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 Q1 2026, RenaissanceRe Holdings turned $11.47B of revenue into $2.81B of net income — a net margin of 24.5%. 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 Q1 2026, RenaissanceRe Holdings reported a gross margin of 55%, an operating margin of 40.4%, and a net margin of 24.5%. 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

$11.47B

Gross Margin

+55.0%

Operating Margin

+40.4%

Net Margin

+24.5%

Income statement waterfall for RenaissanceRe Holdings (RNR) — TTM through Q1 2026

Net income: $2.81B

Margin breakdown for RenaissanceRe Holdings (RNR) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$11.47B	$11.47B
Cost of Revenue	−$5.16B	$6.31B
Gross Profit	$6.31B	$6.31B
Operating Expenses	−$1.68B	$4.63B
Operating Income	$4.63B	$4.63B
Pre-tax Income	$4.63B	$4.63B
Income Tax	−$474.84M	$4.16B
Other Items	−$1.35B	$2.81B
Net Income	$2.81B	$2.81B

Revenue$11.47B
Cost of Revenue−$5.16B
Gross Profit$6.31B
Operating Expenses−$1.68B
Operating Income$4.63B
Pre-tax Income$4.63B
Income Tax−$474.84M
Other Items−$1.35B
Net Income$2.81B

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

RenaissanceRe Holdings (RNR) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

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

Income statement waterfall for RenaissanceRe Holdings (RNR) — TTM through Q1 2026

Margin breakdown for RenaissanceRe Holdings (RNR) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of RenaissanceRe Holdings (RNR) revenue becomes net income?

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

+Why does RenaissanceRe Holdings (RNR) 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?

RenaissanceRe Holdings (RNR) Key Financials

Explore more