Murphy USA Inc. (MUSA) Balance Sheet
MUSA balance sheet, 2025
December 31, 2025 · U.S. dollars$4.73B assets = $4.10B liabilities + $623.5M equity
Both columns are drawn to the same scale: what MUSA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MUSA financial health
Descriptive bands, not a rating. Fiscal 2025.
MUSA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.09B2016 | $4.73B2025 | +9.5%/yr | |
| Total liabilities | $1.39B2016 | $4.10B2025 | +12.8%/yr | |
| Shareholders’ equity | $697.1M2016 | $623.5M2025 | −1.2%/yr | |
| Cash & short-term investments | $153.8M2016 | $28.9M2025 | −17.0%/yr | |
| Total debt | $670.2M2016 | $3.25B2025 | +19.2%/yr | |
| Net cash (debt) | −$516.4M2016 | −$3.22B2025 | −$2.7B | |
| Working capital | $994,0002016 | −$181.3M2025 | −$182.3M | |
| Book value per share | $17.582016 | $31.932025 | +6.9%/yr | |
| Current ratio | 1.002016 | 0.802025 | −0.20 | |
| Debt / equity | 0.962016 | 5.222025 | +4.25 | |
| Shares outstanding | 39.6M2016 | 19.5M2025 | −7.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MUSA assets
MUSA liabilities and equity
MUSA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MUSA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.9M | $47.0M | $124.9M | $78.4M | $256.4M | $163.6M | $280.3M | $184.5M | $170.0M | $153.8M |
| Cash & equivalents | $28.9M | $47.0M | $117.8M | $60.5M | $256.4M | $163.6M | $280.3M | $184.5M | $170.0M | $153.8M |
| Short-term investments | — | $14.2M | $7.1M | $17.9M | $0 | — | — | $1.0M | −$28,000 | $1.8M |
| Receivables | $276.2M | $268.5M | $336.7M | $281.7M | $195.7M | $168.8M | $172.9M | $138.8M | $225.3M | $183.5M |
| Inventory | $413.0M | $401.6M | $341.2M | $319.1M | $292.3M | $279.1M | $227.6M | $221.5M | $182.5M | $153.4M |
| Other current assets | $29.7M | $31.0M | $23.7M | $47.6M | $23.4M | $13.7M | $30.0M | $25.3M | $36.5M | $24.9M |
| Total current assets | $747.8M | $748.1M | $826.5M | $726.8M | $767.8M | $625.2M | $710.8M | $570.1M | $614.3M | $515.6M |
| Property, plant & equipment (net) | $3.49B | $3.31B | $3.02B | $2.91B | $2.80B | $2.02B | $1.93B | $1.75B | $1.68B | $1.53B |
| Goodwill & intangible assets | $467.3M | $467.5M | $467.8M | $468.4M | $468.7M | $34.6M | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $4.4M | $4.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $21.6M | $19.9M | $17.5M | $14.7M | $14.1M | $10.6M | $44.9M | $42.5M | $38.4M | $40.5M |
| Total assets | $4.73B | $4.54B | $4.34B | $4.12B | $4.05B | $2.69B | $2.69B | $2.36B | $2.33B | $2.09B |
| Liabilities | ||||||||||
| Accounts payable | $865.2M | $518.0M | $505.4M | $547.6M | $392.5M | $261.0M | $280.8M | $274.9M | $339.6M | $310.0M |
| Short-term debt | $19.0M | $39.4M | $37.1M | $35.5M | $33.1M | $51.2M | $45.6M | $21.2M | $19.9M | $40.6M |
| Deferred revenue | — | −$39.4M | −$7.4M | $295.9M | −$660.3M | — | — | −$182.0M | −$173.9M | −$163.4M |
| Total current liabilities | $929.1M | $947.9M | $872.8M | $854.2M | $675.3M | $531.1M | $505.0M | $478.1M | $533.3M | $514.6M |
| Long-term debt | $2.16B | $1.83B | $1.78B | $1.79B | $1.80B | $951.2M | $999.3M | $842.1M | $860.9M | $629.6M |
| Lease obligations | $560.4M | $520.0M | $472.4M | $444.2M | $408.9M | $142.5M | — | — | — | — |
| Other long-term liabilities | $1.01B | $920.9M | $853.7M | $836.4M | $765.6M | $419.3M | $379.9M | $233.3M | $198.4M | $247.5M |
| Total liabilities | $4.10B | $3.70B | $3.51B | $3.48B | $3.24B | $1.90B | $1.88B | $1.55B | $1.60B | $1.39B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $550.4M | $555.8M |
| Retained earnings (deficit) | $4.17B | $3.74B | $3.28B | $2.76B | $2.11B | $1.74B | $1.36B | $1.21B | $994.5M | $749.3M |
| Treasury stock | — | — | — | — | −$1.84B | −$1.49B | −$1.10B | −$940.3M | −$806.5M | −$608.0M |
| Accumulated other comprehensive income | — | — | — | −$500,000 | −$1.2M | −$1.9M | $699,999 | −$974.2M | −$874.7M | $0 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $623.5M | $840.1M | $828.9M | $640.7M | $807.2M | $784.1M | $803.0M | $807.3M | $738.4M | $697.1M |
| Key figures | ||||||||||
| Total debt | $3.25B | $2.37B | $2.27B | $2.27B | $2.24B | $1.14B | $1.16B | $863.3M | $880.8M | $670.2M |
| Net cash (debt) | −$3.22B | −$2.32B | −$2.15B | −$2.19B | −$1.99B | −$981.3M | −$883.1M | −$678.8M | −$710.8M | −$516.4M |
| Working capital | −$181.3M | −$199.8M | −$46.3M | −$127.4M | $92.5M | $94.1M | $205.8M | $92.0M | $81.0M | $994,000 |
| Tangible book value | $156.2M | $372.6M | $361.1M | $172.3M | $338.5M | $749.5M | $803.0M | $807.3M | $738.4M | $697.1M |
| Book value per share | $31.93 | $40.31 | $37.95 | $26.75 | $30.34 | $26.56 | $25.21 | $24.48 | $20.42 | $17.58 |
| Shares outstanding | 19.5M | 20.8M | 21.8M | 23.9M | 26.6M | 29.5M | 31.9M | 33.0M | 36.2M | 39.6M |
| Current ratio | 0.80 | 0.79 | 0.95 | 0.85 | 1.14 | 1.18 | 1.41 | 1.19 | 1.15 | 1.00 |
| Quick ratio | 0.33 | 0.33 | 0.53 | 0.42 | 0.67 | 0.63 | 0.90 | 0.68 | 0.74 | 0.66 |
| Debt / equity | 5.22 | 2.82 | 2.74 | 3.55 | 2.78 | 1.46 | 1.45 | 1.07 | 1.19 | 0.96 |
| Equity / assets | 13.2% | 18.5% | 19.1% | 15.5% | 19.9% | 29.2% | 29.9% | 34.2% | 31.7% | 33.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $175.4M | $118.6M | $28.9M | $42.8M | $54.1M | $49.4M | $47.0M | $54.0M | $84.3M | $62.8M | $124.9M | $133.3M |
| Cash & equivalents | $175.4M | $118.6M | $28.9M | $42.8M | $54.1M | $49.4M | $47.0M | $52.5M | $79.8M | $56.7M | $117.8M | $124.8M |
| Short-term investments | — | — | — | — | — | — | $0 | $1.5M | $4.5M | $6.1M | $7.1M | $8.5M |
| Receivables | $379.2M | $354.1M | $276.2M | $304.1M | $296.3M | $272.1M | $268.5M | $262.6M | $386.5M | $380.5M | $336.7M | $344.2M |
| Inventory | $417.4M | $363.3M | $413.0M | $387.2M | $397.5M | $364.4M | $401.6M | $341.2M | $315.9M | $292.7M | $341.2M | $335.4M |
| Other current assets | $35.9M | $35.1M | $29.7M | $29.2M | $28.5M | $30.5M | $31.0M | $31.3M | $33.4M | $31.7M | $23.7M | $27.4M |
| Total current assets | $1.01B | $871.1M | $747.8M | $763.3M | $776.4M | $716.4M | $748.1M | $689.1M | $820.1M | $767.7M | $826.5M | $840.3M |
| Property, plant & equipment (net) | $3.58B | $3.50B | $3.49B | $3.42B | $3.36B | $3.30B | $3.31B | $3.22B | $3.12B | $3.05B | $3.02B | $2.97B |
| Goodwill & intangible assets | $467.2M | $467.3M | $467.3M | $467.4M | $473.9M | $467.5M | $467.5M | $467.6M | $467.6M | $467.7M | $467.8M | $467.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.0M | $4.5M | $4.4M | $7.4M |
| Other non-current assets | $33.9M | $23.1M | $21.6M | $21.0M | $14.2M | $20.2M | $19.9M | $21.0M | $20.3M | $20.6M | $17.5M | $17.7M |
| Total assets | $5.08B | $4.87B | $4.73B | $4.68B | $4.62B | $4.50B | $4.54B | $4.40B | $4.43B | $4.31B | $4.34B | $4.31B |
| Liabilities | ||||||||||||
| Accounts payable | $1.01B | $1.02B | $865.2M | $843.6M | $915.9M | $855.6M | $518.0M | $780.3M | $924.0M | $830.0M | $505.4M | $729.4M |
| Short-term debt | $19.1M | $19.2M | $19.0M | $42.2M | $14.5M | $15.6M | $39.4M | $15.7M | $15.6M | $15.3M | $37.1M | $36.6M |
| Deferred revenue | — | — | — | — | — | — | −$149.9M | −$780.3M | −$924.0M | — | $152.7M | −$800.6M |
| Total current liabilities | $1.09B | $1.05B | $929.1M | $940.2M | $976.1M | $891.8M | $947.9M | $858.8M | $970.7M | $884.7M | $872.8M | $827.2M |
| Long-term debt | $2.17B | $2.14B | $2.16B | $2.22B | $2.07B | $1.97B | $1.83B | $1.82B | $1.78B | $1.78B | $1.78B | $1.79B |
| Lease obligations | $549.4M | $532.6M | $560.4M | $513.9M | $508.4M | $494.4M | $520.0M | $487.7M | $464.6M | $452.1M | $472.4M | $449.8M |
| Other long-term liabilities | $1.05B | $1.02B | $1.01B | $967.4M | $933.3M | $916.9M | $920.9M | $893.5M | $866.5M | $857.6M | $853.7M | $847.6M |
| Total liabilities | $4.30B | $4.21B | $4.10B | $4.13B | $3.98B | $3.78B | $3.70B | $3.57B | $3.62B | $3.53B | $3.51B | $3.46B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
| Retained earnings (deficit) | $4.49B | $4.30B | $4.17B | $4.04B | $3.92B | $3.79B | $3.74B | $3.61B | $3.47B | $3.34B | $3.28B | $3.14B |
| Total shareholders' equity | $782.7M | $658.7M | $623.5M | $546.0M | $646.1M | $719.6M | $840.1M | $830.1M | $811.3M | $781.6M | $828.9M | $844.1M |
| Key figures | ||||||||||||
| Total debt | $2.74B | $2.69B | $3.25B | $2.78B | $2.59B | $2.48B | $2.37B | $2.32B | $2.26B | $2.25B | $2.27B | $2.27B |
| Net cash (debt) | −$2.56B | −$2.57B | −$3.22B | −$2.74B | −$2.54B | −$2.43B | −$2.32B | −$2.27B | −$2.18B | −$2.19B | −$2.15B | −$2.14B |
| Working capital | −$81.8M | −$178.7M | −$181.3M | −$176.9M | −$199.7M | −$175.4M | −$199.8M | −$169.7M | −$150.6M | −$117.0M | −$46.3M | $13.1M |
| Tangible book value | $315.5M | $191.4M | $156.2M | $78.6M | $172.2M | $252.1M | $372.6M | $362.5M | $343.7M | $313.9M | $361.1M | $376.2M |
| Book value per share | $42.19 | $35.21 | $33.10 | $28.39 | $32.69 | $35.62 | $41.06 | $40.03 | $38.78 | $36.93 | $38.69 | $38.74 |
| Shares outstanding | 18.6M | 18.7M | 18.8M | 19.2M | 19.8M | 20.2M | 20.5M | 20.7M | 20.9M | 21.2M | 21.4M | 21.8M |
| Current ratio | 0.92 | 0.83 | 0.80 | 0.81 | 0.80 | 0.80 | 0.79 | 0.80 | 0.84 | 0.87 | 0.95 | 1.02 |
| Quick ratio | 0.51 | 0.45 | 0.33 | 0.37 | 0.36 | 0.36 | 0.33 | 0.37 | 0.49 | 0.50 | 0.53 | 0.58 |
| Debt / equity | 3.49 | 4.08 | 5.22 | 5.09 | 4.01 | 3.45 | 2.82 | 2.80 | 2.79 | 2.88 | 2.74 | 2.69 |
| Equity / assets | 15.4% | 13.5% | 13.2% | 11.7% | 14.0% | 16.0% | 18.5% | 18.9% | 18.3% | 18.1% | 19.1% | 19.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
MUSA financial position
At the end of fiscal 2025 (December 31, 2025), Murphy USA had total assets of $4.7 billion (up 4.1% from a year earlier), total liabilities of $4.1 billion and shareholders' equity of $623.5 million. It held $28.9 million in cash and short-term investments against $3.3 billion of debt, net debt of $3.2 billion. Its current ratio was 0.80. In the latest quarter (ended June 30, 2026) total assets were $5.1 billion and equity $782.7 million.
Related: MUSA income statement, MUSA cash flow statement, MUSA key metrics. See the MUSA stock overview for the latest quote and news.
MUSA balance sheet FAQ
What are Murphy USA's total assets?
Murphy USA reported total assets of $4.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.5 billion a year earlier.
How much debt does Murphy USA have?
Murphy USA had $3.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 5.22.
How much cash does Murphy USA have?
Murphy USA held $28.9 million in cash and short-term investments at the end of fiscal 2025; with $3.3 billion of debt that is net debt of $3.2 billion.
What is Murphy USA's book value?
Murphy USA's shareholders' equity (book value) was $623.5 million at the end of fiscal 2025, or $31.93 per share.
What is Murphy USA's current ratio?
Murphy USA had current assets of $747.8 million and current liabilities of $929.1 million, a current ratio of 0.80 (current liabilities exceed current assets).
How much goodwill does Murphy USA have?
Murphy USA carried $467.3 million of goodwill and intangible assets, 9.9% of total assets, at the end of fiscal 2025.