The income statement, also known as a Profit & Loss (P&L) statement, is a financial document that presents a business’s financial performance across a certain period of time – typically over the course of a fiscal year. It provides an overview of the company’s revenues, expenses and profits in order to allow stakeholders to better understand the company’s current financial standing. The income statement will include typical items such as total sales, gross profit, operating expenses and net income. By comparing a company’s income statements for different periods, you can measure the company’s growth and success.