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 UGI (UGI) revenue becomes net income?

For TTM through Q1 2026, UGI turned $7.36B of revenue into $641M of net income — a net margin of 8.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are UGI (UGI) gross, operating, and net margins?

For TTM through Q1 2026, UGI reported a gross margin of 46.1%, an operating margin of 13.3%, and a net margin of 8.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does UGI (UGI) 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.

UGI (UGI) Income Statement Waterfall

Revenue

$7.36B

Gross Margin

+46.1%

Operating Margin

+13.3%

Net Margin

+8.7%

Income statement waterfall for UGI (UGI) — TTM through Q1 2026

Net income: $641M

Margin breakdown for UGI (UGI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$7.36B	$7.36B
Cost of Revenue	-$3.97B	$3.39B
Gross Profit	$3.39B	$3.39B
Operating Expenses	-$2.42B	$976M
Operating Income	$976M	$976M
Other Income / Expense	-$280M	$696M
Pre-tax Income	$696M	$696M
Income Tax	-$55M	$641M
Net Income	$641M	$641M

Revenue$7.36B
Cost of Revenue-$3.97B
Gross Profit$3.39B
Operating Expenses-$2.42B
Operating Income$976M
Other Income / Expense-$280M
Pre-tax Income$696M
Income Tax-$55M
Net Income$641M

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