Income Statement

An income statement is a financial statement that summarizes revenue, expenses, and profit over a specific period. It shows how a business performed during that time frame.

Income statements are also called profit and loss (P&L) statements. They are used by managers and investors to assess profitability and trends like net income and gross margin. It is commonly used to calculate metrics like EBITDA.

Related Terms

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...

Cash Flow Statement

A cash flow statement reports cash inflows and outflows from operating, investing, and financing act...

Net Income

Net income is a company's profit after all expenses, taxes, and interest are deducted from revenue. ...

Gross Margin

Gross margin is the percentage of revenue remaining after subtracting the cost of goods sold. It mea...

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