Profit and loss statement template

A profit and loss statement with revenue, cost of goods sold and expenses, gross profit and net income, as a one-page summary and a 12-month Excel sheet.

🇺🇸 US format · Letter size
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This is a sample form. Check tax amounts against IRS rules and your accountant's advice.

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Match it to your books

A P&L is only as good as the numbers behind it. Pull totals from your bookkeeping software or bank export for the same period, use the same basis (cash or accrual) as last time, and let your accountant decide what counts as cost of goods sold.

Profit and Loss Statement

Business	Lee Design Studio LLC
Period	Year ended December 31, 2026
Prepared	October 22, 2026	Basis	Accrual unless noted

Line item	Amount
REVENUE
Design services	$148,000.00
Print brokerage	$22,500.00
Total revenue	$170,500.00
COST OF GOODS SOLD
Contract designers	$31,000.00
Print vendor costs	$16,800.00
Stock images and fonts	$2,400.00
Total cost of goods sold	$50,200.00
Gross profit	$120,300.00
OPERATING EXPENSES
Rent	$24,000.00
Software subscriptions	$5,400.00
Marketing	$7,200.00
Insurance	$2,900.00
Professional fees	$3,600.00
Travel and meals	$4,100.00
Total operating expenses	$47,200.00
Net income (gross margin 70.6%, net margin 42.9%)	$73,100.00

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Profit and Loss Statement

Business	Lee Design Studio LLC
Period	Year ended December 31, 2026
Prepared	October 22, 2026	Basis	Accrual unless noted

Line item	Amount
REVENUE
Design services	$148,000.00
Print brokerage	$22,500.00
Total revenue	$170,500.00
COST OF GOODS SOLD
Contract designers	$31,000.00
Print vendor costs	$16,800.00
Stock images and fonts	$2,400.00
Total cost of goods sold	$50,200.00
Gross profit	$120,300.00
OPERATING EXPENSES
Rent	$24,000.00
Software subscriptions	$5,400.00
Marketing	$7,200.00
Insurance	$2,900.00
Professional fees	$3,600.00
Travel and meals	$4,100.00
Total operating expenses	$47,200.00
Net income (gross margin 70.6%, net margin 42.9%)	$73,100.00

How to use it

Type each revenue line, direct cost and operating expense as name | amount for the period. The statement totals each section, shows gross profit with the margin, subtracts expenses and any typed tax, and ends with net income. Print the one-page summary or download the Excel version, where the same lines run across 12 months with a Total column.

The Excel months start with the amounts spread evenly as placeholders. Overwrite them with the monthly figures from your books and the totals follow.

Things to watch

Keep the same categories from period to period so you can compare. Owner draws are not an expense for a sole proprietor or LLC, and loan principal is not an expense either; only the interest is. If a lender asks for a year-to-date P&L, set the period to the months so far and note it in the heading.

Calculators that go with this

Frequently asked questions

What is the difference between a P&L and an income statement?

Nothing for a small business. Income statement is the formal accounting name; profit and loss statement is what most owners and lenders call it. Banks ask for a P&L, the IRS Schedule C is built from the same numbers.

Cash or accrual?

Cash basis records money when it moves; accrual records sales when invoiced and costs when incurred. Most small businesses use cash basis for tax. Pick one and write it in the Basis cell so the reader knows.

What goes in cost of goods sold for a service business?

Costs that exist only because you delivered the work: subcontractors, materials billed through, software you resell. Rent, your own salary and marketing are operating expenses. Many pure service businesses leave the section empty.

Is what I type saved anywhere?

No. Everything stays in your browser and nothing is sent to our server. If you refresh the page it is gone, so print, save a PDF or download the DOCX when you are done.