United States Oil Fund (USO) Operating Expenses (2009 - 2026)
United States Oil Fund (USO) posted Operating Expenses of $3.44 million for Q2 2026, up 61.4% from $2.13 million a year earlier and up 30.3% from the prior quarter.
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Analysis
United States Oil Fund (USO) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at United States Oil Fund was $10.31 million, up 9.2% year-over-year; for FY2025, it came in at $8.46 million, down 21.7% from FY2024.
- Annual Operating Expenses has declined for five consecutive years, with a five-year compound annual growth rate of -21.5% (FY2020 to FY2025).
- In prior years, United States Oil Fund's Operating Expenses was $10.8 million in FY2024 (-3.1%), $11.14 million in FY2023 (-28.0%), $15.47 million in FY2022 (-35.4%) and $23.95 million in FY2021 (-15.3%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses since Q4 2022.
- On a year-over-year basis, Operating Expenses increased in three of the last eight quarters, with an average decline of 1.4%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2026, with growth of 61.4%; the weakest was Q2 2022, with a decline of 41.0%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $2.64 million (Q1 2026), $2.12 million (Q4 2025) and $2.1 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 166.01 Bn | 112.36 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 133.03 Bn | -424.98 Bn | - | 149.76 Mn |
| 3 | Blackstone | 86.20 Bn | 81.13 Bn | - | 2.38 Bn |
| 4 | Kkr | 83.71 Bn | 50.19 Bn | - | 5.41 Bn |
| 5 | Brookfield | 81.54 Bn | -83.85 Bn | 4.47 Bn | 14.94 Bn |
| 6 | Brookfield Asset Management | 71.09 Bn | 67.34 Bn | - | 659.00 Mn |
| 7 | Apollo Global Management | 68.54 Bn | 6.22 Bn | 10.56 Bn | 8.74 Bn |
| 8 | Wheaton Precious Metals | 61.57 Bn | 57.00 Bn | 687.86 Mn | 133.83 Mn |
| 9 | Franco Nevada | 47.40 Bn | 44.76 Bn | 451.00 Mn | 7.80 Mn |
| 10 | United States Oil Fund | 2.22 Bn | -2.43 Bn | - | 3.44 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.44 Mn |
| Mar 31, 2026 | 2.64 Mn |
| Dec 31, 2025 | 2.12 Mn |
| Sep 30, 2025 | 2.10 Mn |
| Jun 30, 2025 | 2.13 Mn |
| Mar 31, 2025 | 2.10 Mn |
| Dec 31, 2024 | 2.53 Mn |
| Sep 30, 2024 | 2.68 Mn |
| Jun 30, 2024 | 2.72 Mn |
| Mar 31, 2024 | 2.87 Mn |
| Dec 31, 2023 | 2.94 Mn |
| Sep 30, 2023 | 2.64 Mn |
| Jun 30, 2023 | 2.75 Mn |
| Mar 31, 2023 | 2.82 Mn |
| Dec 31, 2022 | 3.47 Mn |
| Sep 30, 2022 | 3.51 Mn |
| Jun 30, 2022 | 3.99 Mn |
| Mar 31, 2022 | 4.50 Mn |
| Dec 31, 2021 | 5.11 Mn |
| Sep 30, 2021 | 5.63 Mn |
API Access
United States Oil Fund Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=USO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "USO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=USO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();