Revenue surged 36.0% in 2026Q2 to $6.8B, with gross margin expanding to 11.0% from 5.4% a year earlier, driving EPS of $11.27, though this appears fueled by non-durable fuel margin windfalls.
Murphy USA Inc. (MUSA) annual income statement — 15-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 |
|---|
| Sales/Revenue | 21.48B | 19.38B | 20.24B | 21.53B | 23.45B | 17.36B | 11.26B | 14.03B | 14.36B | 12.83B | 11.59B | 12.7B | 16.99B | 18.08B | 19.3B | 18.92B |
| Revenue Growth % | 10.27% | -4.25% | -5.97% | -8.17% | 35.05% | 54.12% | -19.74% | -2.29% | 11.98% | 10.63% | -8.7% | -25.24% | -6.07% | -6.31% | 2.02% | - |
| Cost of Goods Sold | 19.92B | 18.41B | 17.94B | 19.22B | 21.05B | 15.51B | 9.82B | 12.91B | 13.27B | 11.76B | 10.58B | 11.74B | 15.93B | 17.12B | 18.42B | 17.99B |
| COGS % of Revenue | - | 94.99% | 88.61% | 89.25% | 89.76% | 89.35% | 87.19% | 91.97% | 92.42% | 91.72% | 91.24% | 92.45% | 93.81% | 94.65% | 95.45% | 95.08% |
| Gross Profit | 1.56B | 970.7M | 2.31B | 2.31B | 2.4B | 1.85B | 1.44B | 1.13B | 1.09B | 1.06B | 1.02B | 958.51M | 1.05B | 966.85M | 878.18M | 931.55M |
| Gross Margin % | 7.26% | 5.01% | 11.39% | 10.75% | 10.24% | 10.65% | 12.81% | 8.03% | 7.58% | 8.28% | 8.76% | 7.55% | 6.19% | 5.35% | 4.55% | 4.92% |
| Gross Profit Growth % | - | -57.92% | -0.3% | -3.59% | 29.8% | 28.14% | 28.09% | 3.42% | 2.58% | 4.51% | 6.01% | -8.86% | 8.78% | 10.1% | -5.73% | - |
| Operating Expenses | 618.7M | 231.5M | 1.56B | 1.49B | 1.43B | 1.24B | 883.9M | 858.2M | 813.5M | 774.8M | 716.25M | 703.75M | 686.32M | 701.93M | 665.95M | 620.3M |
| OpEx % of Revenue | - | 1.19% | 7.73% | 6.91% | 6.11% | 7.17% | 7.85% | 6.11% | 5.66% | 6.04% | 6.18% | 5.54% | 4.04% | 3.88% | 3.45% | 3.28% |
| Selling, General & Admin | 237.6M | 231.5M | 235.4M | 240.5M | 232.5M | 193.6M | 171.1M | 144.6M | 136.2M | 141.17M | 122.67M | 129.28M | 119.27M | 133M | 116.6M | 93.13M |
| SG&A % of Revenue | - | 1.19% | 1.16% | 1.12% | 0.99% | 1.12% | 1.52% | 1.03% | 0.95% | 1.1% | 1.06% | 1.02% | 0.7% | 0.74% | 0.6% | 0.49% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 1.33B | 1.25B | 1.2B | 1.05B | 712.8M | 713.6M | 677.3M | 633.6M | 593.58M | 574.47M | 567.05M | 568.93M | 552.83M | 527.17M |
| Operating Income | 941.5M | 739.2M | 742.9M | 826M | 968.4M | 604M | 559M | 268.5M | 325.1M | 283.3M | 299.87M | 254.76M | 365.39M | 264.92M | 151.24M | 311.24M |
| Operating Margin % | 4.38% | 3.81% | 3.67% | 3.84% | 4.13% | 3.48% | 4.96% | 1.91% | 2.26% | 2.21% | 2.59% | 2.01% | 2.15% | 1.47% | 0.78% | 1.65% |
| Operating Income Growth % | - | -0.5% | -10.06% | -14.7% | 60.33% | 8.05% | 108.19% | -17.41% | 14.75% | -5.52% | 17.7% | -30.28% | 37.92% | 75.16% | -51.41% | - |
| EBITDA | 1.16B | 1.02B | 990.9M | 1.06B | 1.19B | 819.1M | 722.3M | 422.8M | 461.1M | 402.05M | 400.13M | 341.33M | 444.62M | 339.05M | 222.98M | 376.12M |
| EBITDA Margin % | 5.4% | 5.26% | 4.89% | 4.91% | 5.08% | 4.72% | 6.41% | 3.01% | 3.21% | 3.13% | 3.45% | 2.69% | 2.62% | 1.87% | 1.16% | 1.99% |
| EBITDA Growth % | 16.78% | 2.88% | -6.32% | -11.23% | 45.46% | 13.4% | 70.84% | -8.31% | 14.69% | 0.48% | 17.22% | -23.23% | 31.14% | 52.05% | -40.71% | - |
| D&A (Non-Cash Add-back) | 217.3M | 280.2M | 248M | 231.7M | 223.1M | 215.1M | 163.3M | 154.3M | 136M | 118.75M | 100.26M | 86.57M | 79.23M | 74.13M | 71.74M | 64.88M |
| EBIT | 924.6M | 720.1M | 748.7M | 832.9M | 969.1M | 604.3M | 559.4M | 257.3M | 326.8M | 286.68M | 391.74M | 251.82M | 375.99M | 268.7M | 146.25M | 311.22M |
| Net Interest Income | -115.5M | -110.7M | -97.1M | -98.5M | -83.2M | -82.4M | -50.2M | -51.7M | -51.4M | -45.4M | -39.1M | -31.35M | -36.4M | -13.41M | -212K | -376K |
| Interest Income | 500K | 200K | 0 | 0 | 3M | 0 | 1M | 3.2M | 1.5M | 1.31M | 578K | 2.18M | 244K | 1.1M | 172K | 32K |
| Interest Expense | 116M | 110.9M | 97.1M | 98.5M | 86.2M | 82.4M | 51.2M | 54.9M | 52.9M | 46.7M | 39.7M | 33.53M | 36.65M | 14.51M | 384K | 408K |
| Other Income/Expense | -132.9M | -130M | -91.3M | -91.6M | -84.6M | -82.1M | -49.9M | -66.1M | -51.2M | -43.28M | 52.17M | -36.48M | -26.04M | -7.25M | -1.13M | -428K |
| Pretax Income | 808.6M | 609.2M | 651.6M | 734.4M | 883.8M | 521.9M | 509.1M | 202.4M | 273.9M | 240.02M | 352.03M | 218.29M | 339.35M | 257.68M | 150.12M | 310.81M |
| Pretax Margin % | 3.76% | 3.14% | 3.22% | 3.41% | 3.77% | 3.01% | 4.52% | 1.44% | 1.91% | 1.87% | 3.04% | 1.72% | 2% | 1.42% | 0.78% | 1.64% |
| Income Tax | 191.4M | 138.6M | 149.1M | 177.6M | 210.9M | 125M | 123M | 47.6M | 60.3M | -5.24M | 130.54M | 80.7M | 116.39M | 101.35M | 62.17M | 122.96M |
| Effective Tax Rate % | 23.67% | 22.75% | 22.88% | 24.18% | 23.86% | 23.95% | 24.16% | 23.52% | 22.02% | -2.18% | 37.08% | 36.97% | 34.3% | 39.33% | 41.42% | 39.56% |
| Net Income | 617.2M | 470.6M | 502.5M | 556.8M | 672.9M | 396.9M | 386.1M | 154.8M | 213.6M | 245.26M | 221.49M | 176.34M | 243.86M | 235.03M | 83.57M | 324.02M |
| Net Margin % | 2.87% | 2.43% | 2.48% | 2.59% | 2.87% | 2.29% | 3.43% | 1.1% | 1.49% | 1.91% | 1.91% | 1.39% | 1.44% | 1.3% | 0.43% | 1.71% |
| Net Income Growth % | 25.83% | -6.35% | -9.75% | -17.25% | 69.54% | 2.8% | 149.42% | -27.53% | -12.91% | 10.73% | 25.61% | -27.69% | 3.76% | 181.25% | -74.21% | - |
| Net Income (Continuing) | 617.2M | 470.6M | 502.5M | 556.8M | 672.9M | 396.9M | 386.1M | 154.8M | 213.6M | 245.26M | 221.49M | 137.59M | 222.96M | 154.13M | 86.41M | 187.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.75M | 20.9M | 80.9M | 0 | 118.75M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 33.27 | 24.10 | 24.11 | 25.49 | 28.10 | 14.92 | 13.08 | 4.86 | 6.48 | 6.78 | 5.59 | 4.02 | 5.26 | 5.02 | 1.78 | 6.93 |
| EPS Growth % | 35.89% | -0.04% | -5.41% | -9.29% | 88.34% | 14.07% | 169.14% | -25% | -4.42% | 21.29% | 39.05% | -23.57% | 4.78% | 182.02% | -74.31% | - |
| EPS (Basic) | - | 24.38 | 24.47 | 25.91 | 28.63 | 15.14 | 13.25 | 4.90 | 6.54 | 6.85 | 5.64 | 4.06 | 5.29 | 5.03 | 1.79 | 6.93 |
| Diluted Shares Outstanding | 18.55M | 19.53M | 20.84M | 21.84M | 23.95M | 26.6M | 29.53M | 31.86M | 32.98M | 36.16M | 39.65M | 43.79M | 46.42M | 46.86M | 46.96M | 46.74M |
| Basic Shares Outstanding | 18.44M | 19.3M | 20.53M | 21.49M | 23.51M | 26.21M | 29.13M | 31.59M | 32.67M | 35.82M | 39.27M | 43.43M | 46.1M | 46.74M | 46.72M | 46.74M |
| Dividend Payout Ratio | - | 8.82% | 7.32% | 6% | 4.44% | 6.88% | 1.79% | - | - | - | - | - | - | 291.71% | 125.42% | 315.12% |
Quick answers to the most common questions about buying MUSA stock.
For fiscal year 2025, Murphy USA Inc. (MUSA) reported total revenue of $19.38B. This represents a 2.5% increase compared to $18.92B in 2011.
Murphy USA Inc. (MUSA) is profitable, generating $470.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
Murphy USA Inc. (MUSA) reported an operating income of $739.2M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Murphy USA Inc. (MUSA) generated $970.7M in gross profit for the year, representing a gross profit margin of 5.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and fuel margin volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Stability
Revenue swung from -8.2% in 2025Q2 to +36.0% in 2026Q2, reflecting fuel price swings rather than volume shifts. According to the latest quarterly report, gross profit per gallon likely drove the EPS beat.
The 36% revenue surge in 2026Q2 is almost certainly a function of higher wholesale fuel prices passed through to the pump, not a step-change in gallons sold. Excluding the commodity noise, same-store merchandise sales and fuel volumes appear relatively stable, as evidenced by the modest revenue declines in prior quarters. Investors should focus on gross profit per gallon and merchandise margins to gauge true demand trends.
Gross Margin Expansion Signals Pricing Power
Gross margin jumped to 11.0% in 2026Q2 from 5.4% a year earlier, a 560 basis point expansion. As reported in the income statement, this likely reflects favorable RINs pricing and disciplined fuel procurement.
The dramatic gross margin improvement in 2026Q2 suggests MUSA captured outsized fuel margins, possibly due to lagging retail price adjustments or RINs credits. While such margins are historically volatile, the sustained improvement from 2025Q1's trough (3.3%) indicates a structural shift in the company's ability to price fuel competitively while protecting profitability. However, investors should monitor whether this margin level is sustainable or a temporary windfall.
Operating Leverage Amplifies Earnings
Operating income grew 39% in 2026Q2 despite only a 36% revenue increase, with SG&A up just 7% year-over-year. Based on the latest financials, this demonstrates significant operating leverage in the kiosk model.
SG&A expenses rose only modestly to $60.5M in 2026Q2, while gross profit surged to $746.5M, indicating that the low-cost kiosk infrastructure scales efficiently with fuel volumes. The operating margin of 4.5% is near the high end of the trailing ten-quarter range, suggesting that the company is benefiting from both higher fuel margins and controlled overhead. This leverage is a key driver of the EPS beat and supports management's raised guidance.
EPS Quality Boosted by One-Time Gains
EPS of $11.27 in 2026Q2 far exceeded the $8.54 consensus, but the quality may be tempered by non-operating items. According to the earnings release, the beat was driven by fuel margins, not recurring merchandise growth.
The EPS surge in 2026Q2 appears to be largely a function of exceptional fuel margins, which are inherently cyclical and may not persist. There is no stock-based compensation reported, which simplifies the earnings quality assessment, but the lack of R&D spending is typical for this industry. Investors should scrutinize the sustainability of the fuel margin environment, as a reversion to historical norms could compress EPS significantly.
Cost Discipline Drives Margin Expansion
COGS as a percentage of revenue fell to 89.0% in 2026Q2 from 94.6% a year earlier, while SG&A remained flat at 0.9% of revenue. As reported in the financial statements, this cost control is central to the earnings beat.
The primary cost driver is fuel procurement, which is volatile and outside management's control, but the company's ability to keep SG&A stable despite revenue swings indicates strong expense discipline. The low SG&A ratio (0.9% of revenue) reflects the kiosk model's efficiency, but investors should watch for potential increases in labor or credit card fees that could erode margins. The merchandise mix shift toward higher-margin fresh food via QuickChek may be a lever for future cost efficiency.
Fuel Margin Windfall May Not Be Durable
The 11.0% gross margin in 2026Q2 is nearly double the 5.4% average of the prior year, raising questions about sustainability. Short-sellers would argue that such margins are cyclical and will revert, pressuring EPS.
The exceptional fuel margins in 2026Q2 could be a result of temporary supply disruptions or RINs volatility, which are inherently unpredictable. If fuel margins normalize to the 5-6% range seen in 2025, EPS would likely fall sharply, given the high operating leverage. Additionally, the elevated debt-to-equity ratio of 5.22 could amplify the impact of any margin compression, as interest expense would consume a larger share of operating income. Investors should monitor fuel margin trends and the company's ability to sustain this profitability.