Murphy USA (MUSA) financial statements
Murphy USA reported revenue of $19.4B in fiscal 2025, up 5.9% a year over 9 years.
Net income was $471M and the operating margin 3.7%, against 3.3% in 2016.
Free cash flow was $374M, and the company returned $42M in dividends and $650M in net buybacks.
The diluted share count fell 51% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Murphy USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.6B | $12.8B | $14.4B | $14.0B | $11.3B | $17.4B | $23.4B | $21.5B | $20.2B | $19.4B |
| Cost of revenue | $2.0B | $2.0B | — | — | — | — | — | — | — | — |
| Gross profit | $9.6B | $10.8B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $123M | $141M | $136M | $145M | $171M | $194M | $232M | $240M | $235M | $232M |
| Operating income | $388M | $283M | $325M | $268M | $559M | $604M | $968M | $826M | $743M | $718M |
| Interest expense | $40M | $47M | $53M | $55M | $51M | $82M | $85M | $98M | $97M | $111M |
| Pre-tax income | $352M | $240M | $274M | $202M | $509M | $522M | $884M | $734M | $652M | $609M |
| Income tax | $131M | -$5M | $60M | $48M | $123M | $125M | $211M | $178M | $149M | $139M |
| Net income | $222M | $245M | $214M | $155M | $386M | $397M | $673M | $557M | $502M | $471M |
| EPS (diluted) | $5.59 | $6.78 | $6.48 | $4.86 | $13.08 | $14.92 | $28.10 | $25.49 | $24.11 | $24.10 |
| Diluted shares | 40M | 36M | 33M | 32M | 30M | 27M | 24M | 22M | 21M | 20M |
| Gross margin | 83.0% | 84.5% | — | — | — | — | — | — | — | — |
| Operating margin | 3.3% | 2.2% | 2.3% | 1.9% | 5.0% | 3.5% | 4.1% | 3.8% | 3.7% | 3.7% |
| Net margin | 1.9% | 1.9% | 1.5% | 1.1% | 3.4% | 2.3% | 2.9% | 2.6% | 2.5% | 2.4% |
Balance sheet
Fiscal years, from Murphy USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $154M | $170M | $184M | $280M | $164M | $256M | $78M | $125M | $47M | $29M |
| Receivables | $184M | $225M | $139M | $173M | $169M | $196M | $282M | $337M | $268M | $276M |
| Inventory | $153M | $182M | $222M | $228M | $279M | $292M | $319M | $341M | $402M | $413M |
| Total current assets | $516M | $614M | $570M | $711M | $625M | $768M | $727M | $826M | $748M | $748M |
| Property, plant and equipment | $1.5B | $1.7B | $1.7B | $1.8B | $1.9B | $2.4B | $2.5B | $2.6B | $2.8B | $3.0B |
| Goodwill | — | — | — | — | $0 | $328M | $328M | $328M | $328M | $328M |
| Total assets | $2.1B | $2.3B | $2.4B | $2.7B | $2.7B | $4.0B | $4.1B | $4.3B | $4.5B | $4.7B |
| Total current liabilities | $515M | $533M | $478M | $505M | $531M | $675M | $854M | $873M | $948M | $929M |
| Long-term debt | $630M | $861M | $842M | $999M | $951M | $1.8B | $1.8B | $1.8B | $1.8B | $2.2B |
| Total liabilities | $1.4B | $1.6B | $1.6B | $1.9B | $1.9B | $3.2B | $3.5B | $3.5B | $3.7B | $4.1B |
| Shareholders' equity | $697M | $738M | $807M | $803M | $784M | $807M | $641M | $829M | $840M | $624M |
| Net debt | $476M | $691M | $658M | $719M | $788M | $1.5B | $1.7B | $1.7B | $1.8B | $2.1B |
Cash flow
Fiscal years, from Murphy USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $337M | $284M | $399M | $313M | $564M | $737M | $995M | $784M | $848M | $814M |
| Capital spending | $262M | $258M | $204M | $205M | $231M | $275M | $305M | $336M | $458M | $440M |
| Free cash flow | $75M | $25M | $194M | $108M | $333M | $463M | $689M | $448M | $390M | $374M |
| Stock-based compensation | $9M | $8M | $9M | $10M | $14M | $14M | $16M | $22M | $23M | $29M |
| Dividends paid | — | — | $0 | $0 | $7M | $27M | $30M | $33M | $37M | $42M |
| Share buybacks (net) | -$323M | -$206M | -$144M | -$166M | -$400M | -$355M | -$806M | -$333M | -$446M | -$650M |
| Net borrowing | $200M | $339M | $0 | $744M | $0 | $893M | $5M | $8M | $707M | $3.0B |
| Free cash flow margin | 0.6% | 0.2% | 1.4% | 0.8% | 3.0% | 2.7% | 2.9% | 2.1% | 1.9% | 1.9% |
| Dividends per share | — | — | — | — | $0.23 | $1.03 | $1.25 | $1.53 | $1.77 | $2.13 |
Questions
What was Murphy USA's revenue in 2025?
$19.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Murphy USA generate?
$374M in fiscal 2025 (operating cash flow minus capital spending).
From Murphy USA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.