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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.
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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.

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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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