UBS ETRACS Alerian MLP Index ETN Series B Financials

AMUB

FY2025 annual

Revenue $47.7B +12.7% YoY

Net Income $3.6B +132.6% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) reported $47.7B in revenue for fiscal year 2025, up 12.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 AMUB FY2025 2026-08-15

A very large balance sheet and thin asset returns make cash and capital swings more important than sales growth.

Operating cash flow moved from -$27.1B to $24.6B in the latest two years. Because net margin was only 3.6% before rebounding to 7.5%, the swing looks driven less by reported profit than by balance-sheet funding flows.

Liabilities of $1.53T against equity of $89.2B show a business financed mainly through obligations rather than owner capital. That helps explain why return on assets was just 0.2% while return on equity reached 4.0%: small asset yields are amplified at the equity layer.

Revenue rose to $47.7B, yet retained earnings slipped to -$2.1B. With dividends paid at $13.0B and net income at $3.6B, capital return policy affected book value more than the income statement alone would suggest.

Financial Health Signals

Financial health score not available

UBS ETRACS Alerian MLP Index ETN Series B 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

6/6

UBS ETRACS Alerian MLP Index ETN Series B passes 6 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, UBS ETRACS Alerian MLP Index ETN Series B generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$47.7B

YoY+12.7%

UBS ETRACS Alerian MLP Index ETN Series B generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

Net Income

$3.6B

YoY+132.6%

UBS ETRACS Alerian MLP Index ETN Series B reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$231.0B

YoY-5.1%

UBS ETRACS Alerian MLP Index ETN Series B held $231.0B in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

3.86B

YoY0.0%

UBS ETRACS Alerian MLP Index ETN Series B had 3.86B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

7.5%

YoY+3.9pp

UBS ETRACS Alerian MLP Index ETN Series B's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity

4.0%

YoY+2.4pp

UBS ETRACS Alerian MLP Index ETN Series B's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

AMUB Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AMUB annual income statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$47.7B+12.7%	$42.3B+25.7%	$33.7B-3.6%	$34.9B-2.5%	$35.8B
Interest Expense	$135.0M+2.3%	$132.0M+36.1%	$97.0M+10.2%	$88.0M-10.2%	$98.0M
Income Tax	$534.0M-40.7%	$900.0M-25.4%	$1.2B-34.6%	$1.8B-3.1%	$1.9B
Net Income	$3.6B+132.6%	$1.5B-53.8%	$3.3B-53.4%	$7.1B+0.8%	$7.1B

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	N/A	$11.6B-4.3%	$12.2B	N/A	$9.9B+8.7%	$9.1B	N/A	$8.5B
Interest Expense	N/A	$37.0M+5.7%	$35.0M	N/A	$29.0M+31.8%	$22.0M	N/A	$25.0M
Income Tax	N/A	-$336.0M-210.9%	$303.0M	N/A	$28.0M-92.3%	$366.0M	N/A	$332.0M
Net Income	N/A	$1.2B+15.7%	$1.0B	N/A	-$224.0M-122.1%	$1.0B	N/A	$1.1B

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

AMUB Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AMUB annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.6T+3.1%	$1.6T+35.6%	$1.2T+4.6%	$1.1T-1.0%	$1.1T
Cash & Equivalents	$231.0B-5.1%	$243.4B+27.8%	$190.5B-2.4%	$195.2B-6.0%	$207.8B
Goodwill	$6.6B+1.5%	$6.5B+8.3%	$6.0B-4.3%	$6.3B-1.7%	$6.4B
Total Liabilities	$1.5T+3.7%	$1.5T+33.9%	$1.1T+5.0%	$1.0T-0.9%	$1.1T
Total Equity	$89.2B-5.8%	$94.7B+70.4%	$55.6B-2.4%	$56.9B-2.6%	$58.4B
Retained Earnings	-$2.1B-127.4%	$7.8B-72.2%	$28.2B-11.1%	$31.7B+13.7%	$27.9B

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$1.6T-3.3%	$1.7T+8.0%	$1.5T-1.3%	$1.6T+0.2%	$1.6T+40.1%	$1.1T-3.4%	$1.2T0.0%	$1.2T
Cash & Equivalents	$231.0B-10.6%	$258.3B	N/A	$243.4B-12.3%	$277.5B	N/A	$190.5B+5.3%	$181.0B
Goodwill	$6.6B-2.3%	$6.8B+0.9%	$6.7B+2.9%	$6.5B-7.4%	$7.0B+12.6%	$6.2B+4.0%	$6.0B-4.5%	$6.3B
Total Liabilities	$1.5T-3.1%	$1.6T+8.7%	$1.5T-1.6%	$1.5T+0.2%	$1.5T+38.5%	$1.1T-3.5%	$1.1T+5.5%	$1.0T
Total Equity	$89.2B-6.0%	$94.9B-2.3%	$97.1B+2.6%	$94.7B+0.4%	$94.2B+70.2%	$55.4B-0.4%	$55.6B+4.3%	$53.3B
Retained Earnings	-$2.1B-158.0%	$3.7B-59.4%	$9.1B+16.5%	$7.8B+5.7%	$7.4B-74.6%	$29.2B+3.5%	$28.2B+1.5%	$27.8B

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

AMUB Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AMUB annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$24.6B+190.8%	-$27.1B+4.0%	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Investing Cash Flow	-$22.3B-118.2%	$122.4B+2585.9%	-$4.9B+59.9%	-$12.3B-560.4%	-$1.9B
Financing Cash Flow	-$33.8B-5.1%	-$32.1B-263.2%	$19.7B+474.5%	-$5.3B-148.1%	$10.9B
Dividends Paid	$13.0B+333.3%	$3.0B-50.0%	$6.0B+42.9%	$4.2B-7.5%	$4.5B

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

AMUB Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

AMUB annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21
Net Margin	7.5%+3.9pp	3.6%-6.2pp	9.8%-10.5pp	20.4%+0.7pp	19.7%
Return on Equity	4.0%+2.4pp	1.6%-4.4pp	6.0%-6.5pp	12.5%+0.4pp	12.1%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%0.0pp	0.6%
Debt-to-Equity	17.13+1.6x	15.56-4.2x	19.80+1.4x	18.41+0.3x	18.10

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Net Margin	N/A	10.3%+1.8pp	8.5%	N/A	-2.3%-13.4pp	11.1%	N/A	13.3%
Return on Equity	N/A	1.3%+0.2pp	1.1%	N/A	-0.2%-2.1pp	1.8%	N/A	2.1%
Return on Assets	N/A	0.1%0.0pp	0.1%	N/A	0.0%-0.1pp	0.1%	N/A	0.1%
Debt-to-Equity	17.13+0.5x	16.63+1.7x	14.93-0.6x	15.560.0x	15.60-3.6x	19.17-0.6x	19.80+0.2x	19.58

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

Where UBS ETRACS Alerian MLP Index ETN Series B Ranks

Frequently Asked Questions

What is UBS ETRACS Alerian MLP Index ETN Series B's annual revenue?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is UBS ETRACS Alerian MLP Index ETN Series B's revenue growing?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is UBS ETRACS Alerian MLP Index ETN Series B profitable?

Yes, UBS ETRACS Alerian MLP Index ETN Series B (AMUB) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is UBS ETRACS Alerian MLP Index ETN Series B's net profit margin?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is UBS ETRACS Alerian MLP Index ETN Series B's return on equity (ROE)?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is UBS ETRACS Alerian MLP Index ETN Series B's operating cash flow?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are UBS ETRACS Alerian MLP Index ETN Series B's total assets?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does UBS ETRACS Alerian MLP Index ETN Series B have outstanding?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) had 3.86B shares outstanding as of fiscal year 2025.

What is UBS ETRACS Alerian MLP Index ETN Series B's debt-to-equity ratio?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) had a debt-to-equity ratio of 17.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is UBS ETRACS Alerian MLP Index ETN Series B's return on assets (ROA)?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is UBS ETRACS Alerian MLP Index ETN Series B's Piotroski F-Score?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) has a Piotroski F-Score of 6 out of 6 computable signals; 3 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 UBS ETRACS Alerian MLP Index ETN Series B's earnings high quality?

UBS ETRACS Alerian MLP Index ETN Series B (AMUB) has an earnings quality ratio of 6.89x, considered cash-backed (high quality). 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.