Filing Flows › United States Oil Fund, LP (USO) › Q1 2026
United States Oil Fund, LP (USO) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
United States Oil Fund, LP (USO) reported revenue of $986M for the first quarter 2026 (Q1 2026), up 23-fold from a year earlier and up 310-fold from the quarter before. Operating margin was 99.7%, net earnings $984M (99.7% of revenue).
United States Oil Fund, LP, Q1 2026: revenue $986M (23× year over year), operating margin 99.7%, net earnings $984M, operating cash flow $632M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $986M | 310× | 23× |
| Operating profit | $984M | — | 24× |
| Net earnings | $984M | — | 24× |
| Operating cash flow | $632M | — | 25× |
What changed
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.
Questions
What was United States Oil Fund, LP's revenue in the first quarter 2026?
United States Oil Fund, LP (USO) reported revenue of $986M for the first quarter 2026 (Q1 2026), up 23-fold from a year earlier and up 310-fold from the quarter before.
Was United States Oil Fund, LP profitable in the first quarter 2026?
Operating profit was $984M (99.7% of revenue) and net earnings $984M.