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 SoFi Technologies (SOFI) revenue becomes net income?

For TTM through Q1 2026, SoFi Technologies turned $5.14B of revenue into $576.93M of net income — a net margin of 11.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are SoFi Technologies (SOFI) gross, operating, and net margins?

For TTM through Q1 2026, SoFi Technologies reported a gross margin of 76%, an operating margin of 12.6%, and a net margin of 11.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does SoFi Technologies (SOFI) 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.

SoFi Technologies (SOFI) Income Statement Waterfall

Revenue

$5.14B

Gross Margin

+76.0%

Operating Margin

+12.6%

Net Margin

+11.2%

Income statement waterfall for SoFi Technologies (SOFI) — TTM through Q1 2026

Net income: $576.93M

Margin breakdown for SoFi Technologies (SOFI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$5.14B	$5.14B
Cost of Revenue	−$1.23B	$3.91B
Gross Profit	$3.91B	$3.91B
Operating Expenses	−$3.26B	$645.63M
Operating Income	$645.63M	$645.63M
Pre-tax Income	$645.63M	$645.63M
Income Tax	−$68.69M	$576.94M
Net Income	$576.93M	$576.93M

Revenue$5.14B
Cost of Revenue−$1.23B
Gross Profit$3.91B
Operating Expenses−$3.26B
Operating Income$645.63M
Pre-tax Income$645.63M
Income Tax−$68.69M
Net Income$576.93M

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Buybacks0.23% TTM

No dividends or stock splits on record for this company.

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Income statement waterfall for SoFi Technologies (SOFI) — TTM through Q1 2026

Margin breakdown for SoFi Technologies (SOFI) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of SoFi Technologies (SOFI) revenue becomes net income?

+What are SoFi Technologies (SOFI) gross, operating, and net margins?

+Why does SoFi Technologies (SOFI) 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?

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