Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ProShares Trust II files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Operating expenses
42.2
40.1
29.4
27.3
50.5
59
55.1
45.2
39.2
46.7
Interest income
9.13
25.7
33
42.3
9.51
1.55
44.9
136
143
138
Net income
-1,196
-458
-1,532
-424
-1,282
-1,684
95.8
-2,481
-39.4
1,712
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
220
484
1,099
1,190
3,256
1,467
2,276
2,598
2,577
3,251
Total assets
3,394
3,066
2,071
2,419
4,530
4,258
3,947
3,370
3,152
6,063
Total liabilities
117
118
127
62.4
55.5
84.6
59.1
87.4
127
339
Shareholders' equity
3,276
2,947
1,944
2,356
4,474
4,173
3,888
3,283
3,025
5,724
Total equity
3,276
2,947
1,944
2,356
4,474
4,173
3,888
3,283
3,025
5,724
Total liabilities and equity
3,394
3,066
2,071
2,419
4,530
4,258
3,947
3,370
3,152
6,063
Shares outstanding
90.2
74
75.8
111
88.5
180
87.1
82.6
86.4
109
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1,196
-458
-1,532
-424
-1,282
-1,684
95.8
-2,481
-39.4
1,712
Cash from operations
1,114
134
202
-784
-1,307
-3,205
1,161
-1,540
209
-246
Stock issued
10,681
9,097
6,197
5,180
11,916
7,905
12,342
11,046
8,554
13,919
Share buybacks
-9,656
-8,967
-5,783
-4,305
-8,543
-6,489
-12,694
-9,185
-8,783
-12,999
Cash from financing
1,025
130
413
875
3,373
1,416
-352
1,861
-229
920
Net change in cash
-89.4
264
615
91.5
2,066
-1,789
809
322
-20.3
673
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $76.45 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
8.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
8.0%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income CAGR, 3y
161.5%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-218.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
89.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
13.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
5.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
92.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
15.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
6.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Market cap + total debt - cash - short-term investments.
P/E
25.8x
Market cap / net income. Only when net income is positive.
P/B
2.20x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.20x
Market cap / tangible book value, when positive.
Earnings yield
3.9%
Net income / market cap (the inverse of P/E).
Shareholder yield
188.0%
(Dividends paid + share buybacks) / market cap.
Was ProShares Trust II profitable in fiscal 2025?
Yes. Net income was $1.71B, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.