Revenue contraction from $842.3 million in 2023Q4 to $642.1 million in 2025Q4, coupled with gross margin compression from 44.0% to 22.6% in 2025Q2, suggests persistent operational challenges.
| 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 | 735.6B | 271.88M | 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 % | 25296.28% | -90.99% | -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 | 317.15M | 765.24M | 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 | - | 281.46% | 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 | 1.73B | 1.95B | 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 % | 0.24% | 718.54% | 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 % | - | 94.99% | -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 | 145.04B | 1.65B | 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 | - | 607.74% | 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 | 106.42M | 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 | - | 50.51% | 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 | 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.52B | 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 | 1.36B | 301.24M | 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 % | 0.18% | 110.8% | 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 % | - | -50.01% | -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 | 256.51B | 1.28B | 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 % | 34.87% | 470.42% | 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 % | 17698.59% | -12.9% | -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) | 255.16B | 977.75M | 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 | 125.85M | 272.15M | 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 | 117.84B | -125.16M | -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 | 119.19B | 176.08M | 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 % | 16.2% | 64.76% | 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 | 49.98B | 71.88M | 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 % | 41.94% | 40.82% | 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 | 53.02B | 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 % | 7.21% | 38.33% | 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 % | 13487% | -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) | 53B | 104.2M | 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 | 331K | 0 | -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 | 133.98M | 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) | 367.20 | 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 % | -77.33% | -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 | 144.38M | 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 | 143.08M | 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% |
Offshore regulatory and operational volatility
As reported in recent financial filings, Murphy Oil experienced a significant revenue contraction, with quarterly figures showing a persistent decline from $842.3 million in 2023Q4 to $642.1 million by 2025Q4, excluding the anomalous 2026Q1 spike, suggesting a challenging environment for maintaining consistent production volume growth across its core assets.
The sharp revenue fluctuations indicate that Murphy is struggling to offset natural production declines in its onshore Eagle Ford assets with new offshore tie-backs. Investors should monitor whether the recent revenue volatility reflects a strategic shift toward high-grading the portfolio or simply an inability to sustain historical production levels in a competitive pricing environment.
Based on the provided income statement data, gross margins have faced significant pressure, falling from 44.0% in 2023Q4 to a low of 22.6% in 2025Q2, highlighting the sensitivity of Murphy's cost structure to fluctuating commodity prices and the inherent capital intensity of its deepwater offshore operations.
The compression in gross margins suggests that the company's cost of production is not scaling efficiently with current market prices. This trend warrants further investigation into whether the company's infrastructure-led exploration strategy is yielding the expected cost advantages or if rising service costs are eroding the profitability of its offshore hubs.
According to the quarterly income statements, operating margins have demonstrated significant instability, dropping from 24.1% in 2023Q4 to 9.2% by 2025Q4, which indicates that Murphy is currently failing to achieve the necessary operating leverage to protect its bottom line during periods of revenue contraction.
The inability to maintain operating margins suggests that fixed costs associated with offshore platforms remain a heavy burden when production volumes or realized prices dip. Analysts should consider whether the current SG&A levels are sustainable or if further cost-cutting measures are required to stabilize operating income in the coming quarters.
As evidenced by the 2026Q1 net income of $53.0 billion against a revenue base of $733.6 billion, the reported earnings appear heavily influenced by non-recurring accounting events or divestitures, which obscures the underlying operational profitability and makes historical comparisons of EPS growth largely unreliable for fundamental valuation purposes.
The extreme variance in net income suggests that investors should focus on cash flow from operations rather than headline net income to gauge true performance. The presence of such large, non-operating items implies that the company's reported earnings quality is currently low, necessitating a cautious approach when projecting future profitability based on these figures.
Quick answers to the most common questions about buying MUR stock.
For fiscal year 2025, Murphy Oil Corporation (MUR) reported total revenue of $271.9M. This represents a 86.5% decline 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 38.3%.
Murphy Oil Corporation (MUR) reported an operating income of $301.2M, resulting in an operating profit margin of 110.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Murphy Oil Corporation (MUR) generated $1.95B in gross profit for the year, representing a gross profit margin of 718.5%. This demonstrates the company's core pricing power and production efficiency.