Murphy USA Inc (MUSA)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	734,400	883,800	521,900	509,100	202,400
Revenue	US$ in thousands	21,529,400	23,446,100	17,360,500	11,264,300	14,034,600
Pretax margin		3.41%	3.77%	3.01%	4.52%	1.44%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $734,400K ÷ $21,529,400K
= 3.41%

The pretax margin of Murphy USA Inc has fluctuated over the past five years. In 2023, the pretax margin decreased to 3.41% from 3.77% in 2022. This decline may indicate a decrease in the company's profitability before accounting for taxes. However, the pretax margin in 2023 remains higher compared to 2021 and 2019, indicating some level of stability in the company's earnings performance. It is essential for Murphy USA Inc to closely monitor and manage its expenses and revenues to improve the pretax margin and enhance overall financial performance.