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 Welltower (WELL) revenue becomes net income?

For TTM through Q1 2026, Welltower turned $11.58B of revenue into $1.41B of net income — a net margin of 12.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Welltower (WELL) gross, operating, and net margins?

For TTM through Q1 2026, Welltower reported a gross margin of 38.9%, an operating margin of 4.6%, and a net margin of 12.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Welltower (WELL) 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.

Welltower (WELL) Income Statement Waterfall

Revenue

$11.58B

Gross Margin

+38.9%

Operating Margin

+4.6%

Net Margin

+12.2%

Income statement waterfall for Welltower (WELL) — TTM through Q1 2026

Net income: $1.41B

Margin breakdown for Welltower (WELL) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$11.58B	$11.58B
Cost of Revenue	−$7.08B	$4.50B
Gross Profit	$4.50B	$4.50B
Operating Expenses	−$3.97B	$535.01M
Operating Income	$535.01M	$535.01M
Other Income / Expense	$931.92M	$1.47B
Pre-tax Income	$1.47B	$1.47B
Income Tax	−$10.04M	$1.46B
Other Items	−$49.34M	$1.41B
Net Income	$1.41B	$1.41B

Revenue$11.58B
Cost of Revenue−$7.08B
Gross Profit$4.50B
Operating Expenses−$3.97B
Operating Income$535.01M
Other Income / Expense$931.92M
Pre-tax Income$1.47B
Income Tax−$10.04M
Other Items−$49.34M
Net Income$1.41B

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Income statement waterfall for Welltower (WELL) — TTM through Q1 2026

Margin breakdown for Welltower (WELL) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Welltower (WELL) revenue becomes net income?

+What are Welltower (WELL) gross, operating, and net margins?

+Why does Welltower (WELL) have such a high (or low) gross margin?

+What is the difference between gross, operating, and net margin?

Data & methodology

+What is this view?

+How to read this waterfall

+How is the data calculated?

+What is the USD toggle?

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