Profit and Loss Statement

Definition

Profit and Loss Statement. (Also P&L or PnL) Is a financial statement that summarizes the revenues and costs incurred during a specific period of time, normally a fiscal quarter or 12 months.

These records provide information that shows the ability of an organization to generate margin by increasing revenue and reducing costs. The P&L statement is also known as a statement of profit and loss, an income statement,or an income and expense statement.