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 Regency Centers (REG) revenue becomes net income?

For TTM through Q1 2026, Regency Centers turned $1.7B of revenue into $649M of net income — a net margin of 38.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Regency Centers (REG) gross, operating, and net margins?

For TTM through Q1 2026, Regency Centers reported a gross margin of 47.9%, an operating margin of 47.2%, and a net margin of 38.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Regency Centers (REG) 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.

Regency Centers (REG) Income Statement Waterfall

Revenue

$1.7B

Gross Margin

+47.9%

Operating Margin

+47.2%

Net Margin

+38.1%

Income statement waterfall for Regency Centers (REG) — TTM through Q1 2026

Net income: $649M

Margin breakdown for Regency Centers (REG) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.7B	$1.7B
Cost of Revenue	-$887M	$815M
Gross Profit	$815M	$815M
Operating Expenses	-$11.7M	$803M
Operating Income	$803M	$803M
Other Income / Expense	-$157M	$646M
Pre-tax Income	$646M	$646M
Income Tax	$0.00	$646M
Net Income	$649M	$649M

Revenue$1.7B
Cost of Revenue-$887M
Gross Profit$815M
Operating Expenses-$11.7M
Operating Income$803M
Other Income / Expense-$157M
Pre-tax Income$646M
Income Tax$0.00
Net Income$649M

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Regency Centers (REG) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin47.2%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees507.0

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