United States Gasoline Fund, LP (UGA) Financials

UGA

Trailing 12 months to June 30, 2026

Revenue Not reported for the trailing 12 months

Net Income $55.7M +647.7% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $47.9M +9400.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UGA SEC filings page.

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 15 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 2026-08-29

Reported profits are driven by volatile fund economics, while the balance sheet remains almost entirely equity-funded.

The latest usable year, FY2024, paired $5.6M of net income with only $1.2M of operating cash flow, so accounting gains did not translate one-for-one into cash. In FY2023, the reverse pattern appeared: $539K of net income alongside $13.6M of operating cash flow, indicating that earnings and cash generation are not tightly coupled across periods.

At FY2024 year-end, $101.0M of assets sat against just $269K of liabilities, an unusually light liability load that leaves the fund’s reported asset base largely equity-financed. The year also included a $10.2M financing cash inflow, so balance-sheet changes reflect capital flows as well as investment results.

Net margin moved from 37.9% in FY2023 to 84.6% in FY2024, a sharp swing that points to volatile reported economics rather than a stable operating margin profile. Revenue was $1.4M in FY2023 and $6.7M in FY2024, so the margin change accompanied a larger activity base instead of occurring only at an unchanged scale.

Financial Health Signals

Financial health score not available

United States Gasoline Fund, LP 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

2/5

United States Gasoline Fund, LP passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

United States Gasoline Fund, LP reported a net loss of $3.9M while operations used $1.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$2.3M

YoY+59.8%

QoQ-103.9%

United States Gasoline Fund, LP reported -$2.3M in net income in Q2 2026. This represents an increase of 59.8% from the same quarter a year earlier. Against the prior quarter it is down 103.9%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$82.4M

YoY+40.1%

QoQ-32.0%

5Y CAGR-0.4%

10Y CAGR+2.4%

United States Gasoline Fund, LP held $82.4M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

YoY0.0%

QoQ+8.7%

5Y CAGR-13.6%

10Y CAGR-7.9%

United States Gasoline Fund, LP had 1M shares outstanding in Q2 2026. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 8.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-2.1%

YoY+5.8pp

QoQ-41.0pp

5Y change-14.8pp

10Y change-3.6pp

United States Gasoline Fund, LP's ROE was -2.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 41.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

UGA 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.

UGA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	N/A	$6.7M+368.8%	$1.4M-95.0%	$28.4M-42.2%	$49.1M+14.2%	$43.0M+215.6%	$13.6M	N/A	$685K-87.9%	$5.7M	N/A	N/A	$3.5M-76.6%	$15.0M+0.4%	$14.9M
Net Income	$55.7M	-$3.9M-169.6%	$5.6M+945.6%	$539K-98.0%	$27.4M-43.3%	$48.3M+13.5%	$42.5M+218.0%	$13.4M+216.6%	-$11.5M-5006.6%	$234K-95.4%	$5.1M+155.8%	-$9.2M+66.1%	-$27.1M-1015.3%	$3.0M-79.1%	$14.2M+1.5%	$14.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	N/A	$58.5M+2436.8%	N/A	$5.1M	N/A	$2.3M-85.7%	$7.5M	N/A
Net Income	-$2.3M+59.8%	$58.2M+2719.8%	-$5.2M-172.0%	$4.9M+135.8%	-$5.7M-51.5%	$2.1M-87.0%	$7.2M+185.9%	-$13.7M-360.9%

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

UGA Balance Sheet

UGA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$77.5M-23.3%	$101.0M+18.6%	$85.2M-2.2%	$87.0M+8.2%	$80.5M-1.3%	$81.5M+174.0%	$29.8M-7.2%	$32.1M-34.3%	$48.8M-31.1%	$70.8M-7.3%	$76.4M+87.0%	$40.8M-28.6%	$57.2M-11.4%	$64.5M-16.9%	$77.7M
Cash & Equivalents	$67.1M-11.5%	$75.9M+65.5%	$45.8M+49.9%	$30.6M-39.0%	$50.1M-30.9%	$72.6M+172.0%	$26.7M-2.9%	$27.5M-33.4%	$41.2M-35.8%	$64.2M-0.3%	$64.4M+81.2%	$35.6M-31.9%	$52.2M-7.5%	$56.4M-17.2%	$68.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$246K-8.4%	$269K+0.3%	$268K-34.5%	$409K-95.3%	$8.7M+528.4%	$1.4M+101.8%	$682K+205.0%	$224K-68.6%	$712K+260.9%	$197K+13.7%	$173K+14.5%	$151K-41.2%	$258K-17.8%	$314K+9.8%	$286K
Total Equity	$77.2M-23.3%	$100.7M+18.6%	$84.9M-2.0%	$86.6M+20.6%	$71.8M-10.4%	$80.2M+175.7%	$29.1M-8.6%	$31.8M-33.8%	$48.0M-31.9%	$70.6M-7.3%	$76.2M+87.2%	$40.7M-28.5%	$56.9M-11.4%	$64.2M-17.0%	$77.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$107.9M+48.8%	$150.2M+66.5%	$77.5M-23.3%	$74.1M-23.3%	$72.5M-30.8%	$90.2M-25.4%	$101.0M+18.6%	$96.7M+24.1%
Cash & Equivalents	$82.4M+40.1%	$121.2M+86.3%	$67.1M-11.5%	$60.2M-19.3%	$58.8M-26.5%	$65.1M-27.2%	$75.9M+65.5%	$74.7M+86.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$201K+35.0%	$184K-16.7%	$246K-8.4%	$191K+12.7%	$149K+33.3%	$221K+40.4%	$269K+0.3%	$169K-32.9%
Total Equity	$107.7M+48.9%	$150.0M+66.7%	$77.2M-23.3%	$73.9M-23.4%	$72.3M-30.9%	$90.0M-25.5%	$100.7M+18.6%	$96.5M+24.3%

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

UGA Cash Flow Statement

UGA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$47.9M	-$1.8M-246.9%	$1.2M-91.1%	$13.6M-29.8%	$19.3M-58.4%	$46.5M+15.4%	$40.3M+249.0%	$11.5M+285.5%	-$6.2M-514.7%	$1.5M-11.4%	$1.7M+109.7%	-$17.5M+32.3%	-$25.8M-524.8%	$6.1M-61.0%	$15.6M+46.4%	$10.7M
Financing Cash Flow	-$20.3M	-$19.6M-292.4%	$10.2M+546.7%	-$2.3M+89.2%	-$21.0M+57.5%	-$49.4M-604.7%	$9.8M+160.7%	-$16.1M-239.1%	-$4.8M+79.1%	-$22.8M-112.5%	-$10.7M-123.1%	$46.4M	N/A	N/A	-$27.3M-604.7%	-$3.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$209K-93.5%	$53.3M+9450.1%	-$8.0M-289.0%	$2.5M+129.2%	$3.2M+144.0%	$558K-95.7%	$4.3M+129.2%	-$8.6M-171.6%
Financing Cash Flow	-$40.0M-234.8%	$14.5M+213.6%	$8.5M+378.3%	-$3.3M-158.3%	-$11.9M+3.6%	-$12.8M-164.1%	-$3.0M-119.5%	$5.7M+59.1%

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

UGA 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.

UGA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	N/A	84.6%+46.7pp	38.0%-58.4pp	96.3%-1.9pp	98.2%-0.6pp	98.8%+0.8pp	98.0%	N/A	34.1%-56.2pp	90.3%	N/A	N/A	84.4%-10.2pp	94.6%+1.0pp	93.7%
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%+7.1pp	46.0%+82.0pp	-36.0%-36.5pp	0.5%-6.8pp	7.3%+19.3pp	-12.1%+54.6pp	-66.6%-71.8pp	5.2%-16.9pp	22.1%+4.0pp	18.1%
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%+7.2pp	44.9%+80.7pp	-35.8%-36.2pp	0.5%-6.8pp	7.2%+19.3pp	-12.0%+54.3pp	-66.4%-71.5pp	5.2%-16.8pp	22.0%+4.0pp	18.0%
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.00-0.1x	0.12+0.1x	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00
Asset Turnover	-0.04-0.1x	0.070.0x	0.02-0.3x	0.33-0.3x	0.61+0.1x	0.53+0.1x	0.46+0.8x	-0.35-0.4x	0.01-0.1x	0.08+0.2x	-0.11+0.5x	-0.65-0.7x	0.06-0.2x	0.230.0x	0.19

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Net Margin	N/A	99.6%+10.0pp	N/A	95.9%	N/A	89.6%-9.1pp	96.1%	N/A
Return on Equity	-2.1%+5.8pp	38.8%+36.5pp	-6.7%-13.9pp	6.6%+20.9pp	-7.9%-4.3pp	2.3%-10.9pp	7.2%+17.1pp	-14.2%-21.0pp
Return on Assets	-2.1%+5.7pp	38.8%+36.5pp	-6.7%-13.9pp	6.6%+20.8pp	-7.9%-4.3pp	2.3%-10.9pp	7.1%+17.0pp	-14.2%-21.0pp
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x
Asset Turnover	-0.02+0.1x	0.39+0.4x	-0.06-0.1x	0.07+0.2x	-0.080.0x	0.03-0.1x	0.07+0.2x	-0.14-0.2x

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

Where United States Gasoline Fund, LP Ranks

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) recorded an outflow of $1.8M in operating cash flow during fiscal year 2025, representing cash used by 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.

How many shares does United States Gasoline Fund, LP have outstanding?

United States Gasoline Fund, LP (UGA) had 1M shares outstanding as of fiscal year 2025.

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 Piotroski F-Score?

United States Gasoline Fund, LP (UGA) has a Piotroski F-Score of 2 out of 5 computable signals; 4 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 United States Gasoline Fund, LP's earnings high quality?

United States Gasoline Fund, LP (UGA) reported a net loss of $3.9M while operations used $1.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.