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 John Wiley & Sons (WLY) revenue becomes net income?

For TTM through Q1 2026, John Wiley & Sons turned $1.67B of revenue into $154.36M of net income — a net margin of 9.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are John Wiley & Sons (WLY) gross, operating, and net margins?

For TTM through Q1 2026, John Wiley & Sons reported a gross margin of 71%, an operating margin of 16.3%, and a net margin of 9.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does John Wiley & Sons (WLY) 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.

John Wiley & Sons (WLY) Income Statement Waterfall

Revenue

$1.67B

Gross Margin

+71.0%

Operating Margin

+16.3%

Net Margin

+9.2%

Income statement waterfall for John Wiley & Sons (WLY) — TTM through Q1 2026

Net income: $154.36M

Margin breakdown for John Wiley & Sons (WLY) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$1.67B	$1.67B
Cost of Revenue	−$485.08M	$1.19B
Gross Profit	$1.19B	$1.19B
Operating Expenses	−$914.28M	$271.81M
Operating Income	$271.81M	$271.81M
Other Income / Expense	−$99.43M	$172.38M
Pre-tax Income	$172.38M	$172.38M
Income Tax	−$18.02M	$154.36M
Net Income	$154.36M	$154.36M

Revenue$1.67B
Cost of Revenue−$485.08M
Gross Profit$1.19B
Operating Expenses−$914.28M
Operating Income$271.81M
Other Income / Expense−$99.43M
Pre-tax Income$172.38M
Income Tax−$18.02M
Net Income$154.36M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

John Wiley & Sons (WLY) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Income statement waterfall for John Wiley & Sons (WLY) — TTM through Q1 2026

Margin breakdown for John Wiley & Sons (WLY) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of John Wiley & Sons (WLY) revenue becomes net income?

+What are John Wiley & Sons (WLY) gross, operating, and net margins?

+Why does John Wiley & Sons (WLY) 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?

John Wiley & Sons (WLY) Key Financials

Explore more