![\"Profit](\"\/wp-content\/uploads\/2025\/03\/profit-and-loss-statement-template-600x664.png\")
\nA profit and loss statement, also referred to as an income statement or P&L statement, is essential for businesses to track financial performance over a given period. It provides a clear breakdown of revenue, expenses and net income, helping businesses understand profitability and make informed decisions.<\/p>\n
This profit and loss statement template simplifies the process by automating calculations, ensuring accuracy and saving time. Whether you’re a small business owner, freelancer or corporate manager, this template offers an efficient way to analyze financial data without complex spreadsheet formulas.<\/p>\n\n
ProjectManager’s free profit and loss template for Excel<\/em><\/p>\n Using this profit and loss statement template for Excel eliminates the hassle of manually calculating key financial metrics. It automatically sums up revenue, cost of goods sold, operating expenses and other crucial components. This automation ensures accurate results for gross profit, operating income and net income.<\/p>\n Additionally, it accounts for non-operating income and expenses, earnings before taxes and income tax expenses, providing a complete financial snapshot. By leveraging this template, businesses can streamline financial reporting and focus on strategic growth.<\/p>\n To achieve that strategic growth, build profits and keep within one\u2019s operating costs, requires more than templates. You need project management software. ProjectManager<\/a> is award-winning project and portfolio management software that has robust Gantt charts to schedule tasks as well as human and nonhuman resources with their related costs.<\/p>\n This can help forecast accurate budgets. But the Gantt chart also links dependences to avoid costly delays, filters for the critical path and sets a baseline to track planned against actual costs in real time Get started with ProjectManager today for free.<\/p>\n Businesses create profit and loss statements to assess their financial health, track profitability and make data-driven decisions. This statement helps business owners, investors and stakeholders evaluate revenue trends, control costs and identify areas for improvement. By regularly generating a P&L statement, businesses can monitor financial performance and plan effectively for future growth.<\/p>\n Download this free profit and loss statement template for Excel and open a fully customizable spreadsheet. While users can edit it as they like, we have formatted it in a general way to make it more helpful.<\/p>\n Revenue represents the total income generated by a business from its primary operations<\/a> before deducting any costs. It serves as the starting point for evaluating financial performance, providing insight into a company\u2019s ability to generate sales. Revenue is essential for determining profitability and making financial forecasts.<\/p>\n In an income statement, the Cost of Goods Sold (COGS) represents the direct costs associated with producing goods or services. It includes expenses that are directly tied to production<\/a>, such as materials and labor. COGS is crucial in determining gross profit, as it reflects the costs needed to generate revenue.<\/p>\n Gross profit is calculated as revenue minus COGS and indicates the efficiency of a company in producing and selling its goods or services. A higher gross profit margin suggests strong pricing and cost control<\/a> strategies. This profit and loss statement template for Excel automatically calculates gross profit, making financial analysis easier and more accurate.<\/p>\n Operating expenses (OPEX) refer to the costs incurred in running daily business processes<\/a>. Unlike COGS, these expenses are not directly tied to production but are essential for maintaining business functions. Managing OPEX effectively helps businesses optimize profitability.<\/p>\n Operating income is the profit earned from core business activities after deducting operating expenses<\/a>. It provides insight into operational efficiency and profitability before considering non-operating factors. This template automatically calculates operating income, simplifying financial analysis and reporting.<\/p>\n Non-operating income and expenses refer to financial activities that are not related to a company’s primary operations. These include gains or losses from investments, interest and asset sales. Understanding these items helps businesses evaluate external financial impacts<\/a>.<\/p>\n Earnings Before Taxes (EBT) is a crucial metric in a profit and loss statement that represents a company’s profitability before accounting for income taxes. It provides insight into the company’s operational efficiency and financial performance without the influence of tax considerations. This free Excel profit and loss statement template automatically calculates this value, which ensures accuracy and saves time, allowing business owners to focus on analyzing their company’s pre-tax earnings and making informed decisions<\/a>.<\/p>\n Income Tax Expense is a significant line item in a profit and loss statement that represents the amount of taxes a company owes based on its taxable income. It’s crucial for understanding a company’s tax obligations and its impact on overall profitability. This is also automatically calculated thanks to the formulas in this P&L statement template for Excel.<\/p>\n Net Income, also known as the bottom line, is the final figure in a profit and loss statement that represents a company’s total earnings or losses after all revenues, expenses and taxes have been accounted for. It’s a critical indicator of a company’s overall financial health and profitability. This value is calculated by the template once all the other elements of the profit and loss statement have been filed out.<\/p>\n The profit and loss statement template is one of over 100 free project management templates<\/a> for Excel and Word that cover all aspects of managing a project across multiple industries. Below are some of those templates that are related to managing costs.<\/p>\n Dashboards are visual tools that track metrics. This free budget dashboard template for Excel is focused exclusively on finance. It has bar and pie charts to measure the total cost, planned vs. actual costs and other cost breakdowns.<\/p>\n Download this free operating budget template for Excel to accurately predict the revenue and expenses an organization can expect to make over a quarterly or yearly time period. This helios to create financial accountability and plans and manages resources.<\/p>\n Use this free cost-benefit analysis template for Excel to compare what one expects to pay for a project against the benefits opportunities it will provide. This helps one to decide whether to move forward with a project or not.<\/p>\n The profit and loss statement template and all of these free templates are a great workaround, but they\u2019re not without issues. For one, these are static documents that have to be manually updated. That is time consuming and takes one away from more pressing needs. To avoid that, explore the advantages of project management software. ProjectManager<\/a> is award-winning project and portfolio management software that has multiple project planning, scheduling and tracking tools to help keep projects on budget and ensure profits.<\/p>\n One of the main advantages of using ProjectManager is that it offers a variety of project management tools<\/a>. Gantt charts schedule resources, but those resources need to be assigned to tasks to execute their work. Start by setting their availability when onboarding teams. This includes PTO, vacation and global holidays and allows for the right person to get the right assignment at the right time. View resource allocation across all projects on the color-coded workload page. See who is overallocated or underutilized and balance the whole team\u2019s workload without leaving the chart. A daily and weekly team page summarizes their activities, can be filtered by priority or progress and updates tasks right from that page.<\/p>\n There are several ways to monitor that costs are keeping to the budget. For a high-level overview, use the real-time project or portfolio dashboards<\/a>. They collect live data and display time, cost, workload and more metrics on easy-to-read graphs and charts. Customizable reports go deeper into the data, such as project or portfolio status, variance, workload, timesheets and other reports. All reports can be filtered to show key data points or general progress, which can be shared with stakeholders. Even secure timesheets help to stay on budget by tracking labor costs.<\/p>\n A profit and loss statement template is only a small part of the financial coverage found on our blog. For those who care to read more on the subject, below are links to some of the more recent pieces we\u2019ve published on the subject.<\/p>\nWhy You Need a Profit and Loss Statement Template<\/h2>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Gantt-CTA-2025-1600x868.jpg\")
<\/a>When To Use This Profit and Loss Statement Template<\/h2>\n
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How to Use the Profit and Loss Statement Template<\/h2>\n
1. Measure Revenue<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/profit-and-loss-statement-template-revenue.png\")
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2. Calculate the Cost of Goods Sold (COGS)<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/profit-and-loss-statement-template-cost-of-goods-sold-cogs.png\")
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3. Measure Gross Profit<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Profit-and-loss-statement-template-Gross-profit.png\")
\n4. Calculate the Cost of Operating Expenses (OPEX)<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/profit-and-loss-statement-template-operating-expenses-OPEX.png\")
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5. Calculate Operating Income<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Profit-and-loss-statement-template-Operating-income.png\")
\n6. Define Non-Operating Income & Expenses<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/profit-and-loss-statement-template-non-operating-income-and-expenses.png\")
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7. Earnings Before Taxes (EBT)<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Profit-and-loss-statement-template-earnings-before-taxes.png\")
\n8. Income Tax Expense<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Profit-and-loss-statement-template-Income-tax-expense.png\")
\n9. Net Income (Profit or Loss)<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2025\/03\/Profit-and-loss-statement-template-net-income.png\")
\nRelated Project Management Templates<\/h2>\n
Budget Dashboard Template<\/a><\/h3>\n
Operating Budget Template<\/a><\/h3>\n
Cost-Benefit Analysis Template<\/a><\/h3>\n
How to Manage Project Costs and Profitability With ProjectManager<\/h2>\n
Manage Resources and Stay Productive<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2024\/04\/Team-summary-better-data-light-mode-home-screen-dashboard-1600x870.png\")
<\/a>\nTrack Costs With Real-Time Dashboards and Reports<\/h3>\n
![\"ProjectManager's](\"\/wp-content\/uploads\/2024\/05\/portfolio-dashboard-screenshot-lightmode-1600x786.png\")
<\/a>\nRelated Content<\/h2>\n
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