Invesco DB Commodity Index Tracking Fund Financials

DBC

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

This page shows Invesco DB Commodity Index Tracking Fund (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).

Rhea AI DBC FY2025 2026-05-07

A shrinking, almost unlevered asset pool drives results here, with cash largely passed back out instead of retained.

From FY2022 to FY2025, total assets fell from $2.73B to $1.23B while liabilities dropped from $94.5M to $3.3M and shares outstanding nearly halved. That combination points to a vehicle getting smaller by returning capital, not one being squeezed by leverage or balance-sheet stress.

The clearest signal is cash conversion behaving differently from accounting profit: FY2023 posted a net loss of -$151.7M while operating cash flow was $809.1M, and FY2024 showed only $22.4M of net income against $431.5M of operating cash flow. Headline earnings therefore do not describe cash movement very well, so the flow of assets in and out matters more than net income alone.

Even with revenue down from $108.1M in FY2023 to $51.8M in FY2025, operating margin stayed near 80.0% in the last two years. That suggests the expense base is a thin layer over the asset pool, while the bigger swings happen below operating income, shown by FY2025 net income of $92.5M versus operating income of $41.4M.

Financial Health Signals

Financial Profile 36/100

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 Commodity Index Tracking 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 Commodity Index Tracking Fund 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

Invesco DB Commodity Index Tracking Fund'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 Index Tracking 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 Commodity Index Tracking Fund generates a 7.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 17/100. This is up from 1.7% the prior year.

Piotroski F-Score Neutral

5/9

Invesco DB Commodity Index Tracking Fund 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 Index Tracking Fund 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 Index Tracking Fund 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 Index Tracking Fund 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 Index Tracking Fund'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 Index Tracking Fund 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

YoY-100.0%

Invesco DB Commodity Index Tracking Fund 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 Index Tracking Fund 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 Index Tracking Fund'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 Index Tracking Fund'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 Index Tracking Fund'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 Index Tracking Fund 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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$51.8M-37.3%	$82.6M-23.6%	$108.1M+116.6%	$49.9M+6183.0%	$795K-87.1%	$6.2M
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	$41.4M-40.2%	$69.1M-23.4%	$90.2M+366.0%	$19.4M+201.5%	-$19.1M-783.2%	-$2.2M
Interest Expense	$79K-81.8%	$433K-15.3%	$511K+46.4%	$349K+846.4%	$37K-15.8%	$44K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$92.5M+313.1%	$22.4M+114.8%	-$151.7M-127.5%	$551.8M-16.2%	$658.6M+612.9%	-$128.4M
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	$11.7M-4.0%	$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
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	$8.9M-7.2%	$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
Interest Expense	$0	$0	$0-100.0%	$18K-70.5%	$61K-43.7%	$108K-21.3%	$138K+77.7%	$77K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$367.8M+919.7%	$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
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.2B-5.1%	$1.3B-24.1%	$1.7B-37.7%	$2.7B+2.5%	$2.7B+98.6%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0-100.0%	$9.3M	$0	$0	$0-100.0%	$7.5M
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	$3.3M-56.5%	$7.6M-57.0%	$17.7M-81.2%	$94.5M+165.8%	$35.6M+4193.8%	$828K
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	$1.2B-4.7%	$1.3B-23.7%	$1.7B-36.2%	$2.6B+0.3%	$2.6B+96.0%	$1.3B
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	$1.7B+40.0%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0-100.0%	$9.3M	$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	$26.6M+703.3%	$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
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	$1.7B+38.2%	$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
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$141.9M-67.1%	$431.5M-46.7%	$809.1M+50.8%	$536.5M+184.2%	-$637.2M-1800.1%	-$33.5M
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	-$151.2M+64.2%	-$422.2M+47.8%	-$809.1M-50.8%	-$536.5M-185.2%	$629.7M+1432.9%	$41.1M
Dividends Paid	$40.6M-40.3%	$68.1M-19.1%	$84.2M+421.1%	$16.2M	N/A	N/A
Share Buybacks	$363.5M-35.3%	$562.2M-48.7%	$1.1B-61.7%	$2.9B+144.3%	$1.2B+164.3%	$442.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$101.0M-200.9%	$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
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	$101.0M+200.9%	-$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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$67.5M	$0	$0
Share Buybacks	$96.6M+11.2%	$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

DBC 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	79.8%-3.8pp	83.7%+0.2pp	83.4%+44.7pp	38.8%+2438.3pp	-2399.5%-2364.4pp	-35.1%
Net Margin	178.5%+151.4pp	27.1%+167.4pp	-140.3%-1245.5pp	1105.2%-81768.7pp	82873.9%+84959.8pp	-2085.9%
Return on Equity	7.6%+5.8pp	1.7%+10.8pp	-9.0%-29.9pp	20.9%-4.1pp	25.0%+34.6pp	-9.6%
Return on Assets	7.5%+5.8pp	1.7%+10.7pp	-8.9%-29.1pp	20.2%-4.5pp	24.7%+34.3pp	-9.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.01-0.0	0.04+0.0	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	75.8%-2.6pp	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%
Net Margin	3140.1%+2844.3pp	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%
Return on Equity	21.8%+18.8pp	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%
Return on Assets	21.4%+18.5pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02+0.0	0.000.0	0.000.0	0.000.0	0.000.0	0.010.0	0.000.0	0.01
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 Commodity Index Tracking Fund's annual revenue?

Invesco DB Commodity Index Tracking Fund (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.

How fast is Invesco DB Commodity Index Tracking Fund's revenue growing?

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

Is Invesco DB Commodity Index Tracking Fund profitable?

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

What is Invesco DB Commodity Index Tracking Fund's EBITDA?

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

What is Invesco DB Commodity Index Tracking Fund's operating margin?

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

What is Invesco DB Commodity Index Tracking Fund's net profit margin?

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

What is Invesco DB Commodity Index Tracking Fund's return on equity (ROE)?

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

What is Invesco DB Commodity Index Tracking Fund's operating cash flow?

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

What are Invesco DB Commodity Index Tracking Fund's total assets?

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

Does Invesco DB Commodity Index Tracking Fund buy back shares?

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

How many shares does Invesco DB Commodity Index Tracking Fund have outstanding?

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

What is Invesco DB Commodity Index Tracking Fund's debt-to-equity ratio?

Invesco DB Commodity Index Tracking Fund (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.

What is Invesco DB Commodity Index Tracking Fund's return on assets (ROA)?

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

What is Invesco DB Commodity Index Tracking Fund's Piotroski F-Score?

Invesco DB Commodity Index Tracking Fund (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Invesco DB Commodity Index Tracking Fund's earnings high quality?

Invesco DB Commodity Index Tracking Fund (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.

Can Invesco DB Commodity Index Tracking Fund cover its interest payments?

Invesco DB Commodity Index Tracking Fund (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.

How financially healthy is Invesco DB Commodity Index Tracking Fund?

Invesco DB Commodity Index Tracking Fund (DBC) scores 36 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.