Operating cash flow exceeded net income in every quarter, with OCF/NI of 1.12 in 2026Q2, yet working capital swings of -$147.1M and heavy buybacks of $82.3M signal timing effects and capital allocation risks.
Murphy USA Inc. (MUSA) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 985.3M | 813.9M | 847.6M | 784M | 994.7M | 737.4M | 563.7M | 313.3M | 398.7M | 283.63M | 337.4M | 215.84M | 305.58M | 356.7M | 237.43M | 188.37M |
| Operating CF Margin % | - | 4.2% | 4.19% | 3.64% | 4.24% | 4.25% | 5% | 2.23% | 2.78% | 2.21% | 2.91% | 1.7% | 1.8% | 1.97% | 1.23% | 1% |
| Operating CF Growth % | 131.3% | -3.98% | 8.11% | -21.18% | 34.89% | 30.81% | 79.92% | -21.42% | 40.57% | -15.94% | 56.32% | -29.37% | -14.33% | 50.23% | 26.04% | - |
| Net Income | 617.2M | 470.6M | 502.5M | 556.8M | 672.9M | 396.9M | 386.1M | 154.8M | 213.6M | 245.26M | 221.49M | 137.59M | 243.86M | 154.13M | 83.57M | 187.85M |
| Depreciation & Amortization | 287.8M | 276.8M | 251.2M | 228.7M | 220.4M | 212.6M | 161M | 152.2M | 134M | 118.75M | 100.26M | 86.57M | 79.09M | 74.05M | 71.74M | 64.88M |
| Stock-Based Compensation | -700K | -23.5M | 0 | 0 | 0 | 0 | 0 | 0 | -9.4M | 0 | -4.16M | 0 | 10.44M | 0 | 0 | 0 |
| Deferred Taxes | 42.8M | 0 | 14M | 2M | 31.5M | 19M | 2.5M | 23.7M | 37.9M | -50.4M | 40.4M | 40.56M | -7.69M | -12.89M | -16.46M | 22.95M |
| Other Non-Cash Items | 134.6M | 123.1M | 12.5M | 38.6M | 25.1M | 26.1M | 1M | 25.4M | 20.3M | 6.96M | -74.29M | -2.29M | 5.7M | 90.2M | 70.35M | 183.74M |
| Working Capital Changes | -96.4M | -33.1M | 67.4M | -42.1M | 44.8M | 82.8M | 13.1M | -42.8M | 2.3M | -36.95M | 53.7M | -46.59M | -25.8M | 51.2M | 28.23M | -271.05M |
| Change in Receivables | -5.4M | -8.1M | 65.4M | -56.3M | -84.7M | -18.9M | 4.9M | 0 | 86.6M | 0 | 0 | 2.86M | 59.52M | 331.68M | -172.34M | 244.83M |
| Change in Inventory | -69.6M | -11.4M | -60.2M | -22.1M | -26.9M | 11.1M | -51.7M | 0 | 0 | 0 | 0 | 1.12M | 750K | 4.01M | -33.29M | 20.18M |
| Change in Payables | -88.1M | -4.3M | -3.9M | -12M | 180.1M | 102.9M | 8.3M | -5.9M | -56.7M | 0 | 0 | 1.04M | -53.23M | -272.37M | 235.42M | -452.49M |
| Cash from Investing | -431.5M | -436M | -445.8M | -323.6M | -319.3M | -914.2M | -224.3M | -203.1M | -209.1M | -262.11M | -134.85M | -189.63M | -149.41M | 12.89M | -112.09M | 812.88M |
| Capital Expenditures | -443.8M | -439.6M | -458.1M | -335.6M | -305.3M | -274.7M | -230.7M | -204.8M | -204.3M | -258.26M | -262.1M | -205.22M | -135.34M | -163.3M | -104.75M | -99.82M |
| CapEx % of Revenue | 2.07% | 2.27% | 2.26% | 1.56% | 1.3% | 1.58% | 2.05% | 1.46% | 1.42% | 2.01% | 2.26% | 1.62% | 0.8% | 0.9% | 0.54% | 0.53% |
| Acquisitions | 500K | 0 | 2M | 0 | 0 | -641.1M | 0 | 0 | 0 | 0 | 0 | 729K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11.8M | 3.6M | -1.2M | 800K | 8.2M | 1.6M | 6.4M | 1.7M | -4.8M | -3.85M | 127.25M | 14.86M | -14.08M | 176.19M | -7.34M | 912.7M |
| Cash from Financing | -432.5M | -396M | -472.6M | -403.1M | -871.3M | 269.6M | -456.1M | -14.4M | -175.1M | -5.3M | -151.11M | -251.97M | -122.8M | -132.22M | -104.85M | -1.02B |
| Debt Issued (Net) | 90.9M | 318.9M | 40.3M | -15.4M | -15.2M | 668.5M | -38.9M | 170.4M | -21.3M | 207.4M | 179.6M | -146K | -70M | 560.08M | -42K | -42K |
| Equity Issued (Net) | -438.9M | -649.9M | -445.7M | -333.2M | -806.4M | -355M | -399.6M | -165.8M | -144.4M | -206M | -323.3M | -248.69M | -51.35M | 0 | 0 | 0 |
| Dividends Paid | -45.4M | -41.5M | -36.8M | -33.4M | -29.9M | -27.3M | -6.9M | 0 | 0 | 0 | 0 | 0 | 0 | -685.61M | 0 | -1.02B |
| Share Repurchases | -438.9M | -649.9M | -445.7M | -333.2M | -806.4M | -355M | -399.6M | -165.8M | -144.4M | -206M | -323.3M | -248.69M | -51.35M | 0 | 0 | 0 |
| Other Financing | -39.1M | -23.5M | -30.4M | -21.1M | -19.8M | -16.6M | -10.7M | -19M | -9.4M | -6.7M | -7.41M | -3.13M | -1.46M | -6.69M | -104.81M | 0 |
| Net Change in Cash | 121.3M | -18.1M | -70.8M | 57.3M | -195.9M | 92.8M | -116.7M | 95.8M | 14.5M | 16.21M | 51.47M | -225.77M | 33.36M | 237.37M | 20.49M | -19.83M |
| Free Cash Flow | 541.5M | 374.3M | 389.5M | 448.4M | 689.4M | 462.7M | 333M | 108.5M | 194.4M | 25.3M | 75.3M | 10.61M | 170.24M | 193.4M | 132.68M | 88.55M |
| FCF Margin % | 2.52% | 1.93% | 1.92% | 2.08% | 2.94% | 2.67% | 2.96% | 0.77% | 1.35% | 0.2% | 0.65% | 0.08% | 1% | 1.07% | 0.69% | 0.47% |
| FCF Growth % | 48.48% | -3.9% | -13.14% | -34.96% | 48.99% | 38.95% | 206.91% | -44.19% | 668.38% | -66.4% | 609.47% | -93.77% | -11.97% | 45.76% | 49.83% | - |
| FCF per Share | 29.19 | 19.17 | 18.69 | 20.53 | 28.78 | 17.39 | 11.28 | 3.41 | 5.89 | 0.70 | 1.90 | 0.24 | 3.67 | 4.13 | 2.83 | 1.89 |
| FCF Conversion (FCF/Net Income) | 0.88x | 1.73x | 1.69x | 1.41x | 1.48x | 1.86x | 1.46x | 2.02x | 1.87x | 1.16x | 1.52x | 1.22x | 1.25x | 1.52x | 2.84x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MUSA stock.
Murphy USA Inc. (MUSA) generated $813.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Murphy USA Inc. (MUSA) generated $374.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Murphy USA Inc. (MUSA) spent $439.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Murphy USA Inc. (MUSA) returned $41.5M to shareholders via cash dividends and spent $649.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High leverage and fuel margin volatility
Metrics are mathematically derived from official filings.
Earnings Quality Bolstered by Cash Conversion
Operating cash flow exceeded net income in every quarter, with OCF/NI ranging from 1.12 to 2.42, indicating high earnings quality. According to the latest cash flow statement, 2026Q2 OCF/NI was 1.12, reflecting strong cash generation.
The consistent OCF/NI ratio above 1.0 suggests that reported earnings are well-backed by cash, with non-cash charges like D&A (averaging ~$70M per quarter) providing a cushion. The 2026Q1 ratio of 2.35 was particularly strong, likely due to favorable working capital movements. This high conversion quality supports the reliability of earnings, though investors should monitor whether fuel margin windfalls are sustainable.
Free Cash Flow Volatility Mirrors Fuel Margins
Free cash flow swung from $40.7M in 2025Q1 to $221.7M in 2026Q1, with FCF margins ranging from 0.9% to 4.6%. As reported in the cash flow statement, 2026Q2 FCF was $123.3M, reflecting a 1.8% margin.
The wide quarterly swings in FCF are driven by fuel price volatility and working capital timing, not operational deterioration. The 2026Q1 FCF surge to $221.7M was aided by a $95.1M working capital inflow, while 2025Q3's $67.7M FCF was constrained by a $55.5M working capital outflow. Despite this volatility, cumulative FCF remains positive, and the recent EPS beat suggests margin capture is translating into cash.
Capital Intensity Steady Amid Expansion
Capital expenditures have remained stable at roughly $100M per quarter, with CapEx/Revenue between 1.6% and 2.7%. Based on the latest cash flow data, 2026Q2 CapEx was $111.7M, representing 1.6% of revenue.
The consistent CapEx level suggests a disciplined approach to store growth and maintenance, with no signs of aggressive expansion. The slight decline in CapEx/Revenue in 2026Q2 (1.6%) versus prior quarters may indicate a pause in new store builds, which could be prudent given the high leverage. Investors should watch whether CapEx accelerates to support QuickChek integration, which could pressure FCF.
Working Capital Swings Signal Timing Effects
Working capital changes have been volatile, ranging from -$147.1M in 2026Q2 to +$95.1M in 2026Q1, indicating significant timing effects. According to the cash flow statement, 2026Q2's negative change was a major drag on OCF.
The large negative working capital change in 2026Q2 (-$147.1M) likely reflects timing of fuel payables and receivables, not a structural deterioration. The positive swings in other quarters (e.g., 2026Q1 +$95.1M) suggest efficient management of payables and inventory. However, the volatility makes quarterly FCF comparisons less meaningful; investors should focus on trailing twelve-month trends to assess true cash generation.
Aggressive Buybacks Continue Despite Leverage
Share repurchases totaled $82.3M in 2026Q2, with cumulative buybacks of $1.2B over the last ten quarters, far exceeding dividends. As reported in the cash flow statement, buybacks have been a primary use of cash, signaling confidence in the business.
The company has consistently returned capital to shareholders, with buybacks averaging over $100M per quarter, while dividends remain modest (~$10M per quarter). This aggressive repurchase program, combined with high debt-to-equity, suggests management is prioritizing shareholder returns over deleveraging. While the strong cash flow supports current buybacks, investors should monitor whether this pace is sustainable if fuel margins revert or interest costs rise.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $2.2B exceeded cumulative net income of $1.3B, a gap of $900M. Based on the cash flow statement, this divergence highlights the impact of non-cash charges and working capital timing.
The substantial gap between OCF and net income is primarily due to D&A (averaging ~$70M per quarter) and favorable working capital movements in some periods. This suggests that earnings are of high quality, with cash generation outpacing reported profits. However, the gap may narrow if working capital swings reverse, so investors should not extrapolate the current divergence indefinitely.
What Could Invalidate the Base Case
The robust cash flow may be overstated by favorable working capital timing and fuel margin windfalls, which are not sustainable. According to the cash flow statement, 2026Q2 working capital swung to -$147.1M, a potential reversal signal.
The strong OCF and FCF figures are partly driven by volatile fuel margins and working capital swings, which could reverse. The 2026Q2 negative working capital change of -$147.1M may indicate that prior inflows were timing-related, not structural. Additionally, the high leverage (debt-to-equity of 5.22) could constrain future buybacks if cash generation normalizes. Investors should monitor whether the cumulative OCF-NI gap narrows as working capital effects dissipate.