United States Brent Oil Fund, LP Financials

BNO

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

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 16 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 2026-05-08

Balance-sheet contraction rather than operating leverage dominates this business, with cash-heavy assets and negligible liabilities shaping results.

The striking combination is shrinking assets with still-high cash: total assets are down to $100.7M while cash remains $86.5M, so contraction appears driven more by financing outflows and a smaller invested base than by operating drain alone. That reading fits the cash profile: liabilities stayed minimal at only 0.3% of assets, meaning balance-sheet change is mostly a capital-sizing shift rather than debt pressure.

Because leverage is almost absent, ROE and ROA move almost in lockstep; in FY2025 they were both about -4.1%, showing returns come from the underlying asset pool, not from borrowing. When liabilities are this small, gains and losses pass almost directly into equity.

The last profitable year produced $10.6M of net income but only $7.0M of operating cash flow, and the following year turned negative on both measures. That makes cash conversion and earnings quality the key read-through: reported results matter less if they are not arriving as cash.

Financial Health Signals

Financial Profile 19/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of United States Brent Oil Fund, LP's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

United States Brent Oil Fund, LP carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

United States Brent Oil Fund, LP generates a -4.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is down from 9.3% the prior year.

Piotroski F-Score Weak

1/9

United States Brent Oil Fund, LP passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.91x

For every $1 of reported earnings, United States Brent Oil Fund, LP generates $0.91 in operating cash flow (-$3.7M OCF vs -$4.1M 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

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$4.1M

YoY-138.6%

United States Brent Oil Fund, LP reported -$4.1M in net income in fiscal year 2025. This represents a decrease of 138.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$86.5M

YoY+8.0%

5Y CAGR-22.6%

10Y CAGR+2.4%

United States Brent Oil Fund, LP held $86.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-4.1%

YoY-13.3pp

5Y CAGR-38.1pp

10Y CAGR+48.8pp

United States Brent Oil Fund, LP's ROE was -4.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BNO 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	-$4.1M-138.6%	$10.6M+359.0%	-$4.1M-105.0%	$82.6M-47.6%	$157.5M+32.2%	$119.1M
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	N/A	N/A	$3.0M	N/A	$5.2M-59.0%	$12.7M	N/A	$1.0M
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	$166.4M+3126.9%	-$5.5M-303.3%	$2.7M+143.6%	-$6.2M-226.5%	$4.9M-60.0%	$12.2M+154.4%	-$22.5M-3655.4%	$633K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$100.7M-12.3%	$114.9M-11.9%	$130.4M-44.6%	$235.1M+3.6%	$227.0M-35.2%	$350.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$86.5M+8.0%	$80.1M+1.7%	$78.7M-20.2%	$98.7M-35.4%	$152.8M-51.0%	$311.5M
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	$300K-13.2%	$346K+27.4%	$271K-92.0%	$3.4M+489.3%	$573K+40.3%	$409K
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	$100.4M-12.3%	$114.5M-12.0%	$130.1M-43.9%	$231.7M+2.4%	$226.4M-35.3%	$349.8M
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	$952.1M+845.1%	$100.7M-1.5%	$102.2M-1.7%	$104.0M+5.8%	$98.3M-14.4%	$114.9M-47.0%	$216.7M+68.1%	$128.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$870.7M+906.5%	$86.5M+3.4%	$83.7M+2.1%	$82.0M+32.3%	$61.9M-22.7%	$80.1M-55.9%	$181.5M+98.2%	$91.6M
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	$461K+53.5%	$300K+12.4%	$267K+22.7%	$218K-23.8%	$286K-17.4%	$346K+9.4%	$316K+74.9%	$181K
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	$951.7M+847.5%	$100.4M-1.5%	$102.0M-1.7%	$103.8M+5.8%	$98.1M-14.4%	$114.5M-47.1%	$216.3M+68.1%	$128.7M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$3.7M-153.1%	$7.0M-42.0%	$12.1M-85.5%	$83.6M-41.7%	$143.6M+22.1%	$117.6M
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	-$10.0M+61.8%	-$26.2M+73.9%	-$100.3M-34.7%	-$74.5M+73.3%	-$278.9M-293.6%	$144.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	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
Operating Cash Flow	$165.4M+1852.5%	-$9.4M-54.8%	-$6.1M-163.0%	$9.7M+354.1%	$2.1M-65.3%	$6.1M+136.3%	-$16.9M-1793.3%	$998K
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	$684.8M+17230.6%	$4.0M+187.5%	-$4.5M-137.9%	$11.9M+155.8%	-$21.4M+81.3%	-$114.1M-203.6%	$110.1M+1888.7%	-$6.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNO 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	-4.1%-13.3pp	9.3%+12.4pp	-3.1%-38.8pp	35.6%-33.9pp	69.5%+35.5pp	34.0%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.00-0.0	0.01+0.0	0.000.0	0.00
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	N/A	N/A	89.6%	N/A	94.3%-2.4pp	96.8%	N/A	62.2%
Return on Equity	17.5%+22.9pp	-5.5%-8.1pp	2.6%+8.6pp	-6.0%-11.0pp	5.0%-5.7pp	10.7%+21.1pp	-10.4%-10.9pp	0.5%
Return on Assets	17.5%+22.9pp	-5.5%-8.1pp	2.6%+8.6pp	-6.0%-10.9pp	5.0%-5.7pp	10.7%+21.0pp	-10.4%-10.9pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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) generated -$3.7M in operating cash flow during fiscal year 2025, representing cash generated from 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.

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 cash runway?

Based on fiscal year 2025 data, United States Brent Oil Fund, LP (BNO) had $86.5M in cash against an annual operating cash burn of $3.7M. This gives an estimated cash runway of approximately 278 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 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 9, indicating weak financial health. 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) has an earnings quality ratio of 0.91x, 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.

How financially healthy is United States Brent Oil Fund, LP?

United States Brent Oil Fund, LP (BNO) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.