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Murphy USA cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$194M in Q3 2026 · $668M over twelve months

Operating cash flow$348M
Capital spending−$154M
Free cash flow+$194M
Cash / net income2.0×

Analysis

In Q3 2026, Murphy USA generated $348M of operating cash flow and spent $154M on capital projects, leaving free cash flow of $194M. That is $126M more than in Q3 2025 ($67.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were capital spending ($481M), buybacks ($376M), net borrowing (+) / repaid (−) ($81.8M); besides operations, cash came from other financing ($11.8M), asset & business sales ($1.8M); the cash balance rose by $119M.

Operating cash flow was $348M against net income of $176M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$75.1M, payables +$40.9M, income taxes payable +$26.6M.

Free cash flow

Murphy USA: free cash flow by quarterMurphy USA: free cash flow by quarter$122MQ4 2024$40.7MQ1 2025$137MQ2 2025$67.7MQ3 2025$129MQ4 2025$222MQ1 2026$123MQ2 2026$194MQ3 2026
Operating cash flow less capital spending.
Murphy USA: operating cash flow against capital spendingMurphy USA: operating cash flow against capital spendingOperating cash flowCapital spending$249M$127MQ4 2024$128M$87.8MQ1 2025$255M$118MQ2 2025$185M$117MQ3 2025$246M$117MQ4 2025$320M$98.3MQ1 2026$235M$112MQ2 2026$348M$154MQ3 2026
Latest (Q3 2026): Operating cash flow $348M, Capital spending $154M.

Capital allocation, year by year

Murphy USA: where the cash came from (up) and went (down), by fiscal yearMurphy USA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $737MFY2021: Net borrowing $659MFY2021: Asset sales $3.4MFY2021: Capital spending −$275MFY2021: Acquisitions −$641MFY2021: Buybacks −$355MFY2021: Dividends −$27.3M$1.4BFY2021FY2022: Operating cash flow $995MFY2022: Net borrowing −$15.2MFY2022: Asset sales $8.8MFY2022: Capital spending −$305MFY2022: Buybacks −$806MFY2022: Dividends −$29.9M$1.0BFY2022FY2023: Operating cash flow $784MFY2023: Net borrowing −$15.4MFY2023: Asset sales $2.4MFY2023: Capital spending −$336MFY2023: Buybacks −$333MFY2023: Dividends −$33.4M$786MFY2023FY2024: Operating cash flow $848MFY2024: Net borrowing $40.3MFY2024: Asset sales $2.0MFY2024: Capital spending −$458MFY2024: Buybacks −$446MFY2024: Dividends −$36.8M$890MFY2024FY2025: Operating cash flow $814MFY2025: Net borrowing $316MFY2025: Asset sales $2.4MFY2025: Capital spending −$440MFY2025: Buybacks −$650MFY2025: Dividends −$41.5M$1.1BFY2025
Over these 5 years operating cash flow totalled $4.2B; the largest uses were buybacks ($2.6B) and capital spending ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$196M
Debt$2.2B
Net debt$2.0B
Due within a year$20.1M

Murphy USA funds itself: free cash flow was $668M over the last twelve months, and $196M of cash and investments stands against $2.2B of debt ($20.1M due within a year, 9.8× covered by cash).

Where the cash came from and went

Murphy USA: sources (+) and uses (−) of cash, Q3 2026Murphy USA: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$348MBuybacks−$156MCapital spending−$154MOther investing−$33.0MCash drawn (+) / kept (−)$13.6MDividends−$11.9MNet borrowing (+) / repaid (−)−$5.3MTaxes on employees’ shares−$1.9MAsset & business sales$1.0M
Murphy USA: sources (+) and uses (−) of cash, TTM to Q3 2026Murphy USA: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BCapital spending−$481MBuybacks−$376MCash drawn (+) / kept (−)−$119MNet borrowing (+) / repaid (−)−$81.8MDividends−$47.2MTaxes on employees’ shares−$35.5MOther investing−$21.7MOther financing$11.8MAsset & business sales$1.8M

From profit to cash

Murphy USA: net income to operating cash flow, Q3 2026Murphy USA: net income to operating cash flow, Q3 2026Net income$176MDepreciation & amortization$75.1MStock-based pay$6.8MDeferred taxes$2.4MReceivables$1.3MInventory$19.6MPayables$40.9MPrepaid and other assets−$2.8MIncome taxes payable$26.6MOperating cash flow$348M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$348M−$154M−$156M−$11.9M−$5.3M$13.6M$194M
Q2 2026$235M−$112M−$82.3M−$11.8M$26.9M−$56.8M$123M
Q1 2026$320M−$98.3M−$70.5M−$11.7M−$27.8M−$89.7M$222M
Q4 2025$246M−$117M−$66.9M−$11.8M−$65.2M$13.9M$129M
Q3 2025$185M−$117M−$219M−$10.1M$154M$11.3M$67.7M
Q2 2025$255M−$118M−$214M−$9.8M$96.3M−$4.7M$137M
Q1 2025$128M−$87.8M−$150M−$9.8M$140M−$2.4M$40.7M
Q4 2024$249M−$127M−$128M−$9.7M$11.0M$5.5M$122M

Murphy USA: income statement and cash flow

Murphy USA, Q3 2026: revenue $6.9B (+35% year over year), operating margin 3.8%. The chart follows the revenue to costs, profit and cash.

Murphy USA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.