What is the primary revenue source for Murphy USA (MUSA)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MUSA's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Murphy USA's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Murphy USA Makes Money: MUSA Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 70.84% of revenue, indicating concentration.

Operating margin improved by 1.16 percentage points year over year.

Revenue: USD 11.63B
Largest revenue segment share (Product Sales, Petroleum, Retail): 70.84%
Cost of revenue: USD 8.52B
Selling, general and administrative: USD 117.10M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal revenues · RevenueFromContractWithCustomerIncludingAssessedTax
Cost of revenueCost of goods sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Product Sales, Petroleum, Retail)Product Sales, Petroleum, Retail · segment_value / revenue * 100
Operating marginIncome (loss) from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 3.04B
Inventory: USD 417.40M
Accounts receivable: USD 379.20M
Total liabilities: USD 4.30B
Shareholder equity: USD 782.70M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment, at cost less accumulated depreciation and amortization of $2,313.4 and $2,173.5 at 2026 and 2025, respectively · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal stockholders' equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories, at lower of cost or market · InventoryNet
Accounts receivableAccounts receivable—trade, less allowance for doubtful accounts of $0.4 and $0.3 at 2026 and 2025, respectively · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 160.68% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 345.40M
Operating cash flow: USD 555.00M
Cash conversion: 160.68%
Free cash flow: USD 345.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeIncome before income taxes · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 23.50M
Share repurchases: USD 152.80M
Net shareholder return: USD 176.30M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?