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 $1.70B of revenue into $648.65M 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

$1.70B

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: $648.65M

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

Line item	Amount	Running total
Revenue	$1.70B	$1.70B
Cost of Revenue	−$887.02M	$814.76M
Gross Profit	$814.76M	$814.76M
Operating Expenses	−$11.67M	$803.09M
Operating Income	$803.09M	$803.09M
Other Income / Expense	−$157.42M	$645.67M
Pre-tax Income	$645.67M	$645.67M
Income Tax	$0.00	$645.67M
Net Income	$648.65M	$648.65M

Revenue$1.70B
Cost of Revenue−$887.02M
Gross Profit$814.76M
Operating Expenses−$11.67M
Operating Income$803.09M
Other Income / Expense−$157.42M
Pre-tax Income$645.67M
Income Tax$0.00
Net Income$648.65M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Regency Centers (REG) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

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

Overview

REG Overview

Counters

Income Statement

Cash Flow

Capital Return

Forecast & Valuation

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

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

Frequently asked questions

+What is an income statement waterfall?

+How much of Regency Centers (REG) revenue becomes net income?

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

+Why does Regency Centers (REG) 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?

Regency Centers (REG) Key Financials

Explore more