ProShares Ultra Silver (AGQ) Financials

AGQ

FY2025 annual

Revenue Not reported for FY2025

Net Income $1.7B +4448.1% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow -$246.3M -218.0% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AGQ SEC filings page.

This page shows ProShares Ultra Silver (AGQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AGQ FY2025 2026-08-29

Asset-value swings, rather than recurring sales economics, dominate the reported results and balance-sheet expansion.

Earnings-to-cash conversion is weak: FY2025 reported net income was $1.71B while operating cash flow was -$246M, reversing FY2024’s combination of a $39M net loss and $209M of operating cash flow. That mismatch suggests reported profit is being driven by valuation or other non-operating timing effects more than cash-producing operations.

The balance sheet expanded from $3.15B of assets in FY2024 to $6.06B in FY2025, while liabilities remained only $339M; the low-liability structure means asset changes flow primarily through equity rather than debt financing.

Results have alternated sharply: net income moved from a -$2.48B loss in FY2023 to a modest -$39M loss in FY2024 and then $1.71B of profit in FY2025. The corresponding return on assets moved from -73.6% to -1.3% and then 28.2%, showing exposure to large asset-value remeasurement swings rather than a steady operating margin trend.

Financial Health Signals

Financial health score not available

ProShares Ultra Silver does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

ProShares Ultra Silver passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

$0.14used

For every $1 of reported earnings, ProShares Ultra Silver used $0.14 of operating cash (-$246.3M OCF vs $1.7B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Revenue

$49.7M

YoY+57.1%

QoQ+11.3%

ProShares Ultra Silver generated $49.7M in revenue in Q2 2026. This represents an increase of 57.1% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.

Net Income

-$1.2B

YoY-802.2%

QoQ-351.4%

ProShares Ultra Silver reported -$1.2B in net income in Q2 2026. This represents a decrease of 802.2% from the same quarter a year earlier. Against the prior quarter it is down 351.4%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$1.4B

YoY-58.9%

QoQ-35.2%

5Y CAGR-7.8%

10Y CAGR+46.0%

ProShares Ultra Silver held $1.4B in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

132M

YoY-10.6%

5Y CAGR+5.1%

10Y CAGR-1.2%

ProShares Ultra Silver had 132M shares outstanding in Q2 2026. This represents a decrease of 10.6% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-26.3%

YoY-31.0pp

QoQ-34.1pp

ProShares Ultra Silver's ROE was -26.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 31.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 34.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Share Buybacks

$5.0B

YoY+20.9%

QoQ-39.1%

5Y CAGR+41.9%

10Y CAGR+8.1%

ProShares Ultra Silver spent $5.0B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 20.9% from the same quarter a year earlier. Against the prior quarter it is down 39.1%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

AGQ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AGQ quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Net Income	N/A	$1.7B+4448.1%	-$39.4M+98.4%	-$2.5B-2690.7%	$95.8M+105.7%	-$1.7B-31.4%	-$1.3B-202.5%	-$423.7M+72.3%	-$1.5B-234.2%	-$458.5M+61.7%	-$1.2B+3.9%	-$1.2B-423.4%	-$237.7M+73.9%	-$912.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$49.7M+57.1%	$44.6M+44.1%	N/A	N/A	$31.6M	$31.0M	N/A	N/A
Net Income	-$1.2B-802.2%	$478.0M+11.8%	N/A	$76.1M+752.2%	$171.2M-28.7%	$427.6M+284.6%	N/A	-$11.7M+2.6%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

AGQ Balance Sheet

AGQ quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Total Assets	$6.1B+92.4%	$3.2B-6.5%	$3.4B-14.6%	$3.9B-7.3%	$4.3B-6.0%	$4.5B+87.3%	$2.4B+16.8%	$2.1B-32.4%	$3.1B-9.7%	$3.4B-8.6%	$3.7B+6.0%	$3.5B	N/A
Cash & Equivalents	$3.3B+26.1%	$2.6B-0.8%	$2.6B+14.1%	$2.3B+55.1%	$1.5B-54.9%	$3.3B+173.6%	$1.2B+8.3%	$1.1B+127.1%	$483.8M+120.2%	$219.7M+357.2%	$48.0M+33.8%	$35.9M+53.5%	$23.4M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$338.9M+167.3%	$126.8M+45.1%	$87.4M+47.9%	$59.1M-30.1%	$84.6M+52.4%	$55.5M-11.0%	$62.4M-50.9%	$127.0M+7.2%	$118.5M+1.1%	$117.2M-43.3%	$206.9M+21.4%	$170.5M	N/A
Total Equity	$5.7B+89.2%	$3.0B-7.8%	$3.3B-15.6%	$3.9B-6.8%	$4.2B-6.7%	$4.5B+89.9%	$2.4B+21.2%	$1.9B-34.0%	$2.9B-10.0%	$3.3B-6.6%	$3.5B+5.2%	$3.3B+8.1%	$3.1B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.9B+28.4%	$6.5B+74.8%	$6.1B+92.4%	$4.6B+29.1%	$3.8B+15.1%	$3.7B+19.2%	$3.2B-6.5%	$3.6B+5.3%
Cash & Equivalents	$1.4B-58.9%	$2.1B+0.9%	$3.3B+26.1%	$2.2B+21.6%	$3.3B+115.3%	$2.1B+13.5%	$2.6B-0.8%	$1.8B-8.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$324.0M+108.2%	$349.0M+111.9%	$338.9M+167.3%	$101.1M-7.9%	$155.6M-16.9%	$164.7M+246.4%	$126.8M+45.1%	$109.7M+9.8%
Total Equity	$4.6B+25.0%	$6.2B+73.1%	$5.7B+89.2%	$4.5B+30.3%	$3.7B+17.0%	$3.6B+15.7%	$3.0B-7.8%	$3.5B+5.1%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.

AGQ Cash Flow Statement

AGQ quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Cash Flow	-$2.5B	-$246.3M-218.0%	$208.8M+113.6%	-$1.5B-232.7%	$1.2B+136.2%	-$3.2B-145.3%	-$1.3B-66.8%	-$783.7M-488.5%	$201.7M+50.8%	$133.8M-88.0%	$1.1B+176.8%	-$1.5B-248.8%	-$416.1M+38.3%	-$674.5M
Financing Cash Flow	$561.6M	$919.6M+501.5%	-$229.1M-112.3%	$1.9B+629.0%	-$351.9M-124.8%	$1.4B-58.0%	$3.4B+285.4%	$875.2M+111.8%	$413.2M+217.1%	$130.3M-87.3%	$1.0B	N/A	N/A	N/A
Share Buybacks	$18.9B	$13.0B+48.0%	$8.8B-4.4%	$9.2B-27.6%	$12.7B+95.6%	$6.5B-24.0%	$8.5B+98.4%	$4.3B-25.6%	$5.8B-35.5%	$9.0B-7.1%	$9.7B+28.9%	$7.5B+53.6%	$4.9B-10.0%	$5.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$260.5M-117.4%	-$1.2B-72.9%	$1.0B-19.6%	-$2.0B-886.3%	$1.5B+1194.5%	-$718.9M+0.3%	$1.3B+2513.3%	-$207.6M-1069.3%
Financing Cash Flow	-$483.7M-88.7%	$105.4M-55.3%	$65.5M+113.8%	$874.4M+100.7%	-$256.3M-60.0%	$235.9M+855.3%	-$473.4M-166.5%	$435.8M+197.4%
Share Buybacks	$5.0B+20.9%	$8.2B+157.8%	$3.5B+25.0%	$2.2B-9.3%	$4.1B+130.0%	$3.2B+78.2%	$2.8B+49.6%	$2.4B+6.3%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.

AGQ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AGQ quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Return on Equity	29.9%+31.2pp	-1.3%+74.3pp	-75.6%-78.0pp	2.5%+42.8pp	-40.4%-11.7pp	-28.6%-10.7pp	-18.0%+60.9pp	-78.8%-63.3pp	-15.6%+20.9pp	-36.5%-1.0pp	-35.5%-28.3pp	-7.1%+22.5pp	-29.6%
Return on Assets	28.2%+29.5pp	-1.3%+72.4pp	-73.6%-76.1pp	2.4%+42.0pp	-39.6%-11.3pp	-28.3%-10.8pp	-17.5%+56.5pp	-74.0%-59.0pp	-14.9%+20.3pp	-35.2%-1.7pp	-33.5%-26.7pp	-6.8%	N/A
Debt-to-Equity	0.060.0x	0.040.0x	0.030.0x	0.020.0x	0.020.0x	0.010.0x	0.030.0x	0.070.0x	0.040.0x	0.040.0x	0.060.0x	0.05	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	-2420.3%	1071.6%	N/A	N/A	541.5%	1381.4%	N/A	N/A
Return on Equity	-26.3%-31.0pp	7.7%-4.2pp	N/A	1.7%+2.0pp	4.7%-3.0pp	12.0%+19.5pp	N/A	-0.3%0.0pp
Return on Assets	-24.6%-29.1pp	7.3%-4.1pp	N/A	1.7%+2.0pp	4.5%-2.8pp	11.4%+18.8pp	N/A	-0.3%0.0pp
Debt-to-Equity	0.070.0x	0.060.0x	0.060.0x	0.020.0x	0.040.0x	0.050.0x	0.040.0x	0.030.0x
Asset Turnover	0.010.0x	0.010.0x	N/A	N/A	0.01	0.01	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Where ProShares Ultra Silver Ranks

Frequently Asked Questions

Is ProShares Ultra Silver profitable?

Yes, ProShares Ultra Silver (AGQ) reported a net income of $1.7B in fiscal year 2025.

What is ProShares Ultra Silver's return on equity (ROE)?

ProShares Ultra Silver (AGQ) has a return on equity of 29.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ProShares Ultra Silver's operating cash flow?

ProShares Ultra Silver (AGQ) recorded an outflow of $246.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are ProShares Ultra Silver's total assets?

ProShares Ultra Silver (AGQ) had $6.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does ProShares Ultra Silver buy back shares?

Yes, ProShares Ultra Silver (AGQ) spent $13.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does ProShares Ultra Silver have outstanding?

ProShares Ultra Silver (AGQ) had 219M shares outstanding as of fiscal year 2025.

What is ProShares Ultra Silver's debt-to-equity ratio?

ProShares Ultra Silver (AGQ) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ProShares Ultra Silver's return on assets (ROA)?

ProShares Ultra Silver (AGQ) had a return on assets of 28.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ProShares Ultra Silver's Piotroski F-Score?

ProShares Ultra Silver (AGQ) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are ProShares Ultra Silver's earnings high quality?

For every $1 of reported earnings, ProShares Ultra Silver (AGQ) used $0.14 of operating cash (-$246.3M OCF vs $1.7B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.