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Murphy USA Inc.

Murphy USA Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.4 billion, down 4.25% from fiscal 2024.

Revenue: +34.8%
EPS: +41.3%
Free cash flow: +185.5%
Total debt: −2.33%

Quarter to September 2026, against a year earlier

Dividend growth 5 yrs

514.46 12.04 +2.40%

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Market cap: $9.3B
P/E: 14.3×
Fwd P/E: 15.3×
Dividend yield: 0.64%
F-score: 6/9
Altman Z: 6.93
Beneish M: −2.87
Dividend safety: 84/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Murphy USA Inc. (MUSA) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Marketing	19,384	100.00%
Gross margin		12.17%
Operating margin		3.71%
Pre-tax margin		3.14%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Petroleum product sales	14,863 76.68%	15,892 78.50%	17,104 79.45%	19,230 82.02%	13,411 77.25%	8,209 72.87%	11,374 81.04%	11,858 82.56%
Merchandise sales	4,304 22.20%	4,215 20.82%	4,089 18.99%	3,903 16.65%	3,678 21.18%	2,955 26.23%	2,620 18.67%	2,423 16.87%
Other operating revenues	217 1.12%	138 0.68%	336 1.56%	313 1.33%	272 1.57%	101 0.89%	41 0.29%	82 0.57%
Revenue	19,384	20,244	21,529	23,446	17,361	11,264	14,035	14,363

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Petroleum product sales	‡	‡	‡	‡	‡	‡	‡	‡
Merchandise sales	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2014	FY2013	FY2012	FY2011
Marketing	19,384 100.00%	20,244 100.00%	21,529 100.00%	17,360 100.00%	11,264 100.00%	14,034 100.00%	14,362 100.00%	12,826 100.00%	11,594 100.00%	16,986 100.00%	17,814 100.00%	19,011 98.50%	18,703 98.86%
Corporate and Other	—	—	—	—	—	—	—	—	—	224 1.32%	269 1.51%	290 1.50%	216 1.14%
Eliminations	—	—	—	—	—	—	—	—	—	(224) (1.32%)	(269) (1.51%)	—	—
Revenue	19,384	20,244	21,529	17,361	11,264	14,035	14,363	12,827	11,595	16,986	17,814	19,301	18,919

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2014	FY2013	FY2012	FY2011
Marketing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Closed	Q3 FY2026	−2.00	−2.00	0.00%
Merchandise sales	Q3 FY2026	0.20%	0.70%	—
Merchandise sales	Q2 FY2026	0.60%	−0.70%	—
Net change	Q3 FY2026	2.00	6.00	−66.67%
New-to-industry	Q3 FY2026	4.00	8.00	−50.00%
Nicotine sales	Q3 FY2026	1.50%	0.70%	—
NTI	Q3 FY2026	51.00	36.00	+41.67%
Raze-and-rebuilds	Q3 FY2026	2.00	4.00	−50.00%
Raze-and-rebuilds reopened in Q4	Q3 FY2026	2.00	11.00	−81.82%
Retail fuel volume - chain	Q3 FY2026	1.3B	1.3B	+3.30%
Retail fuel volume per month	Q3 FY2026	0.20%	−1.80%	—
Retail fuel volume per month	Q3 FY2026	0.10%	−2.60%	—
Retail fuel volume - per store	Q2 FY2026	242.4K	241.6K	+0.33%
Retail fuel volume - per store	Q3 FY2026	243.7K	241.7K	+0.83%
Store count at end of period	Q3 FY2026	1.8K	1.8K	+2.03%
Store OPEX excluding payment fees and rent	Q3 FY2026	$36,700.00	$37,200.00	−1.34%
Total merchandise sales	Q3 FY2026	$214,200.00	$214,100.00	+0.05%
Total retail gallons	Q3 FY2026	3.30%	1.20%	—
Total store months during the period	Q3 FY2026	5.4K	5.3K	+2.67%
Total under construction at end of Q4	Q3 FY2026	53.00	40.00	+32.50%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Closed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Merchandise sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Merchandise sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New-to-industry	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Nicotine sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NTI	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Raze-and-rebuilds	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Raze-and-rebuilds reopened in Q4	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail fuel volume - chain	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail fuel volume per month	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail fuel volume per month	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail fuel volume - per store	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail fuel volume - per store	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Store count at end of period	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Store OPEX excluding payment fees and rent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total merchandise sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total retail gallons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total store months during the period	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total under construction at end of Q4	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.