BNO Financials United States Brent Oil Fund, Lp
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | -$4M | — | — | — | — | $87M |
| 2024 | — | $11M | — | — | — | — | $80M |
| 2023 | — | -$4M | — | — | — | — | $79M |
| 2022 | — | $83M | — | — | — | — | $99M |
| 2021 | — | $157M | — | — | — | — | $153M |
| 2020 | — | $119M | — | — | — | — | $312M |
| 2019 | — | $27M | — | — | — | — | $73M |
| 2018 | — | -$15M | — | — | — | — | $63M |
| 2017 | — | $15M | — | — | — | — | $78M |
| 2016 | — | $37M | — | — | — | — | $103M |
| 2015 | — | -$44M | — | — | — | — | $68M |
| 2014 | -$26M | -$26M | 0.0% | 0.0% | — | — | $36M |
| 2013 | $3M | $2M | 0.0% | 0.0% | — | — | $25M |
| 2012 | $5M | $4M | 0.0% | 0.0% | — | — | $40M |
| 2011 | $7M | $6M | 0.0% | 0.0% | — | — | $30M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $166M | — | — | — | — | $871M |
| Dec '25 | -$5M | -$5M | 0.0% | 0.0% | — | — | $87M |
| Sep '25 | $3M | $3M | 0.0% | 0.0% | — | — | $84M |
| Jun '25 | -$6M | -$6M | 0.0% | 0.0% | — | — | $82M |
| Mar '25 | $5M | $5M | 0.0% | 0.0% | — | — | $62M |
| Dec '24 | $13M | $12M | 0.0% | 0.0% | — | — | $80M |
| Sep '24 | -$22M | -$22M | 0.0% | 0.0% | — | — | $182M |
| Jun '24 | $1M | $632665 | 0.0% | 0.0% | — | — | $92M |
| Mar '24 | $21M | $20M | 0.0% | 0.0% | — | — | $93M |
| Dec '23 | -$23M | -$23M | 0.0% | 0.0% | — | — | $79M |
| Sep '23 | $39M | $39M | 0.0% | 0.0% | — | — | $118M |
| Jun '23 | -$5M | -$6M | 0.0% | 0.0% | — | — | $95M |
| Mar '23 | -$14M | -$14M | 0.0% | 0.0% | — | — | $117M |
| Dec '22 | $4M | $4M | 0.0% | 0.0% | — | — | $99M |
| Sep '22 | -$39M | -$39M | 0.0% | 0.0% | — | — | $75M |
| Jun '22 | $29M | $28M | 0.0% | 0.0% | — | — | $134M |
| Mar '22 | $91M | $90M | 0.0% | 0.0% | — | — | $214M |
| Dec '21 | $2M | $1M | 0.0% | 0.0% | — | — | $153M |
| Sep '21 | $18M | $17M | 0.0% | 0.0% | — | — | $174M |
| Jun '21 | $64M | $63M | 0.0% | 0.0% | — | — | $239M |
Valuation over time
How the market has priced BNO against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 5.1× (Mar '23) to 43.3× (Nov '25).
Frequently asked questions
Is BNO growing its revenue and profit?
See the revenue and net-income charts above for United States Brent Oil Fund, Lp's multi-year trend.
How much debt does BNO have?
As of FY2025, United States Brent Oil Fund, Lp reported — of total debt against $87M of cash.
What is BNO's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is BNO's P/E ratio?
As of Jun '26, United States Brent Oil Fund, Lp traded at a price-to-earnings ratio of about 43.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.