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 RenaissanceRe Holdings (RNR) revenue becomes net income?

For TTM through Q2 2026, RenaissanceRe Holdings turned $11.1B of revenue into $2.62B of net income — a net margin of 23.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are RenaissanceRe Holdings (RNR) gross, operating, and net margins?

For TTM through Q2 2026, RenaissanceRe Holdings reported a gross margin of 43.5%, an operating margin of 29.8%, and a net margin of 23.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does RenaissanceRe Holdings (RNR) 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.

RenaissanceRe Holdings (RNR) Income Statement Waterfall

Revenue

$11.1B

Gross Margin

+43.5%

Operating Margin

+29.8%

Net Margin

+23.7%

Income statement waterfall for RenaissanceRe Holdings (RNR) — TTM through Q2 2026

Net income: $2.62B

Margin breakdown for RenaissanceRe Holdings (RNR) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$11.1B	$11.1B
Cost of Revenue	-$3.47B	$4.81B
Gross Profit	$4.81B	$4.81B
Operating Expenses	-$1.52B	$3.29B
Operating Income	$3.29B	$3.29B
Other Income / Expense	$1.12B	$4.41B
Pre-tax Income	$4.41B	$4.41B
Income Tax	-$159M	$4.25B
Other Items	-$1.63B	$2.62B
Net Income	$2.62B	$2.62B

Revenue$11.1B
Cost of Revenue-$3.47B
Gross Profit$4.81B
Operating Expenses-$1.52B
Operating Income$3.29B
Other Income / Expense$1.12B
Pre-tax Income$4.41B
Income Tax-$159M
Other Items-$1.63B
Net Income$2.62B

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