Murphy USA Inc.

murphyusa.com

What Do They Do?

Sells gasoline and other motor fuels through retail stores and to unbranded wholesale buyers, alongside convenience merchandise for shoppers.

How Do They Make Money?

Retail customers pay for fuel as it is pumped and for merchandise when they check out; wholesale buyers pay after delivery, generally within a week or within 10 days.

revenue

Segment	Share	How money arrives
Petroleum product sales Sold outright	77% FY2022: 82%	Sold outright
Merchandise sales Sold outright	22% FY2022: 17%	Sold outright
Other operating revenues Sold outright	1.1% FY2022: 1.3%	Sold outright

Who Are Their Customers?

Retail shoppers buy fuel and convenience goods directly at Murphy USA, Murphy Express and QuickChek stores; unbranded wholesale customers buy fuel through company-owned and third-party terminals.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −3% vs FY2024 ($742.9M, 4%)

Net income, FY2025

2% of revenue

▼ −6% vs FY2024 ($502.5M, 2%)

Free cash flow, FY2025

2% of revenue

▼ −4% vs FY2024 ($389.5M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +36%; vs $5B in Q2 FY2025
Net income: ▲ +44%; vs $145.6M in Q2 FY2025

Petroleum product sales share of revenue vs 77.0% in Q2 FY2025

Apr 6, 2026 Donald R. Smith was appointed chief financial officer He had been serving as interim chief financial officer before the appointment.

Growing. Revenue grew 12% in 4 years, from $17.4B in FY2021 to $19.4B in FY2025, about 3% a year.

Revenue over time

Petroleum product sales Merchandise sales Other operating revenues

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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