BNO · CIK 0001472494
United States Brent Oil Fund, LP
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Commodity Contracts Brokers & Dealers
Company profile
Net income
−$4.1M
▼ −138.6% vs FY2024
Operating cash flow
−$3.7M
▼ −153.1% vs FY2024
Total assets
$100.7M
▼ −12.3% vs FY2024
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Dec ’25 quarter
−$5.2M
▼ −141.3% vs Dec ’24
Net income — Mar ’26 quarter
$166.4M
▲ +3298.6% vs Mar ’25
Revenue — trailing 12 months
−$3.0M
▼ −124.2% 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 | −$5.2M | −141.3% | — | −$5.5M | 105.2% | — |
| Sep ’25 | $3.0M | 113.7% | — | $2.7M | 89.6% | — |
| Jun ’25 | −$6.0M | −685.7% | — | −$6.2M | 104.0% | — |
| Mar ’25 | $5.2M | −74.8% | — | $4.9M | 94.4% | — |
| Dec ’24 | $12.7M | 156.2% | — | $12.2M | 96.7% | — |
| Sep ’24 | −$22.0M | −156.5% | — | −$22.5M | 102.2% | — |
| Jun ’24 | $1.0M | 119.4% | — | $633K | 62.2% | — |
| Mar ’24 | $20.6M | 252.6% | — | $20.2M | 98.1% | — |
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
Key ratios
derived per fiscal year| Fiscal year | ROA |
|---|---|
| FY2025 | −4.1% |
| FY2024 | 9.2% |
| FY2023 | −3.1% |
| FY2022 | 35.1% |
| FY2021 | 69.4% |
| FY2020 | 34.0% |
| FY2019 | 31.5% |
| FY2018 | −20.6% |
| FY2017 | 15.7% |
| FY2016 | 32.5% |
| FY2015 | −52.8% |
| FY2014 | −63.6% |
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 | — | — | — | −$4.1M | — | −$3.7M | — | $100.7M | $300K | — | $86.5M | — |
| FY2024 | — | — | — | $10.6M | — | $7.0M | — | $114.9M | $346K | — | $80.1M | — |
| FY2023 | — | — | — | −$4.1M | — | $12.1M | — | $130.4M | $271K | — | $78.7M | — |
| FY2022 | — | — | — | $82.6M | — | $83.6M | — | $235.1M | $3.4M | — | $98.7M | — |
| FY2021 | — | — | — | $157.5M | — | $143.6M | — | $227.0M | $573K | — | $152.8M | — |
| FY2020 | — | — | — | $119.1M | — | $117.6M | — | $350.2M | $409K | — | $311.5M | — |
| FY2019 | — | — | — | $26.8M | — | $19.2M | — | $84.9M | $176K | — | $72.7M | — |
| FY2018 | — | — | — | −$15.2M | — | −$3.1M | — | $73.9M | $246K | — | $62.6M | — |
| FY2017 | — | — | — | $15.5M | — | $12.2M | — | $98.5M | $3.9M | — | $78.3M | — |
| FY2016 | — | — | — | $37.0M | — | $27.2M | — | $114.0M | $976K | — | $103.2M | — |
| FY2015 | — | — | — | −$43.6M | — | −$54.1M | — | $82.7M | $169K | — | $68.0M | — |
| FY2014 | — | — | — | −$26.5M | — | −$26.0M | — | $41.6M | $140K | — | $36.4M | — |
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 ↗
Company logos by Elbstream and unavatar.
All third-party trademarks, service marks, logos, and brand names used on this site are the property of their respective owners. The use of these logos is for identification and illustrative purposes only and does not imply any affiliation, sponsorship, or endorsement by the respective owners.