Revenue growth remains inconsistent, with a 6.5% increase in 2026Q1 masking structural gross margin contraction that has fallen from 12.7% in 2024Q4 to 5.4% in the most recent quarter.
| 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 | 19.68B | 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 % | -1.25% | -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 | 18.59B | 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 | 1.08B | 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 % | 5.51% | 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 | 228M | 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 | 228M | 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 | 0 | 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 | 855.8M | 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 % | 4.35% | 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 | 1.14B | 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 % | 5.79% | 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 % | 15.8% | 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) | 284.1M | 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 | 855.8M | 739.2M | 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 | -114M | -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 | 114.5M | 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 | -132.3M | -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 | 723.5M | 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 % | 3.68% | 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 | 169.8M | 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 % | 23.47% | 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 | 553.7M | 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 % | 2.81% | 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 % | 13.07% | -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) | 553.7M | 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) | 29.60 | 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 % | 22.02% | -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 | 18.71M | 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 | 18.52M | 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% |
Fuel margin volatility exposure
As reported in recent financial filings, MUSA's revenue growth has fluctuated significantly, with a 6.5% increase in 2026Q1 following several quarters of contraction, largely reflecting the inherent sensitivity of top-line figures to volatile wholesale fuel prices rather than shifts in core retail volume.
The revenue trajectory appears heavily influenced by commodity price cycles, making headline growth figures a poor proxy for operational health. Investors should monitor same-store merchandise sales to better gauge the underlying durability of the consumer base, as fuel revenue remains susceptible to external macroeconomic shocks.
Based on the provided income statement data, gross margins have experienced a notable contraction from double-digit levels in 2024 to approximately 5.4% in 2026Q1, suggesting that the company's ability to capture premium fuel spreads has faced significant headwinds in recent reporting periods.
The sharp decline in gross margin suggests that the competitive environment for fuel pricing has intensified, potentially limiting the company's pricing power. This compression warrants further investigation into whether the integration of higher-margin food offerings can effectively offset the structural decline in fuel-related profitability.
According to the latest quarterly figures, MUSA maintains an operating margin of 4.3%, demonstrating a disciplined approach to SG&A management that allows the firm to preserve profitability despite the thin, commodity-driven gross margin profile inherent in the specialty retail fuel sector.
The company's ability to scale operating income relative to gross profit appears to be a critical survival mechanism in a low-margin environment. However, the reliance on tight cost controls suggests that any inflationary pressure on labor or credit card processing fees could disproportionately impact bottom-line results.
As indicated by the company's financial statements, the high debt-to-equity ratio of 5.22% creates a precarious foundation for continued aggressive share repurchases, particularly if interest rate environments remain elevated and pressure the company's ability to refinance existing obligations at favorable terms.
Short-sellers may focus on the potential for margin compression to collide with high interest expenses, creating a scenario where capital allocation priorities must shift away from shareholders. The sustainability of the current buyback program appears contingent on maintaining stable fuel margins, which remains an analytical uncertainty.
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.