p&l vs income statement

While the Profit and Loss (P&L) statement and income statement are often used interchangeably, they both serve the same purpose—reporting a company’s revenues, expenses, and profits over a specific period. The income statement provides a detailed view of profitability, while the P&L focuses on the same metrics but is a more commonly used term in some regions. Understanding the nuances of both terms is essential for analyzing a company’s financial performance.