Murphy USA Inc.

Listed Company

MUSACIK 0001573516NYSELarge AcceleratedRetail-Auto Dealers & Gasoline StationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$470.60M

Total Assets

$4.73B

Equity

$623.50M

Shares Out

18.54M

Op. Cash Flow

$813.90M

Business

Murphy USA Inc. markets retail motor fuel and convenience merchandise through a network of company-operated stores and wholesale supply arrangements. Its main products and services include gasoline and other motor fuels, convenience merchandise (snacks, beverages, nicotine products), enhanced food and beverage offerings at QuickChek, loyalty programs, and fuel sales to unbranded wholesale customers. The company reports a single Marketing business segment that comprises its retail stores and product supply and wholesale assets. It operates approximately 1,757 stores across 27 states, primarily near Walmart locations in the Southeast, Southwest and Midwest, with QuickChek stores in the Northeast, and distributes fuel via company-owned and third-party terminals and pipeline connections.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	19,384	20,244	21,529	23,446	17,361
Store and other operating expenses	1,109	1,065	1,015	977	827
Depreciation and amortization	277	248	229	220	213
Impairment of properties	5	8	0	0	—
Selling, general and administrative	232	235	241	233	194
Restructuring expense	13	0	0	—	—
Accretion of asset retirement obligations	3	3	3	3	3
Total operating expenses	18,663	19,497	20,703	22,480	16,758
Gain (loss) on sale of assets	−3	−5	−800,000	2	2
Income (loss) from operations	719	743	826	968	604
Investment (income) loss	200,000	6	7	3	100,000
Interest expense	−111	−97	−99	−85	—
Other nonoperating income (expense)	1	−600,000	0	−2	200,000
Total other income (expense)	−109	−91	−92	−85	−82
Income before income taxes	609	652	734	884	522
Income tax expense (benefit)	139	149	178	211	125
Net Income	471	503	557	673	397
Basic (in dollars per share)	24.38	24.47	25.91	28.63	15.14
Diluted (in dollars per share)	24.1	24.11	25.49	28.1	14.92
Basic (in shares)	19	21	21	24	26
Diluted (in shares)	20	21	22	24	27
Includes excise taxes	2,400	2,300	2,300	2,200	2,000

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	29	47	118	61	256
Accounts receivabletrade, less allowance for doubtful accounts of $0.3 in 2025 and 2024, respectively	276	269	337	282	196
Inventories, at lower of cost or market	413	402	341	319	292
Prepaid expenses and other current assets	30	31	24	48	23
Total current assets	748	748	827	727	768
Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,173.5 in 2025 and $1,931.4 in 2024, respectively	2,963	2,813	2,572	2,459	2,378
Operating lease right-of-use assets, net	526	493	452	450	419
Intangible assets, net of amortization	139	140	140	140	141
Goodwill	328	328	328	328	328
Other assets	22	20	18	15	14
Total assets	4,726	4,542	4,340	4,123	4,048
Current maturities of long-term debt	19	16	15	15	15
Trade accounts payable and accrued liabilities	865	874	835	839	660
Income taxes payable	45	58	23	0	0
Total current liabilities	929	948	873	854	675
Long-term debt, including capitalized lease obligations	2,164	1,833	1,785	1,792	1,800
Deferred income taxes	389	343	330	327	296
Asset retirement obligations	53	49	46	43	39
Non-current operating lease liabilities	535	496	450	444	409
Deferred credits and other liabilities	34	32	28	22	22
Total liabilities	4,102	3,702	3,511	3,483	3,241
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding)	0	0	0	0	0
Common Stock, par $0.01, (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2025 and 2024, respectively)	500,000	500,000	500,000	500,000	500,000
Treasury stock (28,201,581 and 26,750,846 shares held at December 31, 2025 and 2024, respectively)	−4,032	−3,391	−2,958	−2,633	−1,839
Additional paid in capital (APIC)	482	488	508	519	535
Retained earnings	4,172	3,743	3,278	2,755	2,112
Total stockholders' equity	624	840	829	641	807
Total liabilities and stockholders' equity	4,726	4,542	4,340	4,123	4,048

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred and noncurrent income tax charges (benefits)	45	14	2	32	19
Restructuring expense, net of cash paid	6	0	0	—	—
Amortization of discount on marketable securities	0	−200,000	−400,000	−100,000	0
Net (increases) decrease in noncash operating working capital	−33	33	−42	45	83
Other operating activities - net	37	35	35	25	25
Net cash provided (required) by operating activities	814	848	784	995	737
Property additions	−440	−458	−336	−305	−275
Proceeds from sale of assets	2	2	2	9	3
Investment in marketable securities	0	0	−13	−22	0
Redemptions of marketable securities	0	12	24	0	0
Other investing activities - net	1	−1	−2	−600,000	−2
Net cash provided (required) by investing activities	−436	−446	−324	−319	−914
Purchase of treasury stock	−650	−446	−333	−806	−355
Dividends paid	−42	−37	−33	−30	−27
Borrowings of debt	2,982	707	8	5	893
Repayments of debt	−2,654	−667	−23	−20	−224
Debt issuance costs	−9	0	0	0	−10
Amounts related to share-based compensation	−24	−30	−21	−20	−7
Net cash provided (required) by financing activities	−396	−473	−403	−871	270
Net increase (decrease) in cash, cash equivalents and restricted cash	−18	−71	57	−196	93

Filings

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