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Dec 31, 2025
Murphy USA Q4 2025 Earnings Report
Murphy USA reported strong fourth quarter 2025 results, driven by higher fuel and merchandise contributions.
Key Takeaways
Murphy USA delivered strong fourth quarter results, with net income of $141.9 million, slightly down from the prior year but benefiting from increased retail fuel margins, higher fuel volumes, and improved merchandise sales. The company exceeded its new store target for the year and demonstrated resilience despite a challenging first half of 2025.
Net income for Q4 2025 was $141.9 million, a slight decrease from $142.5 million in Q4 2024.
Total fuel contribution increased by 8.9% to $423.6 million in Q4 2025, driven by higher margins and volumes.
Merchandise contribution grew by 2.1% to $213.2 million in Q4 2025, primarily due to higher sales volume.
The company opened 29 new stores in Q4 2025, exceeding its full-year target of 50 new stores for 2025.
Revenue by Segment
Forward Guidance
Murphy USA's 2026 guidance reflects continued organic growth, with expectations for new store additions and raze-and-rebuilds, stable fuel volumes, and merchandise contribution growth. The company anticipates modest increases in store operating expenses and SG&A costs due to investments in infrastructure and personnel.
Positive Outlook
- Expected new store additions of 45 to 55, indicating sustained organic growth.
- Up to 30 raze-and-rebuild projects planned, enhancing existing store portfolio.
- Merchandise contribution growth of 3% at the mid-point of guidance, driven by new stores and promotional initiatives.
- Disciplined capital approach with a robust new-to-industry (NTI) pipeline.
- Anticipated Net Income of $439 million and Adjusted EBITDA of $1.0 billion for 2026 (for modeling purposes).
Challenges Ahead
- Expected nominal decline in retail fuel volume per store (same-store YoY%) of (3.0)% to (1.0)%.
- Modestly higher growth in store operating expenses per site (APSM) of $37.0K to $38.0K.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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