Revenue flow

Margins

Stage	AWK	% of rev	CAH	% of rev	Gap · A − B
Revenue	$1.5B	100.00%	$63.7B	100.00%	CAH ×42.17
Gross profit	$979M	64.83%	$2.6B	4.02%	AWK +60.8pp
Operating income	$641M	42.45%	$729M	1.14%	AWK +41.3pp
Pre-tax income	$499M	33.05%	$554M	0.87%	AWK +32.2pp
Net income	$387M	25.63%	$400M	0.63%	AWK +25.0pp

Stage	AWK	CAH	Gap · A − B
Revenue	$1.5B100.00%	$63.7B100.00%	CAH ×42.17
Gross profit	64.83%$979M	4.02%$2.6B	AWK +60.8pp
Operating income	42.45%$641M	1.14%$729M	AWK +41.3pp
Pre-tax income	33.05%$499M	0.87%$554M	AWK +32.2pp