United States Natural Gas Fund, LP Unit (UNG) Financials
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 UNG SEC filings page.
This page shows United States Natural Gas Fund, LP Unit (UNG) 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).
Capital-flow shifts dominate this fund's reported scale more than any smooth progression in annual earnings.
The FY2023 loss of-$671M arrived with operating cash flow of-$865M , linking the weak reported result to actual cash movement rather than a purely accounting effect. By FY2025, operating cash flow materially exceeded net income, showing that cash generation and reported earnings can diverge sharply in this structure.
Total liabilities were
The asset base contracted by
Financial Health Signals
United States Natural Gas Fund, LP Unit 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.
United States Natural Gas Fund, LP Unit passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, United States Natural Gas Fund, LP Unit generates $3.71 in operating cash flow ($127.1M OCF vs $34.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
United States Natural Gas Fund, LP Unit reported $15.4M in net income in Q2 2026. This represents an increase of 112.6% from the same quarter a year earlier. Against the prior quarter it is down 86.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
United States Natural Gas Fund, LP Unit held $287.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
United States Natural Gas Fund, LP Unit's ROE was 3.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 37.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.0 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
UNG 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.
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).
UNG Balance Sheet
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-K | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $421.7M+12.2% | $453.7M+1.7% | $579.5M-26.6% | $650.7M-30.2% | $375.7M-47.5% | $446.4M-46.9% | $790.0M-20.0% | $932.6M-19.4% |
| Cash & Equivalents | $287.6M+1.2% | $345.8M+17.4% | $438.5M-26.1% | $483.3M-30.1% | $284.3M-47.3% | $294.6M-45.9% | $593.5M-12.5% | $691.9M-15.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.0M-73.8% | $9.9M-61.0% | $28.8M-37.5% | $26.2M-38.9% | $15.1M+351.6% | $25.4M+153.3% | $46.2M+232.2% | $42.8M+2947.8% |
| Total Equity | $417.7M+15.9% | $443.8M+5.4% | $550.6M-26.0% | $624.5M-29.8% | $360.5M-49.4% | $420.9M-49.3% | $743.8M-23.6% | $889.8M-23.0% |
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.
UNG Cash Flow 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-K | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.4M+89.3% | $102.2M-61.9% | $34.3M-60.3% | -$87.9M+51.1% | -$87.2M-137.8% | $267.9M+399.2% | $86.3M+127.1% | -$179.9M-1001.8% |
| Financing Cash Flow | -$47.4M-215.2% | -$209.5M+59.1% | -$102.2M+55.1% | $346.0M+43.0% | $41.1M+113.9% | -$512.3M-2632.6% | -$227.7M-365.7% | $242.0M+125.6% |
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.
UNG 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-K | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | N/A | N/A | 68.9%-26.6pp | N/A | N/A | 99.1% | 95.5% | 42.8% |
| Return on Equity | 3.7%+37.6pp | 24.7%-24.9pp | 0.7%-6.6pp | -8.9%-9.2pp | -34.0%-58.4pp | 49.6%+69.4pp | 7.2%+33.3pp | 0.2%+7.3pp |
| Return on Assets | 3.6%+36.2pp | 24.2%-22.6pp | 0.6%-6.2pp | -8.6%-8.8pp | -32.6%-56.9pp | 46.8%+66.4pp | 6.8%+32.5pp | 0.2%+7.2pp |
| Debt-to-Equity | 0.010.0x | 0.020.0x | 0.050.0x | 0.040.0x | 0.040.0x | 0.060.0x | 0.060.0x | 0.050.0x |
| Asset Turnover | N/A | N/A | 0.01-0.1x | -0.08-0.1x | -0.32-0.6x | 0.47+0.7x | 0.07+0.3x | 0.00+0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Where United States Natural Gas Fund, LP Unit Ranks
Frequently Asked Questions
Is United States Natural Gas Fund, LP Unit profitable?
Yes, United States Natural Gas Fund, LP Unit (UNG) reported a net income of $34.2M in fiscal year 2025.
What is United States Natural Gas Fund, LP Unit's return on equity (ROE)?
United States Natural Gas Fund, LP Unit (UNG) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is United States Natural Gas Fund, LP Unit's operating cash flow?
United States Natural Gas Fund, LP Unit (UNG) generated $127.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United States Natural Gas Fund, LP Unit's total assets?
United States Natural Gas Fund, LP Unit (UNG) had $579.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is United States Natural Gas Fund, LP Unit's debt-to-equity ratio?
United States Natural Gas Fund, LP Unit (UNG) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is United States Natural Gas Fund, LP Unit's return on assets (ROA)?
United States Natural Gas Fund, LP Unit (UNG) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is United States Natural Gas Fund, LP Unit's Piotroski F-Score?
United States Natural Gas Fund, LP Unit (UNG) has a Piotroski F-Score of 3 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 Natural Gas Fund, LP Unit's earnings high quality?
United States Natural Gas Fund, LP Unit (UNG) has an earnings quality ratio of 3.71x, 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.