United States 12 Month Oil Fund, LP (USL) 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 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).
The fund’s reported results reflect changing investment values, with assets and earnings swinging sharply rather than describing an operating-sales model.
The shift from$5.1M of net income in FY2024 to a net loss of$5.8M in FY2025 occurred alongside assets falling from$49.6M to$36.8M . That pairing indicates the annual result is closely tied to changes in the fund’s underlying holdings, not a stable operating margin.
Across the reported years, the asset base moved from
Total liabilities were
Financial Health Signals
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.
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.
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
Earnings & Revenue
United States 12 Month Oil Fund, LP reported a net loss of $1.9M 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 111.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
United States 12 Month Oil Fund, LP held $34.8M 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 Oil Fund, LP's quarterly ROE was -4.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
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.
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.
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
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 | $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 | $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 | $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
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.
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.
| 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 |
| Liabilities-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, Debt-to-Equity, FCF Margin.
Where United States 12 Month Oil Fund, LP Ranks
Frequently Asked Questions
Is United States 12 Month Oil Fund, LP profitable?
Yes, United States 12 Month Oil Fund, LP (USL) reported a net income of $12.9M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $5.8M.
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.
What is United States 12 Month Oil Fund, LP's liabilities-to-equity ratio?
United States 12 Month Oil Fund, LP (USL) had a liabilities-to-equity ratio of 0.00 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 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.
How does United States 12 Month Oil Fund, LP's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, United States 12 Month Oil Fund, LP (USL) held $31.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $3.2M over that year. Dividing the one by the other, the reported balance equals about 119 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
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.