Murphy USA
MUSA · NYSERetail-Auto Dealers & Gasoline Stations · Fiscal year ends Dec 31
Murphy USA reported revenue of $19.4B in the fiscal year ended Dec 2025, down 4.2% from the year before. Operating income was $719M, an operating margin of 3.7%, and net income was $471M. Operating cash flow of $814M less capital expenditure of $440M left free cash flow of $374M. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.4B | $23.4B | $21.5B | $20.2B | $19.4B |
| Selling, general & admin | $194M | $233M | $241M | $235M | $232M |
| Operating income | $604M | $968M | $826M | $743M | $719M |
| Interest expense | $82M | $85M | $99M | $97M | $111M |
| Pre-tax income | $522M | $884M | $734M | $652M | $609M |
| Income tax | $125M | $211M | $178M | $149M | $139M |
| Net income | $397M | $673M | $557M | $503M | $471M |
| Diluted EPS | 14.92 | 28.10 | 25.49 | 24.11 | 24.10 |
| Diluted shares | 27M | 24M | 22M | 21M | 20M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $256M | $61M | $118M | $47M | $29M |
| Receivables | $196M | $282M | $337M | $269M | $276M |
| Inventory | $292M | $319M | $341M | $402M | $413M |
| Current assets | $768M | $727M | $827M | $748M | $748M |
| Goodwill | $328M | $328M | $328M | $328M | $328M |
| Total assets | $4B | $4.1B | $4.3B | $4.5B | $4.7B |
| Current liabilities | $675M | $854M | $873M | $948M | $929M |
| Long-term debt | $1.8B | $1.8B | $1.8B | $1.8B | $2.2B |
| Total liabilities | $3.2B | $3.5B | $3.5B | $3.7B | $4.1B |
| Shareholders' equity | $807M | $641M | $829M | $840M | $624M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $737M | $995M | $784M | $848M | $814M |
| Capital expenditure | $275M | $305M | $336M | $458M | $440M |
| Free cash flow | $463M | $689M | $448M | $390M | $374M |
| Depreciation & amortisation | $213M | $220M | $229M | $248M | $277M |
| Stock-based compensation | $14M | $16M | $22M | $23M | $29M |
| Acquisitions | $641M | $0 | $0 | – | – |
| Share buybacks | $355M | $806M | $333M | $446M | $650M |
| Dividends paid | $27M | $30M | $33M | $37M | $42M |
| Dividend per share | 1.04 | 1.27 | 1.55 | 1.79 | 2.15 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.1% | −8.2% | −6.0% | −4.2% |
| Operating income growth (YoY) | – | 60.3% | −14.7% | −10.1% | −3.3% |
| EPS growth (YoY) | – | 88.3% | −9.3% | −5.4% | −0.0% |
| Operating margin | 3.5% | 4.1% | 3.8% | 3.7% | 3.7% |
| Net margin | 2.3% | 2.9% | 2.6% | 2.5% | 2.4% |
| Return on equityBlank when equity is negative | 49.2% | 105.0% | 67.2% | 59.8% | 75.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.9% | 29.6% | 23.8% | 20.7% | 18.9% |
| Free cash flow margin | 2.7% | 2.9% | 2.1% | 1.9% | 1.9% |
| Cash conversion (CFO ÷ net income) | 1.86x | 1.48x | 1.41x | 1.69x | 1.73x |
| Receivable days | 4 | 4 | 6 | 5 | 5 |
| Interest cover | 7.33x | 11.4x | 8.39x | 7.65x | 6.48x |
| Debt ÷ equity | 2.23x | 2.80x | 2.15x | 2.18x | 3.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.5B | $1.7B | $1.7B | $1.8B | $2.1B |
| Current ratio | 1.14x | 0.85x | 0.95x | 0.79x | 0.80x |
Recent filings
More in Retail-Auto Dealers & Gasoline Stations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.