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).
The fund’s asset base contracted while reported gains weakened, showing portfolio size and annual results moved independently.
From FY2024 to FY2025, total assets fell26.6% while net income fell47.5% , so weaker results accompanied a smaller portfolio rather than reflecting ordinary operating scale. Meanwhile, operating cash flow rose167.5% to$127M even as net income declined to$34M , showing that reported cash movements and accounting results diverged sharply.
This is an investment vehicle, so revenue, margins, and operating returns are poor descriptions of its mechanics; changes in assets, financing flows, and reported gains or losses are more informative. Net income swung from a loss of
Liabilities remained small relative to the asset base: they were
Financial Health Signals
We do not publish a peer-relative financial health score for United States Natural Gas Fund, LP Unit, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. 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. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. 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; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
United States Natural Gas Fund, LP Unit's quarterly ROE was 3.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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% |
| 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, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, 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 | -$9.4Mn/m | $102.2M-61.9% | $34.3M-60.3% | -$87.9Mn/m | -$87.2M-137.8% | $267.9Mn/m | $86.3Mn/m | -$179.9M-1001.8% |
| Financing Cash Flow | -$47.4M-215.2% | -$209.5Mn/m | -$102.2Mn/m | $346.0M+43.0% | $41.1Mn/m | -$512.3Mn/m | -$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 |
| Liabilities-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, Debt-to-Equity, FCF Margin.
Where United States Natural Gas Fund, LP Unit Ranks
Frequently Asked Questions
Yes, United States Natural Gas Fund, LP Unit (UNG) reported a net income of $72.9M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $34.2M.
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.
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.
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.
United States Natural Gas Fund, LP Unit (UNG) had a liabilities-to-equity ratio of 0.05 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.
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.
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.
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.