Murphy USA Inc. reported a net income of $470.6 million, or $24.10 per diluted share, for the fiscal year ending December 31, 2025, on total revenues of $19.4 billion. This represents a decrease in net income from $502.5 million, or $24.11 per diluted share, on revenues of $20.2 billion in 2024. The decline in profitability was attributed to higher store operating expenses, increased depreciation and amortization, and restructuring costs, which were partially offset by higher merchandise contributions and lower income tax expenses.
The company's revenue decreased by approximately $0.9 billion, or 4.2%, primarily due to a 7.5% drop in average retail fuel sales prices. However, merchandise sales revenues increased by 2.1%, and fuel sales volumes rose by 0.6%. The total fuel contribution for 2025 was $1.49 billion, up from $1.47 billion in 2024, driven by higher retail fuel contribution margins. The retail fuel margin remained stable at 28.1 cents per gallon, while merchandise sales reached $4.3 billion, reflecting a 4.2% increase in merchandise contribution.
Operationally, Murphy USA expanded its store count to 1,800 locations across 27 states, with 1,649 branded as Murphy stores and 151 as QuickChek stores. The company plans to continue its growth strategy, targeting the construction of 45 to 55 new stores and up to 30 raze-and-rebuild projects in 2026. The company also aims to diversify its merchandise mix and enhance its food and beverage offerings, particularly at QuickChek locations, which average between 5,000 to 7,000 square feet.
In terms of financial strategy, Murphy USA has maintained a conservative capital structure, with $1.3 billion in senior notes and $183 million outstanding under its revolving credit facility as of December 31, 2025. The company repurchased approximately 1.54 million shares for $652 million during the year, and it raised its quarterly dividend from $0.48 per share in Q4 2024 to $0.63 per share in Q4 2025. Looking ahead, Murphy USA anticipates capital expenditures between $475 million and $525 million for 2026, primarily funded through operating cash flow and supplemented by borrowings as necessary.
About Murphy USA Inc.
Murphy USA Inc. is a retail fuel and convenience store operator primarily selling gasoline, snacks, beverages, and merchandise through a network of stores near Walmart locations across the U.S. It emphasizes low-cost, high-volume sales, efficient store formats, and a strong supply chain. The company focuses on organic growth, cost leadership, and leveraging strategic partnerships to serve value-conscious consumers in competitive markets.
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