United States Oil Fund, LP (USO) Financials

USO

FY2025 annual

Revenue $321K -99.9% YoY

Net Income -$64.7M -129.2% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow -$21.9M -112.4% 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 USO SEC filings page.

United States Oil Fund, LP (USO) reported $321K in revenue for fiscal year 2025, down 99.9% 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).

Rhea AI USO FY2025 2026-08-29

Asset-value volatility, rather than operating scale, dominates this investment vehicle's equity-funded structure

A positive FY2024 with net income and operating cash flow both positive became a loss and negative operating cash flow in FY2025, while reported revenue fell to $321K; this alignment suggests results are dominated by changes in underlying exposure rather than recurring operating sales. The business therefore behaves less like a conventional seller and more like a vehicle whose reported performance can reverse with portfolio outcomes.

FY2025 liabilities were $3.5M against $889.6M of assets. Debt-to-equity was 0.0x, indicating an overwhelmingly equity-funded structure in which asset values matter more than borrowing costs.

Financing cash flow was negative in every reported year, reaching -$92.2M in FY2025. Shares outstanding fell from 41.2M in FY2021 to 14.8M in FY2025, consistent with a vehicle that can return or absorb capital rather than retain operating earnings.

Financial Health Signals

Financial health score not available

United States 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

1/6

United States Oil Fund, LP passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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 No Cash Backing

N/A

United States Oil Fund, LP reported a net loss of $64.7M while operations used $21.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$54.6M

YoY-45.4%

QoQ-94.5%

United States Oil Fund, LP generated $54.6M in revenue in Q2 2026. This represents a decrease of 45.4% from the same quarter a year earlier. Against the prior quarter it is down 94.5%.

Net Income

-$365.4B

YoY-400.9%

QoQ-37247.2%

United States Oil Fund, LP reported -$365.4B in net income in Q2 2026. This represents a decrease of 400.9% from the same quarter a year earlier. Against the prior quarter it is down 37247.2%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$1.3T

YoY+42.2%

QoQ+68646.8%

5Y CAGR+266.7%

10Y CAGR+84.6%

United States Oil Fund, LP held $1.3T in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

15M

YoY+32.1%

QoQ+21.3%

5Y CAGR-24.8%

10Y CAGR-26.5%

United States Oil Fund, LP had 15M shares outstanding in Q2 2026. This represents an increase of 32.1% from the same quarter a year earlier. Against the prior quarter it is up 21.3%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-20.8%

YoY-14.4pp

QoQ-58.0pp

5Y CAGR-42.1pp

10Y CAGR-39.9pp

United States Oil Fund, LP's ROE was -20.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 14.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 58.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

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.

USO 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.

USO 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	$321K-99.9%	$231.9M+61909.7%	$374K-100.0%	$800.7M-50.8%	$1.6B+561547.4%	$290K-99.9%	$484.8M+135328.8%	$358K-99.6%	$99.1M-85.7%	$692.4M	N/A	N/A	$80.7M	N/A	N/A
Net Income	-$364.5B	-$64.7M-129.2%	$221.1M+580.2%	-$46.0M-105.9%	$785.2M-51.0%	$1.6B+184.1%	-$1.9B-502.4%	$473.5M+262.5%	-$291.3M-468.8%	$79.0M-88.2%	$666.6M+151.7%	-$1.3B-163.3%	-$489.3M-761.5%	$74.0M+156.2%	-$131.5M-192.6%	$142.0M

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	$54.6M-45.4%	$986.4M+2226.1%	N/A	$25.6M-71.3%	$100.0M+341.6%	$42.4M-82.6%	$98.9M	$89.0M+24779.5%
Net Income	-$365.4B-400.9%	$983.7M+2340.9%	-$55.5M-157.6%	$23.5M+100.0%	-$73.0B-366220.1%	$40.3M-83.2%	$96.3M+132.5%	-$135.5B-38145742.0%

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).

USO Balance Sheet

USO 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	$889.6M-19.1%	$1.1B-30.7%	$1.6B-20.0%	$2.0B-16.7%	$2.4B-35.9%	$3.7B+205.8%	$1.2B-18.3%	$1.5B-30.9%	$2.1B-34.6%	$3.3B+3.3%	$3.2B+145.0%	$1.3B+102.6%	$640.2M-48.4%	$1.2B+5.7%	$1.2B
Cash & Equivalents	$651.9M-10.4%	$727.5M-23.6%	$952.4M+11.2%	$856.4M-45.3%	$1.6B-39.5%	$2.6B+151.8%	$1.0B-16.0%	$1.2B-33.8%	$1.8B-36.8%	$2.9B+7.2%	$2.7B+139.2%	$1.1B+99.5%	$570.9M-44.0%	$1.0B+21.5%	$838.6M
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	$3.5M-67.4%	$10.9M-43.9%	$19.4M+225.7%	$5.9M+20.6%	$4.9M-94.3%	$86.9M+102.4%	$42.9M+154.2%	$16.9M-86.9%	$129.3M-28.7%	$181.2M+225.6%	$55.7M+184.4%	$19.6M-70.3%	$65.9M+13.2%	$58.2M-12.3%	$66.4M
Total Equity	$886.1M-18.6%	$1.1B-30.6%	$1.6B-20.7%	$2.0B-16.7%	$2.4B-34.5%	$3.6B+209.6%	$1.2B-20.3%	$1.5B-27.3%	$2.0B-34.9%	$3.1B-0.6%	$3.1B+144.4%	$1.3B+122.5%	$574.3M-51.5%	$1.2B+6.8%	$1.1B

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	$1.9T+55.3%	$2.7B+159.9%	$889.6M-19.1%	$902.9M-99.9%	$1.2T+95891.2%	$1.1B-27.9%	$1.1B-30.7%	$1.4T+92773005.5%
Cash & Equivalents	$1.3T+42.2%	$2.0B+150.0%	$651.9M-10.4%	$700.6M-99.9%	$946.4B+105882.4%	$783.0M-13.9%	$727.5M-23.6%	$1.1T+138451023.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$150.4B+55.9%	$99.5M+25.0%	$3.5M-67.4%	$18.2M-100.0%	$96.5B+549982.5%	$79.6M+93.1%	$10.9M-43.9%	$76.5B+3883079901.6%
Total Equity	$1.8T+55.2%	$2.6B+170.8%	$886.1M-18.6%	$884.7M-99.9%	$1.1T+89569.7%	$976.4M-31.4%	$1.1B-30.6%	$1.3T+87885245.3%

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.

USO Cash Flow Statement

USO 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	$277.7B	-$21.9M-112.4%	$175.7M+1474.2%	-$12.8M-101.5%	$871.9M-53.3%	$1.9B+182.9%	-$2.3B-999.4%	$250.6M+783.1%	-$36.7M-292.9%	$19.0M-96.4%	$527.5M+133.1%	-$1.6B-178.0%	-$573.3M-310.4%	$272.5M+586.5%	-$56.0M-139.2%	$142.9M
Financing Cash Flow	-$398.4B	-$92.2M+85.4%	-$631.7M-32.3%	-$477.4M+59.6%	-$1.2B+59.4%	-$2.9B-166.4%	$4.4B+699.9%	-$731.3M-145.7%	-$297.6M+75.2%	-$1.2B-89.0%	-$634.0M-119.9%	$3.2B+178.6%	$1.1B+258.4%	-$720.6M-404.8%	$236.4M+128.6%	-$827.2M

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	$277.2B+811.3%	$631.8M+2416.3%	-$50.0M-192.8%	-$27.3M+100.0%	$30.4B+129872.3%	$25.1M-85.2%	$53.9M+123.2%	-$71.2B-25166257.9%
Financing Cash Flow	-$398.9B-273.7%	$774.8M+2730.1%	$42.2M+109.3%	-$334.5M-100.1%	$229.6B+177986.6%	-$29.5M+91.9%	-$452.2M-245.3%	$314.1B+72645460.1%

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.

USO 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.

USO 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	-20155.1%	95.3%	-12311.1%	98.1%-0.5pp	98.5%	-657989.3%	97.7%	-81361.6%	79.7%-16.6pp	96.3%	N/A	N/A	91.7%	N/A	N/A
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%-93.0pp	40.4%+60.3pp	-19.8%-23.8pp	3.9%-17.6pp	21.5%+62.8pp	-41.3%-3.0pp	-38.3%-51.2pp	12.9%+24.0pp	-11.1%-23.9pp	12.8%
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%-90.3pp	39.0%+58.6pp	-19.6%-23.3pp	3.7%-16.6pp	20.3%+60.9pp	-40.6%-2.8pp	-37.7%-49.3pp	11.6%+22.1pp	-10.6%-22.7pp	12.1%
Debt-to-Equity	0.000.0x	0.010.0x	0.010.0x	0.000.0x	0.000.0x	0.020.0x	0.040.0x	0.01-0.1x	0.060.0x	0.060.0x	0.020.0x	0.02-0.1x	0.11+0.1x	0.050.0x	0.06
Asset Turnover	0.00-0.2x	0.21+0.2x	0.00-0.4x	0.40-0.3x	0.68+0.7x	0.00-0.4x	0.40+0.4x	0.000.0x	0.05-0.2x	0.21+0.6x	-0.400.0x	-0.37-0.5x	0.13+0.2x	-0.10	N/A

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	-669293.8%	99.7%+4.7pp	N/A	91.8%	-72961.5%	95.0%-3.8pp	97.4%	-152191.5%
Return on Equity	-20.8%-14.4pp	37.2%+33.1pp	-6.3%-15.1pp	2.6%+12.7pp	-6.5%-8.0pp	4.1%-12.8pp	8.8%+27.8pp	-10.1%-33.3pp
Return on Assets	-19.2%-13.2pp	35.9%+32.0pp	-6.2%-15.0pp	2.6%+12.1pp	-5.9%-7.5pp	3.8%-12.6pp	8.8%+27.5pp	-9.5%-32.8pp
Debt-to-Equity	0.090.0x	0.040.0x	0.000.0x	0.020.0x	0.09+0.1x	0.08+0.1x	0.010.0x	0.06+0.1x
Asset Turnover	0.000.0x	0.36+0.3x	-0.06-0.1x	0.030.0x	0.000.0x	0.04-0.1x	0.09+0.3x	0.00-0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, 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 Oil Fund, LP Ranks

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.

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) recorded an outflow of $21.9M in operating cash flow during fiscal year 2025, representing cash used by 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.

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

United States Oil Fund, LP (USO) had 15M shares outstanding as of fiscal year 2025.

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 Piotroski F-Score?

United States Oil Fund, LP (USO) has a Piotroski F-Score of 1 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 Oil Fund, LP's earnings high quality?

United States Oil Fund, LP (USO) reported a net loss of $64.7M while operations used $21.9M 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.