iShares S&P GSCI Commodity-Indexed Trust Financials

GSG

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

This page shows iShares S&P GSCI Commodity-Indexed Trust (GSG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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

Earnings Quality Low Quality

-1.02x

For every $1 of reported earnings, iShares S&P GSCI Commodity-Indexed Trust generates $-1.02 in operating cash flow (-$58.2M OCF vs $57.0M 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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Revenue

$42.5M

YoY-17.0%

5Y CAGR+62.6%

10Y CAGR+68.1%

iShares S&P GSCI Commodity-Indexed Trust generated $42.5M in revenue in fiscal year 2025. This represents a decrease of 17.0% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$57.0M

YoY-18.6%

iShares S&P GSCI Commodity-Indexed Trust reported $57.0M in net income in fiscal year 2025. This represents a decrease of 18.6% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

43M

YoY-7.7%

5Y CAGR-9.7%

10Y CAGR-0.9%

iShares S&P GSCI Commodity-Indexed Trust had 43M shares outstanding in fiscal year 2025. This represents a decrease of 7.7% from the prior year.

Gross Margin

N/A

Operating Margin

80.5%

YoY-3.6pp

5Y CAGR+141.3pp

10Y CAGR+2757.0pp

iShares S&P GSCI Commodity-Indexed Trust's operating margin was 80.5% in fiscal year 2025, reflecting core business profitability. This is down 3.6 percentage points from the prior year.

Net Margin

133.9%

YoY-2.7pp

5Y CAGR+5039.6pp

10Y CAGR+128754.7pp

iShares S&P GSCI Commodity-Indexed Trust's net profit margin was 133.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GSG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$42.5M-17.0%	$51.3M-2.5%	$52.6M+135.6%	$22.3M+5135.8%	$426K-88.6%	$3.7M
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	$34.3M-20.6%	$43.1M-1.2%	$43.7M+480.2%	$7.5M+172.4%	-$10.4M-356.2%	-$2.3M
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	$57.0M-18.6%	$70.0M+205.2%	-$66.5M-117.0%	$390.8M+6.8%	$366.0M+299.3%	-$183.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$10.7M-1.0%	$10.8M+10.1%	$9.8M-11.6%	$11.1M+0.7%	$11.1M-15.2%	$13.0M-7.8%	$14.1M+8.7%	$13.0M
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	$8.5M-3.1%	$8.8M+10.7%	$7.9M-12.1%	$9.0M-1.2%	$9.1M-17.6%	$11.1M-7.2%	$11.9M+8.5%	$11.0M
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	$8.9M-76.9%	$38.6M+206.9%	-$36.1M-179.3%	$45.6M+37.9%	$33.0M+155.2%	-$59.9M-1431.0%	$4.5M-95.1%	$92.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GSG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	$5.2M-87.6%	$41.6M+101.8%	$20.6M
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	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GSG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$58.2M-183.7%	$69.6M-62.1%	$183.8M-67.5%	$565.1M+373.8%	-$206.4M+19.8%	-$257.3M
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	$57.2M+181.1%	-$70.5M+62.2%	-$186.5M+69.0%	-$601.5M-364.5%	$227.4M-7.8%	$246.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$81.8M-1294.9%	$6.8M-88.1%	$57.3M+241.3%	-$40.5M+21.5%	-$51.6M-133.3%	$155.1M+357.0%	-$60.3M-328.1%	$26.5M
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	$82.1M+1208.0%	-$7.4M+87.1%	-$57.6M-243.9%	$40.0M-24.7%	$53.1M+133.8%	-$157.3M-364.2%	$59.5M+329.8%	-$25.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GSG 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	80.5%-3.6pp	84.2%+1.1pp	83.0%+49.3pp	33.7%+2471.4pp	-2437.7%-2376.8pp	-60.8%
Net Margin	133.9%-2.7pp	136.6%+263.2pp	-126.6%-1878.6pp	1752.0%-84158.7pp	85910.7%+90816.5pp	-4905.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	79.3%-1.7pp	81.0%+0.5pp	80.6%-0.5pp	81.0%-1.6pp	82.6%-2.4pp	85.0%+0.6pp	84.4%-0.1pp	84.5%
Net Margin	83.0%-273.6pp	356.6%+723.7pp	-367.1%-776.3pp	409.2%+110.3pp	298.9%+758.2pp	-459.3%-491.1pp	31.8%-677.6pp	709.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is iShares S&P GSCI Commodity-Indexed Trust's annual revenue?

iShares S&P GSCI Commodity-Indexed Trust (GSG) reported $42.5M in total revenue for fiscal year 2025. This represents a -17.0% 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 iShares S&P GSCI Commodity-Indexed Trust's revenue growing?

iShares S&P GSCI Commodity-Indexed Trust (GSG) revenue declined by 17% year-over-year, from $51.3M to $42.5M in fiscal year 2025.

Is iShares S&P GSCI Commodity-Indexed Trust profitable?

Yes, iShares S&P GSCI Commodity-Indexed Trust (GSG) reported a net income of $57.0M in fiscal year 2025, with a net profit margin of 133.9%.

What is iShares S&P GSCI Commodity-Indexed Trust's operating margin?

iShares S&P GSCI Commodity-Indexed Trust (GSG) had an operating margin of 80.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is iShares S&P GSCI Commodity-Indexed Trust's net profit margin?

iShares S&P GSCI Commodity-Indexed Trust (GSG) had a net profit margin of 133.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is iShares S&P GSCI Commodity-Indexed Trust's operating cash flow?

iShares S&P GSCI Commodity-Indexed Trust (GSG) generated -$58.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

How many shares does iShares S&P GSCI Commodity-Indexed Trust have outstanding?

iShares S&P GSCI Commodity-Indexed Trust (GSG) had 43M shares outstanding as of fiscal year 2025.

Are iShares S&P GSCI Commodity-Indexed Trust's earnings high quality?

iShares S&P GSCI Commodity-Indexed Trust (GSG) has an earnings quality ratio of -1.02x, 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.