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 Vulcan Materials (VMC) revenue becomes net income?

For TTM through Q1 2026, Vulcan Materials turned $8.05B of revenue into $1.12B of net income — a net margin of 13.9%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Vulcan Materials (VMC) gross, operating, and net margins?

For TTM through Q1 2026, Vulcan Materials reported a gross margin of 27.6%, an operating margin of 20.6%, and a net margin of 13.9%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Vulcan Materials (VMC) 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.

Vulcan Materials (VMC) Income Statement Waterfall

Revenue

$8.05B

Gross Margin

+27.6%

Operating Margin

+20.6%

Net Margin

+13.9%

Income statement waterfall for Vulcan Materials (VMC) — TTM through Q1 2026

Net income: $1.12B

Margin breakdown for Vulcan Materials (VMC) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$8.05B	$8.05B
Cost of Revenue	-$5.83B	$2.22B
Gross Profit	$2.22B	$2.22B
Operating Expenses	-$563M	$1.66B
Operating Income	$1.66B	$1.66B
Other Income / Expense	-$249M	$1.41B
Pre-tax Income	$1.41B	$1.41B
Income Tax	-$294M	$1.12B
Net Income	$1.12B	$1.12B

Revenue$8.05B
Cost of Revenue-$5.83B
Gross Profit$2.22B
Operating Expenses-$563M
Operating Income$1.66B
Other Income / Expense-$249M
Pre-tax Income$1.41B
Income Tax-$294M
Net Income$1.12B

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