profit and loss statement

A financial statement that lists the different types of revenues that a company has earned and the expenses that it has incurred. It is also referred to as an income statement. Typical categories include: revenue, cost of goods sold, gross profit, net income, and net income per share. However, each company has its own categories of expenses, so each P&L will be somewhat unique. Publicly traded companies produce quarterly and yearly P&L statements. In a more informal usage, the term may be used to refer to profit and loss responsibility that a department or project has.