ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) Financials

BDCX

FY2025 annual

Revenue $47.7B +12.7% YoY

Net Income $3.6B +132.6% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $24.6B +190.8% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 9, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BDCX SEC filings page.

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 BDCX FY2025 2026-08-30

Volatile cash conversion sits atop a highly leveraged balance sheet, making financing mechanics central to reported performance.

FY2025 paired net income of $3.6B with operating cash flow of $24.6B, showing that accounting earnings can convert to cash when balance-sheet movements cooperate. In FY2024, $1.5B of net income coincided with -$27.1B of operating cash flow; that reversal points to cash generation being shaped by timing and financing mechanics rather than a stable relationship with profit.

The 17.1x debt-to-equity ratio alongside 0.2% ROA means the business controls a very large asset base with relatively thin equity beneath it, leaving owner returns sensitive to balance-sheet performance. Leverage increased from 15.6x in FY2024, so the latest improvement in cash flow did not reflect a materially more conservative capital structure.

FY2025’s revenue base of $47.7B produced a 7.5% net margin, indicating that top-line scale has not restored earlier earnings efficiency. The asset base reached $1.62T while ROA was 0.2%, so expansion has been accompanied by limited profit output per asset dollar.

Financial Health Signals

Financial health score not available

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 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

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 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, ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$231.0B

YoY-5.1%

QoQ-10.6%

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 held $231.0B in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

3.86B

YoY0.0%

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 had 3.86B shares outstanding in Q4 2025. That is unchanged from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

BDCX 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.

BDCX quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
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	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Revenue	N/A	$11.6B+17.5%	$12.2B+33.5%	N/A	$9.9B+16.9%	$9.1B+3.0%	N/A	$8.5B-6.3%
Interest Expense	N/A	$37.0M+27.6%	$35.0M+59.1%	N/A	$29.0M+16.0%	$22.0M-12.0%	N/A	$25.0M+19.0%
Income Tax	N/A	-$336.0M-1300.0%	$303.0M-17.2%	N/A	$28.0M-91.6%	$366.0M-17.8%	N/A	$332.0M-30.5%
Net Income	N/A	$1.2B+634.8%	$1.0B+2.1%	N/A	-$224.0M-119.9%	$1.0B+0.2%	N/A	$1.1B-43.1%

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

BDCX Balance Sheet

BDCX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
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	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Total Assets	$1.6T+3.1%	$1.7T+6.8%	$1.5T+38.6%	$1.6T+35.6%	$1.6T+35.3%	$1.1T+5.7%	$1.2T+4.6%	$1.2T+3.9%
Cash & Equivalents	$231.0B-5.1%	$258.3B-6.9%	N/A	$243.4B+27.8%	$277.5B+53.4%	N/A	$190.5B-2.4%	$181.0B-12.9%
Goodwill	$6.6B+1.5%	$6.8B-3.8%	$6.7B+7.3%	$6.5B+8.3%	$7.0B+11.8%	$6.2B-0.6%	$6.0B-4.3%	$6.3B-0.5%
Total Liabilities	$1.5T+3.7%	$1.6T+7.2%	$1.5T+36.6%	$1.5T+33.9%	$1.5T+41.0%	$1.1T+6.4%	$1.1T+5.0%	$1.0T-1.4%
Total Equity	$89.2B-5.8%	$94.9B+0.6%	$97.1B+75.4%	$94.7B+70.4%	$94.2B+76.9%	$55.4B-5.7%	$55.6B-2.4%	$53.3B-3.3%
Retained Earnings	-$2.1B-127.4%	$3.7B-50.1%	$9.1B-68.8%	$7.8B-72.2%	$7.4B-73.3%	$29.2B-11.1%	$28.2B-11.1%	$27.8B-2.7%

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

BDCX Cash Flow Statement

BDCX quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	$24.6B+190.8%	-$27.1B+4.0%	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Depreciation & Amortization	$2.9B+0.6%	$2.8B+26.9%	$2.2B+21.3%	$1.8B-1.6%	$1.9B
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

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Depreciation & Amortization	N/A	$744.0M+17.9%	$714.0M+34.5%	N/A	$631.0M-10.7%	$531.0M+13.2%	N/A	$707.0M+56.8%

Not reported in any period shown, so not listed: Operating Cash Flow, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

BDCX 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.

BDCX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
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
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.03

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Net Margin	N/A	10.3%+12.6pp	8.5%-2.6pp	N/A	-2.3%-15.5pp	11.1%-0.3pp	N/A	13.3%-8.6pp
Return on Equity	N/A	1.3%+1.5pp	1.1%-0.8pp	N/A	-0.2%-2.4pp	1.8%+0.1pp	N/A	2.1%-1.5pp
Return on Assets	N/A	0.1%+0.1pp	0.1%0.0pp	N/A	0.0%-0.1pp	0.1%0.0pp	N/A	0.1%-0.1pp
Debt-to-Equity	17.13+1.6x	16.63+1.0x	14.93-4.2x	15.56-4.2x	15.60-4.0x	19.17+2.2x	19.80+1.4x	19.58+0.4x
Asset Turnover	N/A	0.010.0x	0.010.0x	N/A	0.010.0x	0.010.0x	N/A	0.010.0x

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

Where ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 Ranks

Frequently Asked Questions

What is ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's annual revenue?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's revenue growing?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 profitable?

Yes, ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's net profit margin?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's return on equity (ROE)?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's operating cash flow?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's total assets?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 have outstanding?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's debt-to-equity ratio?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's return on assets (ROA)?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's Piotroski F-Score?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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 ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050's earnings high quality?

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN due June 10, 2050 (BDCX) 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.