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ProShares Trust II cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$804M in Q3 2026 · −$1.3B over twelve months

Operating cash flow−$804M
Free cash flow−$804M

Analysis

In Q3 2026, ProShares Trust II generated −$804M of operating cash flow. That is $1.2B more than in Q3 2025 (−$2.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.3B; the largest uses were buybacks ($19.1B), operating cash flow ($1.3B); besides operations, cash came from shares issued ($19.6B); the cash balance fell by $751M.

Operating cash flow was −$804M against net income of −$419M. The largest differences: gains on investments +$446M.

Free cash flow

ProShares Trust II: free cash flow by quarterProShares Trust II: free cash flow by quarter$1.3BQ4 2024−$719MQ1 2025$1.5BQ2 2025−$2.0BQ3 2025$1.0BQ4 2025−$1.2BQ1 2026−$260MQ2 2026−$804MQ3 2026
Operating cash flow less capital spending.
ProShares Trust II: operating cash flow against capital spendingProShares Trust II: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$0Q4 2024−$719M$0Q1 2025$1.5B$0Q2 2025−$2.0B$0Q3 2025$1.0B$0Q4 2025−$1.2B$0Q1 2026−$260M$0Q2 2026−$804M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$804M, Capital spending $0.

Capital allocation, year by year

ProShares Trust II: where the cash came from (up) and went (down), by fiscal yearProShares Trust II: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedBuybacksFY2021: Operating cash flow −$3.2BFY2021: Shares issued $7.9BFY2021: Buybacks −$6.5B$7.9BFY2021FY2022: Operating cash flow $1.2BFY2022: Shares issued $12.3BFY2022: Buybacks −$12.7B$13.5BFY2022FY2023: Operating cash flow −$1.5BFY2023: Shares issued $11.0BFY2023: Buybacks −$9.2B$11.0BFY2023FY2024: Operating cash flow $209MFY2024: Shares issued $8.6BFY2024: Buybacks −$8.8B$8.8BFY2024FY2025: Operating cash flow −$246MFY2025: Shares issued $13.9BFY2025: Buybacks −$13.0B$13.9BFY2025
Over these 5 years operating cash flow totalled −$3.6B; the largest uses were buybacks ($50.1B) and operating cash flow ($5.0B). Cash-flow statements as filed.

Where the cash came from and went

ProShares Trust II: sources (+) and uses (−) of cash, Q3 2026ProShares Trust II: sources (+) and uses (−) of cash, Q3 2026Shares issued$3.2BBuybacks−$2.4BOperating cash flow−$804MCash drawn (+) / kept (−)−$41.4M
ProShares Trust II: sources (+) and uses (−) of cash, TTM to Q3 2026ProShares Trust II: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$19.6BBuybacks−$19.1BOperating cash flow−$1.3BCash drawn (+) / kept (−)$751M

From profit to cash

ProShares Trust II: net income to operating cash flow, Q3 2026ProShares Trust II: net income to operating cash flow, Q3 2026Net income−$419MGains on investments$446MOperating cash flow−$804M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$804M−$2.4B$3.2B−$41.4M−$804M
Q2 2026−$260M−$5.0B$4.5B$744M−$260M
Q1 2026−$1.2B−$8.2B$8.3B$1.1B−$1.2B
Q4 2025$1.0B−$3.5B$3.6B−$1.1B$1.0B
Q3 2025−$2.0B−$2.2B$3.1B$1.2B−$2.0B
Q2 2025$1.5B−$4.1B$3.9B−$1.2B$1.5B
Q1 2025−$719M−$3.2B$3.4B$483M−$719M
Q4 2024$1.3B−$2.8B$2.3B−$801M$1.3B

ProShares Trust II: income statement and cash flow

ProShares Trust II, Q3 2026: revenue $41.2M (+18% year over year). The chart follows the revenue to costs, profit and cash.

ProShares Trust II: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.