Murphy USA’s net income was relatively flat in the fourth quarter of 2025 compared to the year prior, and its net income for the full year was down compared to 2024.
The El Dorado, Arkansas-based convenience-store chain released its earnings on Wednesday—its first report under new President and CEO Mindy West, who succeeded Andrew Clyde on Jan. 1.
“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.
Murphy put 29 new stores into service in the fourth quarter of 2025, exceeding its 50-store target for the full year, West said. It ended the year with 50 new-to-industry Murphy USA/Express stores and one new QuickChek store.
“The new store pipeline remains in great shape and with 2 stores open year-to-date and 18 stores under construction, we are well positioned for sustainable organic growth in the years ahead,” she said. “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 and providing incredible momentum as we enter 2026.”
- Murphy USA is No. 4 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
Net income was $141.9 million in the fourth quarter of 2025, compared to $142.5 million in fourth-quarter 2024. Higher fuel and merchandise contribution, driven by increased retail fuel margins, higher fuel volumes and improved merchandise sales, benefited the quarter, Murphy said.
“Offsetting these positive factors were higher store operating expenses, increased general and administrative costs, greater depreciation and amortization, higher interest expense, and increased income taxes which led to the slight decrease in net income quarter over quarter,” Murphy said in its Wednesday report.
Net income for the full year in 2025 was $470.6 million, compared to $502.5 million in 2024. The year-over-year decline was primarily driven by higher store and other operating expenses, Murphy said.
Other highlights of the fourth-quarter 2025 included:
- Total retail gallons increased 3.1% and volumes on a same store sales basis declined 0.6% in the fourth quarter of 2025 compared to the year prior.
- Merchandise contribution dollars for fourth-quarter 2025 increased 2.1% to $213.2 million compared to the prior year, which had merchandise contribution dollars of $208.8 million.
- Total nicotine contribution dollars decreased 1.5% and non-nicotine contribution dollars increased 4.6% in the fourth quarter of 2025 compared to the fourth quarter of 2024.
Murphy USA operates one of the nation’s largest convenience-store chains, operating in 27 states, located primarily in the Southwest, Southeast, Midwest and Northeast, the majority of which are next to Walmart Supercenters. It acquired Whitehouse Station, New Jersey-based QuickChek in January 2021.
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