Which financial statement would best summarize a company's profitability over a specific period?

The income statement is the financial statement that best summarizes a company's profitability over a specific period. It provides a detailed account of revenues, expenses, and profits or losses incurred during that period. By showing how much money the company earned and how much it spent, the income statement allows stakeholders to assess the company’s operational efficiency and overall financial performance.

In contrast, the balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time, rather than over a period. The statement of cash flows highlights the cash generated and used in operating, investing, and financing activities, which is important for understanding liquidity but does not directly reflect profitability. The statement of changes in equity explains changes in equity accounts over time, including contributions and withdrawals, but does not summarize profitability as clearly as the income statement. Therefore, the income statement is the most appropriate choice for evaluating a company's profitability over a designated period.