Profit & Loss Statement, almost always shortened to P&L, is another widely used name for the Income Statement, one of the three core financial statements alongside the balance sheet and the statement of cash flows. The two terms describe the exact same report: a summary of a company's revenue and expenses over a reporting period, ending in a bottom-line profit or loss figure.
Why two names exist
Income Statement is the more formal, standards-based name that appears in a company's official financial filings, while Profit & Loss Statement, or simply “the P&L”, is the name more commonly used in day-to-day business conversation, internal management reporting and smaller-business bookkeeping. Both refer to the identical report, built the same way, moving from revenue down through gross profit, operating income and finally net profit or loss.
Where to go for the full explanation
See Income Statement for a complete explanation of its structure, how revenue and costs flow down to the bottom line, and how it is used alongside the balance sheet and cash flow statement to assess a company's overall financial performance.