United States Gasoline Fund, LP Financials

UGA

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows United States Gasoline Fund, LP (UGA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 UGA FY2025 2026-05-08

A cash-heavy, nearly debt-free balance sheet cushions volatile results and uneven cash conversion, making capital flows more telling than revenue.

Cash fell by $8.8M in FY2025 even though operating cash burn was only $1.8M, so the year's cash reduction was not mainly an operating shortfall but a capital-movement event. Because FY2025 still ended with $67.1M of cash and just $246K of liabilities, capital moved out through financing flows more than it was forced out by balance-sheet stress.

FY2024 showed weak cash conversion: $5.6M of net income became only $1.2M of operating cash. FY2023 had the opposite shape, with cash flow outrunning earnings, so period profit is not a clean proxy for distributable cash; the economic result lands unevenly between the income statement and the cash-flow statement.

The balance sheet stayed almost unlevered through the last three valid years, and liabilities were only 0.3% of assets in both FY2024 and FY2025. With cash still dominating the asset base at $67.1M in FY2025, a bad earnings year did not create obvious refinancing pressure or force heavy deleveraging.

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of United States Gasoline Fund, LP's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

United States Gasoline Fund, LP carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

United States Gasoline Fund, LP generates a -5.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is down from 5.6% the prior year.

Piotroski F-Score Weak

1/9

United States Gasoline Fund, LP passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, United States Gasoline Fund, LP generates $0.45 in operating cash flow (-$1.8M OCF vs -$3.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$3.9M

YoY-169.6%

United States Gasoline Fund, LP reported -$3.9M in net income in fiscal year 2025. This represents a decrease of 169.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$67.1M

YoY-11.5%

5Y CAGR-1.6%

10Y CAGR+0.4%

United States Gasoline Fund, LP held $67.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-5.1%

YoY-10.7pp

5Y CAGR-58.1pp

10Y CAGR+7.0pp

United States Gasoline Fund, LP's ROE was -5.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

UGA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$6.7M+368.8%	$1.4M-95.0%	$28.4M-42.2%	$49.1M+14.2%	$43.0M
Cost of Revenue	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
R&D Expenses	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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.9M-169.6%	$5.6M+945.6%	$539K-98.0%	$27.4M-43.3%	$48.3M+13.5%	$42.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$58.5M	N/A	$5.1M	N/A	$2.3M-69.3%	$7.5M	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$58.2M+1221.3%	-$5.2M-205.7%	$4.9M+186.1%	-$5.7M-376.3%	$2.1M-71.4%	$7.2M+152.5%	-$13.7M-264.9%	-$3.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UGA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$77.5M-23.3%	$101.0M+18.6%	$85.2M-2.2%	$87.0M+8.2%	$80.5M-1.3%	$81.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$67.1M-11.5%	$75.9M+65.5%	$45.8M+49.9%	$30.6M-39.0%	$50.1M-30.9%	$72.6M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$246K-8.4%	$269K+0.3%	$268K-34.5%	$409K-95.3%	$8.7M+528.4%	$1.4M
Current Liabilities	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
Total Equity	$77.2M-23.3%	$100.7M+18.6%	$84.9M-2.0%	$86.6M+20.6%	$71.8M-10.4%	$80.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$150.2M+93.9%	$77.5M+4.5%	$74.1M+2.3%	$72.5M-19.6%	$90.2M-10.7%	$101.0M+4.4%	$96.7M-7.7%	$104.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$121.2M+80.7%	$67.1M+11.4%	$60.2M+2.5%	$58.8M-9.7%	$65.1M-14.2%	$75.9M+1.6%	$74.7M-6.7%	$80.0M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$184K-25.4%	$246K+29.3%	$191K+28.3%	$149K-32.7%	$221K-17.9%	$269K+58.9%	$169K+51.9%	$111K
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	$150.0M+94.2%	$77.2M+4.4%	$73.9M+2.2%	$72.3M-19.6%	$90.0M-10.6%	$100.7M+4.3%	$96.5M-7.7%	$104.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UGA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$1.8M-246.9%	$1.2M-91.1%	$13.6M-29.8%	$19.3M-58.4%	$46.5M+15.4%	$40.3M
Capital Expenditures	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
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$19.6M-292.4%	$10.2M+546.7%	-$2.3M+89.2%	-$21.0M+57.5%	-$49.4M-604.7%	$9.8M
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$53.3M+762.2%	-$8.0M-422.0%	$2.5M-22.5%	$3.2M+478.1%	$558K-86.9%	$4.3M+149.8%	-$8.6M-16.6%	-$7.3M
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	$14.5M+71.7%	$8.5M+356.1%	-$3.3M+72.3%	-$11.9M+6.6%	-$12.8M-320.4%	-$3.0M-153.7%	$5.7M+145.7%	-$12.4M
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

UGA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	N/A	84.6%+46.7pp	38.0%-58.4pp	96.3%-1.9pp	98.2%-0.6pp	98.8%
Return on Equity	-5.1%-10.7pp	5.6%+5.0pp	0.6%-31.0pp	31.6%-35.6pp	67.2%+14.2pp	53.0%
Return on Assets	-5.1%-10.6pp	5.6%+5.0pp	0.6%-30.8pp	31.4%-28.5pp	60.0%+7.8pp	52.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.00-0.1	0.12+0.1	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	99.6%	N/A	95.9%	N/A	89.6%-6.6pp	96.1%	N/A	N/A
Return on Equity	38.8%+45.6pp	-6.7%-13.4pp	6.6%+14.5pp	-7.9%-10.2pp	2.3%-4.9pp	7.2%+21.4pp	-14.2%-10.6pp	-3.6%
Return on Assets	38.8%+45.5pp	-6.7%-13.3pp	6.6%+14.5pp	-7.9%-10.2pp	2.3%-4.9pp	7.1%+21.4pp	-14.2%-10.6pp	-3.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is United States Gasoline Fund, LP profitable?

No, United States Gasoline Fund, LP (UGA) reported a net income of -$3.9M in fiscal year 2025.

What is United States Gasoline Fund, LP's return on equity (ROE)?

United States Gasoline Fund, LP (UGA) has a return on equity of -5.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is United States Gasoline Fund, LP's operating cash flow?

United States Gasoline Fund, LP (UGA) generated -$1.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are United States Gasoline Fund, LP's total assets?

United States Gasoline Fund, LP (UGA) had $77.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What is United States Gasoline Fund, LP's debt-to-equity ratio?

United States Gasoline Fund, LP (UGA) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is United States Gasoline Fund, LP's return on assets (ROA)?

United States Gasoline Fund, LP (UGA) had a return on assets of -5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is United States Gasoline Fund, LP's cash runway?

Based on fiscal year 2025 data, United States Gasoline Fund, LP (UGA) had $67.1M in cash against an annual operating cash burn of $1.8M. This gives an estimated cash runway of approximately 456 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is United States Gasoline Fund, LP's Piotroski F-Score?

United States Gasoline Fund, LP (UGA) has a Piotroski F-Score of 1 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are United States Gasoline Fund, LP's earnings high quality?

United States Gasoline Fund, LP (UGA) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). 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.

How financially healthy is United States Gasoline Fund, LP?

United States Gasoline Fund, LP (UGA) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.