Income Statement

An income statement is a key financial document that provides a summary of a company’s revenues, expenses, and profits over a specific period, such as a month, quarter, or year. Also known as the profit and loss statement (P&L), it helps businesses assess their financial performance and profitability. The main components of an income statement include revenue (sales), cost of goods sold (COGS), gross profit, operating expenses, operating income, and net income. Investors and analysts use income statements to evaluate a company's financial health and make informed decisions.