What financial statement shows a company's revenues and expenses?

What financial statement shows a company's revenues and expenses? The income statement shows a company’s revenues and expenses.

It summarizes financial performance over a defined period, such as a quarter or fiscal year. Revenues represent income earned from selling goods, providing services, or other activities, while expenses represent resources consumed or obligations incurred to operate the business. Subtracting expenses from revenues produces a profit or loss for the period.

An income statement may be presented in a single-step format, which totals revenues and expenses directly, or a multi-step format that shows subtotals such as gross profit and operating income. It can also include interest, taxes, gains, losses, and depreciation.

A common mix-up is confusing this statement with the balance sheet. The income statement covers a span of time and explains performance; the balance sheet reports assets, liabilities, and equity at one specific date. The cash flow statement is different again: it tracks cash movements rather than accounting revenues and expenses alone.