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ProShares Trust II (AGQ) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · ProShares Trust II (AGQ) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $41.2M
ProShares Trust II made $41.2M in Q3 2026 (+18% Y/Y). Operating margin n/m, net loss $419M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $41.2M in Q3 2026, up 18% year over year and down 17% from the previous quarter.
Operating costs exceeded revenue by $418.6M, an operating margin of -1015.5%. The quarter ended with a net loss of $418.6M, narrower than the previous quarter's $1,201.9M loss.
Operating cash flow was −$804.2M. Working capital and other items used $385.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $41.2M | +18% | n/m | −$419M | −$804M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $49.7M | +57% | n/m | −$1.2B | −$260M |
| Q1 2026 | 10-Q | May 8, 2026 | $44.6M | +44% | n/m | $478M | −$1.2B |
| Q2 2025 | 10-Q | Aug 8, 2025 | $31.6M | — | 541.5% | $171M | $1.5B |
| Q1 2025 | 10-Q | May 9, 2025 | $31.0M | — | n/m | $428M | −$719M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About ProShares Trust II
ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of December 31, 2025, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares…
In its own words, from its 10-K, filed Feb 26, 2026.
ProShares Trust II against its Commodity Contracts Brokers & Dealers peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +110%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AGQ ProShares Trust II | Q3 2026 | $41.2M | +18% | n/m |
| USO United States Oil Fund, LP | Q1 2026 | $986M | 23× | 99.7% |
| UGA United States Gasoline Fund, LP | Q1 2026 | $58.5M | 25× | 99.6% |
| UROY Uranium Royalty | Q1 FY27 | $51.0M | +110% | 32.2% |
| USL United States 12 Month Oil Fund, LP | Q1 2026 | $17.0M | 37× | 99.4% |
| UNL United States 12 Month Natural Gas Fund, LP | Q1 2025 | $4.2M | — | 98.6% |
| AIB AIB Data Centers | Q2 2026 | $2.9M | -39% | -122.8% |
| AIFC AI Financial | Q2 2026 | $2.4M | -62% | -29.3% |
| FXE Invesco CurrencyShares Euro Trust | Q3 2026 | $1.2M | -20% | 70.4% |
Source: ProShares Trust II 10-Q on SEC EDGAR · CIK 1415311 · Commodity Contracts Brokers & Dealers
13F: who owns AGQ and who is buying
More on AGQ
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q2 2025 results · Q1 2025 results