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 Snap-on (SNA) revenue becomes net income?

For TTM through Q2 2026, Snap-on turned $5.12B of revenue into $1.02B of net income — a net margin of 20%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Snap-on (SNA) gross, operating, and net margins?

For TTM through Q2 2026, Snap-on reported a gross margin of 51.3%, an operating margin of 24.7%, and a net margin of 20%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Snap-on (SNA) 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.

Snap-on (SNA) Income Statement Waterfall

Revenue

$5.12B

Gross Margin

+51.3%

Operating Margin

+24.7%

Net Margin

+20.0%

Income statement waterfall for Snap-on (SNA) — TTM through Q2 2026

Net income: $1.02B

Margin breakdown for Snap-on (SNA) — TTM through Q2 2026

Line item	Amount	Running total
Revenue	$5.12B	$5.12B
Cost of Revenue	-$2.49B	$2.63B
Gross Profit	$2.63B	$2.63B
Operating Expenses	-$1.36B	$1.27B
Operating Income	$1.27B	$1.27B
Other Income / Expense	$78.6M	$1.34B
Pre-tax Income	$1.34B	$1.34B
Income Tax	-$295M	$1.05B
Other Items	-$25.7M	$1.02B
Net Income	$1.02B	$1.02B

Revenue$5.12B
Cost of Revenue-$2.49B
Gross Profit$2.63B
Operating Expenses-$1.36B
Operating Income$1.27B
Other Income / Expense$78.6M
Pre-tax Income$1.34B
Income Tax-$295M
Other Items-$25.7M
Net Income$1.02B

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Snap-on (SNA) 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

SNA Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation