Filing Flows › Financials › United States 12 Month Oil Fund, LP (USL)
United States 12 Month Oil Fund, LP (USL) earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed May 8, 2026 · United States 12 Month Oil Fund, LP (USL) Q1 2026 earnings results →
Q1 2026 Revenue up 3589% year over year to $17.0M · 99¢ of every $1 of revenue kept as net profit · operating margin 99.4%
United States 12 Month Oil Fund, LP made $17.0M in Q1 2026 (37× Y/Y). Operating margin 99.4%, net earnings $16.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 8, 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 $17.0M in Q1 2026, up 3589% year over year.
Operating profit was $16.9M, a 99.4% margin (up 24.6 points year over year). Of the extra revenue versus Q1 2025, 100% reached operating profit, above the 75% margin then. Total costs fell 6% while revenue rose 3589%. Net earnings were $16.9M, up 4801% year over year. The effective tax rate was 0.0%.
Operating cash flow was $7.4M (up 3408% year over year), 44% of net earnings. Working capital and other items used $9.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 10-Q | May 8, 2026 | $17.0M | 37× | 99.4% | $16.9M | $7.4M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $497K | — | 75.2% | $374K | −$438K |
| Q1 2025 | 10-Q | May 9, 2025 | $460K | -94% | 74.8% | $344K | $211K |
| Q4 2024 | 10-K | Feb 28, 2025 | $3.1M | — | 95.2% | $2.9M | −$360K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About United States 12 Month Oil Fund, LP
The United States 12 Month Oil Fund, LP (“USL”) is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). USL’s shares began trading on December 6, 2007. 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 Feb 27, 2026.
United States 12 Month Oil Fund, LP against its Commodity Contracts Brokers & Dealers peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 37× against the peers' median +110%. Operating margin: 99.4% against the peers' median 70.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| USL United States 12 Month Oil Fund, LP | Q1 2026 | $17.0M | 37× | 99.4% |
| 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 |
| 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: United States 12 Month Oil Fund, LP 10-Q on SEC EDGAR · CIK 1405528 · Commodity Contracts Brokers & Dealers
13F: who owns USL and who is buying
More on USL
History
Every quarter: Q1 2026 results · Q3 2025 results · Q1 2025 results · Q4 2024 results