iShares S&P GSCI Commodity-Indexed Trust Financials

GSG

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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).

Rhea AI GSG FY2025 2026-05-07

High reported operating margins coexist with cash flow that flips with financing activity, making earnings less cash-like than they appear.

From FY2024 to FY2025, operating margin held near 80.5% even as revenue slipped to $42.5M, which points to a light operating cost base rather than heavy fixed infrastructure. Over the same span, operating cash flow flipped from $69.6M to -$58.2M while net income remained positive, indicating earnings and cash movement are being driven by different mechanics.

The cash shortfall in FY2025 was effectively met through financing inflows: $57.2M came in through financing against -$58.2M from operations. Paired with shares outstanding falling from 57.2M to 43.0M over FY2022-FY2025, that suggests the capital base adjusts with investor activity more than with retained cash generation.

The reported bottom line is materially more volatile than the operating line: FY2023 showed net loss of -$66.5M despite operating income of $43.7M. Because FY2024 and FY2025 returned to positive net income without a major change in operating margin, below-operating items appear to be a bigger driver of shareholder results than core operating expenses.

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 iShares S&P GSCI Commodity-Indexed Trust'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

iShares S&P GSCI Commodity-Indexed Trust has an operating margin of 80.5%, meaning the company retains $81 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 84.2% the prior year.

Growth

iShares S&P GSCI Commodity-Indexed Trust's revenue declined 17% year-over-year, from $51.3M to $42.5M. This contraction results in a growth score of 17/100.

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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Earnings & Revenue

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

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 & Balance Sheet

Free Cash Flow

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.

Margins & Returns

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

Capital Allocation

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$8.7M-19.3%	$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
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	$6.8M-20.6%	$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
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	$316.7M+3454.9%	$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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$365.6M+547.0%	-$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
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	-$365.5M-545.0%	$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
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	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	78.1%-1.2pp	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%
Net Margin	3659.0%+3576.0pp	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%
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.

How financially healthy is iShares S&P GSCI Commodity-Indexed Trust?

iShares S&P GSCI Commodity-Indexed Trust (GSG) 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.