Murphy USA
Logotype for Murphy USA Inc

Murphy USA (MUSA) investor relations material

Murphy USA Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Murphy USA Inc
Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Leadership transition is underway, focusing on agility, innovation, and maintaining core strategies.

  • Q4 2025 net income was $141.9 million ($7.53 per diluted share), nearly flat year-over-year; full-year 2025 net income was $470.6 million ($24.10 per diluted share), down from $502.5 million in 2024.

  • Q4 results were driven by higher fuel and merchandise contributions, offset by increased operating, SG&A, depreciation, interest, and tax expenses.

  • 29 new stores opened in Q4, exceeding the annual target, with a robust pipeline for continued organic growth.

  • Commitment to everyday low-price strategy, continuous improvement, and disciplined capital allocation remains unchanged.

Financial highlights

  • Q4 2025 Adjusted EBITDA was $290.9 million, up from $278.3 million in Q4 2024; full-year Adjusted EBITDA was $1,019.4 million, up from $1,006.8 million.

  • Delivered operating expense (OpEx) growth of only 3.3% in 2025, below initial guidance.

  • Total operating revenues for 2025 were $19.38 billion, down from $20.24 billion in 2024.

  • Q4 total fuel contribution was $423.6 million (34.3 cpg), up 8.9% year-over-year; full-year fuel contribution was $1,488.7 million (30.7 cpg).

  • Merchandise contribution for Q4 was $213.2 million (19.6% margin), up 2.1%; full-year merchandise contribution was $869.0 million (20.2% margin), up 4.2%.

Outlook and guidance

  • 2026 guidance: 45–55 new stores, up to 30 raze-and-rebuilds, merchandise contribution of $890–$900 million, and capital expenditures of $475–$525 million.

  • Expected 2026 net income of $439 million and Adjusted EBITDA of about $1 billion, assuming mid-point guidance and 30.5 cpg fuel margin.

  • Guidance for 2026 expects OpEx growth to remain below 5%, with a long-term run rate around 4%.

  • Fuel margin outlook for 2026 is around $0.30 per gallon, with continued low volatility expected.

  • Modest headwind from SNAP changes, with less than $5 million impact included in guidance.

What drives the wider NTI store range for 2026?
What headwinds impact 2026 merchandise growth?
What is the capital allocation priority for 2026?
How do competitive intrusions affect long-term margins?
What is the financial impact of proactive maintenance?
How will the company culture evolve under new leadership?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Murphy USA earnings date

Logotype for Murphy USA Inc
Q1 20267 May, 2026
Murphy USA
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Murphy USA earnings date

Logotype for Murphy USA Inc
Q1 20267 May, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Murphy USA Inc. operates a chain of retail fuel stations and convenience stores, primarily located near Walmart stores. The company markets gasoline and other motor fuels along with a range of snacks, beverages, and general merchandise. It is headquartered in El Dorado, Arkansas, and its shares are listed on the NYSE.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage