MUSA · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Murphy USA

27 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Core-Mark International, Inc.

depends on · over 78% of our merchandisenamed as a risk

In 2025, over 78% of our merchandise, including most nicotine products and grocery items, was purchased from a single wholesale grocer, Core-Mark.Risk factors (Item 1A)

Pipelines and marine transportation

depends onnamed as a risk

In addition to our own operational risks discussed above, we could experience interruptions of supply or increases in costs to deliver refined products to market if the ability of the pipelines or vessels to transport petroleum or refined products is disrupted because of weather events, accidents, governmental regulations or third-party actions.Risk factors (Item 1A)

Partners and platforms

Walmart

depends onnamed as a risk

Therefore, our relationship with Walmart, the continued goodwill of Walmart and the integrity of Walmart’s brand name in the retail marketplace are all important drivers for our business.Risk factors (Item 1A)

Also named by AIOT, BRK/B, CART, COST, DG, DGX, EEFT, FDX and 6 more

Walmart+

named as a risk

We continue to collaborate with Walmart on fuel discount programs, mainly Walmart+, which we believe enhances the customer value proposition as well as the competitive position of both Murphy USA and Walmart.Business (Item 1)

Also named by AIOT, BRK/B, CART, COST, DG, DGX, EEFT, FDX and 6 more

Other companies

Adjusted Term SOFR Rate

exposed to its price · $600.0 million

Both of these loans are tied to the Adjusted Term SOFR Rate or Prime Rate which can move in either direction and cause fluctuations in our interest expense recognized in any period and in our cash flows related to interest payments made.Market risk (Item 7A)

OPEC

exposed to its pricenamed as a risk

Many governments, including those that are members of the Organization of Petroleum Exporting Countries (“OPEC”), unilaterally intervene at times in the orderly market of petroleum and natural gas produced in their countries through such actions as setting prices, determining rates of production, and controlling who may buy and sell the production.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

Cigarette manufacturer rebates

depends onnamed as a risk

In the event these rebates are no longer offered, or decreased, our profit from cigarette sales will decrease accordingly.Risk factors (Item 1A)

Places

Northeast United States

operates in · $5.3 million and $8.2 millionnamed as a risk

In 2025 and 2024, we recorded impairment charges related to fixed assets of $5.3 million and $8.2 million, respectively, that were largely attributable to competitive pressures in certain Northeast markets.Risk factors (Item 1A)

Also named by COF, ELS, NEE, TRV

Texas

concentrated in · 380

Below is a table that lists the states where we operate our stores at December 31, 2025 and the number of stores in each state.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Florida

operates in · 154

Below is a table that lists the states where we operate our stores at December 31, 2025 and the number of stores in each state.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

New Jersey

operates in · 131

We also operate a combination of convenience stores and convenience stores with retail gasoline located in New Jersey and New York under the brand name of QuickChek and comprises our Northeast region.Business (Item 1)

Also named by AWK, AXP, COO, FE, NLY, PEG

Middle East

exposed to its pricenamed as a risk

General political conditions, acts of war or terrorism and instability in oil producing regions, particularly in the Middle East and South America, and the value of U.S. dollars relative to other foreign currencies, particularly those of oil producing nations, have significantly affected and in the future could significantly affect oil supplies and wholesale gasoline costs.Risk factors (Item 1A)

Also named by BKR, CAG, CINF, CPB, CTAS, FLS, GAIN, J and 10 more

Hazards

Hurricanes

operates innamed as a risk

Certain of our assets such as gasoline terminals and certain retail fueling stores lie near the U.S. coastline and are vulnerable to hurricane and tropical storm damages, which may result in shutdowns.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Gasoline

exposed to its price · approximately 4.8 billion gallonsnamed as a risk

Significant increases and volatility in wholesale gasoline costs could result in lower gasoline gross margins per gallon.Risk factors (Item 1A)

Also named by ADM, APG, BJ, CART, COST, DRVN, EME, FIX and 2 more

Crude oil

exposed to its pricenamed as a risk

Dramatic increases in oil prices reduce retail gasoline gross margins, because wholesale gasoline costs typically increase faster than retailers are able to pass them along to customers.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Renewable Identification Numbers (RINs)

earns fromnamed as a risk

Murphy USA's business generates revenues from capturing and subsequently selling Renewable Identification Numbers ("RINs"), a practice enabled through the blending of petroleum-based fuels with renewable fuels.Risk factors (Item 1A)

Also named by CLMT, DAL, HASI, MPC, PSX, WM

Diesel

exposed to its pricenamed as a risk

We are exposed to market risks related to the volatility in the price of refined products (primarily gasoline and diesel) used in our operations.Market risk (Item 7A)

Also named by AEP, SEB, SMG

Nicotine products

earns fromnamed as a risk

Sales of nicotine products have historically accounted for an important portion of our total sales of convenience store merchandise.Risk factors (Item 1A)

Credit card fees

exposed to its pricenamed as a risk

Higher fuel prices result in higher credit card expenses, and an increase in credit card use or an increase in credit card fees would have a similar effect.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

Although the EPA has not revised the national ambient air quality standards for ground-level ozone in recent years, any future revisions to such standards by the EPA could require additional equipment upgrades and operating controls that could increase our capital and operating expenses.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

Walmart master lease agreement

subject to · 100named as a risk

Our master lease agreement states that if Murphy Oil USA, Inc. is acquired or becomes party to any merger or consolidation that results in a material change in the management of the stores, Walmart will have the option to purchase the stores at fair market value.Risk factors (Item 1A)

Renewable Fuel Standard (RFS)

subject tonamed as a risk

Current litigation and future rule making could impact the Renewable Fuel Standard ("RFS") program.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

Supplemental Nutrition Assistance Program (SNAP)

earns fromnamed as a risk

In addition, restrictions on product eligibility under SNAP could negatively impact our sales in future periods.Risk factors (Item 1A)

Also named by BJ, CPB, DG, DLTR, KHC, MDLZ, MNST, PEP and 1 more

Corporate Average Fuel Economy (CAFE) standards

subject tonamed as a risk

Despite these recent developments regarding fuel economy and emissions standards at the federal level, any future increases in or changes to fuel economy standards or GHG emission reduction requirements could decrease demand for our products.Business (Item 1)

Also named by F, GM

Walmart Easements and Covenants with Restrictions Affecting Land (ECRs)

subject tonamed as a risk

The ECRs also prohibit us from transferring all or substantially all of our fueling store properties that were purchased from Walmart to a “competitor” of Walmart, as reasonably determined by Walmart.Risk factors (Item 1A)

State leaking-petroleum-storage-tank trust funds

named as a risk

In some cases, we may be eligible to receive money from state “leaking-petroleum-storage-tank” trust funds to help fund remediation.Business (Item 1)

Technology

Lower- or zero-emission automobiles

competes withnamed as a risk

Consequently, the increased adoption of lower- or zero-emission automobiles and general attitudes toward gasoline and its relationship to the environment may significantly affect our sales and ability to market our products.Risk factors (Item 1A)