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 Ventas (VTR) revenue becomes net income?

For TTM through Q1 2026, Ventas turned $6.13B of revenue into $260M of net income — a net margin of 4.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Ventas (VTR) gross, operating, and net margins?

For TTM through Q1 2026, Ventas reported a gross margin of -4.3%, an operating margin of 13.4%, and a net margin of 4.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Ventas (VTR) 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.

Ventas (VTR) Income Statement Waterfall

Revenue

$6.13B

Gross Margin

-4.3%

Operating Margin

+13.4%

Net Margin

+4.2%

Income statement waterfall for Ventas (VTR) — TTM through Q1 2026

Net income: $260M

Margin breakdown for Ventas (VTR) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.13B	$6.13B
Cost of Revenue	-$6.39B	-$261M
Gross Profit	-$261M	-$261M
Operating Expenses	$1.08B	$821M
Operating Income	$821M	$821M
Other Income / Expense	-$568M	$253M
Pre-tax Income	$253M	$253M
Tax Benefit	$19.5M	$272M
Other Items	-$11.8M	$260M
Net Income	$260M	$260M

Revenue$6.13B
Cost of Revenue-$6.39B
Gross Profit-$261M
Operating Expenses$1.08B
Operating Income$821M
Other Income / Expense-$568M
Pre-tax Income$253M
Tax Benefit$19.5M
Other Items-$11.8M
Net Income$260M

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Operating Margin13.4%

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Operations

Employees542.0

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