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 Simon Property Group (SPG) revenue becomes net income?

For TTM through Q1 2026, Simon Property Group turned $6.65B of revenue into $4.68B of net income — a net margin of 70.4%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Simon Property Group (SPG) gross, operating, and net margins?

For TTM through Q1 2026, Simon Property Group reported a gross margin of 85.2%, an operating margin of 48.3%, and a net margin of 70.4%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Simon Property Group (SPG) 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.

Simon Property Group (SPG) Income Statement Waterfall

Revenue

$6.65B

Gross Margin

+85.2%

Operating Margin

+48.3%

Net Margin

+70.4%

Income statement waterfall for Simon Property Group (SPG) — TTM through Q1 2026

Net income: $4.68B

Margin breakdown for Simon Property Group (SPG) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.65B	$6.65B
Cost of Revenue	-$982M	$5.67B
Gross Profit	$5.67B	$5.67B
Operating Expenses	-$2.46B	$3.21B
Operating Income	$3.21B	$3.21B
Other Income / Expense	$2.17B	$5.38B
Pre-tax Income	$5.38B	$5.38B
Income Tax	-$23.5M	$5.35B
Other Items	-$672M	$4.68B
Net Income	$4.68B	$4.68B

Revenue$6.65B
Cost of Revenue-$982M
Gross Profit$5.67B
Operating Expenses-$2.46B
Operating Income$3.21B
Other Income / Expense$2.17B
Pre-tax Income$5.38B
Income Tax-$23.5M
Other Items-$672M
Net Income$4.68B

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Simon Property Group (SPG) Key Financials

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Operating Margin48.3%

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Employees3.6K

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