10 Best Free Income Statement Templates for 2025
Income statement templates are essential templates that provide a comprehensive overview of your company's revenues, expenses, and overall financial performance. These ready-to-use templates eliminate the need to build complex spreadsheets from scratch, saving you valuable time and reducing the risk of calculation errors.
In this guide, you will discover 10 best free income statement templates for 2025 that will help you maintain accurate financial records and gain deeper insights into your business's profitability.
What makes a good Income Statement Template?
A good income statement template provides a comprehensive framework for accurate financial tracking, whether for quarterly performance reviews or yearly financial reporting.
Most importantly, an effective income statement template should be customized to reflect your industry's specific requirements, whether you're in manufacturing, retail, professional services, or technology, as each sector has distinct financial characteristics that need to be properly documented.
In general, a good income statement template will include:
1. Revenue Components: All income sources, including product sales, service fees, and additional revenue streams. This section captures every dollar flowing into the business.
2. Cost of Revenue: Direct expenses, raw materials, and production costs. This clearly shows what it costs to generate your revenue.
3. Operating Expenses: Salaries, office expenses, insurance, marketing costs, and overhead. This encompasses all costs associated with business operations.
4. Profit Calculations: Progressive profit figures, from gross profit (after direct costs) to operating profit and final net income after all deductions.
5. Comparative Analysis: Side-by-side comparisons of current and previous periods, plus year-to-date totals for trend analysis.
6. Financial Metrics: Essential ratios, profit margins, and other key indicators that reflect financial health.
7. Explanatory Notes: Dedicated space for documenting exceptional items, non-recurring expenses, or significant financial changes.
8. Adaptable Structure: The ability to modify categories and sections to match specific business requirements and industry standards.
9. Visual Element: Clear formatting, professional presentation, and optional charts for data visualization.
Template #1 [object Object]
Per Statista, SaaS's expected annual growth rate in the United States between 2025 and 2029 is 19%. More growth means more income in SaaS. This means that SaaS brands need to start taking financial reporting seriously.
Our Saas Income Statement Template has been designed to help founders and finance professionals working in software businesses to track and analyze their financial performance over a specific period. This template provides a structured format for recording revenues, costs, and expenses, ultimately calculating the net profit or loss for the period.
In addition to these basic components, we offer valuable features like automation and an independent AI analyst that can draft out insights and make meaning out of your wise pool of data figures.
So, if you are racking your brain wondering where some money flew to or wondering how you arrived at a net profit figure, our AI analyst analyzes will help you tell you what you need to know. You can only get access by asking relevant questions based on your spreadsheet.
How to Use the P&L Statement Template
Step 1: On the template page, Click on the "Use template" button
and save the template in your preferred location
Step 2: Input your company's data into the appropriate cells. Start with your revenue figures, then move on to COGS and operating expenses.
Step 3: Review the automatically calculated totals and percentages.
Key Components of the profit and loss statement Template
Revenue Breakdown: This table categorizes and tracks different sources of income, including product sales, service fees, discounts, and other revenue streams.
Cost of Goods Sold (COGS): This spreadsheet section separates and calculates the direct costs of producing your goods or services, such as infrastructure, hosting costs, customer support tools, etc.
Gross Profit Calculation: This calculation automatically computes your gross profit by subtracting COGS from total revenue.
Acquisition Expenses: This itemizes various operating costs related to customer acquisition, such as sales salaries, bonuses, and marketing spending.
Overhead: This section considers fixed costs needed to keep your business alive, such as technology, R&D, software engineers' salaries, and administrative costs.
Net Profit Calculation: This calculation automatically determines your bottom line by subtracting all expenses from total revenue.
Customizable Categories: This section tailors expense and revenue categories to match your business needs.
Monthly and Annual Views: These views toggle between monthly and annual financial perspectives for comprehensive analysis.
Percentage Analysis: This section views the key line item as a percentage of total revenue for quick ratio analysis.
Year-over-Year Comparison: This comparison chart compares current performance against previous periods to track growth and identify areas for improvement.
Rows Bank Account Integration
What's more with Rows you can enable a connection with your bank account, automating transactions data fetch and saving you tedious manual file imports. Rows use Plaid to make this work.
Plaid is the provider we use to manage the connection. Plaid helps companies build fintech solutions by making it easy, safe, and reliable for people to connect their financial data to apps and services.
With Plaid, Rows transforms manual financial tracking into automated, data-driven insights, eliminating tedious manual tasks.
Step 1: Navigate to the Bank Accounts integration page.
Step 2: Click on the Connect button. Without connecting, you'll be unable to pull data from your live sources.
Step 3: From the pop-up, click Connect again.
For free plan users, you can use this tool for just 30 days—and afterward, you have to upgrade. If you haven't logged in before trying the page, click “connect.”
Step 4: Click Continue from Plaid’s pop-up
Once you click connect, you'll see a pop-up header that reads: “Rows uses Plaid.” This integration fastens connections to your bank account.
Step 5: Search, select & connect to the bank of your choice
Once you've integrated your account, the next step is to choose the institution you bank with.
For example, for the context of this article, I chose “Bank of America,” and click “continue to login” to further with any choice of yours.
CTA: Watch this video to learn how to Categorize and Report Expenses with Rows Bank account integration
Rows Bank Account integration Use cases
Wondering what you could do with this AI finance tool? Here are some dynamic use cases of Rows bank account integration tool:
Cash Flow Reporting & Forecasting
Build dynamic cash flow dashboards that update automatically with real-time transaction data
Example: Create rolling 13-week cash flow forecasts by combining historical bank data with expected receivables and payables.
Monitor daily cash positions across multiple accounts to optimize working capital.
Cash Management
Consolidate balances across multiple bank accounts for comprehensive liquidity oversight.
Example: Set up automated alerts when account balances fall below specified thresholds to prevent overdrafts
Track intraday cash movements to identify peak funding needs and investment opportunities.
Accounts Receivable Management
Automate payment reconciliation by matching incoming transactions against outstanding invoices
Example: Build live reports that update in real-time as payments clear your bank accounts.
Identify payment patterns to optimize collection strategies and improve cash conversion cycle.
What else is in it for you?
We have an AI analyst—not a person, but an AI assistant that helps you make meaning out of data. The AI Analyst can now help you kickstart your data analysis.
With it, you can turn l numbers into visual stories just by asking it questions.
Here's how it works on a generic marketing dataset:
Template #2 – Annual P&L Summary in Excel
This template by Wise is used for reviewing business performance, and if your company runs finances on Wise, this could be your best bet.
In a tabular spreadsheet format, this template shows an overflow view of the yearly comparison between revenue and expenses. Beneath the table are figures showing “income before tax”, “income tax expense,” and lastly, net profit (loss).
➡️ Download this template here.
Template #3 – Multi-Step Income Statement Layout
A multi step income statement layout is a report that shows profitability in a series of steps. It shows an overview of the business’s revenue or sales, its expenses, and the resulting final net profit or loss.
Compared to a single step income statement layout, it is a longer and more detailed report of a business’s profitability.
Template #4 – Freelance-Specific Income Statement
The Superjoin Freelance Income Statement Template is a professionally structured financial document designed to help freelancers or small business owners track their income and expenses effectively
It reaks down income into categories such as Service Revenue, Other Income, and accounts for Returns/Refunds to calculate Net Revenue.
➡️ Download this template here.
Template #5 – eCommerce Profit & Loss Statement
An e-commerce profit and loss template tracks all revenue streams, including product sales, subscription services, and affiliate marketing commissions. It breaks down earnings by product categories, platforms, or regions, helping e-commerce business owners identify their most profitable items and sales channels.
This template provides an in-depth P&L statement with a strong emphasis on analyzing performance, measuring profitability, and driving growth. It is ideal for e-commerce entrepreneurs aiming to optimize pricing strategies, streamline operational costs, and maximize revenue potential.
Template #6 – Agency-Focused Income Statement
An agency income statement template provides a comprehensive overview of an agency's financial performance by monitoring all revenue streams, such as client projects, retainers, and ad spend management fees.
This template showcases an in-depth P&L statement with a focus on evaluating performance, identifying profitability trends, and highlighting growth opportunities. It is especially useful for agency managers looking to optimize resource allocation and forecast financial outcomes effectively.
Template #7 – Nonprofit & Donation-Focused Layout
A nonprofit profit and loss statement template is essential for organizations reliant on donations, as it distinguishes between fundraising revenue and program costs.
This approach increases accountability and fosters donor trust.It highlights the use and sources of funds based on different events and projects.
Template #8 – Restaurant & F&B Income Statement
This template is ideal for restaurant and cafe owners who want to keep track of their sales, costs, and profits. It provides a clear overview of financial performance over a one-month period, with weekly breakdowns and comparisons to budgets and previous years.
This template is divided into three main sections: cover data, sales, and costs. The cover data section includes your company name, address, logo, and the date range covered.
➡️ Download this template here
Template #9 – Manufacturing Cost & Revenue Tracking
This template is perfect for those involved in manufacturing projects. It allows for detailed tracking of all costs involved, from labor and materials to other essential line items, ensuring no expense is overlooked.
This template is divided into sections that allow for meticulous budgeting and cost control. You can input planned versus actual hours and costs for labor, track material expenses, and add other necessary line items. It also includes a column to instantly see how your project is tracking against the budget, highlighting any overages or savings.
➡️ Download this template here
Template #10 – Annual & Monthly Comparison P&L
This template is perfect for those who prefer Microsoft Excel's familiar interface. It summarizes the company's revenues and business expenses, providing a bigger picture of financial performance.
This template is divided into sections, which includes: revenue, total revenue, expenses, total expenses, and below-the-line items, all summed to make up net income over a particular time.
Conclusion
Start using either of these income statement templates as soon as you have financial data to input. For most businesses, it's beneficial to update and review your P&L statement monthly, with a more in-depth analysis quarterly and annually.
Income statement templates save you from building financial reports from scratch, keep your financial tracking consistent, and cut down on accounting complexities. That said, you can start out with Rows's Income statement template—without paying a penny. Plus, we offer more advanced automation functionality than other templates on the list.
