Murphy USA Inc. (MUSA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$10	$11.2	+12.2%	—	$6.8B	—
Q1 26	$5.5	$7.28	+32.4%	—	$4.8B	—
Q4 25	$6.9	$7.88	+14.2%	—	$4.7B	—
Q2 25	$6.56	$7.36	+12.2%	—	$5B	—
Q1 25	$3.74	$2.63	-29.7%	—	$4.5B	—
Q4 24	$6.68	$7.5	+12.3%	—	$4.7B	—
Q3 24	$7.07	$7.2	+1.8%	—	$5.2B	—
Q2 24	$7.05	$6.92	-1.8%	—	$5.5B	—
Q1 24	$4.46	$3.12	-30.0%	—	$4.8B	—
Q4 23	$6.65	$7	+5.3%	—	$5.1B	—
Q3 23	$6.38	$7.69	+20.5%	—	$5.8B	—
Q2 23	$5.98	$6.02	+0.7%	—	$5.6B	—
Q1 23	$4.02	$4.8	+19.4%	—	$5.1B	—
Q4 22	$6.25	$5.21	-16.6%	—	$5.4B	—
Q3 22	$7.57	$9.28	+22.6%	—	$6.2B	—
Q2 22	$4.42	$7.53	+70.4%	—	$6.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$24.4	—	—	$19.4B	—
FY24	—	$24.5	—	—	$20.2B	—
FY23	—	$25.9	—	—	$21.5B	—
FY22	—	$28.6	—	—	$23.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.6B	$12.8B	$14.4B	$14B	$11.3B	$17.4B	$23.4B	$21.5B	$20.2B	$19.4B
YoY change	-8.7%	+10.6%	+12%	-2.29%	-19.7%	+54.1%	+35.1%	-8.17%	-5.97%	-4.25%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.6B	12.8B	14.4B	14B	11.3B	17.4B	23.4B	21.5B	20.2B	19.4B
Cost of revenue	10.6B	11.8B	13.3B	12.9B	9.8B	15.5B	21B	19.2B	17.9B	17B
Gross profit	1B	1.1B	1.1B	1.1B	1.4B	1.8B	2.4B	2.3B	2.3B	2.4B
Gross margin	8.76%	8.28%	7.58%	8.03%	12.8%	10.7%	10.2%	10.7%	11.4%	12.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	122.7M	141.2M	136.2M	144.6M	171.1M	193.6M	232.5M	240.5M	235.4M	231.5M
Operating expenses	617.6M	657.9M	679.5M	706M	722.5M	1B	1.2B	1.3B	1.3B	1.3B
Operating income	299.6M	287.2M	275.8M	268.3M	559.4M	612.9M	967.8M	826.8M	755.6M	739.2M
Operating margin	2.58%	2.24%	1.92%	1.91%	4.97%	3.53%	4.13%	3.84%	3.73%	3.81%
Non-operating income, net	91.3M	-1.7M	49.5M	-14.2M	-100K	-8.6M	1.3M	6.1M	-6.9M	-19.1M
Pretax income	352.1M	240.1M	273.9M	202.4M	509.1M	521.9M	883.8M	734.4M	651.6M	609.2M
Income tax	130.6M	-5.2M	60.3M	47.6M	123M	125M	210.9M	177.6M	149.1M	138.6M
Net income	221.5M	245.3M	213.6M	154.8M	386.1M	396.9M	672.9M	556.8M	502.5M	470.6M
Net margin	1.91%	1.91%	1.49%	1.1%	3.43%	2.29%	2.87%	2.59%	2.48%	2.43%
EBITDA	402.2M	407.6M	461.9M	424.2M	721.7M	825.7M	1.2B	1.1B	1B	1B
EPS	5.64	6.85	6.54	4.9	13.3	15.1	28.6	25.9	24.5	24.4
Diluted EPS	5.59	6.78	6.48	4.86	13.1	14.9	28.1	25.5	24.1	24.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.8B	5.1B	4.8B	5.5B	5.2B	4.7B	4.5B	5B	5.1B	4.7B	4.8B	6.8B
Cost of revenue	5.2B	4.5B	4.4B	4.8B	4.6B	4.1B	4B	4.4B	4.5B	4.1B	4.2B	6.1B
Gross profit	631.6M	591.5M	478.5M	607.6M	621.7M	599M	483.6M	612.1M	626.3M	637.4M	614.3M	746.5M
Gross margin	10.9%	11.7%	9.88%	11.1%	11.9%	12.7%	10.7%	12.2%	12.3%	13.4%	12.7%	11%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	60M	62.1M	62.1M	59.1M	60M	54.2M	60.1M	50.9M	55.3M	65.2M	56.6M	60.5M
Operating expenses	326.3M	317.1M	315M	329.8M	336.9M	321.5M	327.1M	326.9M	342.1M	347.3M	337.3M	370.1M
Operating income	247.8M	217.4M	104.8M	218.5M	222M	210.3M	88.3M	219.2M	214.3M	217.4M	204.9M	304.2M
Operating margin	4.27%	4.29%	2.16%	4.01%	4.24%	4.46%	1.95%	4.38%	4.19%	4.58%	4.25%	4.47%
Non-operating income, net	200K	2.9M	2M	-400K	1.1M	-9.6M	-1M	1.1M	-11.8M	-7.4M	300K	2.7M
Pretax income	223.4M	196.3M	81.9M	193.2M	198.7M	177.8M	61.9M	192.5M	173.4M	181.4M	176.2M	277.6M
Income tax	55.7M	46.3M	15.9M	48.4M	49.5M	35.3M	8.7M	46.9M	43.5M	39.5M	39.9M	68.5M
Net income	167.7M	150M	66M	144.8M	149.2M	142.5M	53.2M	145.6M	129.9M	141.9M	136.3M	209.1M
Net margin	2.89%	2.96%	1.36%	2.66%	2.85%	3.03%	1.18%	2.91%	2.54%	2.99%	2.83%	3.07%
EBITDA	303.9M	275.3M	163.9M	277.9M	285.3M	275.9M	155.9M	286.2M	284.8M	290.5M	276.7M	377.4M
EPS	7.83	7.12	3.17	7.02	7.3	7.07	2.67	7.44	6.83	7.61	7.36	11.3
Diluted EPS	7.69	7	3.12	6.92	7.2	6.96	2.63	7.36	6.76	7.53	7.28	11.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.4B	2.9B	2.5B	3.7B	3.8B	—	—	7.7B	10.3B	7.8B	9.6B
Enterprise value	2.9B	3.6B	3.2B	4.5B	4.8B	—	—	9.8B	12.6B	10.5B	12B
Shares outstanding	39.3M	35.8M	32.7M	31.6M	29.1M	26.2M	23.5M	21.5M	20.5M	19.3M	19.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.9	11.7	11.7	23.9	9.87	—	—	13.8	20.5	16.6	15.8
P/S	0.21	0.22	0.17	0.26	0.34	—	—	0.36	0.51	0.4	0.5
P/B	3.46	3.9	3.1	4.6	4.86	—	—	9.25	12.3	12.5	12.2
EV/EBITDA	7.29	8.81	6.89	10.5	6.64	—	—	9.29	12.6	10.3	9.74
EV/Sales	0.25	0.28	0.22	0.32	0.43	—	—	0.46	0.62	0.54	0.63
Earnings yield	9.18%	8.52%	8.53%	4.19%	10.1%	—	—	7.27%	4.88%	6.04%	6.31%
FCF yield	3.12%	0.88%	7.76%	2.94%	8.73%	—	—	5.85%	3.78%	4.81%	4.05%
PEG	—	—	—	—	—	—	—	—	—	—	0.3

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	8.76%	8.28%	7.58%	8.03%	12.8%	10.7%	10.2%	10.7%	11.4%	12.2%	11%
Operating margin	2.58%	2.24%	1.92%	1.91%	4.97%	3.53%	4.13%	3.84%	3.73%	3.81%	4.91%
Net margin	1.91%	1.91%	1.49%	1.1%	3.43%	2.29%	2.87%	2.59%	2.48%	2.43%	3.23%
ROE	31.8%	33.2%	26.5%	19.3%	49.2%	49.2%	105%	67.2%	59.8%	75.5%	86.4%
ROA	10.6%	10.5%	9.05%	5.76%	14.4%	9.8%	16.3%	12.8%	11.1%	9.96%	12.1%
ROIC	15.5%	19.8%	14.5%	13.1%	24%	16.7%	26%	21.1%	18.4%	17.1%	21.5%
Return on tangible assets	10.6%	10.5%	9.05%	5.76%	14.8%	12.8%	21.1%	16.4%	13.9%	12.4%	14.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1	1.15	1.19	1.41	1.18	1.14	0.85	0.95	0.79	0.8	0.93
Quick ratio	0.7	0.81	0.73	0.96	0.65	0.7	0.48	0.56	0.37	0.36	0.54
Debt / equity	0.96	1.19	1.07	1.29	1.46	2.78	3.55	2.74	2.82	4.4	3.53
Debt / assets	0.32	0.38	0.37	0.39	0.43	0.55	0.55	0.52	0.52	0.58	0.54
Net debt / EBITDA	1.28	1.74	1.47	1.79	1.36	2.4	1.85	2.03	2.31	2.67	2.08
Interest coverage	9.87	6.14	6.18	4.69	10.9	7.33	11.4	8.46	7.71	6.49	7.97
Effective tax rate	37.1%	0%	22%	23.5%	24.2%	24%	23.9%	24.2%	22.9%	22.8%	23.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	295.3	358.1	439.6	444.2	386.7	662.4	997.5	1K	985.9	1K	1K
EPS (basic)	5.64	6.85	6.54	4.9	13.3	15.1	28.6	25.9	24.5	24.4	24.4
EPS (diluted)	5.59	6.78	6.48	4.86	13.1	14.9	28.1	25.5	24.1	24.1	32.7
Book value per share	17.8	20.6	24.7	25.4	26.9	30.8	27.3	38.6	40.9	32.3	42.6
FCF per share	1.92	0.71	5.95	3.43	11.4	17.7	29.3	20.9	19	19.4	29.2
Cash per share	3.92	4.75	5.65	8.87	5.62	9.78	3.34	5.81	2.29	1.5	9.54
Capex per share	6.67	7.21	6.25	6.48	7.92	10.5	13	15.6	22.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.26%	2.01%	1.42%	1.46%	2.05%	1.58%	1.3%	1.56%	2.26%	—	—
Capex / operating cash flow	63.9%	90.5%	52.9%	67.8%	42.8%	36.6%	29.9%	45.6%	57%	—	—
Payout ratio	—	—	0%	0%	1.79%	6.88%	4.44%	6%	7.32%	8.82%	7.43%
Dividend yield	—	—	0%	0%	0.18%	—	—	0.44%	0.36%	0.53%	0.5%

Yield

0.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.65

ex-dividend Aug 24, 2026

Payout ratio

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 24, 2026	$0.65
May 18, 2026	$0.64
Feb 23, 2026	$0.63
Nov 10, 2025	$0.63
Aug 25, 2025	$0.53
May 12, 2025	$0.50
Feb 24, 2025	$0.49
Nov 4, 2024	$0.48

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.8B	$5.1B	$4.8B	$5.5B	$5.2B	$4.7B	$4.5B	$5B	$5.1B	$4.7B	$4.8B	$6.8B
YoY change	-6.41%	-5.54%	-4.6%	-2.39%	-9.65%	-7.07%	-6.57%	-8.19%	-2.45%	+0.7%	+6.49%	+36%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	153.8M	170M	184.5M	280.3M	163.6M	256.4M	78.4M	124.9M	47M	28.9M
Receivables	183.5M	225.2M	138.8M	172.9M	168.8M	195.7M	281.7M	336.7M	268.5M	276.2M
Inventory	153.4M	182.5M	221.5M	227.6M	279.1M	292.3M	319.1M	341.2M	401.6M	413M
Total current assets	515.6M	614.2M	570.1M	710.8M	625.2M	767.8M	726.8M	826.5M	748.1M	747.8M
Property, plant & equipment	1.6B	1.7B	1.8B	1.8B	1.9B	2.7B	2.8B	2.9B	3.2B	3.4B
Goodwill & intangibles	—	—	—	—	69.2M	937.4M	936.8M	935.6M	935M	934.6M
Total assets	2.1B	2.3B	2.4B	2.7B	2.7B	4B	4.1B	4.3B	4.5B	4.7B
Accounts payable	310M	339.6M	274.9M	280.8M	261M	392.5M	547.6M	520.3M	518M	477.5M
Short-term debt	40.6M	19.9M	21.2M	38.8M	51.2M	33.1M	35.5M	37.1M	39.4M	44.8M
Total current liabilities	514.6M	533.3M	478.1M	505M	531.1M	675.3M	854.2M	872.8M	947.9M	929.1M
Long-term debt	629.6M	860.9M	842.1M	999.3M	1.1B	2.2B	2.2B	2.2B	2.3B	2.7B
Total liabilities	1.4B	1.6B	1.6B	1.9B	1.9B	3.2B	3.5B	3.5B	3.7B	4.1B
Shareholders' equity	697.1M	738.4M	807.3M	803M	784.1M	807.2M	640.7M	828.9M	840.1M	623.5M
Total debt	670.2M	880.8M	863.3M	1B	1.1B	2.2B	2.3B	2.3B	2.4B	2.7B
Net debt	516.4M	710.8M	678.8M	757.8M	981.3M	2B	2.2B	2.2B	2.3B	2.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	133.3M	124.9M	62.8M	84.3M	54M	47M	49.4M	54.1M	42.8M	28.9M	118.6M	175.4M
Receivables	344.2M	336.7M	380.5M	386.5M	262.6M	268.5M	272.1M	296.3M	304.1M	276.2M	354.1M	379.2M
Inventory	335.4M	341.2M	292.7M	315.9M	341.2M	401.6M	364.4M	397.5M	387.2M	413M	363.3M	417.4M
Total current assets	840.3M	826.5M	767.7M	820.1M	689.1M	748.1M	716.4M	776.4M	763.3M	747.8M	871.1M	1B
Property, plant & equipment	3B	2.9B	3B	3.1B	3.2B	3.2B	3.3B	3.4B	3.4B	3.4B	3.5B	3.6B
Goodwill & intangibles	935.8M	935.6M	935.4M	935.2M	935.2M	935M	935M	947.8M	934.8M	934.6M	934.6M	934.4M
Total assets	4.3B	4.3B	4.3B	4.4B	4.4B	4.5B	4.5B	4.6B	4.7B	4.7B	4.9B	5.1B
Accounts payable	800.6M	520.3M	830M	924M	780.3M	518M	855.6M	915.9M	869.2M	477.5M	1B	1B
Short-term debt	15M	37.1M	15.3M	15.6M	15.7M	39.4M	15.6M	14.5M	16.6M	44.8M	19.2M	19.1M
Total current liabilities	827.2M	872.8M	884.7M	970.7M	858.8M	947.9M	891.8M	976.1M	940.2M	929.1M	1B	1.1B
Long-term debt	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B	2.5B	2.6B	2.7B	2.7B	2.7B	2.7B
Total liabilities	3.5B	3.5B	3.5B	3.6B	3.6B	3.7B	3.8B	4B	4.1B	4.1B	4.2B	4.3B
Shareholders' equity	844.1M	828.9M	781.6M	811.3M	830.1M	840.1M	719.6M	646.1M	546M	623.5M	658.7M	782.7M
Total debt	2.3B	2.3B	2.3B	2.3B	2.3B	2.4B	2.5B	2.6B	2.8B	2.7B	2.7B	2.7B
Net debt	2.1B	2.2B	2.2B	2.2B	2.3B	2.3B	2.4B	2.5B	2.7B	2.7B	2.6B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	221.5M	245.3M	213.6M	154.8M	386.1M	396.9M	672.9M	556.8M	502.5M	470.6M
Depreciation & amortization	98.6M	116.9M	134M	152.2M	161M	212.6M	220.4M	228.7M	248M	276.8M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	38.3M	-31.1M	-9.1M	-45.4M	-38.5M	95.1M	68.5M	-90.4M	1.3M	-23.8M
Operating cash flow	410.2M	285.5M	386.2M	301.9M	539.6M	751.2M	1B	735.3M	803.6M	813.9M
Capital expenditure	-262.1M	-258.3M	-204.3M	-204.8M	-230.7M	-274.7M	-305.3M	-335.6M	-458.1M	—
Investing cash flow	-137.2M	-262.1M	-209.1M	-203.1M	-224.3M	-914.2M	-319.3M	-323.6M	-445.8M	3.6M
Dividends paid	—	—	0	0	-6.9M	-27.3M	-29.9M	-33.4M	-36.8M	-41.5M
Share repurchases	-323.3M	-206M	-144.4M	-165.8M	-399.6M	-355M	-806.4M	-333.2M	-445.7M	-649.9M
Financing cash flow	-146.9M	300K	-175.1M	-9.9M	-456.1M	276.3M	-851.5M	-382M	-442.2M	-372.5M
Net change in cash	126.1M	23.7M	2M	88.9M	-140.8M	113.3M	-150.2M	29.7M	-84.4M	445M
Free cash flow	75.3M	25.3M	194.4M	108.5M	333M	462.7M	689.4M	448.4M	389.5M	374.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	167.7M	150M	66M	144.8M	149.2M	142.5M	53.2M	145.6M	129.9M	141.9M	136.3M	209.1M
Depreciation & amortization	57.5M	57M	58.7M	59.3M	62.8M	67.2M	68.2M	66M	69.9M	72.7M	72.1M	72.2M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-56.9M	39.4M	-6.4M	60.8M	-58.2M	5.1M	36.4M	9.2M	-71.9M	2.5M	133.2M	-93.7M
Operating cash flow	168.2M	257.6M	125.9M	268.6M	167.3M	241.8M	164.3M	255.1M	184.8M	245.5M	320M	235M
Capital expenditure	-79.4M	-111M	-76.2M	-118M	-136.9M	-127M	-87.8M	—	—	—	—	—
Investing cash flow	-74.7M	-106.6M	-74.9M	-114.5M	-131.5M	-124.9M	-87.7M	1.4M	200K	1.9M	-200K	10.4M
Dividends paid	-8.4M	-8.7M	-8.8M	-9.1M	-9.2M	-9.7M	-9.8M	-9.8M	-10.1M	-11.8M	-11.7M	-11.8M
Share repurchases	-64.8M	-160.5M	-86.4M	-106.1M	-125.2M	-128M	-150M	-213.8M	-219.2M	-66.9M	-70.5M	-82.3M
Financing cash flow	-77.1M	-173M	-99.1M	-119.1M	-97.3M	-126.7M	-19.8M	-124.3M	-75.6M	-143.9M	-110M	-63.9M
Net change in cash	16.4M	-22M	-48.1M	35M	-61.5M	-9.8M	56.8M	132.2M	109.4M	103.5M	209.8M	181.5M
Free cash flow	110.6M	162.1M	59.8M	142.8M	65.2M	121.7M	40.7M	137.1M	67.7M	128.8M	221.7M	123.3M

Murphy USA Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement