United States 12 Month Oil Fund, LP Financials

USL

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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 17 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 2026-05-08

Cash-heavy assets and minimal liabilities make this entity's reported results move with asset value changes more than operating costs.

The latest year's net loss of -$5.8M came with operating cash outflow of -$3.2M, reversing the prior year's positive pairing. That alignment matters because weak results are showing up in cash, not being softened by accrual timing, which points to an economic drawdown in the asset base rather than an accounting-only dip.

Liquidity is the core buffer: cash of $31.8M sat against total liabilities of just $172K. In practical terms, there is little evidence of debt-funded operations; the balance sheet looks more like a pool of liquid assets than a business carrying meaningful creditor pressure.

Repeated negative financing cash flow alongside a shrinking asset base shows capital has been leaving the entity instead of being retained in a growing asset pool. Total assets fell to $36.8M from $149.2M, which means each period's gains or losses now hit a much smaller equity base and therefore show up more sharply in return metrics.

Financial Health Signals

Financial health score pending refresh

We are recalculating United States 12 Month Oil Fund, LP's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Earnings Quality Low Quality

0.55x

For every $1 of reported earnings, United States 12 Month Oil Fund, LP generates $0.55 in operating cash flow (-$3.2M OCF vs -$5.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$5.8M

YoY-214.0%

United States 12 Month Oil Fund, LP reported -$5.8M in net income in fiscal year 2025. This represents a decrease of 214.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$31.8M

YoY-0.3%

5Y CAGR-29.4%

10Y CAGR-6.4%

United States 12 Month Oil Fund, LP held $31.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-15.7%

YoY-26.0pp

5Y CAGR-71.1pp

10Y CAGR+23.9pp

United States 12 Month Oil Fund, LP's ROE was -15.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 26.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

USL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$5.7M+929.5%	$551K-98.6%	$39.4M-58.5%	$94.9M-13.9%	$110.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.8M-214.0%	$5.1M+9046.8%	-$57K-100.1%	$38.4M-58.9%	$93.3M-14.1%	$108.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$17.0M	N/A	$497K	N/A	$460K-85.1%	$3.1M	N/A	$1.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$16.9M+774.7%	-$2.5M-768.8%	$374K+109.4%	-$4.0M-1257.7%	$344K-88.3%	$2.9M+141.8%	-$7.0M-899.0%	$881K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

USL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$36.8M-25.8%	$49.6M-26.1%	$67.2M-23.0%	$87.2M-41.5%	$149.2M-32.0%	$219.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$31.8M-0.3%	$31.9M+35.4%	$23.5M+12.0%	$21.0M-78.9%	$99.5M-45.2%	$181.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$172K-21.5%	$220K-2.7%	$226K-94.2%	$3.9M-66.1%	$11.6M-49.8%	$23.0M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$36.6M-25.8%	$49.4M-26.2%	$66.9M-19.7%	$83.3M-39.5%	$137.7M-29.9%	$196.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$65.5M+77.8%	$36.8M-10.2%	$41.0M-3.3%	$42.4M-11.6%	$47.9M-3.4%	$49.6M-8.2%	$54.0M-16.8%	$65.0M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$53.4M+67.9%	$31.8M-10.2%	$35.4M-1.9%	$36.1M+5.9%	$34.1M+6.9%	$31.9M-13.7%	$36.9M-9.9%	$41.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7M+3225.1%	$172K+4.6%	$165K+15.2%	$143K-17.1%	$172K-21.4%	$220K+28.9%	$170K+57.3%	$108K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$59.7M+63.0%	$36.6M-10.2%	$40.8M-3.3%	$42.2M-11.6%	$47.8M-3.3%	$49.4M-8.3%	$53.9M-17.0%	$64.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

USL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$3.2M-189.4%	$3.6M+378.6%	-$1.3M-102.6%	$49.7M-50.3%	$100.0M+2.6%	$97.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$7.0M+69.0%	-$22.6M-13.7%	-$19.9M+77.7%	-$89.2M+41.7%	-$153.0M-556.4%	$33.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$7.4M+823.7%	-$1.0M-133.5%	-$438K+77.5%	-$1.9M-1020.8%	$211K+158.6%	-$360K-195.8%	$376K-85.0%	$2.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$6.2M+470.2%	-$1.7M+5.3%	-$1.8M-14.2%	-$1.6M+21.9%	-$2.0M+73.1%	-$7.4M-86.8%	-$4.0M	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

USL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	89.1%+99.3pp	-10.3%-107.5pp	97.3%-1.0pp	98.3%-0.3pp	98.6%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.00-0.0	0.05-0.0	0.08-0.0	0.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	99.4%	N/A	75.2%	N/A	74.8%-20.4pp	95.2%	N/A	86.0%
Return on Equity	28.2%+35.0pp	-6.8%-7.7pp	0.9%+10.3pp	-9.4%-10.1pp	0.7%-5.2pp	5.9%+19.0pp	-13.1%-14.4pp	1.4%
Return on Assets	25.8%+32.6pp	-6.8%-7.7pp	0.9%+10.3pp	-9.4%-10.1pp	0.7%-5.2pp	5.9%+19.0pp	-13.0%-14.4pp	1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.10+0.1	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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) generated -$3.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 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 cash runway?

Based on fiscal year 2025 data, United States 12 Month Oil Fund, LP (USL) had $31.8M in cash against an annual operating cash burn of $3.2M. This gives an estimated cash runway of approximately 119 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Are United States 12 Month Oil Fund, LP's earnings high quality?

United States 12 Month Oil Fund, LP (USL) has an earnings quality ratio of 0.55x, considered low quality (accrual-driven). 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.