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 Direxion Daily XOM Bull 2X ETF (XOMX) revenue becomes net income?

For TTM through Q1 2026, Direxion Daily XOM Bull 2X ETF turned $269.18B of revenue into $25.46B of net income — a net margin of 9.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Direxion Daily XOM Bull 2X ETF (XOMX) gross, operating, and net margins?

For TTM through Q1 2026, Direxion Daily XOM Bull 2X ETF reported a gross margin of 32.2%, an operating margin of 13.6%, and a net margin of 9.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Direxion Daily XOM Bull 2X ETF (XOMX) 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.

Direxion Daily XOM Bull 2X ETF (XOMX) Income Statement Waterfall

Revenue

$269.18B

Gross Margin

+32.2%

Operating Margin

+13.6%

Net Margin

+9.5%

Income statement waterfall for Direxion Daily XOM Bull 2X ETF (XOMX) — TTM through Q1 2026

Net income: $25.46B

Margin breakdown for Direxion Daily XOM Bull 2X ETF (XOMX) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$269.18B	$269.18B
Cost of Revenue	−$182.38B	$86.80B
Gross Profit	$86.80B	$86.80B
Operating Expenses	−$50.31B	$36.49B
Operating Income	$36.49B	$36.49B
Other Income / Expense	−$5.35B	$31.14B
Pre-tax Income	$31.14B	$31.14B
Income Tax	−$4.64B	$26.50B
Other Items	−$1.04B	$25.46B
Net Income	$25.46B	$25.46B

Revenue$269.18B
Cost of Revenue−$182.38B
Gross Profit$86.80B
Operating Expenses−$50.31B
Operating Income$36.49B
Other Income / Expense−$5.35B
Pre-tax Income$31.14B
Income Tax−$4.64B
Other Items−$1.04B
Net Income$25.46B

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