Income statement

A financial statement providing information on a company’s financial position during a specific accounting period. It generally gives an outline of revenue, the costs of running the business and the profits or losses generated. It can also be called a profit and loss statement, earnings report and operating statement. Along with the balance sheet, which provides a snapshot of a company’s finances on a certain date, the profit and loss statement constitutes the main financial reports a company gives to investors.

This definition is for general information purposes only