United States Oil Fund, LP Financials

USO

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

This page shows United States Oil Fund, LP (USO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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 USO FY2025 2026-05-08

USO’s reported economics are shaped by asset-value swings rather than sales, within a cash-heavy and almost debt-free balance sheet.

The FY2024 recovery had unusually strong cash confirmation: net income of $221.1M came with operating cash flow of $175.7M, and both turned negative again in FY2025. Because FY2025 revenue was only $321K against $889.6M of assets, the earnings swings are being generated outside a normal sales engine and are better read as changes in the value of the assets being held.

The balance sheet is extremely unleveraged: FY2025 liabilities were just $3.5M against assets of $889.6M. That means a weak year is not being intensified by interest burden or refinancing pressure; the economic exposure sits mainly in the assets themselves.

Cash fell from $952.4M in FY2023 to $651.9M in FY2025 while financing cash flow stayed negative in each of the last three years, showing capital has been leaving the structure as returns fluctuated. That leaves liquidity strong today, but more dependent on asset performance than on any recurring operating margin.

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of United States Oil Fund, LP's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

United States Oil Fund, LP's revenue declined 99.9% year-over-year, from $231.9M to $321K. This contraction results in a growth score of 21/100.

Leverage

100

United States Oil Fund, LP carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

United States Oil Fund, LP generates a -7.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is down from 20.3% the prior year.

Piotroski F-Score Weak

1/9

United States Oil Fund, LP passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.34x

For every $1 of reported earnings, United States Oil Fund, LP generates $0.34 in operating cash flow (-$21.9M OCF vs -$64.7M 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

$321K

YoY-99.9%

5Y CAGR+2.1%

United States Oil Fund, LP generated $321K in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA

N/A

Net Income

-$64.7M

YoY-129.2%

United States Oil Fund, LP reported -$64.7M in net income in fiscal year 2025. This represents a decrease of 129.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$651.9M

YoY-10.4%

5Y CAGR-24.1%

10Y CAGR-13.3%

United States Oil Fund, LP held $651.9M 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

-20155.1%

YoY-20250.4pp

5Y CAGR+637834.2pp

United States Oil Fund, LP's net profit margin was -20155.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 20250.4 percentage points from the prior year.

Return on Equity

-7.3%

YoY-27.6pp

5Y CAGR+45.2pp

10Y CAGR+34.0pp

United States Oil Fund, LP's ROE was -7.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

USO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$321K-99.9%	$231.9M+61909.7%	$374K-100.0%	$800.7M-50.8%	$1.6B+561547.4%	$290K
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	-$64.7M-129.2%	$221.1M+580.2%	-$46.0M-105.9%	$785.2M-51.0%	$1.6B+184.1%	-$1.9B
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	$986.4M	N/A	$25.6M-74.4%	$100.0M+135.8%	$42.4M-57.1%	$98.9M+11.1%	$89.0M+293.0%	$22.6M
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	$983.7M+1873.7%	-$55.5M-336.4%	$23.5M+100.0%	-$73.0B-181134.5%	$40.3M-58.2%	$96.3M+100.1%	-$135.5B-679788.9%	$19.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

USO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$889.6M-19.1%	$1.1B-30.7%	$1.6B-20.0%	$2.0B-16.7%	$2.4B-35.9%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$651.9M-10.4%	$727.5M-23.6%	$952.4M+11.2%	$856.4M-45.3%	$1.6B-39.5%	$2.6B
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	$3.5M-67.4%	$10.9M-43.9%	$19.4M+225.7%	$5.9M+20.6%	$4.9M-94.3%	$86.9M
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	$886.1M-18.6%	$1.1B-30.6%	$1.6B-20.7%	$2.0B-16.7%	$2.4B-34.5%	$3.6B
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	$2.7B+208.5%	$889.6M-1.5%	$902.9M-99.9%	$1.2T+116024.9%	$1.1B-3.9%	$1.1B-99.9%	$1.4T+111008.9%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.0B+200.3%	$651.9M-7.0%	$700.6M-99.9%	$946.4B+120763.4%	$783.0M+7.6%	$727.5M-99.9%	$1.1T+124332.5%	$892.9M
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	$99.5M+2708.5%	$3.5M-80.5%	$18.2M-100.0%	$96.5B+121149.9%	$79.6M+632.7%	$10.9M-100.0%	$76.5B+436123.8%	$17.5M
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	$2.6B+198.5%	$886.1M+0.2%	$884.7M-99.9%	$1.1T+115607.2%	$976.4M-10.3%	$1.1B-99.9%	$1.3T+106482.9%	$1.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

USO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$21.9M-112.4%	$175.7M+1474.2%	-$12.8M-101.5%	$871.9M-53.3%	$1.9B+182.9%	-$2.3B
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	-$92.2M+85.4%	-$631.7M-32.3%	-$477.4M+59.6%	-$1.2B+59.4%	-$2.9B-166.4%	$4.4B
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	$631.8M+1362.5%	-$50.0M-83.0%	-$27.3M-100.1%	$30.4B+121021.7%	$25.1M-53.4%	$53.9M+100.1%	-$71.2B-304388.9%	$23.4M
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	$774.8M+1738.0%	$42.2M+112.6%	-$334.5M-100.1%	$229.6B+779365.8%	-$29.5M+93.5%	-$452.2M-100.1%	$314.1B+243493.3%	-$129.1M
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

USO 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	-20155.1%-20250.4pp	95.3%+12406.4pp	-12311.1%-12409.2pp	98.1%-0.5pp	98.5%+658087.8pp	-657989.3%
Return on Equity	-7.3%-27.6pp	20.3%+23.3pp	-2.9%-42.7pp	39.7%-27.8pp	67.5%+120.0pp	-52.5%
Return on Assets	-7.3%-27.4pp	20.1%+23.0pp	-2.9%-42.5pp	39.6%-27.7pp	67.3%+118.7pp	-51.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.000.0	0.00-0.0	0.02
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	99.7%	N/A	91.8%+73053.3pp	-72961.5%-73056.5pp	95.0%-2.4pp	97.4%+152288.9pp	-152191.5%-152279.5pp	88.0%
Return on Equity	37.2%+43.5pp	-6.3%-8.9pp	2.6%+9.1pp	-6.5%-10.6pp	4.1%-4.7pp	8.8%+18.9pp	-10.1%-11.7pp	1.6%
Return on Assets	35.9%+42.1pp	-6.2%-8.8pp	2.6%+8.5pp	-5.9%-9.8pp	3.8%-5.0pp	8.8%+18.3pp	-9.5%-11.1pp	1.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.04+0.0	0.00-0.0	0.02-0.1	0.090.0	0.08+0.1	0.01-0.0	0.06+0.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is United States Oil Fund, LP's annual revenue?

United States Oil Fund, LP (USO) reported $321K in total revenue for fiscal year 2025. This represents a -99.9% 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 Oil Fund, LP's revenue growing?

United States Oil Fund, LP (USO) revenue declined by 99.9% year-over-year, from $231.9M to $321K in fiscal year 2025.

Is United States Oil Fund, LP profitable?

No, United States Oil Fund, LP (USO) reported a net income of -$64.7M in fiscal year 2025, with a net profit margin of -20155.1%.

What is United States Oil Fund, LP's net profit margin?

United States Oil Fund, LP (USO) had a net profit margin of -20155.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

United States Oil Fund, LP (USO) has a return on equity of -7.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

United States Oil Fund, LP (USO) generated -$21.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

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

United States Oil Fund, LP (USO) had $889.6M in total assets as of fiscal year 2025, including both current and long-term assets.

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

United States Oil Fund, LP (USO) 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 Oil Fund, LP's return on assets (ROA)?

United States Oil Fund, LP (USO) had a return on assets of -7.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is United States Oil Fund, LP's cash runway?

Based on fiscal year 2025 data, United States Oil Fund, LP (USO) had $651.9M in cash against an annual operating cash burn of $21.9M. This gives an estimated cash runway of approximately 358 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.

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

United States Oil Fund, LP (USO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 Oil Fund, LP's earnings high quality?

United States Oil Fund, LP (USO) has an earnings quality ratio of 0.34x, 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.

How financially healthy is United States Oil Fund, LP?

United States Oil Fund, LP (USO) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.