ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) Financials

IWDL

FY2025 annual

Revenue $47.7B +12.7% YoY

Net Income $3.6B +132.6% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $24.6B +190.8% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 9, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IWDL SEC filings page.

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) reported $47.7B in revenue for fiscal year 2025, up 12.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 IWDL FY2025 2026-08-30

The dominant mechanic is a highly levered balance sheet whose cash flows swing far more than accounting earnings.

Cash conversion was unusually wide in FY2025: operating cash flow reached $24.6B against net income of $3.6B. That cash-flow reversal followed operating cash flow of -$27.1B in FY2024, indicating that reported cash generation is volatile rather than a steady reflection of profit.

The reported debt-to-equity ratio was 17.1x in FY2025, while liabilities represented about 94.5% of assets; this thin equity cushion makes balance-sheet changes disproportionately important to reported returns.

Net margin improved from 3.6% in FY2024 to 7.5% in FY2025, but the improvement did not create a simple earnings-to-cash pattern. Meanwhile, financing cash flow was -$33.8B and dividends paid reached $13.0B, showing that substantial cash movements occurred outside net income.

Financial Health Signals

Financial health score not available

ETRACS 2x Leveraged US Value Factor TR ETN 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.

Piotroski F-Score Partial

6/6

ETRACS 2x Leveraged US Value Factor TR ETN passes 6 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, ETRACS 2x Leveraged US Value Factor TR ETN generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$231.0B

YoY-5.1%

QoQ-10.6%

ETRACS 2x Leveraged US Value Factor TR ETN held $231.0B in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

3.86B

YoY0.0%

ETRACS 2x Leveraged US Value Factor TR ETN had 3.86B shares outstanding in Q4 2025. That is unchanged from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

IWDL 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.

IWDL quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Revenue	$47.7B+12.7%	$42.3B+25.7%	$33.7B-3.6%	$34.9B-2.5%	$35.8B
Interest Expense	$135.0M+2.3%	$132.0M+36.1%	$97.0M+10.2%	$88.0M-10.2%	$98.0M
Income Tax	$534.0M-40.7%	$900.0M-25.4%	$1.2B-34.6%	$1.8B-3.1%	$1.9B
Net Income	$3.6B+132.6%	$1.5B-53.8%	$3.3B-53.4%	$7.1B+0.8%	$7.1B

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Revenue	N/A	$11.6B+17.5%	$12.2B+33.5%	N/A	$9.9B+16.9%	$9.1B+3.0%	N/A	$8.5B-6.3%
Interest Expense	N/A	$37.0M+27.6%	$35.0M+59.1%	N/A	$29.0M+16.0%	$22.0M-12.0%	N/A	$25.0M+19.0%
Income Tax	N/A	-$336.0M-1300.0%	$303.0M-17.2%	N/A	$28.0M-91.6%	$366.0M-17.8%	N/A	$332.0M-30.5%
Net Income	N/A	$1.2B+634.8%	$1.0B+2.1%	N/A	-$224.0M-119.9%	$1.0B+0.2%	N/A	$1.1B-43.1%

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

IWDL Balance Sheet

IWDL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Total Assets	$1.6T+3.1%	$1.6T+35.6%	$1.2T+4.6%	$1.1T-1.0%	$1.1T
Cash & Equivalents	$231.0B-5.1%	$243.4B+27.8%	$190.5B-2.4%	$195.2B-6.0%	$207.8B
Goodwill	$6.6B+1.5%	$6.5B+8.3%	$6.0B-4.3%	$6.3B-1.7%	$6.4B
Total Liabilities	$1.5T+3.7%	$1.5T+33.9%	$1.1T+5.0%	$1.0T-0.9%	$1.1T
Total Equity	$89.2B-5.8%	$94.7B+70.4%	$55.6B-2.4%	$56.9B-2.6%	$58.4B
Retained Earnings	-$2.1B-127.4%	$7.8B-72.2%	$28.2B-11.1%	$31.7B+13.7%	$27.9B

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Total Assets	$1.6T+3.1%	$1.7T+6.8%	$1.5T+38.6%	$1.6T+35.6%	$1.6T+35.3%	$1.1T+5.7%	$1.2T+4.6%	$1.2T+3.9%
Cash & Equivalents	$231.0B-5.1%	$258.3B-6.9%	N/A	$243.4B+27.8%	$277.5B+53.4%	N/A	$190.5B-2.4%	$181.0B-12.9%
Goodwill	$6.6B+1.5%	$6.8B-3.8%	$6.7B+7.3%	$6.5B+8.3%	$7.0B+11.8%	$6.2B-0.6%	$6.0B-4.3%	$6.3B-0.5%
Total Liabilities	$1.5T+3.7%	$1.6T+7.2%	$1.5T+36.6%	$1.5T+33.9%	$1.5T+41.0%	$1.1T+6.4%	$1.1T+5.0%	$1.0T-1.4%
Total Equity	$89.2B-5.8%	$94.9B+0.6%	$97.1B+75.4%	$94.7B+70.4%	$94.2B+76.9%	$55.4B-5.7%	$55.6B-2.4%	$53.3B-3.3%
Retained Earnings	-$2.1B-127.4%	$3.7B-50.1%	$9.1B-68.8%	$7.8B-72.2%	$7.4B-73.3%	$29.2B-11.1%	$28.2B-11.1%	$27.8B-2.7%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

IWDL Cash Flow Statement

IWDL quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	$24.6B+190.8%	-$27.1B+4.0%	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Depreciation & Amortization	$2.9B+0.6%	$2.8B+26.9%	$2.2B+21.3%	$1.8B-1.6%	$1.9B
Investing Cash Flow	-$22.3B-118.2%	$122.4B+2585.9%	-$4.9B+59.9%	-$12.3B-560.4%	-$1.9B
Financing Cash Flow	-$33.8B-5.1%	-$32.1B-263.2%	$19.7B+474.5%	-$5.3B-148.1%	$10.9B
Dividends Paid	$13.0B+333.3%	$3.0B-50.0%	$6.0B+42.9%	$4.2B-7.5%	$4.5B

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Depreciation & Amortization	N/A	$744.0M+17.9%	$714.0M+34.5%	N/A	$631.0M-10.7%	$531.0M+13.2%	N/A	$707.0M+56.8%

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

IWDL 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.

IWDL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Net Margin	7.5%+3.9pp	3.6%-6.2pp	9.8%-10.5pp	20.4%+0.7pp	19.7%
Return on Equity	4.0%+2.4pp	1.6%-4.4pp	6.0%-6.5pp	12.5%+0.4pp	12.1%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%0.0pp	0.6%
Debt-to-Equity	17.13+1.6x	15.56-4.2x	19.80+1.4x	18.41+0.3x	18.10
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.03

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Net Margin	N/A	10.3%+12.6pp	8.5%-2.6pp	N/A	-2.3%-15.5pp	11.1%-0.3pp	N/A	13.3%-8.6pp
Return on Equity	N/A	1.3%+1.5pp	1.1%-0.8pp	N/A	-0.2%-2.4pp	1.8%+0.1pp	N/A	2.1%-1.5pp
Return on Assets	N/A	0.1%+0.1pp	0.1%0.0pp	N/A	0.0%-0.1pp	0.1%0.0pp	N/A	0.1%-0.1pp
Debt-to-Equity	17.13+1.6x	16.63+1.0x	14.93-4.2x	15.56-4.2x	15.60-4.0x	19.17+2.2x	19.80+1.4x	19.58+0.4x
Asset Turnover	N/A	0.010.0x	0.010.0x	N/A	0.010.0x	0.010.0x	N/A	0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Where ETRACS 2x Leveraged US Value Factor TR ETN Ranks

Frequently Asked Questions

What is ETRACS 2x Leveraged US Value Factor TR ETN's annual revenue?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% 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 ETRACS 2x Leveraged US Value Factor TR ETN's revenue growing?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS 2x Leveraged US Value Factor TR ETN profitable?

Yes, ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS 2x Leveraged US Value Factor TR ETN's net profit margin?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ETRACS 2x Leveraged US Value Factor TR ETN's return on equity (ROE)?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ETRACS 2x Leveraged US Value Factor TR ETN's operating cash flow?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS 2x Leveraged US Value Factor TR ETN's total assets?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS 2x Leveraged US Value Factor TR ETN have outstanding?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS 2x Leveraged US Value Factor TR ETN's debt-to-equity ratio?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) had a debt-to-equity ratio of 17.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ETRACS 2x Leveraged US Value Factor TR ETN's return on assets (ROA)?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ETRACS 2x Leveraged US Value Factor TR ETN's Piotroski F-Score?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a Piotroski F-Score of 6 out of 6 computable signals; 3 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 ETRACS 2x Leveraged US Value Factor TR ETN's earnings high quality?

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has an earnings quality ratio of 6.89x, considered cash-backed (high quality). 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.