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 Universal Corporation (UVV) revenue becomes net income?

For TTM through Q1 2026, Universal Corporation turned $2.92B of revenue into $32.6M of net income — a net margin of 1.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Universal Corporation (UVV) gross, operating, and net margins?

For TTM through Q1 2026, Universal Corporation reported a gross margin of 17.5%, an operating margin of 7.1%, and a net margin of 1.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Universal Corporation (UVV) 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.

Universal Corporation (UVV) Income Statement Waterfall

Revenue

$2.92B

Gross Margin

+17.5%

Operating Margin

+7.1%

Net Margin

+1.1%

Income statement waterfall for Universal Corporation (UVV) — TTM through Q1 2026

Net income: $32.6M

Margin breakdown for Universal Corporation (UVV) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.92B	$2.92B
Cost of Revenue	-$2.41B	$511M
Gross Profit	$511M	$511M
Operating Expenses	-$302M	$209M
Operating Income	$209M	$209M
Other Income / Expense	-$106M	$103M
Pre-tax Income	$103M	$103M
Income Tax	-$46.7M	$56M
Other Items	-$23.4M	$32.6M
Net Income	$32.6M	$32.6M

Revenue$2.92B
Cost of Revenue-$2.41B
Gross Profit$511M
Operating Expenses-$302M
Operating Income$209M
Other Income / Expense-$106M
Pre-tax Income$103M
Income Tax-$46.7M
Other Items-$23.4M
Net Income$32.6M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Universal Corporation (UVV) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

UVV Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation