Highlights

  • Murphy USA reported Q4 2025 net income largely in line with the prior-year quarter.
  • Fuel contribution improved year over year, supported by higher margins and volumes.
  • The company issued 2026 guidance reflecting continued store expansion and cost increases.

Murphy USA Inc. (NYSE:MUSA) reported net income of USD 141.9 million, or USD 7.53 per diluted share, for the fourth quarter of 2025, compared with USD 142.5 million, or USD 6.96 per diluted share, in Q4 2024. Adjusted EBITDA for the quarter increased to USD 290.9 million from USD 278.3 million a year earlier. Higher fuel and merchandise contribution partially offset increased operating expenses, depreciation, interest costs, and income taxes.

For the full year 2025, net income declined to USD 470.6 million from USD 502.5 million in 2024, while adjusted EBITDA rose to USD 1,019.4 million from USD 1,006.8 million. The year-over-year decline in net income reflected higher store operating expenses, depreciation, interest expense, and restructuring charges.

Fuel Margins Improve as Volumes Edge Higher
Total fuel contribution in Q4 2025 increased 8.9% year over year to USD 423.6 million, driven by higher retail fuel margins and a 3.1% increase in total retail fuel volumes. Retail fuel margins improved to 31.0 cents per gallon, compared with 28.9 cents per gallon in the prior-year quarter.

For the full year, total fuel contribution rose to USD 1,488.7 million from USD 1,469.7 million, while retail fuel margins remained flat at 28.1 cents per gallon. Same-store fuel volumes declined 2.6% year over year, reflecting broader consumption trends.

Merchandise Contribution Shows Modest Growth
Merchandise contribution increased 2.1% year over year in Q4 2025 to USD 213.2 million, supported by higher sales volumes despite slightly lower unit margins. Full-year merchandise contribution rose 4.2% to USD 869.0 million, with average unit margins improving to 20.2% from 19.8% in 2024. Same-store merchandise contribution increased modestly across both quarterly and annual periods.

Store Network Expansion and Capital Allocation
Murphy USA added 29 new-to-industry stores in Q4 2025 and ended the year with a total store count of 1,800 locations. Capital expenditures for 2025 totaled USD 432 million. The company repurchased approximately 1.5 million shares during the year for USD 652.0 million and paid USD 41.5 million in dividends.

2026 Guidance and
For 2026, Murphy USA expects to open 45 to 55 new stores and generate merchandise contribution of USD 890 million to USD 900 million. Capital expenditures are projected between USD 475 million and USD 525 million, while SG&A costs are expected to rise to USD 240 million–USD 250 million.

Stock Performance
Murphy USA shares closed at USD 444.85 on 4 February, up 2.30% for the session.

With updated 2026 guidance now in place, Murphy USA is entering the year focused on incremental store growth, stable fuel margins, and controlled cost increases. Investors are monitoring execution across fuel pricing, merchandise contribution, and capital deployment as the company navigates changing consumption patterns and cost pressures.

FAQs

Q1. How did Murphy USA perform in Q4 2025?
Murphy USA reported net income of USD 141.9 million and adjusted EBITDA of USD 290.9 million for the quarter.

Q2. What were the key drivers of fuel contribution growth?
Higher retail fuel margins and increased total fuel volumes supported year-over-year growth.

Q3. What are Murphy USA’s main targets for 2026?
The company is guiding for 45–55 new stores, merchandise contribution of up to USD 900 million, and capital expenditure of up to USD 525 million.