United States 12 Month Oil Fund, LP (USL) Financials

USL

Trailing 12 months to June 30, 2026

Revenue Not reported for the trailing 12 months

Net Income $12.9M +266.3% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $11.7M +779.3% 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 USL SEC filings page.

This page shows United States 12 Month Oil Fund, LP (USL) 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 USL FY2025 2026-08-29

Asset-exposure volatility dominates the reported results while the fund’s balance sheet contracts with almost no leverage.

The 2023 loss of $56.5K coincided with operating cash flow of -$1.3M, while 2024 returned to $5.1M of net income and $3.6M of operating cash flow. That parallel movement suggests reported earnings are broadly converting into cash rather than being driven mainly by non-cash accounting items.

Assets declined from $149.2M in FY2021 to $49.6M in FY2024, but liabilities fell from $11.6M to $219.5K over the same span. The shrinking asset base therefore appears tied more to reduced scale or capital movement than to debt accumulation; debt-to-equity stayed near zero, moving from 0.084x to 0.0044x.

Financing cash outflows exceeded operating cash flow in both FY2021 and FY2024, at $153.0M versus $100.0M, and $22.6M versus $3.6M, respectively. This pattern indicates that changes in investor capital or distributions have been more consequential to the fund’s size than internally generated cash.

Financial Health Signals

Financial health score not available

United States 12 Month Oil 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 12 Month Oil 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 12 Month Oil Fund, LP reported a net loss of $5.8M while operations used $3.2M 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

-$1.9M

YoY+53.1%

QoQ-111.1%

United States 12 Month Oil Fund, LP reported -$1.9M in net income in Q2 2026. This represents an increase of 53.1% from the same quarter a year earlier. Against the prior quarter it is down 111.1%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$34.8M

YoY-3.6%

QoQ-34.8%

5Y CAGR-24.8%

10Y CAGR-10.4%

United States 12 Month Oil Fund, LP held $34.8M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

900,000

YoY-25.0%

QoQ-21.7%

5Y CAGR-33.7%

10Y CAGR-17.9%

United States 12 Month Oil Fund, LP had 900,000 shares outstanding in Q2 2026. This represents a decrease of 25.0% from the same quarter a year earlier. Against the prior quarter it is down 21.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-4.6%

YoY+4.8pp

QoQ-32.8pp

5Y CAGR-26.2pp

10Y CAGR-20.9pp

United States 12 Month Oil Fund, LP's ROE was -4.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 32.8 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.

USL 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.

USL 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	$5.7M+929.5%	$551K-98.6%	$39.4M-58.5%	$94.9M-13.9%	$110.3M+638.7%	$14.9M	N/A	$2.7M-91.2%	$30.2M	N/A	N/A	$6.4M	N/A	$4.4M
Net Income	$12.9M	-$5.8M-214.0%	$5.1M+9046.8%	-$57K-100.1%	$38.4M-58.9%	$93.3M-14.1%	$108.7M+653.2%	$14.4M+362.1%	-$5.5M-419.9%	$1.7M-94.1%	$29.4M+205.1%	-$28.0M-48.6%	-$18.8M-437.1%	$5.6M+153.6%	-$10.4M-473.2%	$2.8M

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	$17.0M+3589.2%	N/A	$497K	N/A	$460K-94.5%	$3.1M	N/A
Net Income	-$1.9M+53.1%	$16.9M+4801.2%	-$2.5M-185.0%	$374K+105.3%	-$4.0M-552.1%	$344K-95.8%	$2.9M+129.9%	-$7.0M-145.4%

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).

USL Balance Sheet

USL 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	$36.8M-25.8%	$49.6M-26.1%	$67.2M-23.0%	$87.2M-41.5%	$149.2M-32.0%	$219.5M+297.4%	$55.2M+8.4%	$51.0M-48.7%	$99.3M-29.9%	$141.7M+100.3%	$70.7M+88.7%	$37.5M-42.0%	$64.6M-35.3%	$99.9M-41.2%	$170.0M
Cash & Equivalents	$31.8M-0.3%	$31.9M+35.4%	$23.5M+12.0%	$21.0M-78.9%	$99.5M-45.2%	$181.6M+302.0%	$45.2M+5.7%	$42.7M-48.7%	$83.2M-29.1%	$117.4M+91.2%	$61.4M+83.4%	$33.5M-43.6%	$59.4M-31.5%	$86.7M-29.9%	$123.7M
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	$172K-21.5%	$220K-2.7%	$226K-94.2%	$3.9M-66.1%	$11.6M-49.8%	$23.0M+14937.5%	$153K-5.1%	$161K-97.9%	$7.8M-49.1%	$15.3M+7682.9%	$196K-22.1%	$252K-89.8%	$2.5M+580.8%	$363K-29.4%	$515K
Total Equity	$36.6M-25.8%	$49.4M-26.2%	$66.9M-19.7%	$83.3M-39.5%	$137.7M-29.9%	$196.5M+256.7%	$55.1M+8.4%	$50.8M-44.5%	$91.6M-27.6%	$126.4M+79.2%	$70.5M+89.4%	$37.2M-40.0%	$62.1M-37.6%	$99.5M-41.3%	$169.5M

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	$40.7M-4.0%	$65.5M+36.6%	$36.8M-25.8%	$41.0M-24.2%	$42.4M-34.8%	$47.9M-25.3%	$49.6M-26.1%	$54.0M-30.1%
Cash & Equivalents	$34.8M-3.6%	$53.4M+56.6%	$31.8M-0.3%	$35.4M-4.1%	$36.1M-12.0%	$34.1M-11.3%	$31.9M+35.4%	$36.9M+39.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$112K-21.6%	$5.7M+3220.1%	$172K-21.5%	$165K-3.3%	$143K+32.0%	$172K+17.7%	$220K-2.7%	$170K-86.5%
Total Equity	$40.6M-3.9%	$59.7M+25.1%	$36.6M-25.8%	$40.8M-24.2%	$42.2M-34.9%	$47.8M-25.4%	$49.4M-26.2%	$53.9M-29.2%

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.

USL Cash Flow Statement

USL 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	$11.7M	-$3.2M-189.4%	$3.6M+378.6%	-$1.3M-102.6%	$49.7M-50.3%	$100.0M+2.6%	$97.4M+2061.9%	-$5.0M-136.1%	$13.7M+3209.5%	$415K-94.2%	$7.2M+120.7%	-$34.7M-111.6%	-$16.4M-221.1%	$13.5M-40.0%	$22.5M+213.1%	-$19.9M
Financing Cash Flow	-$14.5M	-$7.0M+69.0%	-$22.6M-13.7%	-$19.9M+77.7%	-$89.2M+41.7%	-$153.0M-556.4%	$33.5M+430.0%	-$10.2M+71.2%	-$35.2M+3.6%	-$36.6M-238.0%	$26.5M-57.7%	$62.6M+756.3%	-$9.5M+76.7%	-$40.9M+31.4%	-$59.6M-542.0%	-$9.3M

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	$5.7M+394.3%	$7.4M+3407.7%	-$1.0M-184.2%	-$438K-216.6%	-$1.9M-177.8%	$211K-80.0%	-$360K-1139.1%	$376K-88.2%
Financing Cash Flow	-$17.3M-1011.5%	$6.2M+412.6%	-$1.7M+77.3%	-$1.8M+55.1%	-$1.6M	-$2.0M+82.2%	-$7.4M-1193.3%	-$4.0M+69.4%

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.

USL 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.

USL 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	89.1%+99.3pp	-10.3%-107.5pp	97.3%-1.0pp	98.3%-0.3pp	98.6%+1.9pp	96.7%	N/A	64.9%-32.4pp	97.3%	N/A	N/A	86.9%	N/A	63.0%
Return on Equity	-15.7%-26.0pp	10.2%+10.3pp	-0.1%-46.1pp	46.1%-21.8pp	67.8%+12.5pp	55.3%+29.1pp	26.2%+37.0pp	-10.8%-12.7pp	1.9%-21.4pp	23.2%+62.9pp	-39.6%+10.9pp	-50.5%-59.5pp	9.0%+19.4pp	-10.4%-12.1pp	1.6%
Return on Assets	-15.7%-25.9pp	10.2%+10.3pp	-0.1%-44.1pp	44.0%-18.6pp	62.5%+13.0pp	49.5%+23.4pp	26.1%+36.9pp	-10.8%-12.5pp	1.7%-19.0pp	20.7%+60.3pp	-39.5%+10.7pp	-50.2%-58.8pp	8.6%+19.1pp	-10.4%-12.0pp	1.6%
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.050.0x	0.080.0x	0.12+0.1x	0.000.0x	0.00-0.1x	0.080.0x	0.12+0.1x	0.000.0x	0.010.0x	0.040.0x	0.000.0x	0.00
Asset Turnover	-0.14-0.3x	0.11+0.1x	0.01-0.4x	0.45-0.2x	0.64+0.1x	0.50+0.2x	0.27+0.4x	-0.10-0.1x	0.03-0.2x	0.21+0.6x	-0.39+0.1x	-0.49-0.6x	0.10+0.2x	-0.09-0.1x	0.03

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	99.4%+24.6pp	N/A	75.2%	N/A	74.8%-23.5pp	95.2%	N/A
Return on Equity	-4.6%+4.8pp	28.2%+27.5pp	-6.8%-12.8pp	0.9%+14.0pp	-9.4%-10.8pp	0.7%-12.2pp	5.9%+20.7pp	-13.1%-33.4pp
Return on Assets	-4.6%+4.8pp	25.8%+25.0pp	-6.8%-12.7pp	0.9%+13.9pp	-9.4%-10.8pp	0.7%-12.2pp	5.9%+20.6pp	-13.0%-33.1pp
Debt-to-Equity	0.000.0x	0.10+0.1x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x
Asset Turnover	-0.040.0x	0.26+0.2x	-0.07-0.1x	0.01+0.1x	-0.09-0.1x	0.01-0.1x	0.06+0.2x	-0.13-0.3x

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

Where United States 12 Month Oil Fund, LP Ranks

Frequently Asked Questions

Is United States 12 Month Oil Fund, LP profitable?

No, United States 12 Month Oil Fund, LP (USL) reported a net income of -$5.8M in fiscal year 2025.

What is United States 12 Month Oil Fund, LP's return on equity (ROE)?

United States 12 Month Oil Fund, LP (USL) has a return on equity of -15.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is United States 12 Month Oil Fund, LP's operating cash flow?

United States 12 Month Oil Fund, LP (USL) recorded an outflow of $3.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are United States 12 Month Oil Fund, LP's total assets?

United States 12 Month Oil Fund, LP (USL) had $36.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does United States 12 Month Oil Fund, LP have outstanding?

United States 12 Month Oil Fund, LP (USL) had 1M shares outstanding as of fiscal year 2025.

What is United States 12 Month Oil Fund, LP's debt-to-equity ratio?

United States 12 Month Oil Fund, LP (USL) 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 12 Month Oil Fund, LP's return on assets (ROA)?

United States 12 Month Oil Fund, LP (USL) had a return on assets of -15.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is United States 12 Month Oil Fund, LP's Piotroski F-Score?

United States 12 Month Oil Fund, LP (USL) 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 12 Month Oil Fund, LP's earnings high quality?

United States 12 Month Oil Fund, LP (USL) reported a net loss of $5.8M while operations used $3.2M 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.