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 Versant Media Group, Inc. Class A (VSNT) revenue becomes net income?

For TTM through Q1 2026, Versant Media Group, Inc. Class A turned $6.67B of revenue into $848M of net income — a net margin of 12.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Versant Media Group, Inc. Class A (VSNT) gross, operating, and net margins?

For TTM through Q1 2026, Versant Media Group, Inc. Class A reported a gross margin of 48.4%, an operating margin of 19.7%, and a net margin of 12.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Versant Media Group, Inc. Class A (VSNT) 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.

Versant Media Group, Inc. Class A (VSNT) Income Statement Waterfall

Revenue

$6.67B

Gross Margin

+48.4%

Operating Margin

+19.7%

Net Margin

+12.7%

Income statement waterfall for Versant Media Group, Inc. Class A (VSNT) — TTM through Q1 2026

Net income: $848M

Margin breakdown for Versant Media Group, Inc. Class A (VSNT) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.67B	$6.67B
Cost of Revenue	-$3.44B	$3.23B
Gross Profit	$3.23B	$3.23B
Operating Expenses	-$1.92B	$1.31B
Operating Income	$1.31B	$1.31B
Other Income / Expense	-$185M	$1.13B
Pre-tax Income	$1.13B	$1.13B
Income Tax	-$277M	$849M
Net Income	$848M	$848M

Revenue$6.67B
Cost of Revenue-$3.44B
Gross Profit$3.23B
Operating Expenses-$1.92B
Operating Income$1.31B
Other Income / Expense-$185M
Pre-tax Income$1.13B
Income Tax-$277M
Net Income$848M

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