income statement

noun

UK /ˈɪnkʌm ˈsteɪtmənt/

US /ˈɪnkʌm ˈsteɪtmənt/

A list that shows how much money a business made and spent.

The teacher showed us the lemonade stand's income statement to see if we made a profit.

SYNONYMS

profit and loss statement earnings report statement of operations financial statement

RELATED WORDS

revenue expenses profit balance sheet cash flow

OTHER MEANINGS

2. A formal financial report that summarizes revenues, costs, and net income over a period.

Investors reviewed the company's quarterly income statement before buying shares.

3. A document used to calculate whether a business earned or lost money.

The accountant prepared an income statement to show the loss from the new store.

4. A summary of money coming in and going out, often used for taxes.

She filed her income statement with the tax office each spring.