Filing Flows › Murphy USA (MUSA) › Q4 2025
Murphy USA (MUSA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Murphy USA (MUSA) reported revenue of $4.7B for the fourth quarter 2025 (Q4 2025), +0.7% from a year earlier and -7% from the quarter before. Operating margin was 4.4%, net earnings $142M (3.0% of revenue).
Murphy USA, Q4 2025: revenue $4.7B (+0.7% year over year), operating margin 4.4%, net earnings $142M, operating cash flow $246M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7B | -7% | +0.7% |
| Operating profit | $210M | +4% | +5% |
| Net earnings | $142M | +9% | -0.4% |
| Operating cash flow | $246M | +33% | -1% |
| Free cash flow | $129M | +90% | +6% |
What changed
Revenue was $4.7B in Q4 2025, up 1% year over year and down 7% from the previous quarter. Petroleum product sales was the largest line at 76% of revenue.
Operating profit was $0.21B, a 4.4% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 4% margin then. Total costs grew 1% against revenue growth of 1%. The fastest-growing cost line was SG&A (+20%). Net earnings were $0.14B, roughly flat year over year. The effective tax rate was 21.8%.
Operating cash flow was $0.25B (down 1% year over year), 173% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.02B. Capital expenditures of $0.12B left free cash flow of $0.13B.
Questions
What was Murphy USA's revenue in the fourth quarter 2025?
Murphy USA (MUSA) reported revenue of $4.7B for the fourth quarter 2025 (Q4 2025), +0.7% from a year earlier and -7% from the quarter before.
Was Murphy USA profitable in the fourth quarter 2025?
Operating profit was $210M (4.4% of revenue) and net earnings $142M.
Source: Murphy USA 10-K on SEC EDGAR.