USL · CIK 0001405528
United States 12 Month Oil Fund, LP
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Commodity Contracts Brokers & Dealers
Company profile
Revenue
−$5.3M
▼ −194.0% vs FY2024
Net income
−$5.8M
▼ −214.0% vs FY2024
Operating cash flow
−$3.2M
▼ −189.4% vs FY2024
Total assets
$36.8M
▼ −25.8% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
$17.0M
▲ +3589.2% vs Mar ’25
Net income — Mar ’26 quarter
$16.9M
▲ +4801.2% vs Mar ’25
Revenue — trailing 12 months
$11.2M
▲ +589.3% vs Mar ’25
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 |
|---|---|---|---|---|---|---|
| Mar ’26 | $17.0M | 3589.2% | — | $16.9M | 99.4% | — |
| Dec ’25 | −$2.4M | −177.8% | — | −$2.5M | 103.9% | — |
| Sep ’25 | $497K | 107.2% | — | $374K | 75.2% | — |
| Jun ’25 | −$3.9M | −479.1% | — | −$4.0M | 102.5% | — |
| Mar ’25 | $460K | −94.5% | — | $344K | 74.8% | — |
| Dec ’24 | $3.1M | 131.9% | — | $2.9M | 95.2% | — |
| Sep ’24 | −$6.9M | −143.8% | — | −$7.0M | 102.6% | — |
| Jun ’24 | $1.0M | 154.7% | — | $881K | 86.0% | — |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Returns on capital
Net income vs year-end equity and assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Key ratios
derived per fiscal year| Fiscal year | Net margin | ROA |
|---|---|---|
| FY2025 | — | −15.7% |
| FY2024 | 89.1% | 10.2% |
| FY2023 | −10.3% | −0.1% |
| FY2022 | 97.3% | 44.0% |
| FY2021 | 98.3% | 62.5% |
| FY2020 | 98.6% | 49.5% |
| FY2019 | 96.7% | 26.1% |
| FY2018 | — | −10.8% |
| FY2017 | 64.9% | 1.7% |
| FY2016 | 97.3% | 20.7% |
| FY2015 | — | −39.5% |
| FY2014 | — | −50.2% |
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 | −$5.3M | — | — | −$5.8M | — | −$3.2M | — | $36.8M | $172K | — | $31.8M | — |
| FY2024 | $5.7M | — | — | $5.1M | — | $3.6M | — | $49.6M | $220K | — | $31.9M | — |
| FY2023 | $551K | — | — | −$57K | — | −$1.3M | — | $67.2M | $226K | — | $23.5M | — |
| FY2022 | $39.4M | — | — | $38.4M | — | $49.7M | — | $87.2M | $3.9M | — | $21.0M | — |
| FY2021 | $94.9M | — | — | $93.3M | — | $100.0M | — | $149.2M | $11.6M | — | $99.5M | — |
| FY2020 | $110.3M | — | — | $108.7M | — | $97.4M | — | $219.5M | $23.0M | — | $181.6M | — |
| FY2019 | $14.9M | — | — | $14.4M | — | −$5.0M | — | $55.2M | $153K | — | $45.2M | — |
| FY2018 | −$4.9M | — | — | −$5.5M | — | $13.7M | — | $51.0M | $161K | — | $42.7M | — |
| FY2017 | $2.7M | — | — | $1.7M | — | $415K | — | $99.3M | $7.8M | — | $83.2M | — |
| FY2016 | $30.2M | — | — | $29.4M | — | $7.2M | — | $141.7M | $15.3M | — | $117.4M | — |
| FY2015 | −$27.4M | — | — | −$28.0M | — | −$34.7M | — | $70.7M | $196K | — | $61.4M | — |
| FY2014 | −$18.3M | — | — | −$18.8M | — | −$16.4M | — | $37.5M | $252K | — | $33.5M | — |
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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