ETRACS 2x Leveraged US Size Factor TR ETN (IWML) Financials

IWML

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 n/m YoY

Source SEC Filings (20-F/6-K) Latest period FY2025, ended Dec 31, 2025 Reported Mar 9, 2026 Currency USD FYE December

Newest figures come from the 20-F 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 IWML SEC filings page.

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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 IWML FY2025 2026-10-22

A highly leveraged balance sheet funds a large asset base, while earnings and operating cash flow swing sharply year to year.

The FY2024-to-FY2025 reversal in operating cash flow—from -$27.1B to $24.6B—shows that reported profit did not translate into a consistent cash pattern. Cash conversion improved alongside earnings recovery, with FY2025 net income reaching $3.6B, rather than reflecting a stable relationship between accounting profit and cash generation.

Liabilities represented 94.5% of assets in FY2025, making balance-sheet capacity more consequential than revenue margins. The 17.1x liabilities-to-equity ratio reinforces how thin the equity cushion is relative to the funding structure.

From FY2023 to FY2025, revenue rose 41.6% but net income increased only 7.6%, so expansion did not flow through proportionally to the bottom line. The net profit margin fell 2.4 percentage points across that span, despite its FY2025 recovery.

Financial Health Signals

Financial health score not available

ETRACS 2x Leveraged US Size 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 Size 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, the one computable operating efficiency signal (asset turnover improving) passes.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, ETRACS 2x Leveraged US Size 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

Revenue

$47.7B

YoY+12.7%

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

Net Income

$3.6B

YoY+132.6%

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

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$231.0B

YoY-5.1%

ETRACS 2x Leveraged US Size Factor TR ETN held $231.0B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.

Shares Outstanding

3.86B

YoY0.0%

ETRACS 2x Leveraged US Size Factor TR ETN had 3.86B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

7.5%

YoY+3.9pp

ETRACS 2x Leveraged US Size Factor 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 Factor 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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

IWML 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.

IWML annual income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
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	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
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	$1.2Bn/m	$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).

IWML Balance Sheet

IWML annual balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
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	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
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.

IWML Cash Flow Statement

IWML annual cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
Operating Cash Flow	$24.6Bn/m	-$27.1Bn/m	-$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%	$122.4Bn/m	-$4.9Bn/m	-$12.3Bn/m	-$1.9B
Financing Cash Flow	-$33.8Bn/m	-$32.1B-263.2%	$19.7Bn/m	-$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	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
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: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

IWML 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.

IWML annual financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
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%
Liabilities-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	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
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
Liabilities-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, Debt-to-Equity, FCF Margin.

Where ETRACS 2x Leveraged US Size Factor TR ETN Ranks

Frequently Asked Questions

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

ETRACS 2x Leveraged US Size Factor 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.

How fast is ETRACS 2x Leveraged US Size Factor TR ETN's revenue growing?

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

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

Yes, ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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 Size Factor TR ETN's net profit margin?

ETRACS 2x Leveraged US Size Factor 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.

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

ETRACS 2x Leveraged US Size Factor 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.

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

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

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

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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 Size Factor TR ETN have outstanding?

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

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

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) had a liabilities-to-equity ratio of 17.13 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.

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

ETRACS 2x Leveraged US Size Factor 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.

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

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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 Size Factor TR ETN's earnings high quality?

ETRACS 2x Leveraged US Size Factor 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.