NYSE$USL
United States 12 Month Oil Fund LP · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
United States 12 Month Oil Fund reported Q1 2026 net income of 36.44% of NAV (annualized) versus 0.72% in the prior-year quarter on crude futures performance.
For the quarter ended March 31, 2026, the USL commodity pool’s net income was 36.44% of NAV on an annualized basis versus 0.72% in Q1 2025, reflecting returns on Benchmark Oil Futures Contracts plus interest on collateral, less expenses. The fund seeks daily percentage changes in NAV that track the spot price of light sweet crude delivered to Cushing, Oklahoma.
- Annualized net income 36.44% of NAV vs 0.72% prior-year quarter.
- Returns driven by crude futures roll and collateral interest.
- Expense ratio excluding management fees 0.35% annualized.
Headline financials
Revenue & EPS history
United States 12 Month Oil Fund LP · Revenue · Quarterly
$17M
Forward guidance
USL does not provide earnings guidance; performance follows crude oil futures and fund expenses.
Tailwinds
- Strong Q1 NAV performance versus prior year.
Headwinds
- Commodity fund returns are volatile and not operating earnings.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+0.4%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+0.4%
Avg return
30 days after
57%
16 / 28 earnings
Positive
+5.4%
Q1 2020
Best reaction
-3.8%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | +5.0% | +1.7% | |
| Q3 2025 | +0.4% | -1.1% | +0.1% | |
| Q2 2025 | -0.2% | -0.9% | -0.6% | |
| Q1 2025 | +0.8% | +3.7% | +4.5% | |
| Q3 2024 | -1.6% | -4.6% | -5.0% | |
| Q2 2024 | +0.8% | +2.9% | -6.9% | |
| Q1 2024 | +0.4% | -0.9% | -3.2% | |
| Q3 2023 | -3.8% | -3.7% | -10.5% | |
| Q2 2023 | +0.9% | +2.5% | +4.6% | |
| Q1 2023 | +2.1% | -1.4% | +2.9% | |
| Q3 2022 | -0.1% | -2.7% | -14.5% | |
| Q2 2022 | +0.0% | +4.2% | -0.2% | |
| Q1 2022 | +1.7% | -2.4% | +10.1% | |
| Q3 2021 | +2.8% | +2.2% | -11.3% | |
| Q2 2021 | -0.9% | +0.6% | +1.7% | |
| Q1 2021 | +0.2% | +2.0% | +6.1% | |
| Q3 2020 | -2.4% | +6.1% | +13.8% | |
| Q2 2020 | -1.0% | +0.9% | -4.8% | |
| Q1 2020 | +5.4% | +0.7% | +34.8% | |
| Q1 2019 | -0.6% | +0.2% | -11.6% | |
| Q3 2018 | -1.4% | -10.1% | -14.3% | |
| Q2 2018 | -3.1% | -2.3% | +0.0% | |
| Q1 2018 | +0.7% | +0.8% | -5.5% | |
| Q3 2017 | +2.9% | +2.9% | +0.7% | |
| Q2 2017 | -0.2% | -1.3% | +0.7% | |
| Q1 2017 | +2.3% | +4.1% | +3.4% | |
| Q3 2016 | +1.8% | -0.8% | +12.0% | |
| Q2 2016 | +0.5% | -0.2% | +3.2% | |
| Q1 2016 | — | — | — |
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