Murphy USA reported net income of $141.9 million, or $7.53 per diluted share, for the quarter ended December 31, 2025, essentially flat with the prior-year period’s $142.5 million, or $6.96 per share. Adjusted EBITDA rose to $290.9 million, up 4.6% year-over-year, reflecting improved fuel and merchandise contributions that offset higher operating expenses, depreciation and amortization, and interest costs. Full-year net income was $470.6 million, or $24.10 per share, compared to $502.5 million, or $24.11 per share, in 2024, reflecting resilient performance despite a challenging first half.

Total fuel contribution climbed 8.9% to $423.6 million in Q4 2025, driven by a 7.3% increase in retail fuel margins to 31.0 cents per gallon and a 3.1% rise in chain retail volumes to 1,234.2 million gallons. PS&W contribution, including RINs, declined slightly by $2.7 million due to inventory timing and market pricing shifts. For the full year, total fuel contribution was $1,488.7 million, up 1.3%, on flat margins of 30.7 cents per gallon and volume growth of 0.6%.

Merchandise contribution in Q4 grew 2.1% to $213.2 million on sales of $1,089.7 million, despite a slight dip in unit margins to 19.6%. Nicotine category contribution per store was $18.7 thousand, down 3.6%, while non-nicotine contribution rose 4.8% to $22.0 thousand per store. For the full year, merchandise contribution reached $869.0 million, a 4.2% increase, with unit margins improving to 20.2% and same-store sales contribution up 2.3%.

During Q4, the company repurchased approximately 175.4 thousand shares for $67.5 million, bringing 2025 buybacks to 1.5 million shares at an average price of $424.28. The quarterly dividend was increased 18.9% to $0.63 per share, representing an annualized yield of $2.52. Operationally, 29 new stores opened in Q4, surpassing the annual target of 50, and 18 stores remain under construction, positioning Murphy USA for sustained organic growth in 2026.