A P&L is mandatory to report companies are legally required to submit. This typically happens every quarter, along with a cash flow statement and a balance sheet.
Known by the kids as the “income statement” or the “I don’t know what you are talking about, old man, I just work here,” the P&L covers all incurred revenue. The costs and expenses of a company over a specific period provide insight into how many years the company has left before they shutter up. I mean how well a company generates income.