ProShares UltraShort Yen (YCS) Financials

YCS

FY2025 annual

Revenue Not reported for FY2025

Net Income $1.7B +4448.1% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow -$246.3M -218.0% 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 YCS SEC filings page.

This page shows ProShares UltraShort Yen (YCS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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 YCS FY2025 2026-08-30

Volatile earnings and cash conversion define a lightly leveraged balance sheet whose asset base expanded sharply.

FY2025 paired net income of $1.7B with operating cash flow of -$246M, so reported earnings did not translate cleanly into cash. That contrasts with the prior year, when a $39M net loss accompanied $209M of operating cash flow, making cash conversion unstable rather than simply weak.

The asset base nearly doubled over the latest two reported years, changing the scale of the balance sheet without relying heavily on debt. Debt-to-equity was 0.1x most recently versus 0.04x previously, so the expansion was not primarily debt-funded.

Profitability swung from an ROA of -73.6% to 28.2%, but the absence of revenue and margin data prevents attributing that reversal to pricing, mix, cost discipline, or operating leverage. Liabilities remained small relative to equity even as both increased, indicating the capital base absorbed most of the balance-sheet expansion.

Financial Health Signals

Financial health score not available

ProShares UltraShort Yen 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

2/5

ProShares UltraShort Yen passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

$0.14used

For every $1 of reported earnings, ProShares UltraShort Yen used $0.14 of operating cash (-$246.3M OCF vs $1.7B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$49.7M

YoY+57.1%

QoQ+11.3%

ProShares UltraShort Yen generated $49.7M in revenue in Q2 2026. This represents an increase of 57.1% from the same quarter a year earlier. Against the prior quarter it is up 11.3%.

Net Income

-$1.2B

YoY-802.2%

QoQ-351.4%

ProShares UltraShort Yen reported -$1.2B in net income in Q2 2026. This represents a decrease of 802.2% from the same quarter a year earlier. Against the prior quarter it is down 351.4%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$1.4B

YoY-58.9%

QoQ-35.2%

5Y CAGR-7.8%

10Y CAGR+46.0%

ProShares UltraShort Yen held $1.4B in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

132M

YoY-10.6%

5Y CAGR+5.1%

10Y CAGR-1.2%

ProShares UltraShort Yen had 132M shares outstanding in Q2 2026. This represents a decrease of 10.6% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-26.3%

YoY-31.0pp

QoQ-34.1pp

ProShares UltraShort Yen's ROE was -26.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 31.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 34.1 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

Share Buybacks

$5.0B

YoY+20.9%

QoQ-39.1%

5Y CAGR+41.9%

10Y CAGR+8.1%

ProShares UltraShort Yen spent $5.0B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 20.9% from the same quarter a year earlier. Against the prior quarter it is down 39.1%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

YCS 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.

YCS 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
Net Income	N/A	$1.7B+4448.1%	-$39.4M+98.4%	-$2.5B-2690.7%	$95.8M+105.7%	-$1.7B-31.4%	-$1.3B-202.5%	-$423.7M+72.3%	-$1.5B-234.2%	-$458.5M+61.7%	-$1.2B+3.9%	-$1.2B-423.4%	-$237.7M+73.9%	-$912.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$49.7M+57.1%	$44.6M+44.1%	N/A	N/A	$31.6M	$31.0M	N/A	N/A
Net Income	-$1.2B-802.2%	$478.0M+11.8%	N/A	$76.1M+752.2%	$171.2M-28.7%	$427.6M+284.6%	N/A	-$11.7M+2.6%

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).

YCS Balance Sheet

YCS 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
Total Assets	$6.1B+92.4%	$3.2B-6.5%	$3.4B-14.6%	$3.9B-7.3%	$4.3B-6.0%	$4.5B+87.3%	$2.4B+16.8%	$2.1B-32.4%	$3.1B-9.7%	$3.4B-8.6%	$3.7B+6.0%	$3.5B	N/A
Cash & Equivalents	$3.3B+26.1%	$2.6B-0.8%	$2.6B+14.1%	$2.3B+55.1%	$1.5B-54.9%	$3.3B+173.6%	$1.2B+8.3%	$1.1B+127.1%	$483.8M+120.2%	$219.7M+357.2%	$48.0M+33.8%	$35.9M+53.5%	$23.4M
Short-Term Investments	$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
Total Liabilities	$338.9M+167.3%	$126.8M+45.1%	$87.4M+47.9%	$59.1M-30.1%	$84.6M+52.4%	$55.5M-11.0%	$62.4M-50.9%	$127.0M+7.2%	$118.5M+1.1%	$117.2M-43.3%	$206.9M+21.4%	$170.5M	N/A
Total Equity	$5.7B+89.2%	$3.0B-7.8%	$3.3B-15.6%	$3.9B-6.8%	$4.2B-6.7%	$4.5B+89.9%	$2.4B+21.2%	$1.9B-34.0%	$2.9B-10.0%	$3.3B-6.6%	$3.5B+5.2%	$3.3B+8.1%	$3.1B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.9B+28.4%	$6.5B+74.8%	$6.1B+92.4%	$4.6B+29.1%	$3.8B+15.1%	$3.7B+19.2%	$3.2B-6.5%	$3.6B+5.3%
Cash & Equivalents	$1.4B-58.9%	$2.1B+0.9%	$3.3B+26.1%	$2.2B+21.6%	$3.3B+115.3%	$2.1B+13.5%	$2.6B-0.8%	$1.8B-8.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$324.0M+108.2%	$349.0M+111.9%	$338.9M+167.3%	$101.1M-7.9%	$155.6M-16.9%	$164.7M+246.4%	$126.8M+45.1%	$109.7M+9.8%
Total Equity	$4.6B+25.0%	$6.2B+73.1%	$5.7B+89.2%	$4.5B+30.3%	$3.7B+17.0%	$3.6B+15.7%	$3.0B-7.8%	$3.5B+5.1%

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.

YCS Cash Flow Statement

YCS 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
Operating Cash Flow	-$2.5B	-$246.3M-218.0%	$208.8M+113.6%	-$1.5B-232.7%	$1.2B+136.2%	-$3.2B-145.3%	-$1.3B-66.8%	-$783.7M-488.5%	$201.7M+50.8%	$133.8M-88.0%	$1.1B+176.8%	-$1.5B-248.8%	-$416.1M+38.3%	-$674.5M
Financing Cash Flow	$561.6M	$919.6M+501.5%	-$229.1M-112.3%	$1.9B+629.0%	-$351.9M-124.8%	$1.4B-58.0%	$3.4B+285.4%	$875.2M+111.8%	$413.2M+217.1%	$130.3M-87.3%	$1.0B	N/A	N/A	N/A
Share Buybacks	$18.9B	$13.0B+48.0%	$8.8B-4.4%	$9.2B-27.6%	$12.7B+95.6%	$6.5B-24.0%	$8.5B+98.4%	$4.3B-25.6%	$5.8B-35.5%	$9.0B-7.1%	$9.7B+28.9%	$7.5B+53.6%	$4.9B-10.0%	$5.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$260.5M-117.4%	-$1.2B-72.9%	$1.0B-19.6%	-$2.0B-886.3%	$1.5B+1194.5%	-$718.9M+0.3%	$1.3B+2513.3%	-$207.6M-1069.3%
Financing Cash Flow	-$483.7M-88.7%	$105.4M-55.3%	$65.5M+113.8%	$874.4M+100.7%	-$256.3M-60.0%	$235.9M+855.3%	-$473.4M-166.5%	$435.8M+197.4%
Share Buybacks	$5.0B+20.9%	$8.2B+157.8%	$3.5B+25.0%	$2.2B-9.3%	$4.1B+130.0%	$3.2B+78.2%	$2.8B+49.6%	$2.4B+6.3%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.

YCS 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.

YCS 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
Return on Equity	29.9%+31.2pp	-1.3%+74.3pp	-75.6%-78.0pp	2.5%+42.8pp	-40.4%-11.7pp	-28.6%-10.7pp	-18.0%+60.9pp	-78.8%-63.3pp	-15.6%+20.9pp	-36.5%-1.0pp	-35.5%-28.3pp	-7.1%+22.5pp	-29.6%
Return on Assets	28.2%+29.5pp	-1.3%+72.4pp	-73.6%-76.1pp	2.4%+42.0pp	-39.6%-11.3pp	-28.3%-10.8pp	-17.5%+56.5pp	-74.0%-59.0pp	-14.9%+20.3pp	-35.2%-1.7pp	-33.5%-26.7pp	-6.8%	N/A
Debt-to-Equity	0.060.0x	0.040.0x	0.030.0x	0.020.0x	0.020.0x	0.010.0x	0.030.0x	0.070.0x	0.040.0x	0.040.0x	0.060.0x	0.05	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	-2420.3%	1071.6%	N/A	N/A	541.5%	1381.4%	N/A	N/A
Return on Equity	-26.3%-31.0pp	7.7%-4.2pp	N/A	1.7%+2.0pp	4.7%-3.0pp	12.0%+19.5pp	N/A	-0.3%0.0pp
Return on Assets	-24.6%-29.1pp	7.3%-4.1pp	N/A	1.7%+2.0pp	4.5%-2.8pp	11.4%+18.8pp	N/A	-0.3%0.0pp
Debt-to-Equity	0.070.0x	0.060.0x	0.060.0x	0.020.0x	0.040.0x	0.050.0x	0.040.0x	0.030.0x
Asset Turnover	0.010.0x	0.010.0x	N/A	N/A	0.01	0.01	N/A	N/A

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 ProShares UltraShort Yen Ranks

Frequently Asked Questions

Is ProShares UltraShort Yen profitable?

Yes, ProShares UltraShort Yen (YCS) reported a net income of $1.7B in fiscal year 2025.

What is ProShares UltraShort Yen's return on equity (ROE)?

ProShares UltraShort Yen (YCS) has a return on equity of 29.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ProShares UltraShort Yen's operating cash flow?

ProShares UltraShort Yen (YCS) recorded an outflow of $246.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are ProShares UltraShort Yen's total assets?

ProShares UltraShort Yen (YCS) had $6.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does ProShares UltraShort Yen buy back shares?

Yes, ProShares UltraShort Yen (YCS) spent $13.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does ProShares UltraShort Yen have outstanding?

ProShares UltraShort Yen (YCS) had 219M shares outstanding as of fiscal year 2025.

What is ProShares UltraShort Yen's debt-to-equity ratio?

ProShares UltraShort Yen (YCS) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ProShares UltraShort Yen's return on assets (ROA)?

ProShares UltraShort Yen (YCS) had a return on assets of 28.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ProShares UltraShort Yen's Piotroski F-Score?

ProShares UltraShort Yen (YCS) has a Piotroski F-Score of 2 out of 5 computable signals; 4 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 ProShares UltraShort Yen's earnings high quality?

For every $1 of reported earnings, ProShares UltraShort Yen (YCS) used $0.14 of operating cash (-$246.3M OCF vs $1.7B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.