Invesco DB US Dollar Index Bullish Fund Financials

UUP

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

This page shows Invesco DB US Dollar Index Bullish Fund (UUP) 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 UUP FY2025 2026-05-07

Investor creations and redemptions, not traditional reinvestment, appear to be the main force behind assets, cash flow, and share count.

From FY2024 to FY2025, total assets fell from $429.8M to $230.2M while shares outstanding nearly halved. Because liabilities stayed almost nonexistent and FY2025 financing outflow closely offset operating inflow, the structure looks redemption-driven: capital is leaving through unit shrinkage rather than through debt paydown or business reinvestment.

The sharp gap between net income and operating cash flow is persistent, not a one-year oddity: FY2025 showed a -$22.1M loss alongside $176.8M of operating cash flow. That makes year-to-year profitability a noisy guide, because balance-sheet turnover appears to explain activity better than a conventional operating earnings lens.

The balance sheet is unusually plain, with only $143K of liabilities against $230.1M of equity in FY2025, so solvency is being carried by investor capital rather than borrowing. Combined with near-zero cash and no visible reinvestment program, this behaves more like a capital pass-through vehicle than a business that compounds by retaining cash internally.

Financial Health Signals

Financial Profile 35/100

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 Invesco DB US Dollar Index Bullish Fund'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.

Profitability

100

Invesco DB US Dollar Index Bullish Fund has an operating margin of 83.2%, meaning the company retains $83 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 85.7% the prior year.

Growth

Invesco DB US Dollar Index Bullish Fund's revenue declined 40% year-over-year, from $19.3M to $11.6M. This contraction results in a growth score of 0/100.

Leverage

100

Invesco DB US Dollar Index Bullish Fund 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

Invesco DB US Dollar Index Bullish Fund generates a -9.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 10/100. This is down from 10.4% the prior year.

Piotroski F-Score Neutral

4/9

Invesco DB US Dollar Index Bullish Fund passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-8.00x

For every $1 of reported earnings, Invesco DB US Dollar Index Bullish Fund generates $-8.00 in operating cash flow ($176.8M OCF vs -$22.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

805.0x

Invesco DB US Dollar Index Bullish Fund earns $805.0 in operating income for every $1 of interest expense ($9.7M vs $12K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$11.6M

YoY-40.0%

5Y CAGR+41.3%

10Y CAGR+42.5%

Invesco DB US Dollar Index Bullish Fund generated $11.6M in revenue in fiscal year 2025. This represents a decrease of 40.0% from the prior year.

EBITDA

$7.2M

YoY+14.0%

Invesco DB US Dollar Index Bullish Fund's EBITDA was $7.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.0% from the prior year.

Net Income

-$22.1M

YoY-149.6%

Invesco DB US Dollar Index Bullish Fund reported -$22.1M in net income in fiscal year 2025. This represents a decrease of 149.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

YoY-100.0%

Invesco DB US Dollar Index Bullish Fund held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-44.7%

Invesco DB US Dollar Index Bullish Fund had 8M shares outstanding in fiscal year 2025. This represents a decrease of 44.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

83.2%

YoY-2.5pp

5Y CAGR+153.5pp

10Y CAGR+2742.6pp

Invesco DB US Dollar Index Bullish Fund's operating margin was 83.2% in fiscal year 2025, reflecting core business profitability. This is down 2.5 percentage points from the prior year.

Net Margin

-190.7%

YoY-421.2pp

5Y CAGR+2451.1pp

10Y CAGR-18054.9pp

Invesco DB US Dollar Index Bullish Fund's net profit margin was -190.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 421.2 percentage points from the prior year.

Return on Equity

-9.6%

YoY-20.0pp

5Y CAGR+5.2pp

10Y CAGR-14.9pp

Invesco DB US Dollar Index Bullish Fund's ROE was -9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$863.7M

YoY-5.4%

5Y CAGR-12.5%

10Y CAGR-7.4%

Invesco DB US Dollar Index Bullish Fund spent $863.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 5.4% from the prior year.

Capital Expenditures

N/A

UUP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$11.6M-40.0%	$19.3M-52.1%	$40.3M+39.1%	$29.0M+18613.9%	$155K-92.5%	$2.1M
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	$9.7M-41.7%	$16.6M-51.6%	$34.2M+93.4%	$17.7M+653.8%	-$3.2M-120.9%	-$1.4M
Interest Expense	$12K-65.9%	$35K-67.6%	$108K+3.6%	$105K+4522.0%	$2K-63.4%	$6K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$22.1M-149.6%	$44.5M+111.2%	$21.1M-74.1%	$81.3M+256.3%	$22.8M+142.0%	-$54.3M
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	$2.6M+13.2%	$2.3M+18.5%	$1.9M-29.6%	$2.8M-39.6%	$4.6M+10.1%	$4.2M-10.3%	$4.6M-17.0%	$5.6M
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	$2.1M+10.6%	$1.9M+17.0%	$1.6M-29.4%	$2.3M-39.4%	$3.8M+8.2%	$3.5M-11.3%	$4.0M-17.5%	$4.8M
Interest Expense	$169	$0-100.0%	$153-76.1%	$640-94.3%	$11K+84.1%	$6K-50.2%	$12K+43.3%	$9K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$8.7M+271.0%	$2.3M-43.9%	$4.2M+126.7%	-$15.7M-20.8%	-$13.0M-145.2%	$28.7M+352.1%	-$11.4M-206.8%	$10.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UUP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$230.2M-46.4%	$429.8M+5.4%	$407.9M-75.4%	$1.7B+130.1%	$720.5M+96.6%	$366.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0-100.0%	$557K-46.7%	$1.0M-81.3%	$5.6M	$0	$0
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	$143K-40.8%	$241K-98.7%	$19.3M+32.5%	$14.5M+359.5%	$3.2M+1408.3%	$210K
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	$230.1M-46.4%	$429.5M+10.5%	$388.7M-76.3%	$1.6B+129.1%	$717.3M+95.9%	$366.2M
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	$576.4M+150.4%	$230.2M+49.4%	$154.1M-26.1%	$208.6M-36.5%	$328.6M-23.5%	$429.8M+34.3%	$320.0M-27.8%	$443.3M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0-100.0%	$557K	$0	$0
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	$3.6M+2452.2%	$143K+56.9%	$91K-98.7%	$7.0M+129.1%	$3.1M+1166.9%	$241K+21.2%	$199K-44.8%	$361K
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	$572.8M+149.0%	$230.1M+49.4%	$154.0M-23.6%	$201.6M-38.1%	$325.6M-24.2%	$429.5M+34.3%	$319.8M-27.8%	$442.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UUP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$176.8M+698.3%	$22.1M-98.2%	$1.3B+248.7%	-$847.6M-158.2%	-$328.3M-70.8%	-$192.2M
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	-$177.4M-683.6%	-$22.6M+98.2%	-$1.3B-248.3%	$853.2M+159.8%	$328.3M+80.7%	$181.7M
Dividends Paid	$7.7M-59.0%	$18.8M-35.0%	$28.9M+78.6%	$16.2M	N/A	N/A
Share Buybacks	$863.7M-5.4%	$912.8M	N/A	$1.8B+310.4%	$427.4M-74.6%	$1.7B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$334.0M-344.8%	-$75.1M-225.3%	$59.9M-42.6%	$104.4M+19.2%	$87.6M+208.9%	-$80.5M-174.0%	$108.8M+213.2%	-$96.1M
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	$334.0M+344.8%	$75.1M+225.3%	-$59.9M+42.6%	-$104.4M-18.4%	-$88.2M-208.8%	$81.0M+174.5%	-$108.8M-213.2%	$96.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$83.0M-17.8%	$101.0M-29.1%	$142.4M-46.2%	$264.5M-25.7%	$355.8M+135.5%	$151.1M-51.3%	$310.4M+125.0%	$137.9M

UUP 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	83.2%-2.5pp	85.7%+1.0pp	84.7%+23.8pp	60.9%+2120.1pp	-2059.2%-1988.9pp	-70.2%
Net Margin	-190.7%-421.2pp	230.5%+178.3pp	52.3%-228.0pp	280.3%-14441.3pp	14721.5%+17363.4pp	-2641.8%
Return on Equity	-9.6%-20.0pp	10.4%+5.0pp	5.4%+0.5pp	5.0%+1.8pp	3.2%+18.0pp	-14.8%
Return on Assets	-9.6%-20.0pp	10.4%+5.2pp	5.2%+0.3pp	4.9%+1.7pp	3.2%+18.0pp	-14.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.00-0.0	0.05+0.0	0.010.0	0.000.0	0.00
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	80.7%-1.8pp	82.6%-1.1pp	83.7%+0.1pp	83.5%+0.3pp	83.2%-1.5pp	84.7%-0.9pp	85.6%-0.6pp	86.2%
Net Margin	333.8%+232.0pp	101.8%-113.3pp	215.1%+782.3pp	-567.1%-283.7pp	-283.5%-974.3pp	690.8%+936.5pp	-245.7%-436.7pp	191.0%
Return on Equity	1.5%+0.5pp	1.0%-1.7pp	2.7%+10.5pp	-7.8%-3.8pp	-4.0%-10.7pp	6.7%+10.3pp	-3.6%-6.0pp	2.4%
Return on Assets	1.5%+0.5pp	1.0%-1.7pp	2.7%+10.2pp	-7.5%-3.6pp	-4.0%-10.6pp	6.7%+10.2pp	-3.6%-6.0pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.010.0	0.000.0	0.00-0.0	0.03+0.0	0.010.0	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

What is Invesco DB US Dollar Index Bullish Fund's annual revenue?

Invesco DB US Dollar Index Bullish Fund (UUP) reported $11.6M in total revenue for fiscal year 2025. This represents a -40.0% 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 Invesco DB US Dollar Index Bullish Fund's revenue growing?

Invesco DB US Dollar Index Bullish Fund (UUP) revenue declined by 40% year-over-year, from $19.3M to $11.6M in fiscal year 2025.

Is Invesco DB US Dollar Index Bullish Fund profitable?

No, Invesco DB US Dollar Index Bullish Fund (UUP) reported a net income of -$22.1M in fiscal year 2025, with a net profit margin of -190.7%.

What is Invesco DB US Dollar Index Bullish Fund's EBITDA?

Invesco DB US Dollar Index Bullish Fund (UUP) had EBITDA of $7.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Invesco DB US Dollar Index Bullish Fund's operating margin?

Invesco DB US Dollar Index Bullish Fund (UUP) had an operating margin of 83.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Invesco DB US Dollar Index Bullish Fund's net profit margin?

Invesco DB US Dollar Index Bullish Fund (UUP) had a net profit margin of -190.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Invesco DB US Dollar Index Bullish Fund's return on equity (ROE)?

Invesco DB US Dollar Index Bullish Fund (UUP) has a return on equity of -9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Invesco DB US Dollar Index Bullish Fund's operating cash flow?

Invesco DB US Dollar Index Bullish Fund (UUP) generated $176.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invesco DB US Dollar Index Bullish Fund's total assets?

Invesco DB US Dollar Index Bullish Fund (UUP) had $230.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invesco DB US Dollar Index Bullish Fund buy back shares?

Yes, Invesco DB US Dollar Index Bullish Fund (UUP) spent $863.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invesco DB US Dollar Index Bullish Fund have outstanding?

Invesco DB US Dollar Index Bullish Fund (UUP) had 8M shares outstanding as of fiscal year 2025.

What is Invesco DB US Dollar Index Bullish Fund's debt-to-equity ratio?

Invesco DB US Dollar Index Bullish Fund (UUP) 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 Invesco DB US Dollar Index Bullish Fund's return on assets (ROA)?

Invesco DB US Dollar Index Bullish Fund (UUP) had a return on assets of -9.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invesco DB US Dollar Index Bullish Fund's Piotroski F-Score?

Invesco DB US Dollar Index Bullish Fund (UUP) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Invesco DB US Dollar Index Bullish Fund's earnings high quality?

Invesco DB US Dollar Index Bullish Fund (UUP) has an earnings quality ratio of -8.00x, considered mixed quality. 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.

Can Invesco DB US Dollar Index Bullish Fund cover its interest payments?

Invesco DB US Dollar Index Bullish Fund (UUP) has an interest coverage ratio of 805.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Invesco DB US Dollar Index Bullish Fund?

Invesco DB US Dollar Index Bullish Fund (UUP) scores 35 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.