Murphy USA Inc. today announced financial results for the fourth quarter and full year 2025—its net income was $141.9 million in Q4 2025 compared to net income of $142.5 million in Q4 2024. For the full year 2025, net income was $470.6 million, compared to 2024 net income of $502.5 million.
“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,” said President and CEO Mindy West. “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. The business has overcome a challenging first half in 2025 to deliver strong full-year results, demonstrating the resiliency of our strategy, reflecting the tireless efforts of our dedicated team members.”
The retailer reported 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 $869.0 million and average unit margins were 20.2% and 19.8% in 2025 and 2024, respectively.
Total store and other operating expenses were $14.8 million higher in Q4 2025 versus Q4 2024, and were $43.9 million higher for the year 2025 versus 2024, mainly due to “increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores,” Murphy USA said.
Murphy USA said new store additions and investments in raze-and-rebuild sites “reflect our expectation of being able to sustain a higher level of growth into 2026 and beyond. Our disciplined capital approach combined with a more robust NTI pipeline will allow us to prioritize NTI construction while managing a similar number of total projects. The wider range of NTI's in 2026 is to allow for potential bolt-on, small acquisitions in target markets or the ability of our team to pull forward some early 2027 stores into the current year.”
According to the report, the retailer’s total fuel contribution for Q4 2025 was 34.3 cents per gallon (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 ("SSS") basis declined 0.6% in Q4 2025 compared to Q4 2024. Total retail gallons were 4.8 billion gallons for both the full year 2025 and 2024, and volumes on a SSS basis for the year 2025 decreased 2.6% compared to the prior-year period.
In other recent Murphy USA news, in December the retailer partnered with AtoB, a commercial fuel payments and technology platform, to launch the Murphy USA and QuickChek Business Fuel Cards.
Murphy USA said that many of its customers are small businesses that often don’t qualify for traditional fleet card programs, and the new cards are “purpose-built to better serve small and growing businesses.”