ProShares UltraShort Euro Financials

EUO

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

This page shows ProShares UltraShort Euro (EUO) 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).

Rhea AI EUO FY2025 2026-08-07

Cash-heavy, lightly levered balance-sheet growth drives results here, while reported earnings swing far more than cash flow.

FY2025 produced $1.71B of net income but -$246M of operating cash flow, the opposite of FY2024’s near-breakeven loss and $209M of positive cash generation. That reversal implies earnings are being shaped more by non-cash balance-sheet movements than by cash produced in the period, so the key analytical question is cash-conversion quality, not basic profitability.

The balance sheet is conservatively financed: in FY2025, liabilities were only 5.6% of assets. With $3.25B of cash against $339M of liabilities, the company’s operating model does not appear dependent on heavy borrowing to stay intact.

The company’s scale can change through capital-base expansion as much as through retained earnings. Shares outstanding jumped from 86.4M to 123.8M in FY2025, and financing cash flow was $920M while operating cash flow was -$246M, showing that growth in assets and equity was supported externally rather than funded by the year’s cash generation.

Financial Health Signals

Financial health score pending refresh

We are recalculating ProShares UltraShort Euro's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

ProShares UltraShort Euro passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 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 UltraShort Euro 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$1.7B

YoY+4448.1%

ProShares UltraShort Euro 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 & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.3B

YoY+26.1%

5Y CAGR-0.0%

10Y CAGR+52.4%

ProShares UltraShort Euro 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 UltraShort Euro had 124M shares outstanding in fiscal year 2025. This represents an increase of 43.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

29.9%

YoY+31.2pp

5Y CAGR+58.6pp

10Y CAGR+65.4pp

ProShares UltraShort Euro's ROE was 29.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 31.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$13.0B

YoY+48.0%

5Y CAGR+8.8%

10Y CAGR+5.7%

ProShares UltraShort Euro 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

EUO 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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$44.6M	N/A	N/A	N/A	$31.0M	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	$478.0M	N/A	$76.1M-55.5%	$171.2M-60.0%	$427.6M	N/A	-$11.7M-104.9%	$240.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EUO 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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$6.5B+7.8%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.1B-35.0%	$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
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	$349.0M+3.0%	$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
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	$6.2B+8.1%	$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
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EUO 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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.2B-221.3%	$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
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	$105.4M+60.9%	$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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$8.2B+135.3%	$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

EUO 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%+31.2pp	-1.3%+74.3pp	-75.6%-78.0pp	2.5%+42.8pp	-40.4%-11.7pp	-28.6%
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	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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1071.6%	N/A	N/A	N/A	1381.4%	N/A	N/A	N/A
Return on Equity	7.7%	N/A	1.7%-3.0pp	4.7%-7.3pp	12.0%	N/A	-0.3%-8.0pp	7.7%
Return on Assets	7.3%	N/A	1.7%-2.8pp	4.5%-6.9pp	11.4%	N/A	-0.3%-7.6pp	7.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.060.0	0.06+0.0	0.02-0.0	0.040.0	0.050.0	0.04+0.0	0.03-0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is ProShares UltraShort Euro profitable?

Yes, ProShares UltraShort Euro (EUO) reported a net income of $1.7B in fiscal year 2025.

What is ProShares UltraShort Euro's return on equity (ROE)?

ProShares UltraShort Euro (EUO) 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 UltraShort Euro's operating cash flow?

ProShares UltraShort Euro (EUO) generated -$246.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ProShares UltraShort Euro's total assets?

ProShares UltraShort Euro (EUO) had $6.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does ProShares UltraShort Euro buy back shares?

Yes, ProShares UltraShort Euro (EUO) spent $13.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does ProShares UltraShort Euro have outstanding?

ProShares UltraShort Euro (EUO) had 124M shares outstanding as of fiscal year 2025.

What is ProShares UltraShort Euro's debt-to-equity ratio?

ProShares UltraShort Euro (EUO) 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 UltraShort Euro's return on assets (ROA)?

ProShares UltraShort Euro (EUO) 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 UltraShort Euro's cash runway?

Based on fiscal year 2025 data, ProShares UltraShort Euro (EUO) 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 UltraShort Euro's Piotroski F-Score?

ProShares UltraShort Euro (EUO) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 ProShares UltraShort Euro's earnings high quality?

ProShares UltraShort Euro (EUO) 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.