Filing Flows › Financials › United States 12 Month Natural Gas Fund, LP (UNL)
United States 12 Month Natural Gas Fund, LP (UNL) earnings and revenue breakdown
Latest: Q1 2025 · 10-Q filed May 9, 2025 · United States 12 Month Natural Gas Fund, LP (UNL) Q1 2025 earnings results →
Q1 2025 99¢ of every $1 of revenue kept as net profit · operating margin 98.6%
United States 12 Month Natural Gas Fund, LP made $4.2M in Q1 2025. Operating margin 98.6%, net earnings $4.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 9, 2025.
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 $4.2M in Q1 2025, up 669% from the previous quarter.
Operating profit was $4.2M, a 98.6% margin. Net earnings were $4.2M. The effective tax rate was 0.0%.
Operating cash flow was $3.6M, 86% of net earnings. Working capital and other items used $598K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2025 | 10-Q | May 9, 2025 | $4.2M | — | 98.6% | $4.2M | $3.6M |
| Q4 2024 | 10-K | Mar 4, 2025 | $552K | — | 86.3% | $477K | −$456K |
Charts
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💵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 United States 12 Month Natural Gas Fund, LP
The United States 12 Month Natural Gas Fund, LP (“UNL”) is a Delaware limited partnership organized on June 27, 2007. UNL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNL’s shares began trading on November 18, 2009. UNL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).
In its own words, from its 10-K, filed Mar 4, 2026.
United States 12 Month Natural Gas Fund, LP against its Commodity Contracts Brokers & Dealers peers
The largest companies of the same SEC industry, each at its latest quarter. Operating margin: 98.6% against the peers' median 70.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UNL United States 12 Month Natural Gas Fund, LP | Q1 2025 | $4.2M | — | 98.6% |
| 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% |
| AGQ ProShares Trust II | Q3 2026 | $41.2M | +18% | n/m |
| USL United States 12 Month Oil Fund, LP | Q1 2026 | $17.0M | 37× | 99.4% |
| 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: United States 12 Month Natural Gas Fund, LP 10-Q on SEC EDGAR · CIK 1405513 · Commodity Contracts Brokers & Dealers
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History
Every quarter: Q1 2025 results · Q4 2024 results