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

GSG
FY2025 annual
Revenue $42.5M -17.0% YoY
Net Income $57.0M -18.6% YoY
EPS (Diluted) Not reported for FY2025
Operating Cash Flow -$58.2M -183.7% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GSG SEC filings page.

iShares S&P GSCI Commodity-Indexed Trust (GSG) reported $42.5M in revenue for fiscal year 2025, down 17.0% from the prior fiscal year. This page shows its 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

GSG’s dominant mechanic is a trust structure where non-operating results and investor cash flows matter more than operating sales.

From FY2022 through FY2024, positive operating cash flow was closely matched by negative financing cash flow; FY2025 reversed that pattern, with operating cash flow of -$58.2M and financing cash flow of $57.2M. That pairing indicates trust-level investor activity shapes cash movement, while FY2025 operating income of $34.3M still did not translate into positive operating cash generation.

The earnings profile is unusually disconnected from the sales line: in FY2021, net income of $366.0M dwarfed revenue of $426K. FY2023 then produced net income of -$66.5M despite operating income of $43.7M, making revenue and operating profit poor standalone proxies for the trust’s annual result.

Operating margin eased from 84.2% in FY2024 to 80.5% in FY2025, while revenue fell 17.0%. This is margin resilience without expanding operating leverage; the smaller revenue base did not prevent substantial operating profitability, but it also did not improve it. Shares outstanding declined from 46.6M to 43.0M, so per-share interpretation depends on both reported results and changing share count.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

iShares S&P GSCI Commodity-Indexed Trust does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Earnings Quality No Cash Backing

For every $1 of reported earnings, iShares S&P GSCI Commodity-Indexed Trust used $1.02 of operating cash (-$58.2M OCF vs $57.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Net Income
-$124.9M
YoY-245.5%
QoQ-139.4%

iShares S&P GSCI Commodity-Indexed Trust reported -$124.9M in net income in Q2 2026. This represents a decrease of 245.5% from the same quarter a year earlier. Against the prior quarter it is down 139.4%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Shares Outstanding
29M
YoY-35.3%
QoQ-7.1%
5Y CAGR-19.0%
10Y CAGR-7.0%

iShares S&P GSCI Commodity-Indexed Trust had 29M shares outstanding in Q2 2026. This represents a decrease of 35.3% from the same quarter a year earlier. Against the prior quarter it is down 7.1%.

Free Cash Flow

Not reported for Q2 2026.

Cash & Debt

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

None of these metrics is reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

GSG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GSG quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-QQ3'2410-Q
RevenueN/A$8.7M-22.3%$10.7M-2.9%$10.8M-16.9%$9.8M-30.4%$11.1M-14.5%$11.1M-22.1%$13.0M-8.0%
Operating IncomeN/A$6.8M-25.1%$8.5M-6.8%$8.8M-20.7%$7.9M-33.5%$9.0M-17.9%$9.1M-24.0%$11.1M-6.8%
Net Income-$124.9M-245.5%$316.7M+595.2%$8.9M-73.0%$38.6M+164.5%-$36.1M-903.4%$45.6M-50.7%$33.0M+126.5%-$59.9M-138.9%
EPS (Basic)-$3.95-364.7%$8.73+790.8%$0.18-75.3%$0.87+164.9%-$0.85-1044.4%$0.98-51.7%$0.73+130.5%-$1.34-144.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, EBITDA, Interest Expense, Income Tax, EPS (Diluted), Diluted Shares (Avg).

GSG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GSG quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-QQ3'2410-Q
Short-Term Investments$758.5M-17.6%$954.0M-4.7%$1.0B+12.2%$950.9M+12.2%$920.7M-13.2%$1.0B+2.1%$927.4M+2.6%$847.4M-21.9%

Not reported in any period shown, so not listed: Total Assets, Current Assets, Cash & Equivalents, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Total Liabilities, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Total Equity, Retained Earnings.

GSG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GSG quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-QQ3'2410-Q
Operating Cash Flow$68.7M+19.8%$365.6M+1001.8%-$81.8M-58.4%$6.8M-95.6%$57.3M+194.9%-$40.5M-253.3%-$51.6M-194.4%$155.1M+7981.8%
Financing Cash Flow-$68.7M-19.3%-$365.5M-1013.1%$82.1M+54.6%-$7.4M+95.3%-$57.6M-196.7%$40.0M+254.6%$53.1M+193.3%-$157.3M-4943.3%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.

GSG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GSG quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-QQ3'2410-Q
Operating MarginN/A78.1%-3.0pp79.3%-3.3pp81.0%-3.9pp80.6%-3.8pp81.0%-3.4pp82.6%-2.1pp85.0%+1.0pp
Net MarginN/A3659.0%83.0%356.6%-367.1%409.2%298.9%-459.3%

Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Return on Assets, Current Ratio, Debt-to-Equity, Asset Turnover, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

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 17.0% 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.

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.

iShares S&P GSCI Commodity-Indexed Trust (GSG) recorded an outflow of $58.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

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

For every $1 of reported earnings, iShares S&P GSCI Commodity-Indexed Trust (GSG) used $1.02 of operating cash (-$58.2M OCF vs $57.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.

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