ProShares Ultra Bloomberg Natural Gas Financials

BOIL

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

This page shows ProShares Ultra Bloomberg Natural Gas (BOIL) 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).

Financial Health Signals

Piotroski F-Score Weak

2/9

ProShares Ultra Bloomberg Natural Gas passes 2 of 9 financial strength tests. 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 Bloomberg Natural Gas 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

Export CSV

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$1.7B

YoY+4448.1%

ProShares Ultra Bloomberg Natural Gas 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 & Debt

$3.3B

YoY+26.1%

5Y CAGR-0.0%

10Y CAGR+52.4%

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

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

29.9%

ProShares Ultra Bloomberg Natural Gas's ROE was 29.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

$13.0B

YoY+48.0%

5Y CAGR+8.8%

10Y CAGR+5.7%

ProShares Ultra Bloomberg Natural Gas 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

BOIL 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	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	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	N/A	$76.1M-55.5%	$171.2M-60.0%	$427.6M	N/A	-$11.7M-104.9%	$240.1M+203.7%	-$231.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BOIL 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+5.5%	$3.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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-16.1%	$1.8B
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	$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+294.0%	$47.5M
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	$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+1.1%	$3.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BOIL 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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+81.0%	-$721.0M
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	$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-412.6%	-$31.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$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+0.5%	$1.8B

BOIL 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%	N/A	N/A	2.5%	N/A	N/A
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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	1.7%-3.0pp	4.7%-7.3pp	12.0%	N/A	0.3%-7.4pp	7.7%+7.2pp	0.4%
Return on Assets	N/A	1.7%-2.8pp	4.5%-6.9pp	11.4%	N/A	-0.3%-7.6pp	7.3%+14.6pp	-7.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.06+0.0	0.02-0.0	0.040.0	0.050.0	0.04+0.0	0.03-0.0	0.06+0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is ProShares Ultra Bloomberg Natural Gas profitable?

Yes, ProShares Ultra Bloomberg Natural Gas (BOIL) reported a net income of $1.7B in fiscal year 2025.

What is ProShares Ultra Bloomberg Natural Gas's return on equity (ROE)?

ProShares Ultra Bloomberg Natural Gas (BOIL) 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 Bloomberg Natural Gas's operating cash flow?

ProShares Ultra Bloomberg Natural Gas (BOIL) generated -$246.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ProShares Ultra Bloomberg Natural Gas's total assets?

ProShares Ultra Bloomberg Natural Gas (BOIL) had $6.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does ProShares Ultra Bloomberg Natural Gas buy back shares?

Yes, ProShares Ultra Bloomberg Natural Gas (BOIL) spent $13.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does ProShares Ultra Bloomberg Natural Gas have outstanding?

ProShares Ultra Bloomberg Natural Gas (BOIL) had 124M shares outstanding as of fiscal year 2025.

What is ProShares Ultra Bloomberg Natural Gas's debt-to-equity ratio?

ProShares Ultra Bloomberg Natural Gas (BOIL) 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 Bloomberg Natural Gas's return on assets (ROA)?

ProShares Ultra Bloomberg Natural Gas (BOIL) 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 Bloomberg Natural Gas's cash runway?

Based on fiscal year 2025 data, ProShares Ultra Bloomberg Natural Gas (BOIL) 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 Bloomberg Natural Gas's Piotroski F-Score?

ProShares Ultra Bloomberg Natural Gas (BOIL) has a Piotroski F-Score of 2 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are ProShares Ultra Bloomberg Natural Gas's earnings high quality?

ProShares Ultra Bloomberg Natural Gas (BOIL) 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.