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 First Financial (THFF) revenue becomes net income?

For TTM through Q1 2026, First Financial turned $320.85M of revenue into $80.61M of net income — a net margin of 25.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are First Financial (THFF) gross, operating, and net margins?

For TTM through Q1 2026, First Financial reported a gross margin of 77.9%, an operating margin of 27.8%, and a net margin of 25.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does First Financial (THFF) 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.

First Financial (THFF) Income Statement Waterfall

Revenue

$320.85M

Gross Margin

+77.9%

Operating Margin

+27.8%

Net Margin

+25.1%

Income statement waterfall for First Financial (THFF) — TTM through Q1 2026

Net income: $80.61M

Margin breakdown for First Financial (THFF) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$320.85M	$320.85M
Cost of Revenue	−$70.86M	$249.99M
Gross Profit	$249.99M	$249.99M
Operating Expenses	−$160.90M	$89.08M
Operating Income	$89.08M	$89.08M
Other Income / Expense	$11.22M	$100.30M
Pre-tax Income	$100.30M	$100.30M
Income Tax	−$19.70M	$80.61M
Net Income	$80.61M	$80.61M

Revenue$320.85M
Cost of Revenue−$70.86M
Gross Profit$249.99M
Operating Expenses−$160.90M
Operating Income$89.08M
Other Income / Expense$11.22M
Pre-tax Income$100.30M
Income Tax−$19.70M
Net Income$80.61M

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Income statement waterfall for First Financial (THFF) — TTM through Q1 2026

Margin breakdown for First Financial (THFF) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of First Financial (THFF) revenue becomes net income?

+What are First Financial (THFF) gross, operating, and net margins?

+Why does First Financial (THFF) 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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