USO Financials United States 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 | -$56M | -$65M | 0.0% | 0.0% | — | — | $652M |
| 2024 | $232M | $221M | 0.0% | 0.0% | — | — | $727M |
| 2023 | -$35M | -$46M | 0.0% | 0.0% | — | — | $952M |
| 2022 | $801M | $785M | 0.0% | 0.0% | — | — | $856M |
| 2021 | $1.6B | $1.6B | 0.0% | 0.0% | — | — | $1.6B |
| 2020 | -$1.9B | -$1.9B | 0.0% | 0.0% | — | — | $2.6B |
| 2019 | $485M | $473M | 0.0% | 0.0% | — | — | $1.0B |
| 2018 | -$278M | -$291M | 0.0% | 0.0% | — | — | $1.2B |
| 2017 | $99M | $79M | 0.0% | 0.0% | — | — | $1.8B |
| 2016 | $692M | $667M | 0.0% | 0.0% | — | — | $2.9B |
| 2015 | -$1.3B | -$1.3B | 0.0% | 0.0% | — | — | $2.7B |
| 2014 | -$484M | -$489M | 0.0% | 0.0% | — | — | $1.1B |
| 2013 | $81M | $74M | 0.0% | 0.0% | — | — | $571M |
| 2012 | -$123M | -$132M | 0.0% | 0.0% | — | — | $1.0B |
| 2011 | — | $142M | — | — | — | — | $839M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $986M | $984M | 0.0% | 0.0% | — | — | $2.0B |
| Dec '25 | -$53M | -$55M | 0.0% | 0.0% | — | — | $652M |
| Sep '25 | $26M | $23M | 0.0% | 0.0% | — | — | $701M |
| Jun '25 | -$71M | -$73M | 0.0% | 0.0% | — | — | $946M |
| Mar '25 | $42M | $40M | 0.0% | 0.0% | — | — | $783M |
| Dec '24 | $99M | $96M | 0.0% | 0.0% | — | — | $727M |
| Sep '24 | -$133M | -$135M | 0.0% | 0.0% | — | — | $1.1B |
| Jun '24 | $23M | $20M | 0.0% | 0.0% | — | — | $893M |
| Mar '24 | $243M | $240M | 0.0% | 0.0% | — | — | $909M |
| Dec '23 | -$294M | -$297M | 0.0% | 0.0% | — | — | $952M |
| Sep '23 | $358M | $355M | 0.0% | 0.0% | — | — | $803M |
| Jun '23 | -$32M | -$35M | 0.0% | 0.0% | — | — | $1.0B |
| Mar '23 | -$67M | -$70M | 0.0% | 0.0% | — | — | $563M |
| Dec '22 | $161M | $157M | 0.0% | 0.0% | — | — | $856M |
| Sep '22 | -$435M | -$439M | 0.0% | 0.0% | — | — | $964M |
| Jun '22 | $252M | $248M | 0.0% | 0.0% | — | — | $1.4B |
| Mar '22 | $823M | $819M | 0.0% | 0.0% | — | — | $2.3B |
| Dec '21 | $97M | $92M | 0.0% | 0.0% | — | — | $1.6B |
| Sep '21 | $140M | $135M | 0.0% | 0.0% | — | — | $1.8B |
| Jun '21 | $661M | $654M | 0.0% | 0.0% | — | — | $2.0B |
Valuation over time
How the market has priced USO 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 1.0× (Mar '23) to 3.9× (Nov '25).
- The price-to-sales ratio has risen from 1.0× (Mar '23) to 3.7× (Nov '25).
Frequently asked questions
Is USO growing its revenue and profit?
See the revenue and net-income charts above for United States Oil Fund, Lp's multi-year trend.
How much debt does USO have?
As of FY2025, United States Oil Fund, Lp reported — of total debt against $652M of cash.
What is USO's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin 115.0%.
What is USO's P/E ratio?
As of Jun '26, United States Oil Fund, Lp traded at a price-to-earnings ratio of about 3.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S 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.