Free Pro Forma Income Statement Template (Excel)
What's in the free pro forma template
The workbook has two tabs. Assumptions holds four input cells: starting monthly revenue, monthly revenue growth rate, COGS as a percentage of revenue, and operating expenses as a percentage of revenue.
P&L Forecast projects 24 months from those assumptions: revenue compounds forward from your growth rate, and COGS, gross profit, opex and operating income calculate on every single row - so you can see the trend, not just a final total.
The summary below the table totals revenue over the period and averages both gross margin and operating margin across the whole projection.
An assumptions engine, not a static number-fill sheet
The strongest free competitor for this search, Smartsheet's pro forma template, ships a single hard-coded scenario with no assumptions module - change one number and you're manually re-typing every downstream cell.
This template flips that: change the growth rate, COGS % or opex % once on the Assumptions tab, and the entire 24-month projection - revenue, margins, operating income - recalculates instantly. It's built for iterating on a plan, not filling in one static forecast.
How the revenue cascade and ratios calculate
Month 1 revenue equals your starting revenue exactly. Every month after that is the prior month's revenue times (1 + your growth rate) - a compounding cascade, not a flat monthly add-on.
Gross margin is gross profit divided by revenue, and operating margin is operating income divided by revenue, both calculated fresh on every row. To model a best-case or worst-case scenario, change the growth rate, COGS % or opex % and compare the resulting margins - this is a single-scenario engine, not a three-way toggle.
Who this template is for
Founders and small-business owners building a forward-looking P&L for a pitch deck, a loan application, or internal planning, who want the projection to actually move when an assumption changes instead of retyping a static table.
It's a planning tool - for GAAP-compliant financial statements or investor due diligence packages, pair this with your accountant's review.
How to use it
- On Assumptions, enter your starting monthly revenue, growth rate, COGS % and opex %.
- The P&L Forecast sheet projects 24 months automatically from those four numbers.
- Check the summary for total revenue, average gross margin and average operating margin across the projection.
Download the free Free Pro Forma Income Statement Template (Excel)
No spam — template updates and new free templates only. Unsubscribe anytime.
Small Business Bookkeeping & Tax Dashboard
Once actuals start coming in, the Small Business Bookkeeping & Tax Dashboard ($19) tracks real income and expenses against Schedule C categories and calculates your quarterly estimated tax set-aside.
See the full versionFrequently asked questions
Does this template include a best/base/worst case scenario toggle?
No, not as a dropdown switch. It's a single-scenario assumptions engine - to compare cases, change the growth rate, COGS % or opex % and note the resulting margins for each version you want to compare.
How does revenue compound across the 24 months?
Month 1 equals your starting revenue input. Every month after multiplies the prior month's revenue by (1 + your growth rate) - a standard compounding forecast.
Can I use this in Google Sheets?
Yes. Upload the downloaded file to Google Drive, then open it and choose File > Save as Google Sheets. The cascade and ratio formulas keep working.
Can I extend the projection past 24 months?
The template ships with 24 months built in. You can add rows and extend the formulas following the same pattern if you need a longer window.
Is this a GAAP-compliant financial statement?
No. This is a planning and forecasting tool, not audited financial statements - use it to build and stress-test assumptions, then have your accountant prepare formal statements if you need them.
What's the usage license?
Personal use or use within one business. It's not meant to be resold or redistributed as a template product.