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United States Oil Fund, LP

USO Clue Score55
United States Fiscal year ends December CIK 0001327068
$148.20 +0.42% Close, 9 Oct 2026
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Price $148.20 +163.79% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue692.4Net income666.6Fiscal year 2017Revenue99.1 −85.7%Net income79.0 −88.2%Fiscal year 2018Revenue−278.1 −380.7%Net income−291.3 −468.8%Fiscal year 2019Revenue484.8Net income473.5Fiscal year 2020Revenue−1,876.9 −487.1%Net income−1,905.2 −502.4%Fiscal year 2021Revenue1,626.2Net income1,602.3Fiscal year 2022Revenue800.7 −50.8%Net income785.2 −51.0%Fiscal year 2023Revenue−34.9 −104.4%Net income−46.0 −105.9%Fiscal year 2024Revenue231.9Net income221.1Fiscal year 2025Revenue−56.2 −124.2%Net income−64.7 −129.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 692.4 99.1 −278.1 484.8 −1,876.9 1,626.2 800.7 −34.9 231.9 −56.2
Growth −85.7% −380.7% −487.1% −50.8% −104.4% −124.2%
Net income 666.6 79.0 −291.3 473.5 −1,905.2 1,602.3 785.2 −46.0 221.1 −64.7
Growth −88.2% −468.8% −502.4% −51.0% −105.9% −129.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin96.3%Fiscal year 2017Net margin79.7%Fiscal year 2018Net margin104.7%Fiscal year 2019Net margin97.7%Fiscal year 2020Net margin101.5%Fiscal year 2021Net margin98.5%Fiscal year 2022Net margin98.1%Fiscal year 2023Net margin131.9%Fiscal year 2024Net margin95.3%Fiscal year 2025Net margin115.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 96.3% 79.7% 104.7% 97.7% 101.5% 98.5% 98.1% 131.9% 95.3% 115.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow527.5Fiscal year 2017Operating cash flow19.0Fiscal year 2018Operating cash flow−36.7Fiscal year 2019Operating cash flow250.6Fiscal year 2020Operating cash flow−2,253.8Fiscal year 2021Operating cash flow1,867.9Fiscal year 2022Operating cash flow871.9Fiscal year 2023Operating cash flow−12.8Fiscal year 2024Operating cash flow175.7Fiscal year 2025Operating cash flow−21.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 527.5 19.0 −36.7 250.6 −2,253.8 1,867.9 871.9 −12.8 175.7 −21.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash2,920.5Fiscal year 2017Cash1,846.6Fiscal year 2018Cash1,223.2Fiscal year 2019Cash1,027.0Fiscal year 2020Cash2,585.5Fiscal year 2021Cash1,565.1Fiscal year 2022Cash856.4Fiscal year 2023Cash952.4Fiscal year 2024Cash727.5Fiscal year 2025Cash651.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2,920.5 1,846.6 1,223.2 1,027.0 2,585.5 1,565.1 856.4 952.4 727.5 651.9

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
527.5 19.0 −36.7 250.6 −2,253.8 1,867.9 871.9 −12.8 175.7 −21.9
Growth −96.4% −292.9% −999.4% −53.3% −101.5% −112.4%
Financing
−634.0 −1,198.1 −297.6 −731.3 4,386.8 −2,912.7 −1,182.4 −477.4 −631.7 −92.2

Capital expenditure, dividends and buybacks are shown as money out, so negative.