Murphy USA reported net income of $141.9 million, or $7.53 per diluted share, for Q4 2025, essentially flat with the prior year’s $142.5 million, or $6.96 per share. Adjusted EBITDA rose 4.5% to $290.9 million in the quarter. For the full year, net income totaled $470.6 million, or $24.10 per share, down from $502.5 million, or $24.11 per share in 2024, while full-year Adjusted EBITDA increased to $1,019.4 million from $1,006.8 million. The slight year-over-year decline in net income reflected higher operating expenses and interest costs, partially offset by stronger fuel and merchandise contributions and lower income taxes.

Total fuel contribution for Q4 increased 8.9% to $423.6 million, driven by a 7.3% rise in retail fuel margins to 31.0 cents per gallon and a 3.1% increase in volumes. Full-year fuel contribution climbed to $1,488.7 million, up 1.3%, with volume growth of 0.6%. Merchandise contribution for Q4 rose 2.1% to $213.2 million on average unit margins of 19.6%, and full-year merchandise contribution jumped 4.2% to $869.0 million as unit margins expanded to 20.2%. Same-store merchandise contribution increased 0.4% in Q4 and 2.3% for the year.

During Q4, Murphy USA repurchased 175,400 common shares for $67.5 million, and year-to-date repurchases totaled 1.5 million shares for $652.0 million. The Company paid a quarterly dividend of $0.63 per share, an 18.9% increase from the prior quarter. In Q4, the Company opened 29 new-to-industry stores and closed one, for a net addition of 28 outlets; for the full year it exceeded its target with 50 new-to-industry openings. With 2 stores already open in 2026 and 18 under construction, management highlighted a robust pipeline to support sustainable organic growth.