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Investor Relations14 Oct 2025
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Murphy USA (MUSA) investor relations material
Murphy USA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 net income was $145.6M ($7.36 per diluted share) on $5.0B revenue, up from $144.8M ($6.92 per share) on $5.5B revenue in Q2 2024, with improved fuel and merchandise contributions despite lower retail fuel volumes and customer traffic.
Adjusted EBITDA for Q2 2025 rose to $286.0M from $278.6M year-over-year, reflecting higher contributions and lower SG&A and tax expenses, partially offset by increased depreciation, store OPEX, and interest expense.
Non-combustible nicotine growth offset cigarette margin declines; digital initiatives and loyalty programs drove merchandise and transaction growth.
QuickChek food and beverage sales remained positive for the third straight quarter, outperforming many QSRs.
Store portfolio expanded with 6 net new stores in Q2 2025, and the NTI program is on track to deliver 50 new stores over the next 12 months.
Financial highlights
Q2 2025 revenue decreased 8.2% year-over-year, mainly due to a 12.2% drop in average retail fuel sales price and a 0.2% decline in fuel sales volumes.
Merchandise contribution increased 1.0% to $218.7M, with unit margins steady at 20.0%.
Total fuel contribution for Q2 2025 was $393.0M (32.0 cpg), up 0.7% year-over-year, despite a 0.2% decline in retail gallons sold.
SG&A expenses dropped 13.9% in Q2 2025, driven by lower professional fees, incentive, and employee costs.
Effective tax rate in H1 was 22% due to equity compensation and energy tax credits; Q2 2025 effective tax rate was 24.4%, down from 25.1% in Q2 2024.
Outlook and guidance
Second half fuel volumes expected at or slightly below the low end of annual guidance (240,000–245,000 per store month).
Merchandise contribution margin expected within, but toward the low end of, $855M–$875M guidance.
Full-year 2025 capital expenditures expected to be $450M–$500M, with $350M–$390M for retail growth and $65M–$70M for maintenance.
Management expects continued EBITDA growth into 2026 and beyond, driven by new store openings and operational efficiencies.
2026 expected to see 15–20 additional new store openings; 90 stores in design/permitting and 50+ in contract negotiations.
How did inventory and pricing impact PS&W?
Why were SG&A costs lower in Q2 2025?
What is the remaining share repurchase authorization?
Explain 2028 EBITDA target revision drivers
New store pipeline confidence and performance?
Sustainability of OpEx/SG&A improvements?
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Next Murphy USA earnings date
Q3 202530 Oct, 2025
Next Murphy USA earnings date
Q3 202530 Oct, 2025
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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.
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