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 United Bankshares (UBSI) revenue becomes net income?

For TTM through Q1 2026, United Bankshares turned $1.84B of revenue into $504M of net income — a net margin of 27.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are United Bankshares (UBSI) gross, operating, and net margins?

For TTM through Q1 2026, United Bankshares reported a gross margin of 67.4%, an operating margin of 34.8%, and a net margin of 27.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does United Bankshares (UBSI) 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.

United Bankshares (UBSI) Income Statement Waterfall

Revenue

$1.84B

Gross Margin

+67.4%

Operating Margin

+34.8%

Net Margin

+27.5%

Income statement waterfall for United Bankshares (UBSI) — TTM through Q1 2026

Net income: $504M

Margin breakdown for United Bankshares (UBSI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.84B	$1.84B
Cost of Revenue	-$599M	$1.24B
Gross Profit	$1.24B	$1.24B
Operating Expenses	-$597M	$639M
Operating Income	$639M	$639M
Other Income / Expense	-$6.78M	$632M
Pre-tax Income	$632M	$632M
Income Tax	-$128M	$504M
Net Income	$504M	$504M

Revenue$1.84B
Cost of Revenue-$599M
Gross Profit$1.24B
Operating Expenses-$597M
Operating Income$639M
Other Income / Expense-$6.78M
Pre-tax Income$632M
Income Tax-$128M
Net Income$504M

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