Where does depreciation usually appear on the income statement?

• It shows up only on the balance sheet as lower PP&E and never touches the income statement in any period
• It sits within interest expense, because depreciation and financing costs are both charges against long-lived assets
• It is netted inside revenue, since depreciation reflects the wear on the assets that generate a company's sales
• Embedded in COGS for production assets, or within operating expenses, sometimes as a separate D&A line
• It appears as a single standalone line placed just below net income, so investors can see the full charge separately