The 12-month income statement (also called an annual income statement) is a financial report that shows a business’s revenues, expenses, and net profit (or loss) over the course of a full financial year (12 months).

Key points:
Period covered: Usually one full year (e.g., 1 January – 31 December).
Purpose: To measure the company’s overall performance for the year.
Structure: Same layout as a monthly income statement, but it summarizes all 12 months combined.

Use:
Forms part of the annual financial statements.
Helps owners, investors, and auditors evaluate profitability, growth, and cost control.
Used to compare performance across years.