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Invesco DB Commodity Tracking Financials

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

This page shows Invesco DB Commodity Tracking (DBC) 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 57 / 100
Financial Profile 57/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Invesco DB Commodity Tracking has an operating margin of 79.8%, 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 83.7% the prior year.

Growth
0

Invesco DB Commodity Tracking's revenue declined 37.3% year-over-year, from $82.6M to $51.8M. This contraction results in a growth score of 0/100.

Leverage
100

Invesco DB Commodity Tracking 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
28

Invesco DB Commodity Tracking generates a 7.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from 1.7% the prior year.

Piotroski F-Score Neutral
5/9

Invesco DB Commodity Tracking passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.53x

For every $1 of reported earnings, Invesco DB Commodity Tracking generates $1.53 in operating cash flow ($141.9M OCF vs $92.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
523.8x

Invesco DB Commodity Tracking earns $523.8 in operating income for every $1 of interest expense ($41.4M vs $79K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$51.8M
YoY-37.3%
5Y CAGR+53.1%
10Y CAGR+53.4%

Invesco DB Commodity Tracking generated $51.8M in revenue in fiscal year 2025. This represents a decrease of 37.3% from the prior year.

EBITDA
$34.2M
YoY+4.4%

Invesco DB Commodity Tracking's EBITDA was $34.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.4% from the prior year.

Net Income
$92.5M
YoY+313.1%

Invesco DB Commodity Tracking reported $92.5M in net income in fiscal year 2025. This represents an increase of 313.1% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$0
YoY-100.0%

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

Dividends Per Share
N/A
Shares Outstanding
54M
YoY-11.3%
5Y CAGR-9.9%
10Y CAGR-9.5%

Invesco DB Commodity Tracking had 54M shares outstanding in fiscal year 2025. This represents a decrease of 11.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
79.8%
YoY-3.8pp
5Y CAGR+114.9pp
10Y CAGR+3650.2pp

Invesco DB Commodity Tracking's operating margin was 79.8% in fiscal year 2025, reflecting core business profitability. This is down 3.8 percentage points from the prior year.

Net Margin
178.5%
YoY+151.4pp
5Y CAGR+2264.5pp
10Y CAGR+122286.4pp

Invesco DB Commodity Tracking's net profit margin was 178.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 151.4 percentage points from the prior year.

Return on Equity
7.6%
YoY+5.8pp
5Y CAGR+17.1pp
10Y CAGR+51.5pp

Invesco DB Commodity Tracking's ROE was 7.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$363.5M
YoY-35.3%
5Y CAGR-3.8%
10Y CAGR-13.2%

Invesco DB Commodity Tracking spent $363.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 35.3% from the prior year.

Capital Expenditures
N/A

DBC Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $12.2M-7.5% $13.2M+6.5% $12.4M-11.7% $14.0M-17.5% $17.0M-17.5% $20.6M-10.0% $22.9M+3.3% $22.1M
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 $9.6M-10.0% $10.6M+7.6% $9.9M-12.4% $11.3M-19.2% $14.0M-19.1% $17.3M-9.9% $19.2M+2.3% $18.7M
Interest Expense $0 $0-100.0% $18K-70.5% $61K-43.7% $108K-21.3% $138K+77.7% $77K-29.6% $110K
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income $36.1M-6.0% $38.4M+175.0% -$51.2M-174.0% $69.2M+467.5% $12.2M+115.6% -$78.2M-502.3% $19.4M-71.8% $69.0M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

DBC Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.2B-4.9% $1.3B+4.7% $1.2B-9.6% $1.4B+5.5% $1.3B-9.8% $1.4B-18.2% $1.8B+1.4% $1.7B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $0 $0 $0 $0-100.0% $9.3M $0 $0 $0
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 $3.3M+307.3% $814K-52.7% $1.7M-54.1% $3.8M-50.8% $7.6M+557.5% $1.2M-87.1% $9.0M-10.8% $10.0M
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-5.1% $1.3B+4.8% $1.2B-9.5% $1.4B+5.8% $1.3B-10.2% $1.4B-17.9% $1.7B+1.4% $1.7B
Retained Earnings N/A N/A N/A N/A N/A N/A N/A N/A

DBC Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $100.1M+389.0% -$34.6M-147.1% $73.6M+2471.7% $2.9M-98.3% $167.6M-28.1% $233.0M+4538.1% -$5.3M-114.5% $36.2M
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 -$100.1M-389.0% $34.6M+147.1% -$73.6M-504.7% -$12.2M+92.3% -$158.2M+32.1% -$233.0M-4538.1% $5.3M+114.5% -$36.2M
Dividends Paid N/A N/A N/A N/A $67.5M $0 $0-100.0% $599K
Share Buybacks $86.9M+130.1% $37.8M-77.5% $168.0M+137.2% $70.8M-35.5% $109.8M-58.6% $265.5M+262.5% $73.2M-35.6% $113.7M

DBC Financial Ratios

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 78.5%-2.1pp 80.6%+0.9pp 79.7%-0.7pp 80.4%-1.8pp 82.2%-1.7pp 83.9%+0.1pp 83.8%-0.8pp 84.5%
Net Margin 295.8%+4.7pp 291.0%+704.0pp -413.0%-906.3pp 493.3%+421.5pp 71.8%+451.9pp -380.1%-465.1pp 85.0%-226.4pp 311.4%
Return on Equity 2.9%-0.0pp 3.0%+7.1pp -4.2%-9.3pp 5.1%+4.1pp 0.9%+6.4pp -5.5%-6.6pp 1.1%-2.9pp 4.0%
Return on Assets 2.9%-0.0pp 3.0%+7.1pp -4.2%-9.2pp 5.1%+4.1pp 0.9%+6.4pp -5.5%-6.6pp 1.1%-2.9pp 4.0%
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 0.010.0 0.000.0 0.010.0 0.01
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

Invesco DB Commodity Tracking (DBC) reported $51.8M in total revenue for fiscal year 2025. This represents a -37.3% 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.

Invesco DB Commodity Tracking (DBC) revenue declined by 37.3% year-over-year, from $82.6M to $51.8M in fiscal year 2025.

Yes, Invesco DB Commodity Tracking (DBC) reported a net income of $92.5M in fiscal year 2025, with a net profit margin of 178.5%.

Invesco DB Commodity Tracking (DBC) had EBITDA of $34.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Invesco DB Commodity Tracking (DBC) had an operating margin of 79.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Invesco DB Commodity Tracking (DBC) had a net profit margin of 178.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Invesco DB Commodity Tracking (DBC) has a return on equity of 7.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Invesco DB Commodity Tracking (DBC) generated $141.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Invesco DB Commodity Tracking (DBC) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Invesco DB Commodity Tracking (DBC) spent $363.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Invesco DB Commodity Tracking (DBC) had 54M shares outstanding as of fiscal year 2025.

Invesco DB Commodity Tracking (DBC) 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.

Invesco DB Commodity Tracking (DBC) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Invesco DB Commodity Tracking (DBC) has a Piotroski F-Score of 5 out of 9, indicating neutral 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.

Invesco DB Commodity Tracking (DBC) has an earnings quality ratio of 1.53x, 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.

Invesco DB Commodity Tracking (DBC) has an interest coverage ratio of 523.8x, 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.

Invesco DB Commodity Tracking (DBC) scores 57 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.

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