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Sep 30, 2025
Murphy USA Q3 2025 Earnings Report
Murphy USA reported its third quarter 2025 financial results, highlighting a decrease in net income despite increased merchandise contribution and stable Adjusted EBITDA.
Key Takeaways
Murphy USA experienced a decrease in net income for Q3 2025 compared to the prior year, primarily due to lower fuel margins, restructuring expenses, and higher store operating expenses, which offset gains from higher merchandise contribution and lower general and administrative expenses. Adjusted EBITDA remained relatively flat.
Net income for Q3 2025 was $129.9 million, a decrease from $149.2 million in Q3 2024.
Total merchandise contribution increased by 11.3% to $241.2 million, driven by higher merchandise margins and sales volumes.
Total fuel contribution decreased by 4.8% to $384.8 million, mainly due to lower fuel contribution margins.
The company repurchased approximately 569.4 thousand common shares for $221.4 million during the quarter.
Revenue by Segment
Forward Guidance
Murphy USA updated its full-year 2025 guidance, tightening ranges for most metrics due to increased confidence. Key adjustments include a lower retail fuel volume per store forecast, higher merchandise contribution, and improved OPEX and SG&A profiles.
Positive Outlook
- New store openings guidance updated to 45 or more, including 4 acquired Denver locations.
- Merchandise contribution guidance raised to $870 million to $875 million due to accelerated promotional activity.
- Store OPEX excluding payment fees and rent guidance improved to $36.2k to $36.6k APSM due to labor and field expense initiatives.
- SG&A cost guidance lowered to $230 million to $240 million due to lower professional fees and salary/benefits from restructuring.
- Effective tax rate guidance lowered to 23.5% to 24.5% due to state tax refunds and federal energy tax credits.
Challenges Ahead
- Retail fuel volume per store (APSM) guidance lowered to 235 to 237 K gallons due to a lower and less volatile price environment.
- The updated guidance assumes temporal factors impacting fuel volume persist through year-end.
Historical Earnings Impact
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