Inverse VIX Short-Term Futures ETNs due March 22, 2045 Financials

VYLD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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 VYLD FY2025 2026-04-22

Balance-sheet leverage turns a low-ROA business into strong equity returns, while funding swings dominate cash behavior.

Between FY2022 and FY2025, operating cash flow swung from $107.1B to -$147.8B even though net income stayed firmly positive each year. With cash also falling from $567.2B to $343.3B, the important operating story is not whether accounting earnings exist, but how balance-sheet funding and working-capital movements are absorbing or releasing cash.

FY2025 ROA was just 1.3% while ROE reached 15.7%, which is the signature of a very large balance sheet earning thin spreads on assets. That gap is being magnified by leverage around 11.2x debt-to-equity, so modest changes in asset profitability can translate into much larger shifts in shareholder returns.

Equity growth and liquidity movement are telling different stories: equity rose to $362.4B in FY2025 even as cash declined to $343.3B. That usually means profits are being redeployed through financing activity and shareholder payouts, not simply piling up as idle cash, which helps explain why cash can move sharply from one year to the next.

Financial Health Signals

Financial Profile 15/100

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 Inverse VIX Short-Term Futures ETNs due March 22, 2045'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

Inverse VIX Short-Term Futures ETNs due March 22, 2045's revenue grew a modest 2.8% year-over-year to $182.4B. This slow but positive growth earns a score of 46/100.

Leverage

Inverse VIX Short-Term Futures ETNs due March 22, 2045 has elevated debt relative to equity (D/E of 11.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Inverse VIX Short-Term Futures ETNs due March 22, 2045's ROE of 15.7% shows moderate profitability relative to equity, earning a score of 47/100. This is down from 17.0% the prior year.

Piotroski F-Score Weak

2/9

Inverse VIX Short-Term Futures ETNs due March 22, 2045 passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-2.59x

For every $1 of reported earnings, Inverse VIX Short-Term Futures ETNs due March 22, 2045 generates $-2.59 in operating cash flow (-$147.8B OCF vs $57.0B 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

$182.4B

YoY+2.8%

5Y CAGR+8.7%

10Y CAGR+6.9%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 generated $182.4B in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.

EBITDA

N/A

Net Income

$57.0B

YoY-2.6%

5Y CAGR+14.4%

10Y CAGR+8.8%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 reported $57.0B in net income in fiscal year 2025. This represents a decrease of 2.6% from the prior year.

EPS (Diluted)

$20.02

YoY+1.4%

5Y CAGR+17.7%

10Y CAGR+12.8%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 earned $20.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$343.3B

YoY-26.8%

5Y CAGR-8.2%

10Y CAGR-0.5%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 held $343.3B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$5.80

YoY+20.8%

5Y CAGR+10.0%

10Y CAGR+12.9%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 paid $5.80 per share in dividends in fiscal year 2025. This represents an increase of 20.8% from the prior year.

Shares Outstanding

2.70B

YoY-3.5%

5Y CAGR-2.4%

10Y CAGR-3.0%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 had 2.70B shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

31.2%

YoY-1.7pp

5Y CAGR+7.0pp

10Y CAGR+5.1pp

Inverse VIX Short-Term Futures ETNs due March 22, 2045's net profit margin was 31.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

15.7%

YoY-1.2pp

5Y CAGR+5.3pp

10Y CAGR+5.9pp

Inverse VIX Short-Term Futures ETNs due March 22, 2045's ROE was 15.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$31.6B

YoY+67.8%

5Y CAGR+37.1%

10Y CAGR+18.9%

Inverse VIX Short-Term Futures ETNs due March 22, 2045 spent $31.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 67.8% from the prior year.

Capital Expenditures

N/A

VYLD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$182.4B+2.8%	$177.6B+12.3%	$158.1B+22.9%	$128.7B+5.8%	$121.6B+1.4%	$120.0B
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	$54.5B+6.1%	$51.4B+10.5%	$46.5B+11.6%	$41.6B+8.0%	$38.6B+10.2%	$35.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$97.9B-3.4%	$101.3B+24.6%	$81.3B+211.6%	$26.1B+370.0%	$5.6B-44.2%	$10.0B
Income Tax	$15.5B-6.4%	$16.6B+37.7%	$12.1B+42.0%	$8.5B-24.4%	$11.2B+68.0%	$6.7B
Net Income	$57.0B-2.6%	$58.5B+17.9%	$49.6B+31.6%	$37.7B-21.9%	$48.3B+65.8%	$29.1B
EPS (Diluted)	$20.02+1.4%	$19.75+21.7%	$16.23+34.2%	$12.09-21.3%	$15.36+73.0%	$8.88

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$45.8B-1.4%	$46.4B+3.4%	$44.9B-0.9%	$45.3B+5.9%	$42.8B+0.3%	$42.7B-15.0%	$50.2B+19.7%	$41.9B
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	$13.1B-3.3%	$13.6B-1.1%	$13.7B-2.7%	$14.1B+13.0%	$12.5B-2.7%	$12.8B-1.0%	$13.0B-1.3%	$13.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$23.8B-6.5%	$25.5B+1.8%	$25.0B+6.2%	$23.6B-2.6%	$24.2B-10.3%	$27.0B+4.8%	$25.8B+5.8%	$24.4B
Income Tax	$4.1B-4.9%	$4.3B+31.9%	$3.3B-12.4%	$3.8B+11.7%	$3.4B-17.4%	$4.1B-22.8%	$5.3B+36.4%	$3.9B
Net Income	$13.0B-9.8%	$14.4B-4.0%	$15.0B+2.3%	$14.6B+4.3%	$14.0B+8.8%	$12.9B-28.9%	$18.1B+35.2%	$13.4B
EPS (Diluted)	N/A	$5.07-3.2%	$5.24+3.4%	$5.07	N/A	$4.37-28.6%	$6.12+37.8%	$4.44

VYLD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.4T+10.5%	$4.0T+3.3%	$3.9T+5.7%	$3.7T-2.1%	$3.7T+10.6%	$3.4T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$343.3B-26.8%	$469.3B-24.8%	$624.2B+10.0%	$567.2B-23.4%	$740.8B+40.4%	$527.6B
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	$52.7B+0.3%	$52.6B-0.1%	$52.6B+1.9%	$51.7B+2.7%	$50.3B+2.2%	$49.2B
Total Liabilities	$4.1T+11.1%	$3.7T+3.1%	$3.5T+5.2%	$3.4T-2.2%	$3.4T+11.1%	$3.1T
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	$362.4B+5.1%	$344.8B+5.1%	$327.9B+12.2%	$292.3B-0.6%	$294.1B+5.3%	$279.4B
Retained Earnings	$416.1B+10.6%	$376.2B+13.0%	$332.9B+12.3%	$296.5B+8.9%	$272.3B+14.9%	$237.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.4T-3.0%	$4.6T+0.2%	$4.6T+4.5%	$4.4T+8.9%	$4.0T-4.9%	$4.2T+1.6%	$4.1T+1.3%	$4.1T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$343.3B+13.2%	$303.4B-27.8%	$420.3B-1.3%	$425.9B-9.3%	$469.3B+8.1%	$434.3B-18.2%	$530.8B-5.6%	$562.1B
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	$52.7B0.0%	$52.7B-0.1%	$52.7B+0.2%	$52.6B+0.1%	$52.6B-0.3%	$52.7B+0.2%	$52.6B0.0%	$52.6B
Total Liabilities	$4.1T-3.3%	$4.2T+0.1%	$4.2T+4.7%	$4.0T+9.5%	$3.7T-5.3%	$3.9T+1.6%	$3.8T+1.3%	$3.8T
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	$362.4B+0.6%	$360.2B+0.9%	$356.9B+1.6%	$351.4B+1.9%	$344.8B-0.3%	$345.8B+1.6%	$340.6B+1.2%	$336.6B
Retained Earnings	$416.1B+2.1%	$407.4B+2.5%	$397.4B+2.8%	$386.6B+2.8%	$376.2B+2.8%	$366.0B+2.5%	$356.9B+4.2%	$342.4B

VYLD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$147.8B-251.8%	-$42.0B-423.8%	$13.0B-87.9%	$107.1B+37.2%	$78.1B+197.7%	-$79.9B
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	-$265.6B-62.5%	-$163.4B-341.6%	$67.6B+149.1%	-$137.8B-6.6%	-$129.3B+50.6%	-$261.9B
Financing Cash Flow	$269.5B+324.8%	$63.4B+348.1%	-$25.6B+79.7%	-$126.3B-145.7%	$276.0B-53.7%	$596.6B
Dividends Paid	$16.6B+12.5%	$14.8B+9.8%	$13.5B-0.7%	$13.6B+5.5%	$12.9B+1.3%	$12.7B
Share Buybacks	$31.6B+67.8%	$18.8B+91.7%	$9.8B+210.7%	$3.2B-82.8%	$18.4B+182.5%	$6.5B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$119.7B+364.8%	-$45.2B-253.0%	$29.5B+111.7%	-$251.8B-270.4%	$147.8B+299.5%	-$74.1B-292.6%	$38.5B+125.0%	-$154.2B
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	$46.9B+320.0%	-$21.3B+87.7%	-$173.1B-46.6%	-$118.1B-770.1%	$17.6B+140.6%	-$43.4B+53.9%	-$94.2B-117.2%	-$43.4B
Financing Cash Flow	-$123.6B-158.6%	-$47.8B-138.9%	$122.8B-61.4%	$318.1B+374.9%	-$115.7B-1176.7%	$10.7B-60.5%	$27.2B-80.7%	$141.2B
Dividends Paid	$4.4B+5.7%	$4.2B-0.6%	$4.2B+10.0%	$3.8B-0.9%	$3.9B+5.6%	$3.7B-3.2%	$3.8B+8.1%	$3.5B
Share Buybacks	$8.3B-0.3%	$8.3B+10.5%	$7.5B-0.3%	$7.5B+75.0%	$4.3B-32.4%	$6.4B+19.2%	$5.3B+88.4%	$2.8B

VYLD 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	31.2%-1.7pp	33.0%+1.6pp	31.4%+2.1pp	29.3%-10.4pp	39.7%+15.4pp	24.3%
Return on Equity	15.7%-1.2pp	17.0%+1.8pp	15.1%+2.2pp	12.9%-3.5pp	16.4%+6.0pp	10.4%
Return on Assets	1.3%-0.2pp	1.5%+0.2pp	1.3%+0.3pp	1.0%-0.3pp	1.3%+0.4pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.21+0.6	10.61-0.2	10.82-0.7	11.54-0.2	11.73+0.6	11.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	28.3%-2.7pp	31.0%-2.4pp	33.4%+1.1pp	32.3%-0.5pp	32.8%+2.6pp	30.2%-5.9pp	36.1%+4.1pp	32.0%
Return on Equity	3.6%-0.4pp	4.0%-0.2pp	4.2%+0.0pp	4.2%+0.1pp	4.1%+0.3pp	3.7%-1.6pp	5.3%+1.3pp	4.0%
Return on Assets	0.3%-0.0pp	0.3%0.0pp	0.3%0.0pp	0.3%-0.0pp	0.4%+0.0pp	0.3%-0.1pp	0.4%+0.1pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.21-0.5	11.66-0.1	11.75+0.4	11.40+0.8	10.61-0.6	11.170.0	11.17+0.0	11.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's annual revenue?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) reported $182.4B in total revenue for fiscal year 2025. This represents a 2.8% 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 Inverse VIX Short-Term Futures ETNs due March 22, 2045's revenue growing?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) revenue grew by 2.8% year-over-year, from $177.6B to $182.4B in fiscal year 2025.

Is Inverse VIX Short-Term Futures ETNs due March 22, 2045 profitable?

Yes, Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) reported a net income of $57.0B in fiscal year 2025, with a net profit margin of 31.2%.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's net profit margin?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had a net profit margin of 31.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Inverse VIX Short-Term Futures ETNs due March 22, 2045 pay dividends?

Yes, Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) paid $5.80 per share in dividends during fiscal year 2025.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's return on equity (ROE)?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) has a return on equity of 15.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's operating cash flow?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) generated -$147.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Inverse VIX Short-Term Futures ETNs due March 22, 2045's total assets?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had $4.4T in total assets as of fiscal year 2025, including both current and long-term assets.

Does Inverse VIX Short-Term Futures ETNs due March 22, 2045 buy back shares?

Yes, Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) spent $31.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Inverse VIX Short-Term Futures ETNs due March 22, 2045 have outstanding?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had 2.70B shares outstanding as of fiscal year 2025.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's debt-to-equity ratio?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had a debt-to-equity ratio of 11.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's return on assets (ROA)?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Inverse VIX Short-Term Futures ETNs due March 22, 2045's cash runway?

Based on fiscal year 2025 data, Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) had $343.3B in cash against an annual operating cash burn of $147.8B. This gives an estimated cash runway of approximately 28 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 Inverse VIX Short-Term Futures ETNs due March 22, 2045's Piotroski F-Score?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) has a Piotroski F-Score of 2 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 Inverse VIX Short-Term Futures ETNs due March 22, 2045's earnings high quality?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) has an earnings quality ratio of -2.59x, 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 Inverse VIX Short-Term Futures ETNs due March 22, 2045?

Inverse VIX Short-Term Futures ETNs due March 22, 2045 (VYLD) scores 15 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.