Which financial statement primarily details a company's revenues and expenses over a period?

The income statement is the financial statement that primarily details a company's revenues and expenses over a specific period, typically reflecting a quarter or a year. It provides insights into the company's operational performance, indicating how much money was earned (revenues) and how much was spent (expenses) during that timeframe. This statement ultimately showcases whether the company made a profit or incurred a loss, making it vital for stakeholders to assess the financial health of the organization.

In contrast, the cash flow statement focuses on the inflows and outflows of cash, providing a view of liquidity rather than profitability. The balance sheet, on the other hand, offers a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity, rather than performance over a period. A compliance report serves to ensure adherence to regulations and policies, rather than presenting financial performance metrics. Thus, the income statement distinctly fulfills the role of summarizing revenues and expenses, demonstrating its importance in financial analysis.