Murphy USA reports Q4, full year results

Murphy USA reported Wednesday (Feb. 4) a small dip in revenue and net income for the full year of 2025, but the company says it remains on solid financial footing under the leadership of new CEO Mindy West.

For the fourth quarter, the El Dorado-based convenience store chain posted net income of $141.9 million, or $7.53 diluted earnings per share, on quarterly revenue of $4.743 billion. One year ago, Murphy USA recorded net income of $142.5 million, or $6.96 diluted earnings per share, on revenue of $4.71 billion.

For the full year, Murphy USA saw net income decline from $502.5 million to $470.6 million. Diluted earnings per share were relatively flat at $24.10 in 2025 versus $24.11 in 2024. Overall revenue declined in 2025 to $19.384 billion compared to $20.244 billion one year ago.

“Fourth quarter results were strong across the board, underscoring the strength of our operating model, our continued focus on efficiency and execution against our organic growth goals for the year,” West said in the earnings report. “Fourth quarter retail margins were 2 cents higher than the prior year, responding favorably as higher levels of volatility were introduced to the market.

“We put 29 new stores into service in the fourth quarter, exceeding our 50-store target for the full-year 2025. The new store pipeline remains in great shape and with two stores open year-to-date and 18 stores under construction, we are well positioned for sustainable organic growth in the years ahead.”

Other highlights include:

• Total fuel contribution for Q4 2025 was 34.3 cpg, compared to 32.5 cpg in Q4 2024.
• For the year 2025, total fuel contribution was 30.7 cpg, compared to 30.5 cpg in 2024.
• Total retail gallons increased 3.1%, and volumes on a same store sales basis declined 0.6%, in Q4 2025 compared to Q4 2024.
• Merchandise contribution dollars for Q4 2025 increased 2.1% to $213.2 million on average unit margins of 19.6%, compared to Q4 2024 contribution dollars of $208.8 million on unit margins of 19.9%.
• For the full year 2025, merchandise contribution dollars increased 4.2% to $869 million and average unit margins were 20.2% and 19.8% in 2025 and 2024, respectively.

Murphy USA stock (NYSE: MUSA) closed at $444.85 per share on Wednesday. Shares have traded between a low of $345.23 and a high of $523.09 over the past 52 weeks.

For the year 2025, the company repurchased approximately 1.5 million shares for a total of $652 million at an average of $424.28 per share.

Murphy USA paid a quarterly cash dividend of 63 cents per share, or $2.52 per share on an annualized basis, on Dec. 1, 2025, a 18.9% increase from September 2025, for a total cash payment of $11.8 million.