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 Wynn Resorts (WYNN) revenue becomes net income?

For TTM through Q1 2026, Wynn Resorts turned $7.29B of revenue into $375M of net income — a net margin of 5.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Wynn Resorts (WYNN) gross, operating, and net margins?

For TTM through Q1 2026, Wynn Resorts reported a gross margin of 38.7%, an operating margin of 15.9%, and a net margin of 5.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Wynn Resorts (WYNN) 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.

Wynn Resorts (WYNN) Income Statement Waterfall

Revenue

$7.29B

Gross Margin

+38.7%

Operating Margin

+15.9%

Net Margin

+5.1%

Income statement waterfall for Wynn Resorts (WYNN) — TTM through Q1 2026

Net income: $375M

Margin breakdown for Wynn Resorts (WYNN) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$7.29B	$7.29B
Cost of Revenue	-$4.47B	$2.82B
Gross Profit	$2.82B	$2.82B
Operating Expenses	-$1.67B	$1.16B
Operating Income	$1.16B	$1.16B
Other Income / Expense	-$576M	$582M
Pre-tax Income	$582M	$582M
Income Tax	-$104M	$478M
Other Items	-$103M	$375M
Net Income	$375M	$375M

Revenue$7.29B
Cost of Revenue-$4.47B
Gross Profit$2.82B
Operating Expenses-$1.67B
Operating Income$1.16B
Other Income / Expense-$576M
Pre-tax Income$582M
Income Tax-$104M
Other Items-$103M
Net Income$375M

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Wynn Resorts (WYNN) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

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

Overview

WYNN Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation