10-Q · June 5, 2026
U.S. Global Investors reported a Q3 2026 revenue of $3 million, up from $2 million in Q2 and Q3 of the previous year, reflecting a 50% increase year-over-year. EPS improved significantly to $0.23, a turnaround from a…
Earnings analysis · 10-K
GROW earnings analysis
Filed September 3, 2026 · Our reading of the company's report
The latest report
U.S. Global Investors delivered a significant fiscal 2026 earnings recovery, with revenue up 21.3%, AUM up 26.3%, and net income of $3.055 million versus a prior-year loss. Growth was concentrated in gold and…
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U.S. Global Investors delivered a significant fiscal 2026 earnings recovery, with revenue up 21.3%, AUM up 26.3%, and net income of $3.055 million versus a prior-year loss. Growth was concentrated in gold and natural-resources products, while ETF advisory revenue declined 6.8% because of lower average JETS assets, and the core investment-management segment still posted a $555,000 loss. The outlook is tempered by unresolved financial-reporting control weaknesses, high JETS concentration, and reliance on volatile corporate investment gains.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $0.24
- Operating margin
- -5.9%
What stood out
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Revenue growth accelerated
Total operating revenue increased 21.3% to $10.251 million in fiscal 2026 from $8.452 million, driven primarily by higher advisory fees from gold and natural-resources-focused products.
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Returned to profitability
Net income improved to $3.055 million, or $0.24 diluted EPS, from a $334,000 net loss, or $(0.03) per share, in fiscal 2025. The turnaround included $4.148 million of net investment income, up from $2.393 million.
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AUM expanded materially
Total AUM rose 26.3% to $1.672 billion at June 30, 2026, from $1.324 billion, led by USGIF AUM growth of 33.4% to $467.5 million and U.S.-based ETF AUM growth of 24.1% to $1.183 billion.
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Gold products drove growth
Gold and natural-resources products were the principal growth engine: ETF advisory fees increased 72.8% to $1.080 million, while USGIF gold and natural-resources advisory fees increased 148.1% to $3.407 million.
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Operating leverage improved
Operating expenses declined 5.1% to $10.854 million from $11.438 million, including a 7.8% reduction in general and administrative expense and a 22.0% reduction in advertising expense. The resulting operating loss narrowed to $603,000 from $2.986 million.
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Continued shareholder distributions
Capital returns remained significant: the Company repurchased 733,848 class A shares for approximately $2.0 million and paid $1.141 million of dividends in fiscal 2026. Approximately $4.1 million remained available under the 2026 repurchase authorization, and the monthly dividend was authorized at $0.0075 per share through September 2026.
What to watch
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Material weakness remains unresolved
Management identified a material weakness as of June 30, 2026, involving review controls over financial-reporting workpapers, including weighted-average shares used in EPS. The remediation plan had not been submitted to the Board for approval as of the report date, and disclosure controls were deemed ineffective.
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Material dependence on JETS
Revenue is concentrated in one product: the U.S. Global Jets ETF represented 53% of average net assets and 47% of total operating revenue in fiscal 2026, compared with 69% for both measures in fiscal 2025. A significant decline in JETS market value or redemptions could therefore materially reduce revenue.
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Earnings exposed to investments
Corporate investment results remain volatile and accounted for a substantial share of pretax earnings: net investment income was $4.148 million in fiscal 2026 versus an operating loss of $603,000. A hypothetical 25% decline in equity-security prices would reduce estimated fair value by $2.936 million and net income by $2.319 million after tax.
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Crypto exposure remains volatile
The Company held $919,000 of crypto and digital-asset ETFs at June 30, 2026, with an unrealized loss of $660,000 relative to cost. The filing states cryptocurrency values may decline precipitously, including to zero, and cites evolving regulation, fraud, cybersecurity, and technology risks.
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Contract renewals and fee waivers
USGIF and ETF advisory agreements are generally terminable on short notice and subject to renewal. USGIF agreements had been renewed only through September 2026, while the Company also bore $744,000 of USGIF fee waivers and fund expenses in fiscal 2026.
Management's outlook
The 10-K does not provide quantitative forward revenue or EPS guidance; annual outlook was deferred to the earnings press release or call.
Earlier filings 4
10-Q · May 13, 2026
In Q3 2026, U.S. Global Investors reported revenue of $2,762,000, representing a 31.3% increase from the prior year. Net income surged to $2.7 million ($0.23 per share), a significant recovery from the net loss of…
10-Q · February 20, 2026
Revenue improved to $2,510,000 for the quarter ended December 31, 2025 (up $279,000 or +12.5% vs. $2,231,000 a year ago) and operating performance materially improved (operating loss narrowed to $(88,000) from…
10-K · September 8, 2025
U.S. Global Investors experienced ongoing revenue challenges in FY 2025 with a total revenue of $8M, remaining static year-over-year. The company's operating margins worsened, leading to a diluted EPS loss of -$0.02 for…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.