Filing Flows › United States 12 Month Oil Fund, LP (USL) › Q1 2026
United States 12 Month Oil Fund, LP (USL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
United States 12 Month Oil Fund, LP (USL) reported revenue of $17.0M for the first quarter 2026 (Q1 2026), up 37-fold from a year earlier. Operating margin was 99.4%, net earnings $16.9M (99.4% of revenue).
United States 12 Month Oil Fund, LP, Q1 2026: revenue $17.0M (37× year over year), operating margin 99.4%, net earnings $16.9M, operating cash flow $7.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.0M | — | 37× |
| Operating profit | $16.9M | — | 49× |
| Net earnings | $16.9M | — | 49× |
| Operating cash flow | $7.4M | — | 35× |
What changed
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.
Questions
What was United States 12 Month Oil Fund, LP's revenue in the first quarter 2026?
United States 12 Month Oil Fund, LP (USL) reported revenue of $17.0M for the first quarter 2026 (Q1 2026), up 37-fold from a year earlier.
Was United States 12 Month Oil Fund, LP profitable in the first quarter 2026?
Operating profit was $16.9M (99.4% of revenue) and net earnings $16.9M.
Source: United States 12 Month Oil Fund, LP 10-Q on SEC EDGAR.