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Finance hiring report · Fall 2026

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Home / Glossary / Profit and loss statement (P&L)
Glossary · Month-end and reports

Profit and loss statement (P&L)

The report that shows income minus costs for a period, ending in net profit or loss. Also called the income statement.

In plain words

The P&L answers one question: did this month, quarter or year make money? It starts with income, takes off the direct costs of the work to show gross profit, then takes off overhead to show net profit.

It is one of three core reports. The balance sheet shows what you own and owe on one day. The cash flow statement shows where the cash actually went. A P&L is only as good as the close behind it.

Example

A one-month P&L, summarized

Income$48,000
Direct costs$21,000
Gross profit$27,000
Overhead$19,500

Net profit: $7,500 for the month. Example figures.

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