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 Tango Therapeutics (TNGX) revenue becomes net income?

For TTM through Q1 2026, Tango Therapeutics turned $57M of revenue into -$107M of net income — a net margin of -188.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Tango Therapeutics (TNGX) gross, operating, and net margins?

For TTM through Q1 2026, Tango Therapeutics reported a gross margin of 97.3%, an operating margin of -206.2%, and a net margin of -188.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Tango Therapeutics (TNGX) 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.

Tango Therapeutics (TNGX) Income Statement Waterfall

Revenue

$57M

Gross Margin

+97.3%

Operating Margin

-206.2%

Net Margin

-188.2%

Income statement waterfall for Tango Therapeutics (TNGX) — TTM through Q1 2026

Net income: -$107M

Margin breakdown for Tango Therapeutics (TNGX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$57M	$57M
Cost of Revenue	-$1.57M	$55.4M
Gross Profit	$55.4M	$55.4M
Operating Expenses	-$173M	-$118M
Operating Income	-$118M	-$118M
Other Income / Expense	$10.3M	-$107M
Pre-tax Income	-$107M	-$107M
Tax Benefit	$29K	-$107M
Net Loss	-$107M	-$107M

Revenue$57M
Cost of Revenue-$1.57M
Gross Profit$55.4M
Operating Expenses-$173M
Operating Income-$118M
Other Income / Expense$10.3M
Pre-tax Income-$107M
Tax Benefit$29K
Net Loss-$107M

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