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MUSA

Murphy USA Inc.

MUSA

Murphy USA Inc. • NYSE
$385.07 ▲ 0.03% (+0.13)
Market Cap $7.58 B
52w High $556.87
52w Low $345.23
Dividend Yield 2.15%
P/E 16.34
Volume 90.98K
Outstanding Shares 19.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.11B ▲ $138.6M ▲ $129.9M ▼ 2.542% ▼ $6.83 ▼ $272.4M ▼
Q2-2025 $5.005B ▲ $50.9M ▼ $145.6M ▲ 2.909% ▲ $7.44 ▲ $287.1M ▲
Q1-2025 $4.525B ▼ $395.6M ▼ $53.2M ▼ 1.176% ▼ $2.67 ▼ $155.5M ▼
Q4-2024 $4.71B ▼ $400M ▼ $142.5M ▼ 3.025% ▲ $7.07 ▼ $267.9M ▼
Q3-2024 $5.239B $400.1M $149.2M 2.848% $7.3 $285.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $42.8M ▼ $4.677B ▲ $4.131B ▲ $546M ▼
Q2-2025 $54.1M ▲ $4.622B ▲ $3.976B ▲ $646.1M ▼
Q1-2025 $49.4M ▲ $4.503B ▼ $3.783B ▲ $719.6M ▼
Q4-2024 $47M ▼ $4.542B ▲ $3.701B ▲ $840.1M ▲
Q3-2024 $54M $4.402B $3.572B $830.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $129.9M ▼ $184.8M ▼ $-116.9M ▼ $-79.2M ▲ $-11.3M ▼ $67.7M ▼
Q2-2025 $145.6M ▲ $255.1M ▲ $-116.6M ▼ $-133.8M ▼ $4.7M ▲ $137.1M ▲
Q1-2025 $53.2M ▼ $128.5M ▼ $-87.7M ▲ $-38.4M ▲ $2.4M ▲ $40.7M ▼
Q4-2024 $142.5M ▼ $248.7M ▲ $-124.9M ▲ $-129.3M ▼ $-5.5M ▲ $121.7M ▲
Q3-2024 $149.2M $202.1M $-131.5M $-97.9M $-27.3M $65.2M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Merchandise
Merchandise
 $1.05Bn ▲$1.00Bn ▼$1.09Bn ▲$1.12Bn ▲
Product Sales Petroleum
Product Sales Petroleum
 $0 ▲$3.49Bn ▲$3.85Bn ▲$3.92Bn ▲
Product Sales Petroleum Retail
Product Sales Petroleum Retail
 $0 ▲$3.15Bn ▲$3.45Bn ▲$3.53Bn ▲
Product Sales Petroleum Wholesale
Product Sales Petroleum Wholesale
 $0 ▲$330.00M ▲$400.00M ▲$400.00M ▲
Renewable Identification Numbers
Renewable Identification Numbers
 $0 ▲$30.00M ▲$60.00M ▲$60.00M ▲
Revenue Other
Revenue Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Murphy USA’s income statement shows a business that has stayed profitable and fairly resilient despite a choppy fuel environment. Revenue has stepped down from the unusually high levels seen during peak fuel-price periods, but it remains well above pre-2021 levels, suggesting the core business is larger than it used to be. Profitability at the gross and operating level has held up reasonably well, indicating the company is managing pricing, mix, and costs with discipline even as sales fluctuate. Net income and earnings per share look like they peaked a few years ago and have since eased back, which is typical for a fuel retailer coming off an exceptionally strong cycle. The key point is that profits remain solid rather than collapsing, implying the company is normalizing from a boom period rather than entering distress. Overall, the income statement tells a story of a mature, cash‑generating retailer that has managed volatility rather than one that is purely riding fuel-price spikes.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive retailer that uses leverage as part of its model. Total assets have steadily grown, driven by investment in stores and infrastructure, which supports the company’s expansion plans and enhances its physical footprint. Equity has also trended upward, but at a slower pace, underlining that growth has been funded with a mix of retained earnings and debt. Debt levels are meaningfully higher than a few years ago and stand well above the reported equity base, which points to a relatively leveraged structure. This is not unusual in fuel and convenience retail, but it does increase sensitivity to interest costs and business downturns. Cash balances are intentionally lean, suggesting management prefers to keep excess capital deployed in the business or returned to shareholders rather than sitting idle. Overall, the balance sheet is efficient but carries the usual trade‑offs of higher leverage: amplified returns in good times and higher risk if conditions worsen.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash generation has been consistently healthy over the past several years, comfortably covering both capital spending and shareholder returns. Even as profits have normalized from prior peaks, the business continues to throw off solid cash from day‑to‑day operations. Capital expenditures have risen over time, reflecting store growth, remodels, and technology upgrades. Despite this heavier investment, free cash flow remains firmly positive, which is important: the company is able to fund expansion while still generating surplus cash. This pattern suggests a self‑funding growth model rather than one that relies heavily on new financing. The main sensitivity is that cash flow will move with fuel margins and traffic cycles, but the recent track record shows good resilience through changing conditions.

Competitive Edge

Competitive Edge Murphy USA occupies a defensible niche in the fuel and convenience market built around being a low‑cost, high‑volume operator. Its focus on value‑conscious customers, small and efficient store formats, and disciplined logistics supports a structurally lower cost base. That cost advantage lets the company compete aggressively on fuel price while still earning acceptable margins, which is central to its appeal. A major edge is its long‑standing co‑location strategy near Walmart stores, which provides steady traffic without the full marketing costs others might incur. At the same time, this can cap some in‑store grocery potential, since Walmart absorbs much of that spend. The QuickChek acquisition adds an important second leg to the strategy: a stronger presence in prepared food and beverages, where margins tend to be richer and differentiation matters more. Competitive risks include intense price wars in fuel, continued consolidation among large national chains, and the gradual shift in transportation technology and consumer habits. However, Murphy USA’s ability to run multiple store formats, maintain a sharp price image, and build data‑driven loyalty programs suggests it has tools to defend its position in a tough industry.

Innovation and R&D

Innovation and R&D Innovation at Murphy USA is less about traditional laboratory R&D and more about digital, operational, and format innovation. The company is leaning into advanced demand forecasting, using machine learning and AI to tune inventory, staffing, and pricing decisions. This kind of behind‑the‑scenes technology can quietly protect margins by trimming waste and improving availability. The Murphy Drive Rewards program and the evolving QuickChek loyalty platform are central digital assets. They generate rich data on customer behavior, enabling more targeted promotions and cross‑selling. Early experiments with AI‑driven personalization and generative AI for process automation suggest an organization actively looking for efficiency gains and better customer engagement, not just incremental tweaks. On the physical side, the “Store of Tomorrow” concept and QuickChek’s strong foodservice innovations show a clear push to move beyond basic fuel and cigarettes into higher‑margin, differentiated offerings. Plans to build hundreds of new or modernized stores over the next decade indicate that these innovations are not just pilot projects but an embedded direction. The main execution risk will be scaling these concepts while preserving the company’s low‑cost DNA.

Summary

Murphy USA comes across as a disciplined, cycle‑tested fuel and convenience retailer that has grown meaningfully from its pre‑2021 footprint. The income statement shows normalized but still solid profitability after an unusually strong period, the balance sheet reflects a leveraged yet purposeful use of capital assets, and the cash flow profile is robust enough to fund both growth and capital returns. Strategically, the company’s low‑cost, high‑volume model, Walmart adjacency, and expanding QuickChek foodservice platform give it a clear position in a crowded field. Its embrace of data, AI, and loyalty programs, combined with new store formats and ambitious expansion plans, suggests it is not standing still in a changing retail and mobility landscape. Key watchpoints include exposure to fuel price and margin swings, the obligations that come with higher leverage, and the long‑term evolution of transportation and convenience spending. Overall, Murphy USA appears to be balancing short‑term cash generation with longer‑term reinvestment, using innovation and format evolution to deepen a business that has historically relied heavily on fuel sales.

NEWS

October 29, 2025 · 4:36 PM UTC

Murphy USA Inc. Reports Third Quarter 2025 Results

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October 29, 2025 · 4:31 PM UTC

Murphy USA Inc. Announces CEO Transition and Reaffirms Capital Allocation Strategy

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September 29, 2025 · 4:31 PM UTC

Murphy USA Schedules Third Quarter 2025 Results Conference Call

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