10-K · March 2, 2026
Invesco DB Oil Fund's 10-K for the year ended December 31, 2025 reflects a challenging operational year marked by significant losses due to declining crude oil prices and geopolitical factors. The Fund revealed a drop…
Earnings analysis · 10-Q
DBO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
For the quarter ended March 31, 2026, Invesco DB Oil Fund reported a significant increase in both revenue and net income compared to the prior year, capitalizing on rising crude oil prices driven by geopolitical…
Read full summary
For the quarter ended March 31, 2026, Invesco DB Oil Fund reported a significant increase in both revenue and net income compared to the prior year, capitalizing on rising crude oil prices driven by geopolitical tensions. Operating cash flow showed a substantial decline, but financing activities turned positive, indicating strong investor interest.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.008
What stood out
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Strong Revenue Growth
Revenue increased to $14.65 million, compared to $11.5 million in Q1 2025, representing a growth of 27.3%.
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Substantial EPS Increase
EPS improved significantly to $0.008 from $0.0006 in Q1 2025, marking a rise of 1233.3%.
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Positive Share Price Performance
The NAV of each share rose to $19.54 from $14.35 year-over-year, an increase of 36.5%.
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Net Income Surge
Net income for Q1 2026 was $133.9 million, a jump from $2.7 million for the same quarter last year.
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Increased Liquidity from Financing Activities
Net cash flow from financing activities was $26.8 million in Q1 2026, compared to a cash outflow of $12.5 million in Q1 2025.
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High Fund Share Price Growth
Fund share price increased from $14.31 to $19.70, reflecting a total return of +61.47%.
What to watch
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Market Volatility Risk
The Fund's positions are vulnerable to sharp declines in crude oil prices due to changing geopolitical conditions.
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Liquidity Risk in Futures Contracts
Trading could face challenges in illiquid markets impacting the ability to pursue investment objectives.
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Credit Risk from Counterparties
Potential failure of counterparties, like the Commodity Broker, to meet obligations could adversely affect the Fund.
Management's outlook
Management expresses a bullish outlook on rising commodity prices amid geopolitical tensions, expecting further performance improvement.
Earlier filings 3
10-Q · November 7, 2025
Invesco DB Oil Fund reported decreased revenues and earnings for the nine months ended September 30, 2025, reflecting ongoing challenges in the oil market, including oversupply and reduced global demand. The Fund faced…
10-Q · August 7, 2025
Invesco DB Oil Fund reported significant declines in net income and Share price in Q2 2025, attributed to challenging crude oil market conditions. The Fund's revenue streams from Treasury income and affiliated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.