An equity report is not a standardized financial statement like the balance sheet, income statement, or cash flow statement. Rather, it’s typically a document created by analysts or investment firms to evaluate a company’s stock value. These reports might include financial data, market trends, valuation metrics, and forward-looking opinions — but they are not official internal financial statements produced by a company. Equity reports may include or reference income statement data, but they don’t inherently show profitability in a structured way. In contrast, the income statement is a core component of a company’s financial reporting and is the definitive source for understanding profitability. Relying on an equity report to assess earnings could lead to confusion or biased conclusions depending on the source. For official, standardized profit reporting, the income statement remains the go-to document.