ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) Financials

PFFL

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 PFFL SEC filings page.

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 PFFL FY2025 2026-10-22

The business is heavily liability-funded, while earnings and cash generation swing sharply rather than moving together.

Revenue expanded 41.6% from FY2023 to FY2025, but net profit margin fell 2.4 percentage points; growth has not restored earlier profitability. Operating cash flow moved from negative in FY2023 and FY2024 to positive in FY2025 while net income also recovered, showing unstable cash conversion rather than a consistently cash-backed earnings pattern.

Liabilities were 94.5% of assets in FY2025, leaving a thin equity cushion against the balance sheet’s obligations. The liabilities-to-equity ratio was 17.1x, up from 15.6x in FY2024, so leverage increased again even after equity had expanded in that earlier year.

FY2025 operating cash flow was $24.6B while dividends paid were $13.0B; distributions therefore absorbed a substantial share of internally generated cash. Because free cash flow and capital expenditures are not reported, cash available after reinvestment cannot be judged, and the latest cash-flow improvement follows two prior years of negative operating cash flow.

Financial Health Signals

Financial health score not available

ETRACS Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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 Monthly Pay 2xLeveraged Preferred Stock 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.

PFFL 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.

PFFL 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).

PFFL Balance Sheet

PFFL 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	$88.8B-5.5%	$94.0B+70.2%	$55.2B-2.4%	$56.6B-2.6%	$58.1B
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	$88.8B-5.5%	$94.3B+0.9%	$96.6B+75.4%	$94.0B+70.2%	$93.4B+76.5%	$55.0B-5.7%	$55.2B-2.4%	$52.9B-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.

PFFL Cash Flow Statement

PFFL 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.

PFFL 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.

PFFL 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%-6.6pp	12.6%+0.4pp	12.2%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%0.0pp	0.6%
Liabilities-to-Equity	17.20+1.5x	15.67-4.2x	19.92+1.4x	18.53+0.3x	18.20
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	17.20+1.5x	16.73+1.0x	15.02-4.3x	15.67-4.2x	15.74-4.0x	19.28+2.2x	19.92+1.4x	19.71+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 Monthly Pay 2xLeveraged Preferred Stock ETN Ranks

Frequently Asked Questions

What is ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN's annual revenue?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 Monthly Pay 2xLeveraged Preferred Stock ETN's revenue growing?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN profitable?

Yes, ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN's net profit margin?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 Monthly Pay 2xLeveraged Preferred Stock ETN's return on equity (ROE)?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 Monthly Pay 2xLeveraged Preferred Stock ETN's operating cash flow?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN's total assets?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN have outstanding?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN's liabilities-to-equity ratio?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) had a liabilities-to-equity ratio of 17.20 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 Monthly Pay 2xLeveraged Preferred Stock ETN's return on assets (ROA)?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 Monthly Pay 2xLeveraged Preferred Stock ETN's Piotroski F-Score?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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 Monthly Pay 2xLeveraged Preferred Stock ETN's earnings high quality?

ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.