United States Brent Oil Fund, LP (BNO) Financials

BNO

Trailing 12 months to June 30, 2026

Revenue Not reported for the trailing 12 months

Net Income -$45.1M -290.0% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow -$13.3M -1382.7% 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 BNO SEC filings page.

This page shows United States Brent Oil Fund, LP (BNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 BNO FY2025 2026-08-29

The asset-pool mechanic is visible: profits and operating cash flow move together while financing withdrawals shrink reported scale.

In FY2022, net income of $82.6M nearly matched operating cash flow of $83.6M, indicating little separation between reported earnings and cash generation. By FY2025, both had turned negative—net income was -$4.1M and operating cash flow was -$3.7M—suggesting that the earnings swing is reaching cash rather than being mainly an accrual effect.

The balance sheet is almost unlevered: FY2025 total liabilities were just $300K and debt-to-equity was 0.0x. ROA and ROE both shifted from 9.2% in FY2024 to -4.1% in FY2025, showing that the latest weakness reflects asset performance rather than a rising financing burden.

Total assets fell from $235.1M in FY2022 to $100.7M in FY2025, while financing cash flow was negative in every reported year. That combination points to a vehicle whose scale is being reduced through capital movements, not expanded through borrowing; changes in asset value therefore matter more than conventional operating growth.

Financial Health Signals

Financial health score not available

United States Brent Oil Fund, LP 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

1/5

United States Brent Oil Fund, LP passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

United States Brent Oil Fund, LP reported a net loss of $4.1M while operations used $3.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$208.6M

YoY-3267.9%

QoQ-225.4%

United States Brent Oil Fund, LP reported -$208.6M in net income in Q2 2026. This represents a decrease of 3267.9% from the same quarter a year earlier. Against the prior quarter it is down 225.4%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$394.4M

YoY+381.2%

QoQ-54.7%

5Y CAGR+10.6%

10Y CAGR+15.3%

United States Brent Oil Fund, LP held $394.4M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

12M

QoQ-21.3%

5Y CAGR-4.5%

10Y CAGR+4.6%

United States Brent Oil Fund, LP had 12M shares outstanding in Q2 2026. Against the prior quarter it is down 21.3%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-38.4%

YoY-32.4pp

QoQ-55.9pp

5Y CAGR-58.1pp

10Y CAGR-58.2pp

United States Brent Oil Fund, LP's ROE was -38.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 32.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 55.9 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

BNO 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.

BNO 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	FY1210-K	FY1110-K
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.7M-46.0%	$4.9M-28.1%	$6.8M
Net Income	-$45.1M	-$4.1M-138.6%	$10.6M+359.0%	-$4.1M-105.0%	$82.6M-47.6%	$157.5M+32.2%	$119.1M+345.0%	$26.8M+276.2%	-$15.2M-198.3%	$15.5M-58.2%	$37.0M+184.8%	-$43.6M-65.0%	-$26.5M-1270.1%	$2.3M-48.7%	$4.4M-31.6%	$6.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-K	Q4'2410-K	Q3'2410-K
Revenue	N/A	N/A	N/A	$3.0M	N/A	$5.2M-74.8%	$12.7M	N/A
Net Income	-$208.6M-3267.9%	$166.4M+3298.6%	-$5.5M-144.9%	$2.7M+112.0%	-$6.2M-1079.1%	$4.9M-75.8%	$12.2M+153.4%	-$22.5M-158.4%

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).

BNO Balance Sheet

BNO 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	FY1210-K	FY1110-K
Total Assets	$100.7M-12.3%	$114.9M-11.9%	$130.4M-44.6%	$235.1M+3.6%	$227.0M-35.2%	$350.2M+312.6%	$84.9M+14.9%	$73.9M-25.0%	$98.5M-13.6%	$114.0M+37.9%	$82.7M+98.9%	$41.6M+45.1%	$28.6M-36.7%	$45.2M+20.8%	$37.5M
Cash & Equivalents	$86.5M+8.0%	$80.1M+1.7%	$78.7M-20.2%	$98.7M-35.4%	$152.8M-51.0%	$311.5M+328.3%	$72.7M+16.1%	$62.6M-20.0%	$78.3M-24.1%	$103.2M+51.7%	$68.0M+86.8%	$36.4M+44.2%	$25.3M-36.1%	$39.5M+31.9%	$30.0M
Short-Term Investments	$62.8M-16.3%	$75.0M-2.3%	$76.8M-20.9%	$97.0M-33.3%	$145.4M+379.3%	$30.3M-61.5%	$78.8M+16.5%	$67.6M-18.3%	$82.8M-14.6%	$96.9M+49.2%	$64.9M+159.8%	$25.0M+108.1%	$12.0M-70.5%	$40.7M+110.5%	$19.3M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$300K-13.2%	$346K+27.4%	$271K-92.0%	$3.4M+489.3%	$573K+40.3%	$409K+132.1%	$176K-28.4%	$246K-93.7%	$3.9M+300.7%	$976K+477.6%	$169K+20.6%	$140K-94.0%	$2.4M+1407.1%	$156K-14.6%	$183K
Total Equity	$100.4M-12.3%	$114.5M-12.0%	$130.1M-43.9%	$231.7M+2.4%	$226.4M-35.3%	$349.8M+313.0%	$84.7M+15.0%	$73.6M-22.1%	$94.5M-16.3%	$113.0M+37.0%	$82.5M+99.2%	$41.4M+57.6%	$26.3M-41.7%	$45.1M+20.9%	$37.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-K	Q4'2410-K	Q3'2410-K
Total Assets	$544.2M+423.3%	$952.1M+868.1%	$100.7M-12.3%	$102.2M-52.8%	$104.0M-19.3%	$98.3M-26.8%	$114.9M-11.9%	$216.7M+27.3%
Cash & Equivalents	$394.4M+381.2%	$870.7M+1305.7%	$86.5M+8.0%	$83.7M-53.9%	$82.0M-10.5%	$61.9M-33.7%	$80.1M+1.7%	$181.5M+53.4%
Short-Term Investments	$390.7M+768.2%	$502.8M+905.5%	$62.8M-16.3%	$75.0M-29.1%	$45.0M-19.3%	$50.0M-10.4%	$75.0M-2.3%	$105.8M-10.4%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$662K+204.0%	$461K+61.3%	$300K-13.2%	$267K-15.4%	$218K+20.5%	$286K+46.0%	$346K+27.4%	$316K+29.3%
Total Equity	$543.6M+423.7%	$951.7M+870.5%	$100.4M-12.3%	$102.0M-52.9%	$103.8M-19.3%	$98.1M-26.9%	$114.5M-12.0%	$216.3M+27.3%

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.

BNO Cash Flow Statement

BNO 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	FY1210-K	FY1110-K
Operating Cash Flow	-$13.3M	-$3.7M-153.1%	$7.0M-42.0%	$12.1M-85.5%	$83.6M-41.7%	$143.6M+22.1%	$117.6M+511.6%	$19.2M+716.0%	-$3.1M-125.7%	$12.2M-55.3%	$27.2M+150.2%	-$54.1M-108.3%	-$26.0M-664.3%	$4.6M-25.1%	$6.1M+135.4%	$2.6M
Financing Cash Flow	$484.8M	-$10.0M+61.8%	-$26.2M+73.9%	-$100.3M-34.7%	-$74.5M+73.3%	-$278.9M-293.6%	$144.1M+1018.7%	-$15.7M-68.1%	-$9.3M+70.0%	-$31.1M-599.2%	-$4.5M-105.2%	$85.7M+130.8%	$37.1M+297.0%	-$18.9M-655.4%	$3.4M-81.4%	$18.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-K	Q4'2410-K	Q3'2410-K
Operating Cash Flow	-$163.2M-1787.7%	$165.4M+7666.9%	-$9.4M-253.8%	-$6.1M+63.9%	$9.7M+869.0%	$2.1M-87.3%	$6.1M+126.7%	-$16.9M-143.8%
Financing Cash Flow	-$199.4M-1772.2%	$684.8M+3305.9%	$4.0M+103.5%	-$4.5M-104.1%	$11.9M+293.7%	-$21.4M-32.8%	-$114.1M-573.4%	$110.1M+461.5%

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

BNO 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.

BNO 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	FY1210-K	FY1110-K
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	85.0%-4.6pp	89.6%-4.6pp	94.2%
Return on Equity	-4.1%-13.3pp	9.3%+12.4pp	-3.1%-38.8pp	35.6%-33.9pp	69.5%+35.5pp	34.0%+2.4pp	31.6%+52.2pp	-20.6%-37.0pp	16.3%-16.4pp	32.7%+85.7pp	-52.9%+10.9pp	-63.9%-72.5pp	8.6%-1.2pp	9.8%-7.5pp	17.3%
Return on Assets	-4.1%-13.3pp	9.2%+12.4pp	-3.1%-38.3pp	35.1%-34.3pp	69.4%+35.4pp	34.0%+2.5pp	31.5%+52.1pp	-20.6%-36.3pp	15.7%-16.8pp	32.5%+85.3pp	-52.8%+10.8pp	-63.6%-71.5pp	7.9%-1.9pp	9.8%-7.5pp	17.2%
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.010.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.040.0x	0.010.0x	0.000.0x	0.00-0.1x	0.09+0.1x	0.000.0x	0.00
Asset Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-0.63-0.7x	0.090.0x	0.11-0.1x	0.18

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-K	Q4'2410-K	Q3'2410-K
Net Margin	N/A	N/A	N/A	89.6%	N/A	94.3%-3.7pp	96.8%	N/A
Return on Equity	-38.4%-32.4pp	17.5%+12.5pp	-5.5%-16.2pp	2.6%+13.1pp	-6.0%-6.5pp	5.0%-10.1pp	10.7%+28.3pp	-10.4%-33.1pp
Return on Assets	-38.3%-32.4pp	17.5%+12.5pp	-5.5%-16.1pp	2.6%+13.0pp	-6.0%-6.5pp	5.0%-10.1pp	10.7%+28.2pp	-10.4%-33.0pp
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x
Asset Turnover	N/A	N/A	-0.05-0.2x	0.03+0.1x	-0.06-0.1x	0.05-0.1x	0.11+0.3x	-0.10-0.3x

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

Where United States Brent Oil Fund, LP Ranks

Frequently Asked Questions

Is United States Brent Oil Fund, LP profitable?

No, United States Brent Oil Fund, LP (BNO) reported a net income of -$4.1M in fiscal year 2025.

What is United States Brent Oil Fund, LP's return on equity (ROE)?

United States Brent Oil Fund, LP (BNO) has a return on equity of -4.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is United States Brent Oil Fund, LP's operating cash flow?

United States Brent Oil Fund, LP (BNO) recorded an outflow of $3.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are United States Brent Oil Fund, LP's total assets?

United States Brent Oil Fund, LP (BNO) had $100.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does United States Brent Oil Fund, LP have outstanding?

United States Brent Oil Fund, LP (BNO) had 6M shares outstanding as of fiscal year 2025.

What is United States Brent Oil Fund, LP's debt-to-equity ratio?

United States Brent Oil Fund, LP (BNO) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is United States Brent Oil Fund, LP's return on assets (ROA)?

United States Brent Oil Fund, LP (BNO) had a return on assets of -4.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is United States Brent Oil Fund, LP's Piotroski F-Score?

United States Brent Oil Fund, LP (BNO) has a Piotroski F-Score of 1 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 United States Brent Oil Fund, LP's earnings high quality?

United States Brent Oil Fund, LP (BNO) reported a net loss of $4.1M while operations used $3.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.