Invesco DB Agriculture Fund Financials

DBA

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

This page shows Invesco DB Agriculture Fund (DBA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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 DBA FY2025 2026-05-07

Net results are dominated by remeasurement swings, while the balance sheet stays lightly levered and keeps sending cash back out.

From FY2024 to FY2025, net income swung from $210.4M to -$9.8M even though the operating line stayed profitable. That mismatch between a steadier operating engine and a volatile bottom line suggests reported earnings are being shaped mainly by asset remeasurements or other non-operating marks, which makes single-year profit a weak guide to how the structure actually handled cash.

Cash conversion looked better than earnings in FY2025: operating cash flow remained positive at $38.7M while net income was -$9.8M. When cash stays positive through an accounting loss, the income statement is acting less like a cash ledger and more like a remeasurement snapshot.

The balance-sheet posture is unusually conservative, with liabilities of just $3.0M against assets of $725.8M in FY2025. From FY2023 to FY2025, shares outstanding fell from 32.3M to 28.2M, so the smaller asset base looks tied more to cash distributions and repurchases than to leverage being added.

Financial Health Signals

Financial Profile 41/100

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 Invesco DB Agriculture Fund'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.

Profitability

100

Invesco DB Agriculture Fund has an operating margin of 79.7%, meaning the company retains $80 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 82.9% the prior year.

Growth

Invesco DB Agriculture Fund's revenue declined 12.9% year-over-year, from $38.0M to $33.1M. This contraction results in a growth score of 12/100.

Leverage

100

Invesco DB Agriculture Fund 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

Invesco DB Agriculture Fund's ROE of -1.4% shows moderate profitability relative to equity, earning a score of 31/100. This is down from 26.7% the prior year.

Piotroski F-Score Weak

3/9

Invesco DB Agriculture Fund passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-3.94x

For every $1 of reported earnings, Invesco DB Agriculture Fund generates $-3.94 in operating cash flow ($38.7M OCF vs -$9.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

580.5x

Invesco DB Agriculture Fund earns $580.5 in operating income for every $1 of interest expense ($26.4M vs $45K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$33.1M

YoY-12.9%

5Y CAGR+74.8%

10Y CAGR+65.6%

Invesco DB Agriculture Fund generated $33.1M in revenue in fiscal year 2025. This represents a decrease of 12.9% from the prior year.

EBITDA

$21.9M

YoY+43.5%

Invesco DB Agriculture Fund's EBITDA was $21.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 43.5% from the prior year.

Net Income

-$9.8M

YoY-104.7%

Invesco DB Agriculture Fund reported -$9.8M in net income in fiscal year 2025. This represents a decrease of 104.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

YoY-100.0%

Invesco DB Agriculture Fund held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY-9.5%

5Y CAGR-8.0%

10Y CAGR-1.1%

Invesco DB Agriculture Fund had 28M shares outstanding in fiscal year 2025. This represents a decrease of 9.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

79.7%

YoY-3.2pp

5Y CAGR+160.9pp

10Y CAGR+3716.7pp

Invesco DB Agriculture Fund's operating margin was 79.7% in fiscal year 2025, reflecting core business profitability. This is down 3.2 percentage points from the prior year.

Net Margin

-29.7%

YoY-583.5pp

5Y CAGR-1468.6pp

10Y CAGR+78532.6pp

Invesco DB Agriculture Fund's net profit margin was -29.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 583.5 percentage points from the prior year.

Return on Equity

-1.4%

YoY-28.1pp

5Y CAGR-5.9pp

10Y CAGR+23.6pp

Invesco DB Agriculture Fund's ROE was -1.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$202.9M

YoY-17.3%

5Y CAGR+6.3%

10Y CAGR-5.1%

Invesco DB Agriculture Fund spent $202.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.3% from the prior year.

Capital Expenditures

N/A

DBA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$33.1M-12.9%	$38.0M-12.5%	$43.4M+103.6%	$21.3M+6692.5%	$314K-84.5%	$2.0M
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	$26.4M-16.3%	$31.5M-11.9%	$35.8M+393.1%	$7.3M+193.9%	-$7.7M-369.8%	-$1.6M
Interest Expense	$45K-78.0%	$207K+39.0%	$149K+53.1%	$97K+796.7%	$11K+20.1%	$9K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$9.8M-104.7%	$210.4M+247.3%	$60.6M+189.1%	-$68.0M-142.0%	$161.8M+455.0%	$29.2M
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	$7.0M-7.6%	$7.6M-8.4%	$8.2M-5.4%	$8.7M+1.7%	$8.6M-5.8%	$9.1M-1.0%	$9.2M-10.2%	$10.2M
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	$5.4M-9.4%	$6.0M-9.4%	$6.6M-4.8%	$7.0M+2.5%	$6.8M-8.9%	$7.5M-2.4%	$7.6M-10.2%	$8.5M
Interest Expense	$0	$0	$0	$0-100.0%	$45K-3.3%	$47K-30.7%	$68K+30.2%	$52K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$55.7M+641.8%	-$10.3M-160.9%	$16.9M+425.4%	-$5.2M+53.9%	-$11.3M-123.4%	$48.2M-19.4%	$59.8M+325.2%	-$26.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$725.8M-7.9%	$787.9M+9.6%	$719.0M-34.1%	$1.1B+5.9%	$1.0B+58.8%	$648.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0-100.0%	$13.5M+185.4%	$4.7M	N/A	$0-100.0%	$6.7M
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	$3.0M+470.4%	$533K-96.4%	$14.7M-19.7%	$18.3M+46.9%	$12.5M+2951.7%	$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	$722.8M-8.2%	$787.4M+11.8%	$704.3M-34.3%	$1.1B+5.4%	$1.0B+57.0%	$648.5M
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	$1.2B+67.7%	$725.8M-8.4%	$792.3M+0.3%	$789.7M-3.6%	$819.5M+4.0%	$787.9M+4.7%	$752.4M+6.0%	$709.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	N/A	N/A	$0-100.0%	$13.5M	N/A	N/A
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	$590K-80.6%	$3.0M+488.2%	$517K-51.5%	$1.1M+83.8%	$580K+8.8%	$533K-96.1%	$13.8M+2685.5%	$497K
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	$1.2B+68.4%	$722.8M-8.7%	$791.8M+0.4%	$788.6M-3.7%	$818.9M+4.0%	$787.4M+6.6%	$738.5M+4.1%	$709.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$38.7M-71.8%	$137.5M-69.4%	$448.5M+423.5%	-$138.6M+35.4%	-$214.6M+19.0%	-$265.0M
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	-$52.2M+59.4%	-$128.7M+71.0%	-$443.7M-420.1%	$138.6M-33.3%	$207.9M-23.4%	$271.5M
Dividends Paid	$25.9M-19.4%	$32.1M-5.3%	$33.9M+497.9%	$5.7M	N/A	N/A
Share Buybacks	$202.9M-17.3%	$245.3M-54.8%	$543.2M-61.6%	$1.4B+328.6%	$330.4M+121.2%	$149.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$435.9M-876.1%	$56.2M+310.1%	$13.7M-45.5%	$25.1M+144.6%	-$56.3M-540.6%	$12.8M-58.1%	$30.4M-42.5%	$53.0M
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	$435.9M+876.1%	-$56.2M-310.1%	-$13.7M+45.5%	-$25.1M-158.7%	$42.8M+5983.7%	$703K+102.3%	-$30.4M+42.5%	-$53.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$31.8M	$0	$0
Share Buybacks	$44.8M+13.3%	$39.5M+15.8%	$34.1M-54.5%	$75.1M+38.5%	$54.2M+173.5%	$19.8M-51.2%	$40.6M-67.8%	$126.3M

DBA 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	79.7%-3.2pp	82.9%+0.6pp	82.4%+48.4pp	34.0%+2495.3pp	-2461.3%-2380.1pp	-81.2%
Net Margin	-29.7%-583.5pp	553.8%+414.2pp	139.5%+458.3pp	-318.8%-51876.2pp	51557.4%+50118.5pp	1438.9%
Return on Equity	-1.4%-28.1pp	26.7%+18.1pp	8.6%+14.9pp	-6.3%-22.2pp	15.9%+11.4pp	4.5%
Return on Assets	-1.4%-28.1pp	26.7%+18.3pp	8.4%+14.7pp	-6.2%-21.9pp	15.7%+11.2pp	4.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.00-0.0	0.020.0	0.020.0	0.01+0.0	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	77.9%-1.6pp	79.4%-0.9pp	80.3%+0.5pp	79.8%+0.6pp	79.2%-2.7pp	81.9%-1.1pp	83.0%-0.1pp	83.1%
Net Margin	797.2%+933.2pp	-136.0%-340.7pp	204.7%+264.2pp	-59.5%+71.7pp	-131.2%-660.1pp	528.9%-120.7pp	649.6%+908.7pp	-259.1%
Return on Equity	4.6%+6.0pp	-1.4%-3.6pp	2.1%+2.8pp	-0.7%+0.7pp	-1.4%-7.5pp	6.1%-2.0pp	8.1%+11.8pp	-3.7%
Return on Assets	4.6%+6.0pp	-1.4%-3.6pp	2.1%+2.8pp	-0.7%+0.7pp	-1.4%-7.5pp	6.1%-1.8pp	7.9%+11.7pp	-3.7%
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	0.00-0.0	0.02+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Invesco DB Agriculture Fund's annual revenue?

Invesco DB Agriculture Fund (DBA) reported $33.1M in total revenue for fiscal year 2025. This represents a -12.9% 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 Invesco DB Agriculture Fund's revenue growing?

Invesco DB Agriculture Fund (DBA) revenue declined by 12.9% year-over-year, from $38.0M to $33.1M in fiscal year 2025.

Is Invesco DB Agriculture Fund profitable?

No, Invesco DB Agriculture Fund (DBA) reported a net income of -$9.8M in fiscal year 2025, with a net profit margin of -29.7%.

What is Invesco DB Agriculture Fund's EBITDA?

Invesco DB Agriculture Fund (DBA) had EBITDA of $21.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Invesco DB Agriculture Fund's operating margin?

Invesco DB Agriculture Fund (DBA) had an operating margin of 79.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Invesco DB Agriculture Fund's net profit margin?

Invesco DB Agriculture Fund (DBA) had a net profit margin of -29.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Invesco DB Agriculture Fund's return on equity (ROE)?

Invesco DB Agriculture Fund (DBA) has a return on equity of -1.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Invesco DB Agriculture Fund's operating cash flow?

Invesco DB Agriculture Fund (DBA) generated $38.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invesco DB Agriculture Fund's total assets?

Invesco DB Agriculture Fund (DBA) had $725.8M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB Agriculture Fund buy back shares?

Yes, Invesco DB Agriculture Fund (DBA) spent $202.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invesco DB Agriculture Fund have outstanding?

Invesco DB Agriculture Fund (DBA) had 28M shares outstanding as of fiscal year 2025.

What is Invesco DB Agriculture Fund's debt-to-equity ratio?

Invesco DB Agriculture Fund (DBA) 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 Invesco DB Agriculture Fund's return on assets (ROA)?

Invesco DB Agriculture Fund (DBA) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB Agriculture Fund's Piotroski F-Score?

Invesco DB Agriculture Fund (DBA) has a Piotroski F-Score of 3 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 Invesco DB Agriculture Fund's earnings high quality?

Invesco DB Agriculture Fund (DBA) has an earnings quality ratio of -3.94x, considered mixed 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.

Can Invesco DB Agriculture Fund cover its interest payments?

Invesco DB Agriculture Fund (DBA) has an interest coverage ratio of 580.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Invesco DB Agriculture Fund?

Invesco DB Agriculture Fund (DBA) scores 41 out of 100 on our Financial Profile, indicating moderate 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.