United States 12 Month Natural Gas Fund, LP (UNL) 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 UNL SEC filings page.
United States 12 Month Natural Gas Fund, LP (UNL) reported $8K in revenue for fiscal year 2025, down 28.1% from the prior fiscal year. This page shows its 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 stayed near $19M while annual results swung from gains to losses, so capital movements matter alongside investment results.
From FY2023 through FY2025, the fund reported cumulative net losses of about$15.5M , yet total assets remained between roughly$16.4M and$19.0M . That combination means the reported asset base did not simply rise and fall with annual income; investor capital flows or other balance-sheet movements were also important to its reported size.
Reported net income moved from gains of
Reported revenue fell from
Financial Health Signals
United States 12 Month Natural Gas 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.
United States 12 Month Natural Gas Fund, LP passes 3 of 6 computable financial strength tests (3 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), the one computable operating efficiency signal (asset turnover improving) does not pass.
United States 12 Month Natural Gas Fund, LP reported a net loss of $971K while generating $2.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
United States 12 Month Natural Gas Fund, LP generated $2K in revenue in Q2 2026. This represents an increase of 99900.0% from the same quarter a year earlier. Against the prior quarter it is up 20.0%.
United States 12 Month Natural Gas Fund, LP reported a net loss of $1.1M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
United States 12 Month Natural Gas Fund, LP held $15.7M 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 12 Month Natural Gas Fund, LP's quarterly ROE was -6.4% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 13.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for Q2 2026.
UNL 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).
UNL 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-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.4M+141453.1% | $15.6M+84552.3% | $18.8M-1.2% | $11K-99.9% | $12K-99.9% | $18K-99.9% | $19.0M+16.2% | $20.3M+20.2% |
| Cash & Equivalents | $15.7M+133119.3% | $14.4M+96069.6% | $18.2M+1.7% | $10K-99.9% | $12K-99.9% | $15K-99.9% | $17.9M+23.4% | $18.6M+30.3% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $78K+100028.5% | $70K+3382.0% | $105K-72.0% | $85-99.9% | $78-100.0% | $2K-97.1% | $373K+298.2% | $111K+104.6% |
| Total Equity | $17.3M+141716.8% | $15.5M+94452.9% | $18.7M+0.2% | $10K-99.9% | $12K-99.9% | $16K-99.9% | $18.7M+14.6% | $20.2M+19.9% |
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.
UNL 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.
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.
UNL 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-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -52632.4% | -37722.8% | N/A | -192633.3% | -113495.0% | 98.6% | 86.4% | -15484.0% |
| Return on Equity | -6.4%+13.1pp | -4.3%-29.7pp | -7.6%-10.2pp | -12.9%-10.0pp | -19.5%-26.0pp | 25.5%+38.8pp | 2.5%+30.7pp | -2.9%+2.5pp |
| Return on Assets | -6.3%+13.0pp | -4.2%-26.9pp | -7.6%-10.1pp | -12.8%-9.9pp | -19.4%-25.7pp | 22.7%+36.0pp | 2.5%+30.5pp | -2.9%+2.5pp |
| Liabilities-to-Equity | 0.000.0x | 0.00-0.1x | 0.010.0x | 0.010.0x | 0.010.0x | 0.12+0.1x | 0.020.0x | 0.010.0x |
| Asset Turnover | 0.000.0x | 0.00-0.2x | -0.07-0.1x | 0.000.0x | 0.00-0.1x | 0.23+0.2x | 0.03+0.3x | 0.000.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Where United States 12 Month Natural Gas Fund, LP Ranks
Frequently Asked Questions
What is United States 12 Month Natural Gas Fund, LP's annual revenue?
United States 12 Month Natural Gas Fund, LP (UNL) reported $8K in total revenue for fiscal year 2025. This represents a -28.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is United States 12 Month Natural Gas Fund, LP's revenue growing?
United States 12 Month Natural Gas Fund, LP (UNL) revenue declined by 28.1% year-over-year, from $11K to $8K in fiscal year 2025.
Is United States 12 Month Natural Gas Fund, LP profitable?
No, United States 12 Month Natural Gas Fund, LP (UNL) reported a net loss of $971K in fiscal year 2025.
What is United States 12 Month Natural Gas Fund, LP's return on equity (ROE)?
United States 12 Month Natural Gas Fund, LP (UNL) has a return on equity of -5.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is United States 12 Month Natural Gas Fund, LP's operating cash flow?
United States 12 Month Natural Gas Fund, LP (UNL) generated $2.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United States 12 Month Natural Gas Fund, LP's total assets?
United States 12 Month Natural Gas Fund, LP (UNL) had $18.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What is United States 12 Month Natural Gas Fund, LP's liabilities-to-equity ratio?
United States 12 Month Natural Gas Fund, LP (UNL) had a liabilities-to-equity ratio of 0.01 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.
What is United States 12 Month Natural Gas Fund, LP's return on assets (ROA)?
United States 12 Month Natural Gas Fund, LP (UNL) had a return on assets of -5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is United States 12 Month Natural Gas Fund, LP's Piotroski F-Score?
United States 12 Month Natural Gas Fund, LP (UNL) has a Piotroski F-Score of 3 out of 6 computable signals; 3 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 12 Month Natural Gas Fund, LP's earnings high quality?
United States 12 Month Natural Gas Fund, LP (UNL) reported a net loss of $971K while generating $2.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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.