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 VICI Properties (VICI) revenue becomes net income?

For TTM through Q1 2026, VICI Properties turned $4.05B of revenue into $3.1B of net income — a net margin of 76.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are VICI Properties (VICI) gross, operating, and net margins?

For TTM through Q1 2026, VICI Properties reported a gross margin of 99.2%, an operating margin of 98.7%, and a net margin of 76.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does VICI Properties (VICI) 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.

VICI Properties (VICI) Income Statement Waterfall

Revenue

$4.05B

Gross Margin

+99.2%

Operating Margin

+98.7%

Net Margin

+76.7%

Income statement waterfall for VICI Properties (VICI) — TTM through Q1 2026

Net income: $3.1B

Margin breakdown for VICI Properties (VICI) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$4.05B	$4.05B
Cost of Revenue	-$31.6M	$4.02B
Gross Profit	$4.02B	$4.02B
Operating Expenses	-$22.1M	$3.99B
Operating Income	$3.99B	$3.99B
Other Income / Expense	-$833M	$3.16B
Pre-tax Income	$3.16B	$3.16B
Income Tax	-$8.87M	$3.15B
Other Items	-$47.9M	$3.1B
Net Income	$3.1B	$3.1B

Revenue$4.05B
Cost of Revenue-$31.6M
Gross Profit$4.02B
Operating Expenses-$22.1M
Operating Income$3.99B
Other Income / Expense-$833M
Pre-tax Income$3.16B
Income Tax-$8.87M
Other Items-$47.9M
Net Income$3.1B

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Operating Margin98.7%

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Operations

Employees28.0

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