Financial Statements
Income Statement
A report showing revenue, expenses, and profit over a period of time.
Also called: profit and loss statement, P&L
What it means
An income statement shows how much money a company brought in, what it spent, and what profit or loss remained during a specific period, such as a quarter or year. It focuses on performance over time rather than what the company owns on a single date.
Why it matters
It helps users see whether a company is growing sales, controlling costs, and turning its business activity into profit.