Revenue declined 10.9% YoY in 2026Q2, yet EPS surged 8.9% sequentially to $1.59, driven by a gross margin expansion to 78.0% and a 40% reduction in SG&A, though earnings quality may be impacted by one-time gains.
Murphy Oil Corporation (MUR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.02B | 2.69B | 3.02B | 3.45B | 4.22B | 2.8B | 1.75B | 2.82B | 2.59B | 2.1B | 1.81B | 3.03B | 5.48B | 5.39B | 28.63B | 27.75B | 23.35B | 19.06B | 27.51B | 18.44B | 14.31B | 11.88B | 8.36B | 5.35B | 3.98B | 4.48B | 4.61B | 2.04B | 1.69B | 2.13B | 2.01B |
| Revenue Growth % | 8.82% | -10.89% | -12.48% | -18.28% | 50.65% | 59.91% | -37.82% | 8.91% | 23.31% | 15.92% | -40.34% | -44.61% | 1.6% | -81.17% | 3.17% | 18.85% | 22.49% | -30.73% | 49.21% | 28.88% | 20.46% | 42.07% | 56.4% | 34.16% | -11.03% | -2.94% | 126.55% | 20.2% | -20.53% | 6.16% | 17.37% |
| Cost of Goods Sold | 534.42M | 2.11B | 2.02B | 827.33M | 1.84B | 1.52B | 1.76B | 1.93B | 1.53B | 1.43B | 1.61B | 2.45B | 3B | 1.55B | 23.82B | 24.36B | 20.4B | 14.86B | 23.68B | 16.4B | 12.54B | 9.93B | 7.06B | 4.43B | 3.38B | 3.61B | 3.82B | 1.54B | 1.33B | 1.61B | 1.48B |
| COGS % of Revenue | - | 78.52% | 66.81% | 23.99% | 43.62% | 54.32% | 100.46% | 68.49% | 59.07% | 67.98% | 89.16% | 80.85% | 54.71% | 28.82% | 83.23% | 87.79% | 87.39% | 77.97% | 86.08% | 88.93% | 87.62% | 83.61% | 84.42% | 82.87% | 84.72% | 80.67% | 82.71% | 75.79% | 78.77% | 75.59% | 73.88% |
| Gross Profit | 2.49B | 577.76M | 1B | 2.62B | 2.38B | 1.28B | -8.01M | 887.77M | 1.06B | 671.65M | 196.13M | 580.95M | 2.48B | 3.84B | 4.8B | 3.39B | 2.94B | 4.2B | 3.83B | 2.04B | 1.77B | 1.95B | 1.3B | 915.44M | 608.87M | 865.57M | 797.85M | 493.1M | 359.8M | 520.6M | 524.6M |
| Gross Margin % | 82.33% | 21.48% | 33.19% | 76.01% | 56.38% | 45.68% | -0.46% | 31.51% | 40.93% | 32.02% | 10.84% | 19.15% | 45.29% | 71.18% | 16.77% | 12.21% | 12.61% | 22.03% | 13.92% | 11.07% | 12.38% | 16.39% | 15.58% | 17.13% | 15.28% | 19.33% | 17.29% | 24.21% | 21.23% | 24.41% | 26.12% |
| Gross Profit Growth % | - | -42.33% | -61.78% | 10.18% | 85.95% | 16084.21% | -100.9% | -16.16% | 57.65% | 242.45% | -66.24% | -76.57% | -35.36% | -20.09% | 41.75% | 15.07% | -29.91% | 9.66% | 87.61% | 15.29% | -9.02% | 49.39% | 42.31% | 50.35% | -29.66% | 8.49% | 61.8% | 37.05% | -30.89% | -0.76% | 37.58% |
| Operating Expenses | 1.93B | 190.5M | 399.32M | 1.58B | 792.57M | 998.1M | 1.35B | 442.48M | 364.56M | 388.19M | 413.81M | 826.25M | 928.38M | 2.27B | 2.9B | 1.39B | 1.49B | 2.87B | 942.8M | 719.14M | 612.58M | 555.76M | 453.77M | 455.08M | 398.58M | 330.18M | 313.09M | 297.2M | 274.6M | 285.8M | 319M |
| OpEx % of Revenue | - | 7.08% | 13.23% | 45.8% | 18.78% | 35.63% | 77.31% | 15.71% | 14.09% | 18.51% | 22.87% | 27.24% | 16.95% | 42.12% | 10.14% | 5.01% | 6.4% | 15.04% | 3.43% | 3.9% | 4.28% | 4.68% | 5.43% | 8.51% | 10% | 7.37% | 6.79% | 14.59% | 16.21% | 13.4% | 15.88% |
| Selling, General & Admin | 108.17M | 137.33M | 110.08M | 117.31M | 131.12M | 121.95M | 140.24M | 232.74M | 216.02M | 222.77M | 265.21M | 306.66M | 364M | 379.17M | 354.49M | 301M | 329.6M | 325.76M | 229.8M | 229.3M | 228.51M | 158.89M | 132.33M | 126.59M | 98.56M | 97.83M | 85.47M | 81.8M | 61.4M | 65.9M | 136.6M |
| SG&A % of Revenue | - | 5.11% | 3.65% | 3.4% | 3.11% | 4.35% | 8.01% | 8.26% | 8.35% | 10.62% | 14.66% | 10.11% | 6.65% | 7.03% | 1.24% | 1.08% | 1.41% | 1.71% | 0.84% | 1.24% | 1.6% | 1.34% | 1.58% | 2.37% | 2.47% | 2.18% | 1.85% | 4.02% | 3.62% | 3.09% | 6.8% |
| Research & Development | 39.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 53.17M | 289.23M | 1.46B | 661.45M | 876.15M | 1.21B | 209.75M | 34.87M | -30.71M | -18.15M | -78.63M | -24.95M | 1.89B | 2.55B | 1.62B | -31.86M | 1.45B | 713M | 489.84M | 384.06M | 396.88M | 321.45M | 328.5M | 300.02M | 232.34M | 227.62M | 215.4M | 213.2M | 219.9M | 182.4M |
| Operating Income | 556.87M | 387.26M | 602.59M | 1.04B | 1.59B | 281.44M | -1.36B | 445.29M | 629.72M | 321.57M | -217.68M | -491.27M | 1.36B | 1.49B | 1.89B | 1.59B | 1.5B | 1.33B | 2.86B | 1.26B | 1.04B | 1.38B | 839M | 460.36M | 178.64M | 524.91M | 456.85M | 194.4M | -2.2M | 206.7M | 205.6M |
| Operating Margin % | 18.42% | 14.4% | 19.96% | 30.21% | 37.6% | 10.05% | -77.77% | 15.81% | 24.35% | 15.33% | -12.03% | -16.2% | 24.92% | 27.62% | 6.6% | 5.74% | 6.42% | 6.96% | 10.4% | 6.85% | 7.25% | 11.63% | 10.04% | 8.61% | 4.48% | 11.72% | 9.9% | 9.54% | -0.13% | 9.69% | 10.24% |
| Operating Income Growth % | - | -35.73% | -42.17% | -34.33% | 463.79% | 120.66% | -405.94% | -29.29% | 95.82% | 247.73% | 55.69% | -136.01% | -8.35% | -21.2% | 18.69% | 6.15% | 12.96% | -53.63% | 126.77% | 21.61% | -24.83% | 64.58% | 82.25% | 157.7% | -65.97% | 14.9% | 135% | 8936.36% | -101.06% | 0.53% | 166.32% |
| EBITDA | 1.61B | 1.43B | 1.47B | 1.96B | 2.36B | 1.08B | -375.07M | 1.59B | 1.49B | 1.38B | 941.61M | 1.13B | 3.27B | 3.04B | 3.26B | 2.69B | 2.66B | 2.36B | 3.71B | 1.81B | 1.44B | 1.8B | 1.18B | 816.04M | 503.3M | 780.41M | 684.46M | 409.8M | 211M | 426.6M | 388M |
| EBITDA Margin % | 53.39% | 53.33% | 48.64% | 56.85% | 56.01% | 38.43% | -21.41% | 56.55% | 57.73% | 65.76% | 52.03% | 37.21% | 59.73% | 56.44% | 11.4% | 9.68% | 11.41% | 12.36% | 13.5% | 9.8% | 10.1% | 15.16% | 14.08% | 15.27% | 12.63% | 17.43% | 14.83% | 20.12% | 12.45% | 20.01% | 19.32% |
| EBITDA Growth % | 15.9% | -2.31% | -25.11% | -17.05% | 119.55% | 387.02% | -123.54% | 6.7% | 8.24% | 46.5% | -16.57% | -65.49% | 7.51% | -6.82% | 21.59% | 0.78% | 13.09% | -36.59% | 105.53% | 25.13% | -19.77% | 52.99% | 44.22% | 62.14% | -35.51% | 14.02% | 67.02% | 94.22% | -50.54% | 9.95% | 23.65% |
| D&A (Non-Cash Add-back) | 1.06B | 1.05B | 865.75M | 918.59M | 776.82M | 795.11M | 987.24M | 1.15B | 863.42M | 1.06B | 1.16B | 1.62B | 1.91B | 1.55B | 1.38B | 1.09B | 1.16B | 1.03B | 852.35M | 545.16M | 406.53M | 419.69M | 337.86M | 355.69M | 324.66M | 255.5M | 227.62M | 215.4M | 213.2M | 219.9M | 182.4M |
| EBIT | -28.45B | 278.94M | 673.5M | 1.03B | 1.6B | 264.66M | -1.38B | 445.29M | 220.36M | 250.62M | -344.94M | -3.16B | 1.37B | 1.54B | 1.38B | 1.21B | 1.42B | 1.3B | 2.92B | 1.32B | 1.17B | 1.38B | 791.67M | 412.76M | 180.17M | 531.59M | 470.77M | 196M | 85.1M | 236M | 206.8M |
| Net Interest Income | 28.9B | -96.07M | -105.93M | -112.37M | -150.76M | -221.77M | -169.42M | -241.79M | -172.59M | -256.56M | -104.21M | -25.57M | -67.57M | 5.59M | -3.96M | -7.68M | -92.3M | 66.11M | -105.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.77M | 0 | 43.96M | 91.81M | 48.25M | 77.49M | 10.97M | 33.54M | 18.44M | 90.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -28.9B | 96.07M | 105.93M | 112.37M | 150.76M | 221.77M | 169.42M | 241.79M | 180.36M | 249.77M | 148.17M | 117.38M | 115.82M | 71.9M | 14.93M | 40.7M | 53.17M | 24.39M | 105.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -78.28M | -204.4M | -35.02M | -120.96M | -136.45M | -238.54M | -186.73M | -241.79M | -172.59M | 71.83B | -104.21M | -25.57M | -112.15M | -103.42M | -3.89M | -423.81M | -85.17M | -12.54M | -44.16M | -53.45M | -90.66M | 121.54M | 23.28M | -20.51M | -26.97M | -22.81M | -2.34M | -16M | -6M | 3.8M | 10.8M |
| Pretax Income | 478.59M | 182.87M | 567.57M | 921.07M | 1.45B | 42.89M | -1.55B | 203.5M | 432.34M | 71.8M | -493.12M | -3.28B | 1.25B | 1.47B | 1.62B | 1.55B | 1.41B | 1.28B | 2.82B | 1.24B | 1.03B | 1.37B | 804.94M | 419.17M | 151.68M | 505.91M | 465.33M | 178.5M | -8.3M | 211.7M | 216.4M |
| Pretax Margin % | 15.83% | 6.8% | 18.8% | 26.71% | 34.37% | 1.53% | -88.43% | 7.22% | 16.71% | 3.42% | -27.25% | -108.22% | 22.87% | 27.32% | 5.67% | 5.59% | 6.06% | 6.7% | 10.24% | 6.71% | 7.19% | 11.55% | 9.63% | 7.84% | 3.81% | 11.3% | 10.08% | 8.76% | -0.49% | 9.93% | 10.77% |
| Income Tax | 165.1M | 44.55M | 78.27M | 195.92M | 309.46M | -5.86M | -293.74M | 14.68M | 9.33M | 382.74M | -219.17M | -1.03B | 227.3M | 584.55M | 658.94M | 810.05M | 616.15M | 536.66M | 1.08B | 470.7M | 390.15M | 534.16M | 308.54M | 117.98M | 54.16M | 175M | 159.77M | 58.8M | 6.1M | 79.3M | 90.4M |
| Effective Tax Rate % | 34.5% | 24.36% | 13.79% | 21.27% | 21.34% | -13.67% | 18.96% | 7.22% | 2.16% | 533.05% | 44.45% | 31.27% | 18.15% | 39.69% | 40.6% | 52.23% | 43.57% | 42.02% | 38.27% | 38.04% | 37.94% | 38.93% | 38.33% | 28.15% | 35.71% | 34.59% | 34.34% | 32.94% | -73.49% | 37.46% | 41.77% |
| Net Income | 294.05M | 104.2M | 407.17M | 661.56M | 965.05M | -73.66M | -1.15B | 1.15B | 411.09M | -311.79M | -275.97M | -2.27B | 905.61M | 1.12B | 970.88M | 872.7M | 798.08M | 837.62M | 1.74B | 766.53M | 638.28M | 846.45M | 701.32M | 294.2M | 111.51M | 330.9M | 296.83M | 119.7M | -14.4M | 132.4M | 137.9M |
| Net Margin % | 9.72% | 3.87% | 13.49% | 19.18% | 22.87% | -2.63% | -65.58% | 40.81% | 15.89% | -14.86% | -15.25% | -74.87% | 16.54% | 20.84% | 3.39% | 3.15% | 3.42% | 4.39% | 6.32% | 4.16% | 4.46% | 7.13% | 8.39% | 5.5% | 2.8% | 7.39% | 6.43% | 5.88% | -0.85% | 6.21% | 6.87% |
| Net Income Growth % | 3.27% | -74.41% | -38.45% | -31.45% | 1410.07% | 93.59% | -199.92% | 179.68% | 231.85% | -12.98% | 87.85% | -350.75% | -19.39% | 15.72% | 11.25% | 9.35% | -4.72% | -51.86% | 127% | 20.09% | -24.59% | 20.7% | 138.38% | 163.83% | -66.3% | 11.48% | 147.98% | 931.25% | -110.88% | -3.99% | 216.27% |
| Net Income (Continuing) | 313.49M | 138.31M | 489.3M | 725.15M | 1.14B | 48.75M | -1.26B | 188.81M | 169.14M | -553.01M | -273.94M | -2.26B | 1.02B | 888.14M | 806.49M | 539.2M | 749.08M | 740.52M | 1.74B | 766.53M | 638.34M | 837.9M | 496.39M | 278.41M | 87.28M | 328.43M | 298.53M | 119.7M | -14.4M | 132.4M | 126M |
| Discontinued Operations | -1.65M | 485K | -2.81M | -1.47M | -2.08M | -1.23M | -7.15M | 1.06B | 250.35M | 0 | 0 | -10.07M | 0 | 235.34M | 164.38M | 333.5M | 0 | 0 | 0 | 0 | 0 | 8.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 144.18M | 118.32M | 147.59M | 186.86M | 154.12M | 163.49M | 179.81M | 337.15M | 368.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.87M | 23.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.01 | 0.72 | 2.70 | 4.22 | 6.13 | 0.32 | -8.18 | 1.15 | 2.36 | -1.81 | -1.60 | -13.02 | 5.03 | 5.94 | 4.99 | 4.49 | 4.13 | 4.35 | 9.06 | 4.01 | 3.41 | 4.55 | 3.77 | 1.59 | 0.61 | 1.81 | 1.64 | 0.67 | -0.08 | 0.74 | 0.77 |
| EPS Growth % | 4.51% | -73.33% | -36.02% | -31.16% | 1815.63% | 103.91% | -811.3% | -51.27% | 230.39% | -13.13% | 87.71% | -358.85% | -15.32% | 19.04% | 11.14% | 8.72% | -5.06% | -51.99% | 125.94% | 17.6% | -25.05% | 20.69% | 137.11% | 160.66% | -66.3% | 10.37% | 144.78% | 937.5% | -110.81% | -3.9% | 216.67% |
| EPS (Basic) | - | 0.73 | 2.71 | 4.26 | 6.22 | 0.32 | -8.18 | 1.15 | 2.38 | -1.81 | -1.60 | -13.03 | 5.06 | 5.98 | 5.01 | 4.51 | 4.16 | 4.39 | 9.18 | 4.08 | 3.46 | 4.64 | 3.81 | 1.60 | 0.61 | 1.82 | 1.65 | 0.67 | -0.08 | 0.74 | 0.77 |
| Diluted Shares Outstanding | 146.15M | 144.03M | 151.03M | 156.65M | 157.47M | 154.29M | 153.51M | 164.81M | 174.21M | 172.52M | 172.17M | 174.35M | 180.07M | 189.27M | 194.67M | 194.51M | 193.16M | 192.47M | 192.13M | 191.14M | 189.16M | 187.89M | 186.03M | 185.03M | 184.27M | 182.82M | 180.99M | 180.12M | 180M | 180.14M | 179.67M |
| Basic Shares Outstanding | 143.35M | 143.12M | 150.01M | 155.23M | 155.28M | 154.29M | 153.51M | 163.99M | 172.97M | 172.28M | 172.17M | 174.33M | 178.85M | 187.92M | 193.9M | 193.41M | 191.83M | 190.77M | 189.61M | 188.03M | 186.11M | 184.35M | 183.94M | 183.6M | 182.9M | 180.76M | 180.24M | 179.88M | 180M | 179.53M | 179.67M |
| Dividend Payout Ratio | - | 178.7% | 44.2% | 25.84% | 13.29% | - | - | 14.24% | 42.09% | - | - | - | 26.1% | 20.93% | 73.59% | 24.38% | 25.24% | 22.78% | 9.57% | 16.61% | 15.38% | 9.83% | 11.15% | 24.97% | 63.58% | 20.5% | 22% | 52.63% | - | 45.77% | 42.28% |
Quick answers to the most common questions about buying MUR stock.
For fiscal year 2025, Murphy Oil Corporation (MUR) reported total revenue of $2.69B. This represents a 33.9% increase compared to $2.01B in 1996.
Murphy Oil Corporation (MUR) is profitable, generating $104.2M in net income for the fiscal year ending 2025 with a net profit margin of 3.9%.
Murphy Oil Corporation (MUR) reported an operating income of $387.3M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Murphy Oil Corporation (MUR) generated $577.8M in gross profit for the year, representing a gross profit margin of 21.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue decline persists despite EPS beat
Metrics are mathematically derived from official filings.
Revenue Contraction Amidst Operational Turnaround
Murphy's revenue fell 10.9% year-over-year in 2026Q2, yet EPS surged 8.9% sequentially, suggesting margin expansion is driving profitability rather than top-line growth, per recent financial statements.
The 35.9% sequential revenue jump in 2026Q2 is a rebound from a trough, but the year-over-year decline of 10.9% indicates a persistent contraction trend. This divergence between revenue and earnings suggests that cost reductions or favorable pricing are offsetting volume declines, but the sustainability of this earnings growth is questionable without a recovery in production or commodity prices.
Gross Margin Volatility Reflects Commodity Cycles
Gross margin swung from 22.6% in 2025Q2 to 78.0% in 2026Q2, a volatility that underscores Murphy's exposure to commodity price swings and hedging impacts, as reported in quarterly filings.
The extreme gross margin fluctuations, including a negative COGS in 2025Q4, indicate significant non-cash adjustments or hedging gains that distort underlying profitability. The 78% gross margin in 2026Q2 is unsustainable and likely reflects one-time benefits, while the 26% margin in 2026Q1 is more representative of operational reality. Investors should monitor normalized margins excluding these anomalies.
Operating Leverage Amplifies Earnings Volatility
Operating income swung from $5.8M in 2025Q3 to $354.7M in 2026Q2, demonstrating high operating leverage where fixed costs amplify both upside and downside, as per income statement data.
The operating margin expanded from 0.8% to 38.2% over four quarters, indicating that Murphy's high fixed-cost base magnifies the impact of revenue changes. This leverage works in both directions: a modest revenue uptick can drive outsized profit growth, but any revenue decline could quickly erode margins. The recent EPS beat suggests the company is currently benefiting from this leverage, but it also implies vulnerability to commodity price downturns.
Earnings Quality Clouded by One-Time Gains
Net income of $232.2M in 2026Q2 includes likely non-recurring items, as evidenced by a 110.8% operating margin and a 718.5% gross margin, which are not sustainable, based on reported figures.
The reported operating margin of 110.8% in 2025Q4 and the 171.1% gross margin in the same period are mathematically impossible for a typical E&P company, indicating significant one-time gains such as asset sales or insurance settlements. These distortions inflate reported earnings and obscure the underlying profitability. Investors should adjust for these items to assess the true earnings power, which appears more moderate based on the 2026Q1 figures.
Cost Discipline Drives Margin Expansion
SG&A expenses dropped to $38.7M in 2026Q2 from $64.9M in 2025Q3, a 40% reduction, while R&D spending appeared only in 2026Q2, suggesting a strategic shift in cost allocation, as per income statement data.
The significant reduction in SG&A costs, combined with the absence of R&D in most quarters, indicates a focus on cost control and efficiency. However, the sudden appearance of $39.3M in R&D in 2026Q2 may signal increased investment in exploration or technology, which could pressure future margins. The overall cost structure appears to be improving, but the sustainability of these cuts and the impact of new R&D spending warrant monitoring.
2026Q2 Marks a Potential Earnings Inflection
Murphy's 2026Q2 EPS of $1.59 versus $0.74 estimate and raised H2 2026 guidance suggest a pivotal quarter, driven by margin expansion and cost controls, as reported in recent earnings releases.
The dramatic improvement in profitability from 2025Q3's net loss to 2026Q2's $232.2M net income indicates a significant operational inflection. This appears to be driven by a combination of higher commodity prices, lower costs, and possibly one-time gains. The raised guidance for H2 2026 suggests management's confidence in sustaining this improvement, but the persistent revenue decline raises questions about the durability of this earnings power without top-line growth.
What Could Invalidate the Base Case
The persistent revenue decline, despite a strong EPS beat, suggests that earnings growth may be unsustainable if it relies on one-time gains or cost cuts rather than top-line expansion, as per income statement data.
Short-sellers would likely focus on the divergence between revenue and earnings, arguing that the margin expansion is not repeatable. The 2026Q2 gross margin of 78% is far above historical norms and may include hedging gains or inventory adjustments that will reverse. Additionally, the absence of R&D in most quarters and the sudden appearance in 2026Q2 could indicate a lack of investment in future growth, potentially capping long-term production. If commodity prices soften or one-time benefits fade, the earnings quality could deteriorate sharply, making the current valuation appear stretched.