MUSA Murphy USA Inc.

Overview and Growth

In fiscal 2025, Murphy USA Inc. recorded $19.38B of revenue, net income of $470.60M, and an operating cash inflow of $813.90M. The $19.38B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 4.2% from $20.24B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of $24.10, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $24.11 in fiscal 2024, the current result was 0.0% lower. Total assets stood at $4.73B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 4.1x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $718.50M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 3.7%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $470.60M for the fiscal year. The final earnings result represented 2.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $609.20M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 3.1% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $138.60M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 22.8% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 75.5% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 10.0% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $4.73B, supported by $4.10B of liabilities and $623.50M of shareholder equity. The near-term balance sheet paired $747.80M of current assets with $929.10M of current liabilities at the reporting date. Current assets covered only 0.8x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $28.90M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 3.1% of current liabilities, showing how much near-term coverage came from cash alone. Liabilities represented 86.8% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 0.6%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 4.1% from $4.54B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 25.8% from $840.10M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $813.90M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.73x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $439.60M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 54.0%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $374.30M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 1.9%, showing how much sales converted into cash after investment. Free cash flow equaled 7.9% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.