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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Murphy USA (MUSA) investor relations material
Murphy USA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 net income was $129.9 million ($6.76 per share), down from $149.2 million ($7.20 per share) in Q3 2024, impacted by lower fuel margins, higher operating costs, and a $12.6 million restructuring charge, partially offset by higher merchandise contribution and lower SG&A expenses.
Adjusted EBITDA for Q3 2025 was $285.1 million, nearly flat year-over-year.
Merchandise contribution rose 11.3% to $241.2 million, driven by strong nicotine sales and promotional activity.
Leadership transition announced: Mindy West to become CEO in January 2026, with Andrew Clyde remaining as advisor through February 2027, ensuring continuity and a consistent capital allocation strategy.
The company operated 1,772 stores as of September 30, 2025, with continued expansion and enhanced merchandise offerings.
Financial highlights
Q3 2025 revenue was $5.11 billion, down 2.5% year-over-year, mainly due to a 7.2% drop in average retail fuel sales price, partially offset by a 1.2% increase in fuel sales volumes and a 3.7% rise in merchandise sales.
Q3 2025 total fuel contribution was $384.8 million (30.7 cpg), down 4.8% from Q3 2024, with retail fuel margin at 28.3 cpg (down 11.3%).
Merchandise margin contribution rose $24.4 million or 11.2% in Q3, with a merchandise unit margin of 21.5%.
Adjusted EBITDA for Q3 2025 was $285.1 million, compared to $285.6 million in Q3 2024.
Operating cash flow for the nine months ended September 30, 2025 was $568.4 million, down 5.1% from the prior year.
Outlook and guidance
Full-year 2025 merchandise contribution guidance raised to $870–$875 million, at the upper end of the range.
Fuel volume guidance for 2025 was lowered to 235,000–237,000 gallons per store per month.
Operating expense guidance reduced to $36,200–$36,600 per store month, and SG&A guidance lowered to $230–$240 million for 2025.
Effective tax rate for full year expected at 23.5%–24.5%.
Capital expenditures for 2025 expected at $450–$500 million, funded primarily by operating cash flow.
Detail the CEO transition timeline and roles
Summarize new capital allocation strategy
What drives the updated 2025 guidance?
New capital plan: growth vs. returns
Future of nicotine promo dollar growth
Future cost savings opportunities
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Next Murphy USA earnings date
Q4 20255 Feb, 2026
Next Murphy USA earnings date
Q4 20255 Feb, 2026
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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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