ProShares Ultra Silver Financials

AGQ

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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 2026-05-08

This entity’s reported results are shaped more by asset-value swings than by recurring cash generation.

The clearest signal is the profit-cash mismatch: in the latest year, net income was $1.71B even as operating cash flow was -$246M, which means accounting gains did not translate into cash inside the structure. A year earlier, the pattern flipped the other way, with a near-breakeven loss of -$39.4M alongside positive operating cash flow of $209M, reinforcing that annual earnings behave more like valuation movements than like a steady operating business.

The balance sheet is mostly equity-funded: latest-year liabilities were only $339M against equity of $5.72B, leaving little evidence that borrowings are the main return engine. With cash representing a large share of assets at $3.25B, liquidity appears built to absorb flows and valuation changes rather than to stretch the balance sheet with debt.

The latest-year expansion looks tied to capital entering the structure, not to cash retained from operations: total assets reached $6.06B while financing cash flow added $920M. Shares outstanding climbed from 86.4M to 123.8M over the same span, so the larger asset base appears to have come with more shareholder capital in the system, even though accounting profit was strong.

Financial Health Signals

Financial health score pending refresh

We are recalculating ProShares Ultra Silver's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. 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 Low Quality

-0.14x

For every $1 of reported earnings, ProShares Ultra Silver generates $-0.14 in operating cash flow (-$246.3M OCF vs $1.7B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$1.7B

YoY+4448.1%

ProShares Ultra Silver reported $1.7B in net income in fiscal year 2025. This represents an increase of 4448.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.3B

YoY+26.1%

5Y CAGR-0.0%

10Y CAGR+52.4%

ProShares Ultra Silver held $3.3B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

124M

YoY+43.4%

5Y CAGR-1.0%

10Y CAGR+3.5%

ProShares Ultra Silver had 124M shares outstanding in fiscal year 2025. This represents an increase of 43.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

29.9%

YoY+31.2pp

5Y CAGR+58.6pp

10Y CAGR+65.4pp

ProShares Ultra Silver's ROE was 29.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 31.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$13.0B

YoY+48.0%

5Y CAGR+8.8%

10Y CAGR+5.7%

ProShares Ultra Silver spent $13.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 48.0% from the prior year.

Capital Expenditures

N/A

AGQ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$1.7B+4448.1%	-$39.4M+98.4%	-$2.5B-2690.7%	$95.8M+105.7%	-$1.7B-31.4%	-$1.3B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$44.6M	N/A	N/A	N/A	$31.0M	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$478.0M	N/A	$76.1M-55.5%	$171.2M-60.0%	$427.6M	N/A	-$11.7M-104.9%	$240.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AGQ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.1B+92.4%	$3.2B-6.5%	$3.4B-14.6%	$3.9B-7.3%	$4.3B-6.0%	$4.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$338.9M+167.3%	$126.8M+45.1%	$87.4M+47.9%	$59.1M-30.1%	$84.6M+52.4%	$55.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	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
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$6.5B+7.8%	$6.1B+31.2%	$4.6B+21.4%	$3.8B+1.8%	$3.7B+18.6%	$3.2B-11.9%	$3.6B+8.2%	$3.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.1B-35.0%	$3.3B+50.4%	$2.2B-35.2%	$3.3B+59.2%	$2.1B-18.7%	$2.6B+45.1%	$1.8B+14.7%	$1.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$349.0M+3.0%	$338.9M+235.3%	$101.1M-35.1%	$155.6M-5.5%	$164.7M+29.9%	$126.8M+15.6%	$109.7M-41.4%	$187.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.2B+8.1%	$5.7B+26.6%	$4.5B+23.8%	$3.7B+2.2%	$3.6B+18.1%	$3.0B-12.8%	$3.5B+11.2%	$3.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AGQ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$246.3M-218.0%	$208.8M+113.6%	-$1.5B-232.7%	$1.2B+136.2%	-$3.2B-145.3%	-$1.3B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$919.6M+501.5%	-$229.1M-112.3%	$1.9B+629.0%	-$351.9M-124.8%	$1.4B-58.0%	$3.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$13.0B+48.0%	$8.8B-4.4%	$9.2B-27.6%	$12.7B+95.6%	$6.5B-24.0%	$8.5B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.2B-221.3%	$1.0B+150.0%	-$2.0B-236.9%	$1.5B+308.0%	-$718.9M-156.4%	$1.3B+713.7%	-$207.6M-51.9%	-$136.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$105.4M+60.9%	$65.5M-92.5%	$874.4M+441.2%	-$256.3M-208.6%	$235.9M+149.8%	-$473.4M-208.6%	$435.8M+372.1%	-$160.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$8.2B+135.3%	$3.5B+60.5%	$2.2B-47.4%	$4.1B+29.7%	$3.2B+14.1%	$2.8B+16.5%	$2.4B+33.4%	$1.8B

AGQ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.06+0.0	0.04+0.0	0.03+0.0	0.020.0	0.020.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1071.6%	N/A	N/A	N/A	1381.4%	N/A	N/A	N/A
Return on Equity	7.7%	N/A	1.7%-3.0pp	4.7%-7.3pp	12.0%	N/A	-0.3%-8.0pp	7.7%
Return on Assets	7.3%	N/A	1.7%-2.8pp	4.5%-6.9pp	11.4%	N/A	-0.3%-7.6pp	7.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.060.0	0.06+0.0	0.02-0.0	0.040.0	0.050.0	0.04+0.0	0.03-0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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) generated -$246.3M in operating cash flow during fiscal year 2025, representing cash generated from 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 124M 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 cash runway?

Based on fiscal year 2025 data, ProShares Ultra Silver (AGQ) had $3.3B in cash against an annual operating cash burn of $246.3M. This gives an estimated cash runway of approximately 158 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

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?

ProShares Ultra Silver (AGQ) has an earnings quality ratio of -0.14x, considered low quality (accrual-driven). 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.