Murphy USA (MUSA) investor relations material

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.