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 StoneX Group (SNEX) revenue becomes net income?

For TTM through Q1 2026, StoneX Group turned $152B of revenue into $462M of net income — a net margin of 0.3%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are StoneX Group (SNEX) gross, operating, and net margins?

For TTM through Q1 2026, StoneX Group reported a gross margin of 2.3%, an operating margin of 1.6%, and a net margin of 0.3%. Each subtotal in the waterfall corresponds to one of these margins.

Why does StoneX Group (SNEX) 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.

StoneX Group (SNEX) Income Statement Waterfall

Revenue

$152B

Gross Margin

+2.3%

Operating Margin

+1.6%

Net Margin

+0.3%

Income statement waterfall for StoneX Group (SNEX) — TTM through Q1 2026

Net income: $462M

Margin breakdown for StoneX Group (SNEX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$152B	$152B
Cost of Revenue	-$149B	$3.54B
Gross Profit	$3.54B	$3.54B
Operating Expenses	-$1.12B	$2.42B
Operating Income	$2.42B	$2.42B
Other Income / Expense	-$1.82B	$607M
Pre-tax Income	$607M	$607M
Income Tax	-$144M	$462M
Net Income	$462M	$462M

Revenue$152B
Cost of Revenue-$149B
Gross Profit$3.54B
Operating Expenses-$1.12B
Operating Income$2.42B
Other Income / Expense-$1.82B
Pre-tax Income$607M
Income Tax-$144M
Net Income$462M

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