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 UMB Financial (UMBF) revenue becomes net income?

For TTM through Q1 2026, UMB Financial turned $4.46B of revenue into $883M of net income — a net margin of 19.8%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are UMB Financial (UMBF) gross, operating, and net margins?

For TTM through Q1 2026, UMB Financial reported a gross margin of 56.7%, an operating margin of 20.9%, and a net margin of 19.8%. Each subtotal in the waterfall corresponds to one of these margins.

Why does UMB Financial (UMBF) 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.

UMB Financial (UMBF) Income Statement Waterfall

Revenue

$4.46B

Gross Margin

+56.7%

Operating Margin

+20.9%

Net Margin

+19.8%

Income statement waterfall for UMB Financial (UMBF) — TTM through Q1 2026

Net income: $883M

Margin breakdown for UMB Financial (UMBF) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$4.46B	$4.46B
Cost of Revenue	-$1.93B	$2.53B
Gross Profit	$2.53B	$2.53B
Operating Expenses	-$1.59B	$933M
Operating Income	$933M	$933M
Other Income / Expense	$180M	$1.11B
Pre-tax Income	$1.11B	$1.11B
Income Tax	-$231M	$883M
Net Income	$883M	$883M

Revenue$4.46B
Cost of Revenue-$1.93B
Gross Profit$2.53B
Operating Expenses-$1.59B
Operating Income$933M
Other Income / Expense$180M
Pre-tax Income$1.11B
Income Tax-$231M
Net Income$883M

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