UNG · CIK 0001376227
United States Natural Gas Fund, LP
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Commodity Contracts Brokers & Dealers
Company profile
Net income
$34.2M
▼ −47.5% vs FY2024
Operating cash flow
$127.1M
▲ +167.5% vs FY2024
Total assets
$579.5M
▼ −26.6% vs FY2024
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Dec ’25 quarter
$5.4M
▼ −90.4% vs Dec ’24
Net income — Mar ’26 quarter
$109.7M
▼ −47.5% vs Mar ’25
Revenue — trailing 12 months
$40.3M
▼ −46.4% vs Dec ’24
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Dec ’25 | $5.4M | −90.4% | — | $3.7M | 68.9% | — |
| Sep ’25 | −$54.5M | −1325.7% | — | −$55.9M | 102.5% | — |
| Jun ’25 | −$121.3M | −168.7% | — | −$122.4M | 100.9% | — |
| Mar ’25 | $210.8M | 230.1% | — | $208.8M | 99.1% | — |
| Dec ’24 | $56.2M | 122.4% | — | $53.7M | 95.5% | — |
| Sep ’24 | $4.4M | 105.6% | — | $1.9M | 42.8% | — |
| Jun ’24 | $176.6M | 56.2% | — | $174.1M | 98.6% | — |
| Mar ’24 | −$162.0M | 63.5% | — | −$164.6M | 101.6% | — |
Profitability & returns
quality of earningsReturns on capital
Net income vs year-end equity and assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Growth rates
compounding, annualizedNet income CAGR
−23.0%
3y
Key ratios
derived per fiscal year| Fiscal year | ROA |
|---|---|
| FY2025 | 5.9% |
| FY2024 | 8.2% |
| FY2023 | −68.0% |
| FY2022 | 17.4% |
| FY2021 | 4.9% |
| FY2020 | −47.6% |
| FY2019 | −17.4% |
| FY2018 | 37.6% |
| FY2017 | −27.3% |
| FY2016 | 16.2% |
| FY2015 | −42.2% |
| FY2014 | −27.2% |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | — | — | — | $34.2M | — | $127.1M | — | $579.5M | $28.8M | — | $438.5M | — |
| FY2024 | — | — | — | $65.1M | — | $47.5M | — | $790.0M | $46.2M | — | $593.5M | — |
| FY2023 | — | — | — | −$671.3M | — | −$865.0M | — | $987.8M | $13.9M | — | $678.0M | — |
| FY2022 | — | — | — | $75.0M | — | $215.5M | — | $430.7M | $1.3M | — | $317.9M | — |
| FY2021 | — | — | — | $18.4M | — | $7.2M | — | $377.1M | $5.5M | — | $248.4M | — |
| FY2020 | — | — | — | −$202.8M | — | −$208.6M | — | $426.2M | $11.6M | — | $342.9M | — |
| FY2019 | — | — | — | −$77.6M | — | −$124.4M | — | $445.6M | $1.0M | — | $375.6M | — |
| FY2018 | — | — | — | $110.0M | — | $232.6M | — | $292.9M | $44.9M | — | $259.5M | — |
| FY2017 | — | — | — | −$193.4M | — | −$256.0M | — | $707.8M | $55.8M | — | $550.9M | — |
| FY2016 | — | — | — | $98.7M | — | $166.4M | — | $610.1M | $72.3M | — | $522.8M | — |
| FY2015 | — | — | — | −$245.1M | — | −$272.5M | — | $580.8M | $65.8M | — | $453.8M | — |
| FY2014 | — | — | — | −$177.2M | — | −$233.0M | — | $652.1M | $1.8M | — | $589.9M | — |
Latest filings
the most recent regulatory filings8-KCurrent report — material event2026-06-29 ↗8-KCurrent report — material event2026-05-28 ↗POS EXSEC filing2026-05-14 ↗10-QQuarterly report2026-05-08 ↗8-KCurrent report — material event2026-04-29 ↗424B3Prospectus2026-04-24 ↗424ISEC filing2026-03-30 ↗8-KCurrent report — material event2026-03-27 ↗8-KCurrent report — material event2026-03-27 ↗8-KCurrent report — material event2026-03-20 ↗
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