Invesco DB Oil Fund Financials

DBO

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

This page shows Invesco DB Oil Fund (DBO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 DBO FY2025 2026-05-07

DBO’s reported earnings are shaped more by asset-value swings than by operations, on a nearly debt-free balance sheet.

FY2025 still shows positive operating income of $7.0M alongside a net loss of -$19.4M, so the core fee-and-expense engine was not what determined the year’s shareholder result. That disconnect widened from FY2024, when net income was $19.6M and operating cash flow was $53.0M; the weak link is cash conversion, which suggests economics are being set outside the recurring expense base.

With total liabilities of $725K against assets of $204.9M, balance-sheet risk comes far less from leverage or refinancing pressure than from how the underlying assets are marked. Across FY2023-FY2025, debt-to-equity stayed below 0.5%, so changes in equity mostly reflect asset performance rather than creditor claims.

After shrinking for several years to 13.25M shares in FY2024, the count rose to 16.6M in FY2025, a capital-flow pattern that is unusual for a business funded mainly by retained profits. Because financing cash flow also turned positive, the asset base can expand or contract with investor activity rather than with self-funded cash generation.

Financial Health Signals

Financial Profile 34/100

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 Oil 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 Oil Fund has an operating margin of 82.3%, meaning the company retains $82 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 85.4% the prior year.

Growth

Invesco DB Oil Fund's revenue declined 28.8% year-over-year, from $11.9M to $8.5M. This contraction results in a growth score of 0/100.

Leverage

100

Invesco DB Oil 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 Oil Fund generates a -9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 4/100. This is down from 9.2% the prior year.

Piotroski F-Score Weak

1/9

Invesco DB Oil Fund 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), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Invesco DB Oil Fund generates $0.68 in operating cash flow (-$13.2M OCF vs -$19.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

210.3x

Invesco DB Oil Fund earns $210.3 in operating income for every $1 of interest expense ($7.0M vs $33K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.5M

YoY-28.8%

5Y CAGR+47.1%

10Y CAGR+52.7%

Invesco DB Oil Fund generated $8.5M in revenue in fiscal year 2025. This represents a decrease of 28.8% from the prior year.

EBITDA

$6.4M

YoY-1.8%

Invesco DB Oil Fund's EBITDA was $6.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.8% from the prior year.

Net Income

-$19.4M

YoY-199.1%

Invesco DB Oil Fund reported -$19.4M in net income in fiscal year 2025. This represents a decrease of 199.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

YoY-100.0%

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

Dividends Per Share

N/A

Shares Outstanding

17M

YoY+25.3%

5Y CAGR-20.2%

10Y CAGR-10.9%

Invesco DB Oil Fund had 17M shares outstanding in fiscal year 2025. This represents an increase of 25.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

82.3%

YoY-3.0pp

5Y CAGR+202.5pp

10Y CAGR+3251.0pp

Invesco DB Oil Fund's operating margin was 82.3% in fiscal year 2025, reflecting core business profitability. This is down 3.0 percentage points from the prior year.

Net Margin

-228.5%

YoY-392.7pp

5Y CAGR-3730.2pp

10Y CAGR+182533.8pp

Invesco DB Oil Fund's net profit margin was -228.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 392.7 percentage points from the prior year.

Return on Equity

-9.5%

YoY-18.7pp

5Y CAGR-19.5pp

10Y CAGR+45.5pp

Invesco DB Oil Fund's ROE was -9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 18.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$124.4M

YoY+13.1%

5Y CAGR-13.2%

10Y CAGR-3.3%

Invesco DB Oil Fund spent $124.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 13.1% from the prior year.

Capital Expenditures

N/A

DBO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.5M-28.8%	$11.9M-10.6%	$13.3M+145.0%	$5.4M+3330.6%	$159K-87.1%	$1.2M
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	$7.0M-31.3%	$10.2M-10.2%	$11.3M+411.3%	$2.2M+163.8%	-$3.5M-134.5%	-$1.5M
Interest Expense	$33K-71.7%	$118K+13.9%	$103K+39.0%	$74K+451.7%	$13K-43.6%	$24K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$19.4M-199.1%	$19.6M+237.7%	-$14.2M-118.4%	$77.3M-66.2%	$228.7M+429.2%	$43.2M
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	$2.1M-0.7%	$2.1M-11.9%	$2.4M+24.7%	$1.9M-8.0%	$2.1M-19.4%	$2.6M-8.9%	$2.8M-11.3%	$3.2M
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	$1.6M-7.1%	$1.7M-15.0%	$2.0M+25.3%	$1.6M-6.1%	$1.7M-21.1%	$2.2M-11.3%	$2.4M-11.7%	$2.8M
Interest Expense	$4K-26.5%	$6K+3.1%	$5K-3.0%	$6K-65.8%	$17K-47.3%	$31K-8.6%	$34K+31.0%	$26K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$133.9M+1186.1%	-$12.3M-407.9%	$4.0M+129.0%	-$13.8M-612.2%	$2.7M-82.7%	$15.5M+158.0%	-$26.8M-765.9%	$4.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$204.9M-3.4%	$212.3M-13.5%	$245.5M-19.2%	$303.8M-31.7%	$445.0M+2.5%	$434.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0-100.0%	$1.0M	$0	$0	$0-100.0%	$3.2M
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	$725K+457.5%	$130K-88.7%	$1.2M+514.2%	$188K-98.2%	$10.4M+3905.7%	$259K
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	$204.2M-3.7%	$212.1M-13.2%	$244.3M-19.5%	$303.6M-30.1%	$434.6M+0.2%	$433.8M
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	$388.5M+89.6%	$204.9M-6.6%	$219.5M-4.0%	$228.6M+12.9%	$202.4M-4.6%	$212.3M-15.0%	$249.8M+6.0%	$235.7M
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%	$1.0M	$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	$23.0M+3076.9%	$725K+456.5%	$130K-64.5%	$367K+216.0%	$116K-10.7%	$130K-99.7%	$39.3M+4025.0%	$952K
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	$365.5M+78.9%	$204.2M-6.9%	$219.4M-3.9%	$228.2M+12.8%	$202.3M-4.6%	$212.1M+0.8%	$210.5M-10.3%	$234.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DBO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$13.2M-124.8%	$53.0M+18.2%	$44.8M-78.5%	$208.3M-7.3%	$224.8M+258.2%	-$142.1M
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	$12.1M+123.3%	-$52.0M-15.9%	-$44.8M+78.5%	-$208.3M+8.6%	-$228.0M-256.9%	$145.3M
Dividends Paid	$7.1M-30.5%	$10.2M-8.9%	$11.2M+442.8%	$2.1M	N/A	N/A
Share Buybacks	$124.4M+13.1%	$110.0M-47.6%	$209.9M-28.8%	$294.9M-5.5%	$312.0M+23.4%	$252.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$26.8M-1308.1%	$2.2M-80.8%	$11.5M+130.1%	-$38.4M-434.7%	$11.5M-23.5%	$15.0M+688.5%	-$2.5M-112.2%	$20.8M
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	$26.8M+1308.1%	-$2.2M+80.8%	-$11.5M-130.1%	$38.4M+406.8%	-$12.5M+10.3%	-$13.9M-647.6%	$2.5M+112.2%	-$20.8M
Dividends Paid	N/A	$7.1M	$0	$0	$0-100.0%	$10.0M	$0	$0
Share Buybacks	$80.0M+167.3%	$29.9M-22.2%	$38.5M+47.8%	$26.0M-13.0%	$29.9M+25.5%	$23.8M+45.9%	$16.3M-45.9%	$30.2M

DBO 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	82.3%-3.0pp	85.4%+0.3pp	85.1%+44.3pp	40.8%+2233.2pp	-2192.4%-2072.2pp	-120.2%
Net Margin	-228.5%-392.7pp	164.2%+270.9pp	-106.7%-1526.5pp	1419.8%-142744.1pp	144163.9%+140662.1pp	3501.8%
Return on Equity	-9.5%-18.7pp	9.2%+15.0pp	-5.8%-31.3pp	25.5%-27.2pp	52.6%+42.7pp	10.0%
Return on Assets	-9.5%-18.7pp	9.2%+15.0pp	-5.8%-31.2pp	25.4%-26.0pp	51.4%+41.4pp	10.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.00-0.0	0.02+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	75.5%-5.2pp	80.7%-2.9pp	83.6%+0.4pp	83.3%+1.6pp	81.6%-1.7pp	83.3%-2.3pp	85.6%-0.4pp	86.0%
Net Margin	6400.2%+6985.6pp	-585.3%-752.7pp	167.4%+886.4pp	-719.0%-848.2pp	129.2%-471.2pp	600.4%+1544.1pp	-943.7%-1069.5pp	125.8%
Return on Equity	36.6%+42.7pp	-6.0%-7.9pp	1.8%+7.9pp	-6.0%-7.4pp	1.3%-6.0pp	7.3%+20.1pp	-12.7%-14.4pp	1.7%
Return on Assets	34.5%+40.5pp	-6.0%-7.8pp	1.8%+7.8pp	-6.0%-7.4pp	1.3%-6.0pp	7.3%+18.1pp	-10.7%-12.4pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.06+0.1	0.000.0	0.000.0	0.000.0	0.000.0	0.00-0.2	0.19+0.2	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 Oil Fund's annual revenue?

Invesco DB Oil Fund (DBO) reported $8.5M in total revenue for fiscal year 2025. This represents a -28.8% 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 Oil Fund's revenue growing?

Invesco DB Oil Fund (DBO) revenue declined by 28.8% year-over-year, from $11.9M to $8.5M in fiscal year 2025.

Is Invesco DB Oil Fund profitable?

No, Invesco DB Oil Fund (DBO) reported a net income of -$19.4M in fiscal year 2025, with a net profit margin of -228.5%.

What is Invesco DB Oil Fund's EBITDA?

Invesco DB Oil Fund (DBO) had EBITDA of $6.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Invesco DB Oil Fund's operating margin?

Invesco DB Oil Fund (DBO) had an operating margin of 82.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

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

Invesco DB Oil Fund (DBO) had a net profit margin of -228.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Invesco DB Oil Fund (DBO) has a return on equity of -9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

Invesco DB Oil Fund (DBO) generated -$13.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invesco DB Oil Fund's total assets?

Invesco DB Oil Fund (DBO) had $204.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB Oil Fund buy back shares?

Yes, Invesco DB Oil Fund (DBO) spent $124.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invesco DB Oil Fund have outstanding?

Invesco DB Oil Fund (DBO) had 17M shares outstanding as of fiscal year 2025.

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

Invesco DB Oil Fund (DBO) 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 Oil Fund's return on assets (ROA)?

Invesco DB Oil Fund (DBO) had a return on assets of -9.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB Oil Fund's cash runway?

Based on fiscal year 2025 data, Invesco DB Oil Fund (DBO) had $0 in cash against an annual operating cash burn of $13.2M. This gives an estimated cash runway of approximately 0 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 Invesco DB Oil Fund's Piotroski F-Score?

Invesco DB Oil Fund (DBO) 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 Invesco DB Oil Fund's earnings high quality?

Invesco DB Oil Fund (DBO) has an earnings quality ratio of 0.68x, 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.

Can Invesco DB Oil Fund cover its interest payments?

Invesco DB Oil Fund (DBO) has an interest coverage ratio of 210.3x, 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 Oil Fund?

Invesco DB Oil Fund (DBO) scores 34 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.