ProShares UltraShort Silver (ZSL) Financials

ZSL

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 ZSL SEC filings page.

This page shows ProShares UltraShort Silver (ZSL) 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 ZSL FY2025 2026-08-30

ZSL’s returns are dominated by asset-value swings, while cash flow and balance-sheet scale move on different tracks.

FY2025 paired $1.7B of net income with -$246M of operating cash flow, so the reported gain did not convert into cash during the year. The prior year showed the opposite pattern: a -$39M loss alongside $209M of operating cash flow, indicating that annual accounting results and cash movement can diverge sharply.

With no reported revenue or gross-margin data, conventional operating-margin analysis is not informative here. Instead, earnings swung from -$2.5B in FY2023 to $1.7B in FY2025, a pattern more consistent with changing value outcomes than with a steady sales-and-cost engine.

The FY2025 balance sheet expanded to $6.1B of assets against $339M of liabilities, leaving the structure largely equity-funded. Debt-to-equity was 0.1x, while ROA of 28.2% and ROE of 29.9% were close, suggesting reported returns were not primarily magnified by borrowing.

Financial Health Signals

Financial health score not available

ProShares UltraShort Silver 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 Silver 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 Silver 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

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Earnings & Revenue

Revenue

$49.7M

YoY+57.1%

QoQ+11.3%

ProShares UltraShort Silver 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 Silver 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 Silver 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 Silver 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 Silver'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 Silver 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.

ZSL 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.

ZSL 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).

ZSL Balance Sheet

ZSL 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.

ZSL Cash Flow Statement

ZSL 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.

ZSL 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.

ZSL 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 Silver Ranks

Frequently Asked Questions

Is ProShares UltraShort Silver profitable?

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

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

ProShares UltraShort Silver (ZSL) 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 Silver's operating cash flow?

ProShares UltraShort Silver (ZSL) 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 Silver's total assets?

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

Does ProShares UltraShort Silver buy back shares?

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

How many shares does ProShares UltraShort Silver have outstanding?

ProShares UltraShort Silver (ZSL) had 219M shares outstanding as of fiscal year 2025.

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

ProShares UltraShort Silver (ZSL) 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 Silver's return on assets (ROA)?

ProShares UltraShort Silver (ZSL) 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 Silver's Piotroski F-Score?

ProShares UltraShort Silver (ZSL) 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 Silver's earnings high quality?

For every $1 of reported earnings, ProShares UltraShort Silver (ZSL) 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.