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United States 12 Month Natural Gas Fund, LP cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.1M in Q2 2026 · −$2.6M over twelve months

Operating cash flow−$1.1M
Free cash flow−$1.1M

Analysis

In Q2 2026, United States 12 Month Natural Gas Fund, LP generated −$1.1M of operating cash flow. That is $205K more than in Q2 2025 (−$1.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$2.6M; the largest uses were operating cash flow ($2.6M); besides operations, cash came from other financing ($9.7M); the cash balance rose by $7.1M.

Operating cash flow was −$1.1M against net income of −$1.1M.

Free cash flow

United States 12 Month Natural Gas Fund, LP: free cash flow by quarterUnited States 12 Month Natural Gas Fund, LP: free cash flow by quarter−$1.3MQ3 2024−$456KQ4 2024$3.6MQ1 2025−$1.3MQ2 2025−$128KQ3 2025−$170KQ4 2025−$1.1MQ1 2026−$1.1MQ2 2026
Operating cash flow less capital spending.
United States 12 Month Natural Gas Fund, LP: operating cash flow against capital spendingUnited States 12 Month Natural Gas Fund, LP: operating cash flow against capital spendingOperating cash flowCapital spending−$1.3M$0Q3 2024−$456K$0Q4 2024$3.6M$0Q1 2025−$1.3M$0Q2 2025−$128K$0Q3 2025−$170K$0Q4 2025−$1.1M$0Q1 2026−$1.1M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$1.1M, Capital spending $0.

Capital allocation, year by year

United States 12 Month Natural Gas Fund, LP: where the cash came from (up) and went (down), by fiscal yearUnited States 12 Month Natural Gas Fund, LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowFY2021: Operating cash flow $2.6M$2.6MFY2021FY2022: Operating cash flow $12.5M$12.5MFY2022FY2023: Operating cash flow −$17.2MFY2023FY2024: Operating cash flow −$6.3MFY2024FY2025: Operating cash flow $2.0M$2.0MFY2025
Over these 5 years operating cash flow totalled −$6.6M; the largest uses were operating cash flow ($23.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.7M
Debtnone
Net cash$15.7M
Cash runway6.1 years

United States 12 Month Natural Gas Fund, LP is burning cash: its operations consume cash, a free cash flow of −$2.6M a year at the current rate against $15.7M of cash and investments: a runway of about 6.1 years before any new financing.

Where the cash came from and went

United States 12 Month Natural Gas Fund, LP: sources (+) and uses (−) of cash, Q2 2026United States 12 Month Natural Gas Fund, LP: sources (+) and uses (−) of cash, Q2 2026Other financing$2.9MCash drawn (+) / kept (−)−$1.8MOperating cash flow−$1.1M
United States 12 Month Natural Gas Fund, LP: sources (+) and uses (−) of cash, TTM to Q2 2026United States 12 Month Natural Gas Fund, LP: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$9.7MCash drawn (+) / kept (−)−$7.1MOperating cash flow−$2.6M

Every quarter

QuarterOperating cash flowCash drawn (+) / kept (−)Free cash flow
Q2 2026−$1.1M−$1.8M−$1.1M
Q1 2026−$1.1M$3.6M−$1.1M
Q4 2025−$170K−$9.5M−$170K
Q3 2025−$128K$559K−$128K
Q2 2025−$1.3M$3.1M−$1.3M
Q1 2025$3.6M$2.9M$3.6M
Q4 2024−$456K$2.5M−$456K
Q3 2024−$1.3M−$1.3M−$1.3M

United States 12 Month Natural Gas Fund, LP: income statement and cash flow

United States 12 Month Natural Gas Fund, LP, Q1 2025: revenue $4.2M, operating margin 98.6%. The chart follows the revenue to costs, profit and cash.

United States 12 Month Natural Gas Fund, LP: 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.