United States Gasoline Fund, LP Financials
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).
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:
The balance sheet stayed almost unlevered through the last three valid years, and liabilities were only
Financial Health Signals
We are recalculating United States Gasoline Fund, LP's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
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
Earnings & Revenue
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.
Cash & Balance Sheet
United States Gasoline Fund, LP held $67.1M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
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
UGA Income Statement
| 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 | 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 | 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 | 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.
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.