Murphy USA Inc. Reports Fourth Quarter 2025 Results and 2026 Guidance

About this update from Murphy Usa Inc.

[{"type":"text","content":" EL DORADO, Ark., February 04, 2026 --( BUSINESS WIRE )--Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three months and twelve months ended December 31, 2025.","length":258,"tagName":"p"},{"type":"text","content":" Key Highlights: ","length":15,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income was $141.9 million, or $7.53 per diluted share, in Q4 2025 compared to net income of $142.5 million, or $6.96 per diluted share, in Q4 2024. For the full year 2025, net income was $470.6 million, or $24.10 per diluted share, compared to 2024 net income of $502.5 million, or $24.11 per diluted share.","length":311,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total fuel contribution for Q4 2025 was 34.3 cpg, compared to 32.5 cpg in Q4 2024. For the year 2025, total fuel contribution was 30.7 cpg, compared to 30.5 cpg in 2024.","length":169,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total retail gallons increased 3.1%, and volumes on a same store sales ("SSS") basis declined 0.6%, in Q4 2025 compared to Q4 2024. Total retail gallons were 4.8 billion gallons for both the full year 2025 and 2024, and volumes on a SSS basis for the year 2025 decreased 2.6% compared to the prior-year period.","length":320,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Merchandise contribution dollars for Q4 2025 increased 2.1% to $213.2 million on average unit margins of 19.6%, compared to Q4 2024 contribution dollars of $208.8 million on unit margins of 19.9%. For the full year 2025, merchandise contribution dollars increased 4.2% to $869.0 million and average unit margins were 20.2% and 19.8% in 2025 and 2024, respectively.","length":364,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"During Q4 2025, the Company repurchased approximately 175.4 thousand common shares for $67.5 million at an average price of $384.65 per share. For the year 2025, the Company repurchased approximately 1.5 million shares for a total of $652.0 million at an average of $424.28 per share.","length":284,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company paid a quarterly cash dividend of $0.63 per share, or $2.52 per share on an annualized basis, on December 1, 2025, a 18.9% increase from September of 2025, for a total cash payment of $11.8 million.","length":210,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1658,"olType":false},{"type":"text","content":""Fourth quarter results were strong across the board, underscoring the strength of our operating model, our continued focus on efficiency and execution against our organic growth goals for the year," said President and CEO Mindy West. "Fourth quarter retail margins were 2 cents higher than the prior year, responding favorably as higher levels of volatility were introduced to the market. Fourth quarter APSM operating expenses were up a modest 3.4%, reflecting the benefits of our ongoing improvement initiatives. We put 29 new stores into service in the fourth quarter, exceeding our 50-store target for the full-year 2025. The new store pipeline remains in great shape and with 2 stores open year-to-date and 18 stores under construction, we are well positioned for sustainable organic growth in the years ahead. The business has overcome a challenging first half in 2025 to deliver strong full-year results, demonstrating the resiliency of our strategy, reflecting the tireless efforts of our dedicated team members, and providing incredible momentum as we enter 2026."","length":1094,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Consolidated Results ","length":20,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended December 31, ","length":31,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:1%;","val":[]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid 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Income for Q4 2025 was nearly flat compared to the prior-year quarter. The quarter benefited from higher fuel and merchandise contribution, driven by increased retail fuel margins, higher fuel volumes, and improved merchandise sales. Offsetting these positive factors were higher store operating expenses, increased general and administrative costs, greater depreciation and amortization, higher interest expense, and increased income taxes which led to the slight decrease in net income quarter over quarter.","length":513,"tagName":"p"},{"type":"text","content":"Net income for the full year 2025 decreased compared to the same prior-year period. The year-over-year decline was primarily driven by higher store and other operating expenses, increased depreciation and amortization, higher interest expense and restructuring charges in the current year. These negative impacts were partially offset by higher merchandise contribution, improved fuel contribution, and lower income tax and general and administrative expenses.","length":460,"tagName":"p"},{"type":"text","content":" Fuel ","length":4,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended ","length":18,"tagName":"p","attribs":{}},{"type":"text","content":" December 31, ","length":12,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[]},{"colspan":"6","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 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Retail fuel contribution dollars increased $37.2 million, or 10.8%, to $383.0 million compared to Q4 2024 driven by higher retail fuel margins and increased volumes sold. Retail fuel margins were 31.0 cpg in Q4 2025, a 7.3% increase compared to the prior-year quarter, and overall retail fuel volumes were 3.1% higher. PS&W contribution including RINs decreased $2.7 million compared to Q4 2024, primarily due to timing of inventory movements and pricing impacts related to market conditions.","length":699,"tagName":"p"},{"type":"text","content":"For the full year 2025, total fuel contribution dollars increased $19.0 million, or 1.3%, driven by higher total fuel contribution margins and higher retail fuel volumes. Retail fuel contribution dollars increased $7.6 million, or 0.6%, for the year 2025, primarily due to higher retail volumes sold. Retail fuel margins for 2025 were 28.1 cpg, flat compared to the prior-year period, while overall retail volumes were 0.6% higher for the year 2025 compared to the prior-year period. PS&W contribution including RINs increased by $11.4 million for the full year, primarily due to timing and pricing impacts related to market conditions and improved spot-to-rack margins.","length":674,"tagName":"p"},{"type":"text","content":" Merchandise ","length":11,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:48%;","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[]},{"colspan":"7","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended ","length":18,"tagName":"p","attribs":{}},{"type":"text","content":" December 31, 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