Business Segments (Tables)

12 Months Ended

Dec. 31, 2025


Marketing Segment Information	Years ended December 31,
(Millions of dollars)	2025		2024		2023
Revenues from external customers	$	19,383.5	$	20,243.7	$	21,528.9

Reconciliation of revenue
Other revenues1	0.5		0.6		0.5
Total consolidated revenue	$	19,384.0	$	20,244.3	$	21,529.4

Less:2
Cost of goods sold	17,024.6		17,937.5		19,215.6
Store and other operating expenses	1,108.3		1,064.4		1,014.6
Selling, general and administrative	231.5		235.4		240.5
Depreciation and amortization	250.8		229.8		211.9
Other segment items3	11.2		16.0		3.5
Interest expense	8.0		8.4		8.9

Segment income before income taxes	$	749.1	$	752.2	$	833.9

Reconciliation of income before income taxes
Income before income taxes	$	609.2	$	651.6	$	734.4

Other (revenues)1	(0.5)		(0.6)		(0.5)
Other operating expenses	0.2		0.2		0.2
Depreciation and amortization	26.0		18.2		16.8
Restructuring expenses	12.6		—		—
(Gain) loss on sale of assets	0.3		(0.1)		0.1
Investment (income) loss	(0.2)		(6.4)		(6.9)
Interest expense	102.9		88.7		89.6

Other nonoperating (income) expense	(1.4)		0.6		0.2

Segment income before income taxes	$	749.1	$	752.2	$	833.9

1Revenues from corporate and other assets not included in the reportable segment results.
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense


Other specified segment disclosures
(Millions of dollars)	Marketing Totals		Reconciling Items4		Consolidated Totals
Year ended December 31, 2025
Accretion of asset retirement obligations	$	3.4	$	—	$	3.4

Deferred and noncurrent income taxes (benefits)	$	58.4	$	(13.3)	$	45.1
Additions to property, plant and equipment	$	414.6	$	17.8	$	432.4
Total assets at year-end	$	4,534.6	$	191.2	$	4,725.8

(Millions of dollars)	Marketing Totals		Reconciling Items4		Consolidated Totals
Year ended December 31, 2024
Accretion of asset retirement obligations	$	3.2	$	—	$	3.2

Deferred and noncurrent income taxes (benefits)	$	17.6	$	(3.6)	$	14.0
Additions to property, plant and equipment	$	464.1	$	38.9	$	503.0
Total assets at year-end	$	4,326.8	$	214.8	$	4,541.6

(Millions of dollars)	Marketing Totals		Reconciling Items4		Consolidated Totals
Year ended December 31, 2023
Accretion of asset retirement obligations	$	3.0	$	—	$	3.0

Deferred and noncurrent income taxes (benefits)	$	(4.5)	$	6.5	$	2.0
Additions to property, plant and equipment	$	289.5	$	54.6	$	344.1
Total assets at year-end	$	4,061.7	$	278.4	$	4,340.1
4Corporate and other assets not included in the reportable segment results.

Murphy USA Inc. 10-K