The income statement is one of three important financial statements used by a company to report its financial performance over a specific accounting period. What Is an Income Statement?

In this guide, we’ll breakdown what an income statement is. What Is an Income Statement? An income statement – also called a profit and loss account or profit and loss statement – is a ...

An income statement details a company's revenues and expenses, showcasing financial outcomes. It includes critical ratio calculations such as gross profit margin and EPS to assess profitability.