Murphy USA (MUSA) Financials

$588.60 +11.64 (+2.02%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$589.50 +0.91 (+0.15%)

As of 05/13/2026 06:47 PM Eastern

Annual Income Statements for Murphy USA

This table shows Murphy USA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	176	222	245	214	155	386	397	673	557	503	471
Consolidated Net Income / (Loss)	176	222	245	214	155	386	397	673	557	503	471
Net Income / (Loss) Continuing Operations	138	222	245	214	155	386	397	673	557	503	471
Total Pre-Tax Income	218	352	240	274	202	509	522	884	734	652	609
Total Operating Income	250	388	283	325	269	559	604	968	826	743	719
Total Gross Profit	959	1,016	1,062	1,089	1,127	1,443	1,849	2,400	2,314	2,307	2,359
Total Revenue	12,699	11,595	12,827	14,363	14,035	11,264	17,361	23,446	21,529	20,244	19,384
Operating Revenue	12,579	11,595	12,827	14,363	14,035	11,264	17,361	23,446	21,529	20,244	19,384
Total Cost of Revenue	11,741	10,579	11,765	13,274	12,908	9,821	15,512	21,046	19,216	17,938	17,025
Operating Cost of Revenue	11,741	10,579	11,765	13,274	12,908	9,821	15,512	21,046	19,216	17,938	17,025
Total Operating Expenses	708	628	779	764	858	884	1,245	1,432	1,488	1,564	1,641
Selling, General & Admin Expense	616	616	656	678	704	720	1,021	1,209	1,255	1,300	1,340
Depreciation Expense	87	99	117	134	152	161	213	220	229	248	277
Other Operating Expenses / (Income)	1.52	1.60	1.80	2.00	2.10	2.30	2.50	2.70	3.00	3.20	3.40
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	8.20	5.30
Restructuring Charge	-	-	-	0.00	0.00	1.70	10	1.50	0.00	0.00	13
Other Special Charges / (Income)	4.66	-88	3.90	-49	-0.20	-1.30	-1.50	-2.10	0.80	4.50	2.80
Total Other Income / (Expense), net	-32	-36	-43	-51	-66	-50	-82	-85	-92	-91	-109
Interest Expense	34	40	47	53	70	51	82	85	99	97	111
Interest & Investment Income	2.18	0.60	1.30	1.50	3.20	1.00	0.10	3.00	6.90	6.40	0.20
Other Income / (Expense), net	-0.46	3.10	2.20	0.20	0.40	0.30	0.20	-2.30	0.00	-0.60	1.40
Income Tax Expense	81	131	-5.20	60	48	123	125	211	178	149	139
Basic Earnings per Share	$4.06	$5.64	$6.85	$6.54	$4.90	$13.25	$15.14	$28.63	$25.91	$24.47	$24.38
Weighted Average Basic Shares Outstanding	43.43M	39.27M	35.82M	32.67M	31.59M	29.13M	26.21M	23.51M	21.49M	20.53M	19.30M
Diluted Earnings per Share	$4.02	$5.59	$6.78	$6.48	$4.86	$13.08	$14.92	$28.10	$25.49	$24.11	$24.10
Weighted Average Diluted Shares Outstanding	43.79M	39.65M	36.16M	32.98M	31.86M	29.53M	26.60M	23.95M	21.84M	20.84M	19.53M
Weighted Average Basic & Diluted Shares Outstanding	43.43M	39.27M	35.80M	32.70M	30.46M	27.25M	24.83M	21.70M	20.81M	20.02M	18.54M
Cash Dividends to Common per Share	-	-	-	-	-	$0.25	$1.04	$1.27	$1.55	$1.79	$2.15

This table shows Murphy USA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	168	150	66	145	149	143	53	146	130	142	136
Consolidated Net Income / (Loss)	168	150	66	145	149	143	53	146	130	142	136
Net Income / (Loss) Continuing Operations	168	150	66	145	149	143	53	146	130	142	136
Total Pre-Tax Income	223	196	82	193	199	178	62	193	173	181	176
Total Operating Income	247	217	105	217	222	199	88	219	202	210	205
Total Gross Profit	632	592	479	608	622	599	484	612	626	637	614
Total Revenue	5,798	5,069	4,844	5,452	5,239	4,710	4,525	5,005	5,110	4,744	4,819
Operating Revenue	5,798	5,069	4,844	5,452	5,239	4,710	4,525	5,005	5,110	4,744	4,819
Total Cost of Revenue	5,166	4,477	4,365	4,844	4,617	4,111	4,042	4,393	4,484	4,106	4,205
Operating Cost of Revenue	5,166	4,477	4,365	4,844	4,617	4,111	4,042	4,393	4,484	4,106	4,205
Total Operating Expenses	384	374	373	391	400	400	396	393	425	428	409
Selling, General & Admin Expense	326	316	314	329	336	321	326	326	341	347	336
Depreciation Expense	58	57	59	59	63	67	68	66	70	73	72
Other Operating Expenses / (Income)	0.70	0.80	0.80	0.80	0.80	0.80	0.90	0.80	0.90	0.80	0.90
Other Special Charges / (Income)	0.50	0.20	-0.40	1.40	0.40	3.10	0.30	0.00	-0.10	2.60	-0.30
Total Other Income / (Expense), net	-24	-21	-23	-24	-23	-21	-26	-27	-28	-28	-29
Interest Expense	25	24	25	25	24	23	25	28	29	29	29
Interest & Investment Income	2.10	2.20	1.20	0.90	1.00	3.30	-0.10	0.10	0.10	0.10	0.30
Other Income / (Expense), net	-1.40	0.90	0.40	0.10	0.50	-1.60	-0.60	1.00	0.60	0.40	-0.30
Income Tax Expense	56	46	16	48	50	35	8.70	47	44	40	40
Basic Earnings per Share	$7.83	$7.07	$3.17	$7.02	$7.30	$6.98	$2.67	$7.44	$6.83	$7.44	$7.36
Weighted Average Basic Shares Outstanding	21.40M	21.49M	20.81M	20.64M	20.44M	20.53M	19.93M	19.55M	19.03M	19.30M	18.52M
Diluted Earnings per Share	$7.69	$6.98	$3.12	$6.92	$7.20	$6.87	$2.63	$7.36	$6.76	$7.35	$7.28
Weighted Average Diluted Shares Outstanding	21.79M	21.84M	21.16M	20.92M	20.74M	20.84M	20.20M	19.77M	19.23M	19.53M	18.71M
Weighted Average Basic & Diluted Shares Outstanding	21.28M	20.81M	20.72M	20.49M	20.25M	20.02M	19.76M	19.29M	18.73M	18.54M	18.47M
Cash Dividends to Common per Share	$0.39	-	$0.42	$0.44	$0.45	-	$0.49	$0.50	$0.53	-	$0.63

This table details how cash moves in and out of Murphy USA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-226	52	16	15	96	-117	93	-196	57	-71	-18
Net Cash From Operating Activities	216	337	284	399	313	564	737	995	784	848	814
Net Cash From Continuing Operating Activities	234	337	284	399	313	564	737	995	784	848	814
Net Income / (Loss) Continuing Operations	138	222	245	214	155	386	397	673	557	503	471
Consolidated Net Income / (Loss)	176	222	245	214	155	386	397	673	557	503	471
Depreciation Expense	87	99	117	134	152	161	213	220	229	248	277
Amortization Expense	-	-	-	-	-	0.00	0.00	-0.10	-0.40	-0.20	0.00
Non-Cash Adjustments To Reconcile Net Income	6.18	-87	5.70	3.10	17	1.00	1.00	0.60	3.80	16	17
Changes in Operating Assets and Liabilities, net	3.39	104	-84	48	-11	16	127	101	-4.90	81	49
Net Cash From Investing Activities	-190	-135	-262	-209	-203	-224	-914	-319	-324	-446	-436
Net Cash From Continuing Investing Activities	-190	-135	-262	-209	-203	-224	-914	-319	-324	-446	-436
Purchase of Property, Plant & Equipment	-205	-262	-258	-204	-205	-231	-275	-305	-336	-458	-440
Purchase of Investments	-	-	-	-	-	0.00	0.00	-22	-13	0.00	0.00
Sale of Property, Plant & Equipment	0.73	85	0.90	1.20	2.50	8.10	3.40	8.80	2.40	2.00	2.40
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	24	12	0.00
Other Investing Activities, net	-79	42	-4.70	-6.00	-0.80	-1.70	-1.80	-0.60	-1.60	-1.20	1.20
Net Cash From Financing Activities	-252	-151	-5.30	-175	-14	-456	270	-871	-403	-473	-396
Net Cash From Continuing Financing Activities	-252	-151	-5.30	-175	-14	-456	270	-871	-403	-473	-396
Repayment of Debt	-0.20	-24	-133	-21	-588	-39	-234	-20	-23	-667	-2,663
Repurchase of Common Equity	-249	-323	-206	-144	-166	-400	-355	-806	-333	-446	-650
Payment of Dividends	-	-	-	0.00	0.00	-6.90	-27	-30	-33	-37	-42
Issuance of Debt	0.00	200	339	0.00	744	0.00	893	5.00	8.00	707	2,982
Other Financing Activities, net	-3.08	-4.20	-5.60	-9.40	-4.50	-11	-6.70	-20	-21	-30	-24

This table details how cash moves in and out of Murphy USA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	32	-7.00	-61	23	-27	-5.50	2.40	4.70	-11	-14	90
Net Cash From Operating Activities	190	273	136	261	202	249	129	255	185	246	320
Net Cash From Continuing Operating Activities	190	273	136	261	202	249	129	255	185	246	320
Net Income / (Loss) Continuing Operations	168	150	66	145	149	143	53	146	130	142	136
Consolidated Net Income / (Loss)	168	150	66	145	149	143	53	146	130	142	136
Depreciation Expense	58	57	59	59	63	67	68	66	70	73	72
Non-Cash Adjustments To Reconcile Net Income	1.20	1.00	0.40	2.20	1.20	12	1.20	0.80	13	1.70	0.40
Changes in Operating Assets and Liabilities, net	-36	66	11	55	-11	27	5.90	43	-28	29	111
Net Cash From Investing Activities	-75	-107	-75	-115	-132	-125	-88	-117	-117	-115	-99
Net Cash From Continuing Investing Activities	-75	-107	-75	-115	-132	-125	-88	-117	-117	-115	-99
Purchase of Property, Plant & Equipment	-79	-111	-76	-118	-137	-127	-88	-118	-117	-117	-98
Sale of Property, Plant & Equipment	0.50	0.10	1.00	0.60	0.30	0.10	0.30	1.50	0.50	0.10	0.20
Other Investing Activities, net	-0.40	-0.20	-0.70	-0.10	-0.90	0.50	-0.20	-0.10	-0.30	1.80	-0.40
Net Cash From Financing Activities	-83	-174	-122	-123	-98	-129	-38	-134	-79	-145	-132
Net Cash From Continuing Financing Activities	-83	-174	-122	-123	-98	-129	-38	-134	-79	-145	-132
Repayment of Debt	-3.90	-3.80	-3.90	-124	-188	-351	-530	-1,022	-593	-518	-618
Repurchase of Common Equity	-65	-161	-86	-106	-125	-128	-150	-214	-219	-67	-71
Payment of Dividends	-8.40	-8.70	-8.80	-9.10	-9.20	-9.70	-9.80	-9.80	-10	-12	-12
Issuance of Debt	-	-	0.00	120	225	362	670	1,112	747	453	590
Other Financing Activities, net	-6.30	-0.50	-23	-4.10	-0.60	-2.60	-19	-0.60	-3.60	-0.70	-22

This table presents Murphy USA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,886	2,089	2,331	2,361	2,687	2,686	4,048	4,123	4,340	4,542	4,726
Total Current Assets	436	516	614	570	711	625	768	727	827	748	748
Cash & Equivalents	102	154	170	185	280	164	256	61	118	47	29
Accounts Receivable	136	184	225	139	173	169	196	282	337	269	276
Inventories, net	156	153	183	222	228	279	292	319	341	402	413
Prepaid Expenses	41	25	37	25	30	14	23	48	24	31	30
Plant, Property, & Equipment, net	1,369	1,533	1,680	1,748	1,807	1,868	2,378	2,459	2,572	2,813	2,963
Total Noncurrent Assets	81	41	37	43	169	193	902	937	942	980	1,015
Goodwill	-	-	-	-	-	0.00	328	328	328	328	328
Intangible Assets	-	-	-	-	-	35	141	140	140	140	139
Other Noncurrent Operating Assets	13	41	37	43	169	158	433	464	470	513	548
Total Liabilities & Shareholders' Equity	1,886	2,089	2,331	2,361	2,687	2,686	4,048	4,123	4,340	4,542	4,726
Total Liabilities	1,094	1,392	1,593	1,554	1,884	1,902	3,241	3,483	3,511	3,702	4,102
Total Current Liabilities	392	515	533	478	505	531	675	854	873	948	929
Short-Term Debt	0.22	41	20	21	39	51	15	15	15	16	19
Accounts Payable	390	473	513	457	466	471	660	839	835	874	865
Current Deferred & Payable Income Tax Liabilities	1.73	0.59	-	-	0.00	8.80	-	0.00	23	58	45
Total Noncurrent Liabilities	702	877	1,059	1,075	1,379	1,371	2,566	2,628	2,638	2,754	3,173
Long-Term Debt	490	630	861	842	999	951	1,800	1,792	1,785	1,833	2,164
Asset Retirement Reserve & Litigation Obligation	24	26	28	31	33	35	39	43	46	49	53
Noncurrent Deferred Revenue	26	17	16	10	130	23	22	22	28	32	34
Noncurrent Deferred & Payable Income Tax Liabilities	161	205	154	192	217	218	296	327	330	343	389
Other Noncurrent Operating Liabilities	-	-	-	-	-	143	409	444	450	496	535
Total Equity & Noncontrolling Interests	792	697	738	807	803	784	807	641	829	840	624
Total Preferred & Common Equity	792	697	738	807	803	784	807	641	829	840	624
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	792	697	738	807	803	784	807	641	829	840	624
Common Stock	559	556	550	540	539	534	535	519	509	488	483
Retained Earnings	528	749	995	1,208	1,363	1,743	2,112	2,755	3,278	3,743	4,172
Treasury Stock	-294	-608	-807	-940	-1,100	-1,491	-1,839	-2,633	-2,958	-3,391	-4,032

This table presents Murphy USA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,135	4,119	4,205	4,305	4,307	4,430	4,402	4,503	4,622	4,677	4,866
Total Current Assets	763	711	763	840	768	820	689	716	776	763	871
Cash & Equivalents	193	102	93	125	57	80	53	49	54	43	119
Accounts Receivable	258	265	271	344	381	387	263	272	296	304	354
Inventories, net	280	304	350	335	293	316	341	364	398	387	363
Prepaid Expenses	32	27	37	27	32	33	31	31	29	29	35
Plant, Property, & Equipment, net	2,437	2,476	2,501	2,520	2,594	2,655	2,740	2,808	2,855	2,917	2,981
Total Noncurrent Assets	935	932	941	945	946	954	973	978	991	996	1,014
Goodwill	328	328	328	328	328	328	328	328	328	328	328
Intangible Assets	140	140	140	140	140	140	140	140	139	139	139
Other Noncurrent Operating Assets	466	459	465	470	473	484	506	511	524	529	547
Total Liabilities & Shareholders' Equity	4,135	4,119	4,205	4,305	4,307	4,430	4,402	4,503	4,622	4,677	4,866
Total Liabilities	3,369	3,402	3,454	3,461	3,525	3,619	3,572	3,783	3,976	4,131	4,208
Total Current Liabilities	756	772	815	827	885	971	859	892	976	940	1,050
Short-Term Debt	15	15	15	15	15	16	16	16	15	17	19
Accounts Payable	725	754	800	801	830	924	780	856	916	869	1,019
Current Deferred & Payable Income Tax Liabilities	15	3.10	-	12	39	31	63	21	46	54	12
Total Noncurrent Liabilities	2,614	2,630	2,639	2,634	2,641	2,648	2,714	2,891	3,000	3,190	3,158
Long-Term Debt	1,794	1,789	1,787	1,786	1,783	1,781	1,820	1,974	2,067	2,223	2,137
Asset Retirement Reserve & Litigation Obligation	41	44	44	44	46	46	47	49	50	51	53
Noncurrent Deferred Revenue	21	24	26	26	31	33	33	31	31	32	37
Noncurrent Deferred & Payable Income Tax Liabilities	311	334	337	328	329	323	326	342	343	370	398
Other Noncurrent Operating Liabilities	446	439	445	450	452	465	488	494	508	514	533
Total Equity & Noncontrolling Interests	766	717	751	844	782	811	830	720	646	546	659
Total Preferred & Common Equity	766	717	751	844	782	811	830	720	646	546	659
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	766	717	751	844	782	811	830	720	646	546	659
Common Stock	515	502	506	503	480	480	485	467	470	470	454
Retained Earnings	2,645	2,853	2,978	3,137	3,335	3,471	3,611	3,787	3,922	4,042	4,297
Treasury Stock	-2,394	-2,638	-2,733	-2,796	-3,034	-3,139	-3,266	-3,534	-3,746	-3,966	-4,092

This table displays calculated financial ratios and metrics derived from Murphy USA's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.24%	-8.70%	10.63%	11.98%	-2.29%	-19.74%	54.12%	35.05%	-8.17%	-5.97%	-4.25%
EBITDA Growth	-26.05%	45.68%	-17.84%	14.14%	-8.32%	71.05%	13.40%	45.25%	-11.13%	-6.09%	0.67%
EBIT Growth	-33.53%	56.70%	-27.02%	13.94%	-17.34%	108.00%	8.03%	59.90%	-14.50%	-10.13%	-3.02%
NOPAT Growth	-34.33%	54.87%	18.55%	-12.41%	-19.00%	106.44%	8.35%	60.52%	-15.06%	-8.52%	-3.12%
Net Income Growth	-27.69%	25.61%	10.74%	-12.92%	-27.53%	149.42%	2.80%	69.54%	-17.25%	-9.75%	-6.35%
EPS Growth	-23.57%	39.05%	21.29%	-4.42%	-25.00%	169.14%	14.07%	88.34%	-9.29%	-5.41%	-0.04%
Operating Cash Flow Growth	-29.37%	56.32%	-15.95%	40.59%	-21.42%	79.92%	30.81%	34.89%	-21.18%	8.11%	-3.98%
Free Cash Flow Firm Growth	-88.08%	539.60%	-62.29%	303.28%	-39.69%	176.95%	-178.39%	360.31%	-33.40%	-12.41%	-2.64%
Invested Capital Growth	13.87%	9.15%	19.43%	2.55%	5.03%	3.98%	45.78%	-0.05%	5.69%	5.69%	5.14%
Revenue Q/Q Growth	-3.88%	1.11%	2.59%	0.86%	-0.29%	-5.05%	12.33%	2.62%	-1.36%	-1.74%	0.17%
EBITDA Q/Q Growth	-19.07%	5.90%	-1.36%	12.52%	-7.84%	3.21%	11.08%	1.15%	4.45%	-1.02%	1.85%
EBIT Q/Q Growth	-24.63%	6.53%	-4.39%	17.95%	-12.72%	3.57%	12.66%	1.34%	5.65%	-2.71%	1.77%
NOPAT Q/Q Growth	-24.62%	43.14%	17.14%	-21.12%	-13.00%	3.26%	13.44%	1.46%	5.24%	-1.10%	0.75%
Net Income Q/Q Growth	-15.22%	-9.36%	49.37%	-18.16%	-16.19%	3.60%	13.69%	1.34%	6.16%	-1.47%	-0.13%
EPS Q/Q Growth	-12.99%	-5.73%	50.33%	-14.40%	-14.89%	5.23%	15.30%	3.96%	7.46%	-0.45%	2.03%
Operating Cash Flow Q/Q Growth	-9.30%	21.88%	-3.50%	11.15%	-23.38%	6.46%	7.98%	7.90%	6.80%	-2.80%	-0.39%
Free Cash Flow Firm Q/Q Growth	-40.33%	112.59%	-45.30%	19.77%	-45.18%	7.39%	16.59%	8.30%	4.01%	-8.80%	-0.13%
Invested Capital Q/Q Growth	-1.47%	-1.49%	4.96%	-2.31%	2.75%	1.90%	1.21%	-0.74%	-0.22%	1.14%	1.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.55%	8.76%	8.28%	7.58%	8.03%	12.81%	10.65%	10.24%	10.75%	11.39%	12.17%
EBITDA Margin	2.65%	4.22%	3.14%	3.20%	3.00%	6.39%	4.70%	5.06%	4.90%	4.89%	5.14%
Operating Margin	1.97%	3.35%	2.21%	2.26%	1.91%	4.96%	3.48%	4.13%	3.84%	3.67%	3.71%
EBIT Margin	1.97%	3.37%	2.23%	2.26%	1.92%	4.97%	3.48%	4.12%	3.84%	3.67%	3.71%
Profit (Net Income) Margin	1.39%	1.91%	1.91%	1.49%	1.10%	3.43%	2.29%	2.87%	2.59%	2.48%	2.43%
Tax Burden Percent	80.78%	62.91%	102.17%	77.98%	76.48%	75.84%	76.05%	76.14%	75.82%	77.12%	77.25%
Interest Burden Percent	87.44%	90.01%	84.10%	84.20%	75.27%	91.02%	86.38%	91.48%	88.91%	87.78%	84.62%
Effective Tax Rate	36.97%	37.09%	-2.17%	22.02%	23.52%	24.16%	23.95%	23.86%	24.18%	22.88%	22.75%
Return on Invested Capital (ROIC)	15.10%	21.00%	21.74%	17.27%	13.48%	26.63%	23.03%	31.17%	25.75%	22.29%	20.49%
ROIC Less NNEP Spread (ROIC-NNEP)	23.65%	15.58%	14.55%	11.53%	6.44%	21.89%	17.82%	27.25%	21.66%	18.23%	16.22%
Return on Net Nonoperating Assets (RNNOA)	6.26%	8.74%	12.44%	10.36%	5.75%	22.02%	26.85%	61.78%	50.03%	37.93%	43.82%
Return on Equity (ROE)	21.36%	29.74%	34.18%	27.64%	19.23%	48.65%	49.88%	92.95%	75.78%	60.22%	64.31%
Cash Return on Invested Capital (CROIC)	2.13%	12.25%	4.03%	14.76%	8.58%	22.73%	-14.22%	31.22%	20.22%	16.76%	15.48%
Operating Return on Assets (OROA)	13.02%	19.68%	12.92%	13.87%	10.65%	20.82%	17.95%	23.65%	19.52%	16.72%	15.54%
Return on Assets (ROA)	9.20%	11.14%	11.10%	9.11%	6.13%	14.37%	11.79%	16.47%	13.16%	11.32%	10.16%
Return on Common Equity (ROCE)	21.36%	29.74%	34.18%	27.64%	19.23%	48.65%	49.88%	92.95%	75.78%	60.22%	64.31%
Return on Equity Simple (ROE_SIMPLE)	22.26%	31.78%	33.22%	26.46%	19.28%	49.24%	49.17%	105.03%	67.17%	59.81%	0.00%
Net Operating Profit after Tax (NOPAT)	158	244	289	254	205	424	459	737	626	573	555
NOPAT Margin	1.24%	2.11%	2.26%	1.77%	1.46%	3.76%	2.65%	3.14%	2.91%	2.83%	2.86%
Net Nonoperating Expense Percent (NNEP)	-8.55%	5.42%	7.19%	5.75%	7.04%	4.74%	5.21%	3.92%	4.09%	4.06%	4.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	30.12%	23.82%	21.31%	19.78%
Cost of Revenue to Revenue	92.45%	91.24%	91.72%	92.42%	91.97%	87.19%	89.35%	89.76%	89.25%	88.61%	87.83%
SG&A Expenses to Revenue	4.85%	5.31%	5.12%	4.72%	5.02%	6.39%	5.88%	5.16%	5.83%	6.42%	6.91%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.58%	5.42%	6.07%	5.32%	6.11%	7.85%	7.17%	6.11%	6.91%	7.73%	8.47%
Earnings before Interest and Taxes (EBIT)	250	391	286	325	269	559	604	966	826	742	720
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	336	490	402	459	421	720	817	1,186	1,054	990	997
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.51	3.33	3.71	3.00	4.39	4.68	6.25	9.77	9.12	12.09	12.12
Price to Tangible Book Value (P/TBV)	3.51	3.33	3.71	3.00	4.39	4.89	14.90	36.33	20.93	27.27	48.40
Price to Revenue (P/Rev)	0.22	0.20	0.21	0.17	0.25	0.33	0.29	0.27	0.35	0.50	0.39
Price to Earnings (P/E)	15.77	10.49	11.16	11.33	22.76	9.50	12.71	9.30	13.57	20.22	16.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.19%	0.53%	0.46%	0.44%	0.36%	0.53%
Earnings Yield	6.34%	9.53%	8.96%	8.83%	4.39%	10.53%	7.87%	10.75%	7.37%	4.95%	6.23%
Enterprise Value to Invested Capital (EV/IC)	2.85	2.34	2.38	2.08	2.74	2.78	2.79	3.38	3.69	4.53	3.50
Enterprise Value to Revenue (EV/Rev)	0.25	0.24	0.27	0.22	0.31	0.40	0.38	0.34	0.43	0.59	0.50
Enterprise Value to EBITDA (EV/EBITDA)	9.43	5.80	8.57	6.75	10.17	6.26	8.09	6.73	8.75	12.08	9.75
Enterprise Value to EBIT (EV/EBIT)	12.70	7.26	12.08	9.52	15.92	8.06	10.93	8.26	11.17	16.11	13.49
Enterprise Value to NOPAT (EV/NOPAT)	20.10	11.63	11.91	12.22	20.85	10.63	14.38	10.83	14.73	20.88	17.50
Enterprise Value to Operating Cash Flow (EV/OCF)	14.68	8.42	12.16	7.77	13.67	7.99	8.96	8.03	11.77	14.11	11.93
Enterprise Value to Free Cash Flow (EV/FCFF)	142.32	19.94	64.20	14.30	32.77	12.45	0.00	10.81	18.76	27.77	23.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.96	1.19	1.07	1.29	1.28	2.25	2.82	2.17	2.20	3.50
Long-Term Debt to Equity	0.62	0.90	1.17	1.04	1.24	1.21	2.23	2.80	2.15	2.18	3.47
Financial Leverage	0.26	0.56	0.85	0.90	0.89	1.01	1.51	2.27	2.31	2.08	2.70
Leverage Ratio	2.32	2.67	3.08	3.04	3.13	3.39	4.23	5.64	5.76	5.32	6.33
Compound Leverage Factor	2.03	2.40	2.59	2.56	2.36	3.08	3.66	5.16	5.12	4.67	5.36
Debt to Total Capital	38.23%	49.02%	54.40%	51.68%	56.38%	56.11%	69.22%	73.82%	68.47%	68.75%	77.78%
Short-Term Debt to Total Capital	0.02%	2.97%	1.23%	1.27%	2.11%	2.87%	0.57%	0.61%	0.57%	0.58%	0.68%
Long-Term Debt to Total Capital	38.21%	46.05%	53.17%	50.41%	54.28%	53.24%	68.65%	73.21%	67.90%	68.17%	77.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.77%	50.98%	45.60%	48.32%	43.62%	43.89%	30.78%	26.18%	31.53%	31.25%	22.22%
Debt to EBITDA	1.46	1.37	2.19	1.88	2.47	1.39	2.22	1.52	1.71	1.87	2.19
Net Debt to EBITDA	1.15	1.05	1.77	1.48	1.80	1.16	1.91	1.45	1.58	1.82	2.16
Long-Term Debt to EBITDA	1.46	1.29	2.14	1.83	2.37	1.32	2.20	1.51	1.69	1.85	2.17
Debt to NOPAT	3.11	2.75	3.04	3.41	5.06	2.36	3.95	2.45	2.87	3.23	3.93
Net Debt to NOPAT	2.46	2.12	2.46	2.68	3.69	1.98	3.39	2.34	2.67	3.14	3.88
Long-Term Debt to NOPAT	3.11	2.58	2.97	3.32	4.87	2.24	3.92	2.43	2.85	3.20	3.90
Altman Z-Score	9.11	7.67	7.58	8.24	7.48	6.99	6.47	8.44	7.92	7.74	6.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.00	1.15	1.19	1.41	1.18	1.14	0.85	0.95	0.79	0.80
Quick Ratio	0.61	0.66	0.74	0.68	0.90	0.63	0.67	0.42	0.53	0.33	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22	142	54	217	131	362	-284	738	492	431	419
Operating Cash Flow to CapEx	105.55%	190.84%	110.18%	196.31%	154.87%	253.23%	271.80%	335.48%	235.29%	185.84%	186.16%
Free Cash Flow to Firm to Interest Expense	0.66	3.59	1.15	4.10	1.87	7.07	-3.44	8.66	4.99	4.44	3.78
Operating Cash Flow to Interest Expense	6.44	8.50	6.07	7.54	4.50	11.01	8.95	11.66	7.96	8.73	7.34
Operating Cash Flow Less CapEx to Interest Expense	0.34	4.05	0.56	3.70	1.59	6.66	5.66	8.19	4.58	4.03	3.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	6.62	5.83	5.80	6.12	5.56	4.19	5.16	5.74	5.09	4.56	4.18
Accounts Receivable Turnover	92.45	72.52	62.76	78.92	90.05	65.93	95.26	98.22	69.63	66.90	71.17
Inventory Turnover	75.03	68.41	70.06	65.71	57.48	38.77	54.29	68.85	58.20	48.30	41.80
Fixed Asset Turnover	9.70	7.99	7.99	8.38	7.89	6.13	8.18	9.69	8.56	7.52	6.71
Accounts Payable Turnover	30.43	24.50	23.84	27.36	27.97	20.96	27.42	28.07	22.96	20.99	19.57
Days Sales Outstanding (DSO)	3.95	5.03	5.82	4.63	4.05	5.54	3.83	3.72	5.24	5.46	5.13
Days Inventory Outstanding (DIO)	4.86	5.34	5.21	5.55	6.35	9.42	6.72	5.30	6.27	7.56	8.73
Days Payable Outstanding (DPO)	11.99	14.90	15.31	13.34	13.05	17.42	13.31	13.00	15.90	17.39	18.65
Cash Conversion Cycle (CCC)	-3.18	-4.53	-4.28	-3.16	-2.65	-2.47	-2.76	-3.99	-4.38	-4.38	-4.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,112	1,213	1,449	1,486	1,561	1,623	2,366	2,365	2,499	2,642	2,777
Invested Capital Turnover	12.16	9.97	9.63	9.79	9.21	7.08	8.70	9.91	8.85	7.88	7.15
Increase / (Decrease) in Invested Capital	135	102	236	37	75	62	743	-1.10	135	142	136
Enterprise Value (EV)	3,169	2,839	3,448	3,098	4,281	4,506	6,604	7,984	9,227	11,961	9,713
Market Capitalization	2,781	2,323	2,738	2,419	3,524	3,667	5,045	6,260	7,557	10,160	7,560
Book Value per Share	$16.94	$18.06	$21.22	$25.04	$26.11	$27.45	$31.49	$28.36	$38.96	$41.49	$33.28
Tangible Book Value per Share	$16.94	$18.06	$21.22	$25.04	$26.11	$26.24	$13.21	$7.63	$16.97	$18.40	$8.34
Total Capital	1,283	1,367	1,619	1,671	1,841	1,787	2,622	2,448	2,629	2,689	2,806
Total Debt	490	670	881	863	1,038	1,002	1,815	1,807	1,800	1,848	2,183
Total Long-Term Debt	490	630	861	842	999	951	1,800	1,792	1,785	1,833	2,164
Net Debt	388	516	711	679	758	839	1,559	1,724	1,670	1,801	2,154
Capital Expenditures (CapEx)	204	177	257	203	202	223	271	297	333	456	437
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-59	-112	-69	-71	-36	-18	-149	-191	-156	-231	-191
Debt-free Net Working Capital (DFNWC)	44	42	101	113	245	145	108	-112	-31	-184	-162
Net Working Capital (NWC)	43	0.99	81	92	206	94	93	-127	-46	-200	-181
Net Nonoperating Expense (NNE)	-19	23	44	40	51	38	62	64	69	70	84
Net Nonoperating Obligations (NNO)	319	516	711	679	758	839	1,559	1,724	1,670	1,801	2,154
Total Depreciation and Amortization (D&A)	87	99	117	134	152	161	213	220	228	248	277
Debt-free, Cash-free Net Working Capital to Revenue	-0.46%	-0.97%	-0.54%	-0.50%	-0.25%	-0.16%	-0.86%	-0.81%	-0.73%	-1.14%	-0.99%
Debt-free Net Working Capital to Revenue	0.34%	0.36%	0.79%	0.79%	1.74%	1.29%	0.62%	-0.48%	-0.15%	-0.91%	-0.84%
Net Working Capital to Revenue	0.34%	0.01%	0.63%	0.64%	1.47%	0.84%	0.53%	-0.54%	-0.22%	-0.99%	-0.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.06	$5.64	$6.85	$6.54	$4.90	$13.25	$15.14	$28.63	$25.91	$24.47	$24.38
Adjusted Weighted Average Basic Shares Outstanding	43.43M	39.27M	35.82M	32.67M	31.59M	29.13M	26.21M	23.51M	21.49M	20.53M	19.30M
Adjusted Diluted Earnings per Share	$4.02	$5.59	$6.78	$6.48	$4.86	$13.08	$14.92	$28.10	$25.49	$24.11	$24.10
Adjusted Weighted Average Diluted Shares Outstanding	43.79M	39.65M	36.16M	32.98M	31.86M	29.53M	26.60M	23.95M	21.84M	20.84M	19.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.68M	36.90M	33.87M	32.26M	30.46M	27.25M	24.83M	21.70M	20.81M	20.02M	18.54M
Normalized Net Operating Profit after Tax (NOPAT)	161	189	201	215	205	424	466	737	627	583	571
Normalized NOPAT Margin	1.26%	1.63%	1.57%	1.50%	1.46%	3.77%	2.68%	3.14%	2.91%	2.88%	2.95%
Pre Tax Income Margin	1.72%	3.04%	1.87%	1.91%	1.44%	4.52%	3.01%	3.77%	3.41%	3.22%	3.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.45	9.85	6.11	6.15	3.86	10.92	7.33	11.33	8.39	7.64	6.49
NOPAT to Interest Expense	4.70	6.15	6.20	4.79	2.95	8.28	5.57	8.64	6.36	5.90	5.00
EBIT Less CapEx to Interest Expense	1.35	5.40	0.60	2.31	0.96	6.58	4.04	7.85	5.00	2.95	2.55
NOPAT Less CapEx to Interest Expense	-1.40	1.70	0.69	0.95	0.04	3.93	2.28	5.17	2.98	1.20	1.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	1.79%	6.88%	4.44%	6.00%	7.32%	8.82%
Augmented Payout Ratio	141.03%	145.96%	83.98%	67.60%	107.11%	105.28%	96.32%	124.28%	65.84%	96.02%	146.92%

This table displays calculated financial ratios and metrics derived from Murphy USA's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	18,470,685.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	18,470,685.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	7.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.41%	-5.54%	-4.60%	-2.39%	-9.65%	-7.07%	-6.57%	-8.19%	-2.45%	0.70%	6.49%
EBITDA Growth	-16.99%	19.54%	-25.19%	7.71%	-6.10%	-3.71%	-5.24%	3.51%	-4.42%	6.84%	78.02%
EBIT Growth	-20.96%	25.42%	-35.25%	9.20%	-9.68%	-9.49%	-17.23%	1.38%	-8.87%	6.33%	134.44%
NOPAT Growth	-21.17%	23.05%	-31.91%	8.34%	-10.37%	-3.90%	-10.79%	1.89%	-9.15%	2.75%	109.88%
Net Income Growth	-23.60%	27.44%	-37.91%	9.04%	-11.03%	-5.00%	-19.39%	0.55%	-12.94%	-0.42%	156.20%
EPS Growth	-17.13%	33.97%	-35.00%	14.95%	-6.37%	-1.58%	-15.71%	6.36%	-6.11%	6.99%	176.81%
Operating Cash Flow Growth	-25.49%	22.36%	-9.15%	52.34%	6.37%	-8.93%	-5.51%	-2.19%	-8.56%	-1.29%	149.03%
Free Cash Flow Firm Growth	-66.77%	-76.86%	6.17%	88.52%	-6.23%	-45.06%	-165.21%	-83.30%	-66.03%	62.98%	270.41%
Invested Capital Growth	5.13%	5.69%	4.66%	3.33%	4.27%	5.69%	5.86%	6.04%	5.02%	5.14%	1.38%
Revenue Q/Q Growth	3.80%	-12.57%	-4.44%	12.55%	-3.91%	-10.08%	-3.93%	10.60%	2.10%	-7.17%	1.60%
EBITDA Q/Q Growth	18.19%	-9.46%	-40.31%	68.39%	3.04%	-7.16%	-41.17%	83.93%	-4.86%	3.78%	-1.98%
EBIT Q/Q Growth	23.63%	-11.31%	-51.58%	105.68%	2.26%	-11.12%	-55.72%	151.95%	-8.08%	3.71%	-2.38%
NOPAT Q/Q Growth	23.61%	-10.60%	-48.92%	91.93%	2.26%	-4.15%	-52.58%	119.21%	-8.82%	8.40%	-3.14%
Net Income Q/Q Growth	26.28%	-10.55%	-56.00%	119.39%	3.04%	-4.49%	-62.67%	173.68%	-10.78%	9.24%	-3.95%
EPS Q/Q Growth	27.74%	-9.23%	-55.30%	121.79%	4.05%	-4.58%	-61.72%	179.85%	-8.15%	8.73%	-0.95%
Operating Cash Flow Q/Q Growth	10.98%	43.74%	-50.20%	91.76%	-22.51%	23.06%	-48.33%	98.52%	-27.56%	32.85%	30.35%
Free Cash Flow Firm Q/Q Growth	46.68%	-50.32%	-185.87%	401.27%	-27.04%	-70.89%	-514.48%	118.97%	48.40%	39.68%	333.38%
Invested Capital Q/Q Growth	2.67%	-0.22%	0.54%	0.33%	3.60%	1.14%	0.70%	0.50%	2.60%	1.25%	-2.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.89%	11.67%	9.88%	11.15%	11.87%	12.72%	10.69%	12.23%	12.26%	13.44%	12.75%
EBITDA Margin	5.23%	5.42%	3.39%	5.07%	5.44%	5.62%	3.44%	5.72%	5.33%	5.96%	5.75%
Operating Margin	4.27%	4.29%	2.17%	3.98%	4.23%	4.22%	1.94%	4.38%	3.95%	4.42%	4.26%
EBIT Margin	4.24%	4.30%	2.18%	3.98%	4.24%	4.19%	1.93%	4.40%	3.96%	4.42%	4.25%
Profit (Net Income) Margin	2.89%	2.96%	1.36%	2.66%	2.85%	3.03%	1.18%	2.91%	2.54%	2.99%	2.83%
Tax Burden Percent	75.07%	76.41%	80.59%	74.95%	75.09%	80.15%	85.95%	75.64%	74.91%	78.22%	77.36%
Interest Burden Percent	90.85%	90.00%	77.56%	88.95%	89.46%	90.07%	70.82%	87.42%	85.67%	86.42%	85.99%
Effective Tax Rate	24.93%	23.59%	19.41%	25.05%	24.91%	19.85%	14.05%	24.36%	25.09%	21.78%	22.64%
Return on Invested Capital (ROIC)	28.60%	28.99%	15.17%	25.46%	25.58%	26.67%	12.88%	24.85%	21.38%	24.72%	24.20%
ROIC Less NNEP Spread (ROIC-NNEP)	27.50%	28.04%	14.07%	24.41%	24.58%	25.69%	11.65%	23.76%	20.31%	23.61%	23.07%
Return on Net Nonoperating Assets (RNNOA)	55.98%	64.78%	32.07%	53.11%	50.54%	53.44%	28.50%	60.93%	58.73%	63.79%	66.59%
Return on Equity (ROE)	84.58%	93.76%	47.24%	78.57%	76.12%	80.10%	41.38%	85.78%	80.11%	88.51%	90.79%
Cash Return on Invested Capital (CROIC)	19.35%	20.22%	19.30%	20.85%	18.46%	16.76%	16.06%	15.93%	15.68%	15.48%	22.51%
Operating Return on Assets (OROA)	21.94%	21.89%	11.02%	19.53%	20.06%	19.10%	8.74%	18.94%	16.88%	18.51%	17.86%
Return on Assets (ROA)	14.96%	15.06%	6.89%	13.02%	13.48%	13.79%	5.32%	12.52%	10.84%	12.51%	11.88%
Return on Common Equity (ROCE)	84.58%	93.76%	47.24%	78.57%	76.12%	80.10%	41.38%	85.78%	80.11%	88.51%	90.79%
Return on Equity Simple (ROE_SIMPLE)	62.14%	0.00%	66.08%	65.14%	61.44%	0.00%	68.05%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	186	166	85	163	166	159	76	166	151	164	159
NOPAT Margin	3.20%	3.27%	1.75%	2.98%	3.18%	3.39%	1.67%	3.31%	2.96%	3.45%	3.29%
Net Nonoperating Expense Percent (NNEP)	1.09%	0.94%	1.10%	1.05%	1.00%	0.98%	1.22%	1.08%	1.07%	1.11%	1.13%
Return On Investment Capital (ROIC_SIMPLE)	-	6.31%	-	-	-	5.93%	2.79%	6.08%	5.43%	5.84%	5.64%
Cost of Revenue to Revenue	89.11%	88.33%	90.12%	88.85%	88.13%	87.28%	89.31%	87.77%	87.74%	86.56%	87.25%
SG&A Expenses to Revenue	5.62%	6.24%	6.49%	6.03%	6.42%	6.81%	7.21%	6.52%	6.68%	7.30%	6.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.63%	7.38%	7.71%	7.16%	7.64%	8.49%	8.74%	7.85%	8.31%	9.02%	8.49%
Earnings before Interest and Taxes (EBIT)	246	218	106	217	222	197	87	220	202	210	205
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	303	275	164	277	285	265	156	286	272	283	277
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.65	9.12	11.40	11.99	12.17	12.09	13.07	12.44	13.72	12.12	13.90
Price to Tangible Book Value (P/TBV)	19.41	20.93	28.39	28.30	27.86	27.27	37.30	44.99	95.30	48.40	47.84
Price to Revenue (P/Rev)	0.33	0.35	0.42	0.46	0.49	0.50	0.47	0.41	0.39	0.39	0.47
Price to Earnings (P/E)	13.92	13.57	17.25	18.40	19.80	20.22	19.20	16.39	15.90	16.06	16.54
Dividend Yield	0.44%	0.44%	0.38%	0.35%	0.35%	0.36%	0.40%	0.47%	0.52%	0.53%	0.46%
Earnings Yield	7.18%	7.37%	5.80%	5.43%	5.05%	4.95%	5.21%	6.10%	6.29%	6.23%	6.05%
Enterprise Value to Invested Capital (EV/IC)	3.58	3.69	4.24	4.54	4.55	4.53	4.26	3.77	3.53	3.50	4.15
Enterprise Value to Revenue (EV/Rev)	0.41	0.43	0.50	0.54	0.58	0.59	0.57	0.52	0.50	0.50	0.57
Enterprise Value to EBITDA (EV/EBITDA)	8.88	8.75	10.65	11.22	11.88	12.08	11.56	10.16	9.90	9.75	10.01
Enterprise Value to EBIT (EV/EBIT)	11.46	11.17	13.85	14.53	15.57	16.11	15.67	13.84	13.69	13.49	13.37
Enterprise Value to NOPAT (EV/NOPAT)	15.06	14.73	18.16	19.11	20.51	20.88	20.16	17.79	17.59	17.50	17.50
Enterprise Value to Operating Cash Flow (EV/OCF)	12.21	11.77	13.81	13.30	13.63	14.11	13.50	12.06	11.86	11.93	11.13
Enterprise Value to Free Cash Flow (EV/FCFF)	18.96	18.76	22.44	22.11	25.16	27.77	27.31	24.34	23.07	23.16	18.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.13	2.17	2.30	2.22	2.21	2.20	2.77	3.22	4.10	3.50	3.27
Long-Term Debt to Equity	2.12	2.15	2.28	2.20	2.19	2.18	2.74	3.20	4.07	3.47	3.24
Financial Leverage	2.04	2.31	2.28	2.18	2.06	2.08	2.45	2.56	2.89	2.70	2.89
Leverage Ratio	5.24	5.76	5.62	5.53	5.20	5.32	5.87	6.21	6.60	6.33	6.80
Compound Leverage Factor	4.76	5.18	4.36	4.92	4.65	4.79	4.16	5.43	5.65	5.47	5.85
Debt to Total Capital	68.09%	68.47%	69.71%	68.90%	68.86%	68.75%	73.44%	76.31%	80.40%	77.78%	76.60%
Short-Term Debt to Total Capital	0.57%	0.57%	0.59%	0.60%	0.59%	0.58%	0.58%	0.53%	0.60%	0.68%	0.68%
Long-Term Debt to Total Capital	67.53%	67.90%	69.11%	68.30%	68.27%	68.17%	72.86%	75.78%	79.80%	77.10%	75.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.91%	31.53%	30.29%	31.10%	31.14%	31.25%	26.56%	23.69%	19.60%	22.22%	23.40%
Debt to EBITDA	1.78	1.71	1.80	1.76	1.84	1.87	2.03	2.10	2.29	2.19	1.93
Net Debt to EBITDA	1.65	1.58	1.73	1.68	1.78	1.82	1.98	2.05	2.24	2.16	1.82
Long-Term Debt to EBITDA	1.77	1.69	1.78	1.75	1.82	1.85	2.01	2.09	2.27	2.17	1.91
Debt to NOPAT	3.03	2.87	3.07	3.00	3.17	3.23	3.54	3.68	4.07	3.93	3.37
Net Debt to NOPAT	2.79	2.67	2.95	2.86	3.08	3.14	3.45	3.58	3.99	3.88	3.19
Long-Term Debt to NOPAT	3.00	2.85	3.04	2.98	3.14	3.20	3.51	3.65	4.04	3.90	3.34
Altman Z-Score	7.55	7.46	7.59	7.61	7.64	7.35	7.11	6.72	6.53	6.54	6.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	0.95	0.87	0.84	0.80	0.79	0.80	0.80	0.81	0.80	0.83
Quick Ratio	0.58	0.53	0.50	0.49	0.37	0.33	0.36	0.36	0.37	0.33	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	63	31	-27	81	59	17	-72	14	20	28	122
Operating Cash Flow to CapEx	240.81%	246.26%	180.85%	222.15%	147.95%	195.98%	146.86%	218.97%	158.49%	210.55%	326.20%
Free Cash Flow to Firm to Interest Expense	2.57	1.31	-1.09	3.27	2.43	0.76	-2.82	0.49	0.69	0.99	4.21
Operating Cash Flow to Interest Expense	7.72	11.38	5.46	10.47	8.28	10.86	5.06	9.18	6.35	8.58	11.03
Operating Cash Flow Less CapEx to Interest Expense	4.52	6.76	2.44	5.76	2.68	5.32	1.61	4.99	2.34	4.51	7.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	5.17	5.09	5.05	4.90	4.73	4.56	4.52	4.30	4.26	4.18	4.20
Accounts Receivable Turnover	72.53	69.63	66.01	64.40	67.91	66.90	61.07	57.06	68.29	71.17	62.85
Inventory Turnover	63.48	58.20	63.80	56.63	54.10	48.30	53.61	48.12	46.76	41.80	47.24
Fixed Asset Turnover	8.81	8.56	8.40	8.21	7.83	7.52	7.38	7.07	6.84	6.71	6.80
Accounts Payable Turnover	25.62	22.96	24.01	21.87	23.16	20.99	20.90	18.66	20.65	19.57	18.34
Days Sales Outstanding (DSO)	5.03	5.24	5.53	5.67	5.38	5.46	5.98	6.40	5.34	5.13	5.81
Days Inventory Outstanding (DIO)	5.75	6.27	5.72	6.45	6.75	7.56	6.81	7.59	7.81	8.73	7.73
Days Payable Outstanding (DPO)	14.24	15.90	15.20	16.69	15.76	17.39	17.46	19.56	17.68	18.65	19.90
Cash Conversion Cycle (CCC)	-3.46	-4.38	-3.95	-4.58	-3.64	-4.38	-4.68	-5.58	-4.53	-4.79	-6.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,505	2,499	2,513	2,521	2,612	2,642	2,660	2,673	2,743	2,777	2,697
Invested Capital Turnover	8.93	8.85	8.67	8.53	8.05	7.88	7.70	7.50	7.23	7.15	7.35
Increase / (Decrease) in Invested Capital	122	135	112	81	107	142	147	152	131	136	37
Enterprise Value (EV)	8,962	9,227	10,641	11,436	11,882	11,961	11,344	10,066	9,687	9,713	11,194
Market Capitalization	7,302	7,557	8,910	9,726	10,100	10,160	9,404	8,039	7,490	7,560	9,156
Book Value per Share	$39.35	$38.96	$37.55	$39.16	$40.51	$41.49	$35.95	$32.69	$28.30	$33.28	$35.54
Tangible Book Value per Share	$17.54	$16.97	$15.08	$16.59	$17.69	$18.40	$12.59	$9.04	$4.07	$8.34	$10.33
Total Capital	2,646	2,629	2,580	2,608	2,666	2,689	2,709	2,727	2,786	2,806	2,815
Total Debt	1,801	1,800	1,798	1,797	1,836	1,848	1,990	2,081	2,240	2,183	2,157
Total Long-Term Debt	1,786	1,785	1,783	1,781	1,820	1,833	1,974	2,067	2,223	2,164	2,137
Net Debt	1,661	1,670	1,731	1,710	1,782	1,801	1,940	2,027	2,197	2,154	2,038
Capital Expenditures (CapEx)	79	111	75	117	137	127	88	117	117	117	98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-105	-156	-165	-219	-208	-231	-209	-239	-203	-191	-278
Debt-free Net Working Capital (DFNWC)	28	-31	-102	-135	-154	-184	-160	-185	-160	-162	-160
Net Working Capital (NWC)	13	-46	-117	-151	-170	-200	-175	-200	-177	-181	-179
Net Nonoperating Expense (NNE)	18	16	19	18	17	17	22	20	21	22	22
Net Nonoperating Obligations (NNO)	1,661	1,670	1,731	1,710	1,782	1,801	1,940	2,027	2,197	2,154	2,038
Total Depreciation and Amortization (D&A)	58	57	59	59	63	67	68	66	70	73	72
Debt-free, Cash-free Net Working Capital to Revenue	-0.48%	-0.73%	-0.77%	-1.04%	-1.01%	-1.14%	-1.05%	-1.23%	-1.05%	-0.99%	-1.41%
Debt-free Net Working Capital to Revenue	0.13%	-0.15%	-0.48%	-0.64%	-0.75%	-0.91%	-0.80%	-0.95%	-0.83%	-0.84%	-0.81%
Net Working Capital to Revenue	0.06%	-0.22%	-0.55%	-0.71%	-0.82%	-0.99%	-0.88%	-1.03%	-0.91%	-0.94%	-0.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.83	$7.07	$3.17	$7.02	$7.30	$6.98	$2.67	$7.44	$6.83	$7.44	$7.36
Adjusted Weighted Average Basic Shares Outstanding	21.40M	21.49M	20.81M	20.64M	20.44M	20.53M	19.93M	19.55M	19.03M	19.30M	18.52M
Adjusted Diluted Earnings per Share	$7.69	$6.98	$3.12	$6.92	$7.20	$6.87	$2.63	$7.36	$6.76	$7.35	$7.28
Adjusted Weighted Average Diluted Shares Outstanding	21.79M	21.84M	21.16M	20.92M	20.74M	20.84M	20.20M	19.77M	19.23M	19.53M	18.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	21.28M	20.81M	20.72M	20.49M	20.25M	20.02M	19.76M	19.29M	18.73M	18.54M	18.47M
Normalized Net Operating Profit after Tax (NOPAT)	186	166	84	164	167	162	76	166	161	166	159
Normalized NOPAT Margin	3.21%	3.28%	1.74%	3.00%	3.18%	3.44%	1.68%	3.31%	3.14%	3.50%	3.29%
Pre Tax Income Margin	3.85%	3.87%	1.69%	3.54%	3.79%	3.77%	1.37%	3.85%	3.39%	3.82%	3.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.00	9.09	4.24	8.72	9.10	8.62	3.44	7.92	6.96	7.34	7.07
NOPAT to Interest Expense	7.55	6.92	3.40	6.53	6.82	6.96	2.98	5.96	5.20	5.73	5.47
EBIT Less CapEx to Interest Expense	6.79	4.47	1.22	4.01	3.50	3.08	0.00	3.73	2.95	3.26	3.68
NOPAT Less CapEx to Interest Expense	4.34	2.29	0.38	1.82	1.22	1.42	-0.47	1.77	1.19	1.65	2.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.20%	6.00%	6.60%	6.62%	7.02%	7.32%	7.72%	7.85%	8.36%	8.82%	7.84%
Augmented Payout Ratio	84.79%	65.84%	85.19%	85.68%	100.78%	96.02%	111.72%	133.64%	159.25%	146.92%	110.85%

Financials Breakdown Chart

Key Financial Trends

Murphy USA (NYSE: MUSA) has shown a mix of margin improvement, steady earnings, and solid operating cash flow over the last four years through Q4 2025. Below are the most notable trends based on quarterly statements from 2022–2025.

Gross margin expanded from about 11.7% in 2023 Q4 to roughly 13.4% in 2025 Q4, as gross profit rose from approximately $0.592B on $5.069B revenue (2023 Q4) to about $0.637B on $4.744B revenue (2025 Q4).
Net income attributable to common shareholders remained broadly stable in 2024–2025, with 2025 Q4 at about $141.9M vs. 2024 Q4 at about $142.5M (historical peak around $150M in 2023 Q4).
Operating cash flow was consistently positive across 2025 quarters, including $128.5M (Q1), $255.1M (Q2), $184.8M (Q3), and $245.5M (Q4) from continuing operating activities, signaling solid cash generation from core operations.
The quarterly dividend per share remained generous and steady at $0.53 starting in Q2 2025 (with $0.49 in Q1 2025), indicating a stable capital return policy.
Plant, Property & Equipment net is substantial (about $2.9B in 2025 Q3), underscoring a large capital base to support Murphy’s store network and ongoing operations.

Depreciation expense stayed in a fairly stable range (approximately $66–$73M per quarter in 2025), helping to keep operating metrics from large swings.
Interest expense remained a modest quarterly burden (roughly $25–$29M in 2025), indicating manageable financing costs relative to earnings power.
Changes in operating assets and liabilities, net, fluctuated modestly quarter to quarter (for example, +$29.2M in 2025 Q4 and negative swings in other quarters), reflecting normal working capital dynamics in a retailer with a large footprint.

The balance sheet is highly leveraged, with total liabilities around $3.4–4.1B and total equity in the sub-$1B range across 2025, and a sizable treasury stock position that reduces reported equity (notably, Treasury Stock around -$3.97B in 2025 Q3 vs. Total Equity of about $0.55B).
Liquidity risk exists at times: cash and equivalents were modest (about $42–43M around 2025 Q3), while current liabilities often exceed current assets in some periods, implying occasional negative working capital pressures.
Net cash from financing activities was negative in multiple quarters in 2025 (e.g., -$144.6M in 2025 Q4), reflecting ongoing cash outflows for debt repayments and share repurchases rather than net cash build-up.

05/14/26 05:23 AM ETAI Generated. May Contain Errors.

Murphy USA Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Murphy USA's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Murphy USA's net income appears to be on an upward trend, with a most recent value of $470.60 million in 2025, rising from $176.34 million in 2015. The previous period was $502.50 million in 2024. See where experts think Murphy USA is headed by visiting Murphy USA's forecast page.

Murphy USA's total operating income in 2025 was $718.50 million, based on the following breakdown:

Total Gross Profit: $2.36 billion
Total Operating Expenses: $1.64 billion

Over the last 10 years, Murphy USA's total revenue changed from $12.70 billion in 2015 to $19.38 billion in 2025, a change of 52.6%.

Murphy USA's total liabilities were at $4.10 billion at the end of 2025, a 10.8% increase from 2024, and a 275.0% increase since 2015.

In the past 10 years, Murphy USA's cash and equivalents has ranged from $28.90 million in 2025 to $280.30 million in 2019, and is currently $28.90 million as of their latest financial filing in 2025.

Over the last 10 years, Murphy USA's book value per share changed from 16.94 in 2015 to 33.28 in 2025, a change of 96.4%.

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Financial statements for NYSE:MUSA last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Murphy USA (MUSA) Financials

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Murphy USA (MUSA) Financials

Annual Income Statements for Murphy USA

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When does Murphy USA's financial year end?

How has Murphy USA's net income changed over the last 10 years?

What is Murphy USA's operating income?

How has Murphy USA's revenue changed over the last 10 years?

How much debt does Murphy USA have?

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How has Murphy USA's book value per share changed over the last 10 years?

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