Income	$17.7M	$17.7M
Income Tax	-$2.85M	$14.8M
Net Income	$14.8M	$14.8M

Revenue$86M
Cost of Revenue-$32.8M
Gross Profit$52.1M
Operating Expenses-$33.3M
Operating Income$18.8M
Other Income / Expense-$1.12M
Pre-tax Income$17.7M
Income Tax-$2.85M
Net Income$14.8M

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