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 Sonoco Products (SON) revenue becomes net income?

For TTM through Q1 2026, Sonoco Products turned $7.49B of revenue into $1.04B of net income — a net margin of 13.8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Sonoco Products (SON) gross, operating, and net margins?

For TTM through Q1 2026, Sonoco Products reported a gross margin of 20.9%, an operating margin of 8.7%, and a net margin of 13.8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Sonoco Products (SON) 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.

Sonoco Products (SON) Income Statement Waterfall

Revenue

$7.49B

Gross Margin

+20.9%

Operating Margin

+8.7%

Net Margin

+13.8%

Income statement waterfall for Sonoco Products (SON) — TTM through Q1 2026

Net income: $1.04B

Margin breakdown for Sonoco Products (SON) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$7.49B	$7.49B
Cost of Revenue	−$5.92B	$1.57B
Gross Profit	$1.57B	$1.57B
Operating Expenses	−$917.91M	$648.45M
Operating Income	$648.45M	$648.45M
Other Income / Expense	$132.85M	$781.29M
Pre-tax Income	$781.29M	$781.29M
Income Tax	−$171.95M	$609.35M
Other Items	$425.98M	$1.04B
Net Income	$1.04B	$1.04B

Revenue$7.49B
Cost of Revenue−$5.92B
Gross Profit$1.57B
Operating Expenses−$917.91M
Operating Income$648.45M
Other Income / Expense$132.85M
Pre-tax Income$781.29M
Income Tax−$171.95M
Other Items$425.98M
Net Income$1.04B

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Income statement waterfall for Sonoco Products (SON) — TTM through Q1 2026

Margin breakdown for Sonoco Products (SON) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Sonoco Products (SON) revenue becomes net income?

+What are Sonoco Products (SON) gross, operating, and net margins?

+Why does Sonoco Products (SON) 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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