Filing Flows › Financials › United States Oil Fund, LP (USO)
United States Oil Fund, LP (USO) earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed May 8, 2026 · United States Oil Fund, LP (USO) Q1 2026 earnings results →
Q1 2026 Revenue up 2226% year over year to $986M · 100¢ of every $1 of revenue kept as net profit · operating margin 99.7%
United States Oil Fund, LP made $986M in Q1 2026 (23× Y/Y). Operating margin 99.7%, net earnings $984M. 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 $986.4M in Q1 2026, up 2226% year over year and up 30890% from the previous quarter.
Operating profit was $983.7M, a 99.7% margin (up 4.7 points year over year). Of the extra revenue versus Q1 2025, 100% reached operating profit, above the 95% margin then. Total costs grew 26% against revenue growth of 2226%. Net earnings were $983.7M, up 2341% year over year. The effective tax rate was 0.0%.
Operating cash flow was $631.8M (up 2416% year over year), 64% of net earnings. Working capital and other items used $351.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 10-Q | May 8, 2026 | $986M | 23× | 99.7% | $984M | $632M |
| Q4 2025 | 10-K | Feb 27, 2026 | $3.2M | -97% | n/m | −$55.5M | −$50.0M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $25.6M | — | 91.8% | $23.5M | −$27.3M |
| Q1 2025 | 10-Q | May 9, 2025 | $42.4M | -83% | 95.0% | $40.3M | $25.1M |
| Q4 2024 | 10-K | Feb 28, 2025 | $98.9M | — | 97.4% | $96.3M | $53.9M |
Charts
Interactive views
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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 Oil Fund, LP
The United States Oil Fund, LP (“USO”) is a Delaware limited partnership organized on May 12, 2005. USO maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USO is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). USO’s shares began trading on April 10, 2006. It operates pursuant to the terms of the Seventh 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 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: 23× against the peers' median +110%. Operating margin: 99.7% against the peers' median 70.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| 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% |
| 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 Oil Fund, LP 10-Q on SEC EDGAR · CIK 1327068 · Commodity Contracts Brokers & Dealers
13F: who owns USO and who is buying
More on USO
History
Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q1 2025 results · Q4 2024 results