STOCK TITAN
  1. Home
  2. Financials
  3. IWML

ETRACS 2x Leveraged US Size Fctr TR ETN Financials

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

This page shows ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) financial statements, including the 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).

Financial Health Signals

Piotroski F-Score Neutral
6/9

ETRACS 2x Leveraged US Size Fctr TR ETN passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 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 Size Fctr 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

Export CSV

Earnings & Revenue

Revenue
$47.7B
YoY+12.7%

ETRACS 2x Leveraged US Size Fctr TR ETN generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

EBITDA
N/A
Net Income
$3.6B
YoY+132.6%

ETRACS 2x Leveraged US Size Fctr TR ETN reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$231.0B
YoY-5.1%

ETRACS 2x Leveraged US Size Fctr TR ETN held $231.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
3.86B
YoY+0.0%

ETRACS 2x Leveraged US Size Fctr TR ETN had 3.86B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
7.5%
YoY+3.9pp

ETRACS 2x Leveraged US Size Fctr TR ETN's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity
4.0%
YoY+2.4pp

ETRACS 2x Leveraged US Size Fctr TR ETN's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

IWML Income Statement

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Revenue N/A $11.6B-4.3% $12.2B N/A $9.9B+8.7% $9.1B N/A $8.5B
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 $37.0M+5.7% $35.0M N/A $29.0M+31.8% $22.0M N/A $25.0M
Income Tax N/A -$336.0M-210.9% $303.0M N/A $28.0M-92.3% $366.0M N/A $332.0M
Net Income N/A $1.2B+15.7% $1.0B N/A -$224.0M-122.1% $1.0B N/A $1.1B
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

IWML Balance Sheet

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Total Assets $1.6T-3.3% $1.7T+8.0% $1.5T-1.3% $1.6T+0.2% $1.6T+40.1% $1.1T-3.4% $1.2T0.0% $1.2T
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $231.0B-10.6% $258.3B N/A $243.4B-12.3% $277.5B N/A $190.5B+5.3% $181.0B
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 $6.6B-2.3% $6.8B+0.9% $6.7B+2.9% $6.5B-7.4% $7.0B+12.6% $6.2B+4.0% $6.0B-4.5% $6.3B
Total Liabilities $1.5T-3.1% $1.6T+8.7% $1.5T-1.6% $1.5T+0.2% $1.5T+38.5% $1.1T-3.5% $1.1T+5.5% $1.0T
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 $89.2B-6.0% $94.9B-2.3% $97.1B+2.6% $94.7B+0.4% $94.2B+70.2% $55.4B-0.4% $55.6B+4.3% $53.3B
Retained Earnings -$2.1B-158.0% $3.7B-59.4% $9.1B+16.5% $7.8B+5.7% $7.4B-74.6% $29.2B+3.5% $28.2B+1.5% $27.8B

IWML Cash Flow Statement

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Operating Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
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 N/A N/A N/A N/A N/A N/A N/A N/A
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

IWML Financial Ratios

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
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 N/A 10.3%+1.8pp 8.5% N/A -2.3%-13.4pp 11.1% N/A 13.3%
Return on Equity N/A 1.3%+0.2pp 1.1% N/A -0.2%-2.1pp 1.8% N/A 2.1%
Return on Assets N/A 0.1%0.0pp 0.1% N/A -0.0%-0.1pp 0.1% N/A 0.1%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 17.13+0.5 16.63+1.7 14.93-0.6 15.56-0.0 15.60-3.6 19.17-0.6 19.80+0.2 19.58
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) 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.

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

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

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

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

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

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

ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) had 3.86B shares outstanding as of fiscal year 2025.

ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) 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.

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

ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) 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.

Back to top