Glossary Terms

Profit and Loss Statement

A profit and loss statement, also known as a P&L or income statement, is a financial document that summarizes the revenues, costs, and expenses incurred by a business during a period of time.

A profit and loss statement, also known as a P&L or income statement, is a financial document that summarizes the revenues, costs, and expenses incurred by a business during a period of time.

Typically, all businesses release a profit and loss statement quarterly and annually, along with their balance sheet and cash flow statement.