Murphy USA Inc

Murphy USA sells gasoline and convenience-store goods at low prices. As of December 31, 2025, it ran 1,800 stores in 27 states. Of these, 1,649 used the Murphy USA and Murphy Express names and 151 used the QuickChek name. Most stores sit near Walmart stores, and the two companies work together on fuel discounts, mainly through Walmart+. Murphy-branded stores span 25 states in the Southeast, Southwest and Midwest. QuickChek, bought in January 2021, runs larger stores with more food and drinks in New Jersey and New York.

Fuel makes up most of sales. In 2025, petroleum product sales were $14.9 billion, or 76.7% of $19.4 billion in revenue. Merchandise, including nicotine products, food and drinks, added $4.3 billion, or 22.2%. Other revenue made up 1.1%. The company also sells fuel wholesale, meaning in bulk to other businesses, through its own and outside fuel terminals and pipelines.

The model depends on low prices, high volume and low costs. Many Murphy stores need only one or two workers on site. Also, 73% of stores sit on company-owned land, so they pay no rent. Profit per dollar of sales is thin: net income of $470.6 million was 2.4% of 2025 revenue. The company's annual report laid out plans for 45 to 55 new stores in 2026.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.89B, up 34.8% from a year earlier, and net income was $176.0M (+35.5%).
• For fiscal 2025, revenue was $19.38B (-4.2% year over year; +11.5% a year from FY2020 to FY2025) with a 2.4% net margin.

• Over FY2021–FY2025: $2.59B in buybacks and $168.9M in dividends.
• At least 5 consecutive annual increases: every fiscal year in the SEC data (FY2020–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +53.8% a year over 5 years (FY2020–FY2025).
• Dividends took 8.8% of earnings and 11.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed -27.1% from Jan 31, 2022 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

Murphy USA’s market value went from $2.37B at the end of 2016 to $9.33B on Oct 28, 2026, about 3.9 times as much; since the end of 2025 it is up 23%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 11 sales ($31.3M), 1 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in MUSA

1. Heavy dependence on Walmart. Most stores sit near Walmart stores and benefit from their traffic and joint fuel discounts. Walmart keeps certain rights in its agreements, and a weaker relationship could hurt sales and limit how Murphy USA operates.
2. One supplier for most merchandise. One primary supplier, Core-Mark, provides over 78% of the company's merchandise. A disruption at that supplier could leave stores short of products and hurt sales.
3. Nicotine laws, taxes and costs. Its nicotine sales are among the highest-volume in the industry. New laws, court rulings, anti-smoking campaigns, higher taxes or higher wholesale costs could cut store revenue and gross margin (sales minus product costs).
4. Fuel price swings and thin margins. Oil and fuel prices, seasonal patterns and the economy can move results sharply. Net income was only 2.4% of 2025 revenue, so small changes in fuel profit per gallon can matter a lot.
5. Sizable debt and below-investment-grade notes. Total debt was $2.19 billion, versus $782.7 million of equity, as of June 30, 2026. Moody's and S&P rate its notes below investment grade (a riskier tier), and loan terms can limit borrowing and dividends.
6. Shifting fuel demand and driving habits. The company expects overall gasoline demand to stay flat, because better fuel efficiency offsets more driving. New energy technologies or changes in how people travel could shrink fuel volumes over time.

• Oct 28, 2026 Quarterly results released
• Oct 22, 2026 Investor presentation or announcement
• Sep 2, 2026 Executive or board change
• Aug 13, 2026 Investor presentation or announcement
• Aug 5, 2026 Quarterly results released
• May 27, 2026 Other company announcement
• May 12, 2026 Other company announcement
• May 11, 2026 Bylaws or fiscal year changed; Shareholder vote results
• May 7, 2026 Investor presentation or announcement
• Apr 29, 2026 Quarterly results released

Murphy USA pays a small but fast-growing dividend. Dividends per share have risen at least five years in a row, from $0.25 in 2020 to $2.15 in 2025, with four quarterly raises during 2025. The payout used only 8.8% of 2025 earnings and 11.1% of free cash flow (cash left after running and investing in the business). Still, the yield was just 0.49% as of October 28, 2026, so the shares produce little income. Buybacks are its main way of returning cash: $2.59 billion from 2021 to 2025, versus $168.9 million in dividends. The share count fell 28.3% from September 2021 to June 2026.

In the 2020 COVID crash the stock fell 27.1% and recovered in about 1.5 months. During the 2022 bear market it gained 42.1%, despite a 16% dip along the way. It is not immune to losses: the price fell 19.1% in 2025. A single stock carries more risk than a diversified fund.