Murphy USA (MUSA) Q4 2025 earnings summary

Executive summary

• Focus on sustaining growth through new store builds, operational efficiency, and proactive maintenance investments.

• Leadership transition emphasizes cultural evolution, agility, and innovation while maintaining core strategies.

• Q4 2025 net income was $141.9 million ($7.53 per diluted share), nearly flat year-over-year; full-year 2025 net income was $470.6 million ($24.10 per diluted share), down from $502.5 million in 2024.

• 29 new stores opened in Q4, exceeding the annual target, with a robust pipeline for continued organic growth.

• Commitment to strengthening the core business and pursuing incremental value sources.

Financial highlights

• Q4 2025 Adjusted EBITDA was $290.9 million, up from $278.3 million in Q4 2024; full-year Adjusted EBITDA was $1,019.4 million, up from $1,006.8 million.

• Each new class of 50 stores is expected to contribute $35M-$40M EBITDA at maturity after a three-year ramp.

• 2025 OpEx growth was 3.3%, below initial guidance, with expectations to remain under 5% in 2026.

• Q4 total fuel contribution was $423.6 million (34.3 cpg), up 8.9% year-over-year; full-year fuel contribution was $1,488.7 million (30.7 cpg).

• Merchandise contribution for Q4 was $213.2 million (19.6% margin), up 2.1%; full-year merchandise contribution was $869.0 million (20.2% margin), up 4.2%.

Outlook and guidance

• Long-term EBITDA target of $1.2B by 2028, dependent on sustaining 50+ new stores annually and a more volatile fuel environment.

• 2026 guidance: 45–55 new stores, up to 30 raze-and-rebuilds, merchandise contribution of $890–$900 million, and capital expenditures of $475–$525 million.

• Expected 2026 net income of $439 million and Adjusted EBITDA of about $1 billion, assuming mid-point guidance and 30.5 cpg fuel margin.

• 2026 seen as an inflection point for sustained EBITDA growth as multiple store classes mature.

• Guidance includes modest headwinds from SNAP changes and winter storm impacts.