Once referred to as a profit-and-loss statement, an income statement typically includes revenue or sales, cost of goods sold, expenses, gross profits, taxes, net earnings and earnings before taxes. If you want a detailed analysis of your business's performance, the income statement is the report you need.

Is revenue included in income statement?

Revenue or sales: This is the first section on the income statement, and it gives you a summary of gross sales made by the company.

Does an income statement show revenues and expenses?

The income statement consists of revenues and expenses along with the resulting net income or loss over a period of time due to earning activities. The income statement shows investors and management if the firm made money during the period reported.