Murphy USA (MUSA) Q4 2024 earnings summary

Executive summary

• Achieved over $1 billion in EBITDA for 2024, demonstrating sustainable earnings power despite a slow start, operational headwinds, and inflationary pressures.

• Q4 2024 net income was $142.5M ($6.96/share), down from $150.0M ($7.00/share) in Q4 2023; full-year 2024 net income was $502.5M ($24.11/share), down from $556.8M ($25.49/share) in 2023.

• Merchandise contribution grew 5.6% in Q4 and 3.8% for the year, with margins near 20%.

• Accelerated new store program and focus on store performance and innovation to drive future growth.

• Maintained strong market share gains, with total fuel volumes up 21% since 2014, outpacing state-level growth.

Financial highlights

• 2024 EBITDA exceeded $1 billion; retail fuel margins rose 50 basis points to $0.281 per gallon year-over-year.

• Total operating revenues for Q4 2024 were $4.71B, down from $5.07B in Q4 2023; full-year revenues were $20.24B, down from $21.53B.

• Merchandise contribution dollars reached $834 million, up 3.8% from 2023, with Q4 showing the largest year-over-year increase.

• Total fuel contribution was $389.1M in Q4 2024 (32.5 cpg), flat year-over-year; full-year fuel contribution was $1,469.7M (30.5 cpg), down from $1,507.7M (31.4 cpg).

• SG&A expense was $235 million, down 2.1% from 2023 and below guidance.

Outlook and guidance

• 2025 guidance: 40+ new stores, up to 30 raze-and-rebuilds, merchandise contribution of $855M–$875M, and capital expenditures of $450M–$500M.

• 2025 EBITDA guidance of $1 billion–$1.12 billion, assuming all-in fuel margins of $0.30–$0.325 per gallon.

• Expected 2025 net income between $474M and $551M.

• Projecting 2025 total fuel sales just over 5 billion gallons, up 4.5% from 2024.

• Store OpEx guidance for 2025: $36,500–$37,000 per store month, a 4–6% increase.