Murphy USA has shared its results from the fourth quarter of 2025, during which the company saw “strong” results, according to president and CEO Mindy West.
In Q4 2025, Murphy notched a net income of $141.9 million, compared to net income of $142.5 million in Q4 2024. For the full year, net income was $470.6 million, while net income in 2024 came in at $502.5 million.
For the quarter, total fuel contribution increased from 32.5 cpg to 34.3 cpg, while for the full year, total fuel contribution was 30.7 cpg — a slight decrease from the prior year.
Total retail gallons increased 3.1%, and volumes on a same store sales (SSS) basis declined 0.6%. 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 decreased 2.6% compared to the prior-year period.
Notably, merchandise sales in Q4 increased 2.1% to $213.2 million on average unit margins 16.9%.
“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. “Fourth quarter retail margins were two cents higher than the prior year, responding favorably as higher levels of volatility were introduced to the market. Fourth quarter APSM operating expenses were up a modest 3.4%, reflecting the benefits of our ongoing improvement initiatives.”
Additionally in Q4, Murphy expanded its network, opening almost 30 new stores and planning for more in 2026.
“We put 29 new stores into service in the fourth quarter, exceeding our 50-store target for the full-year 2025,” West continued. “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, and providing incredible momentum as we enter 2026.”
A New Chapter
2026 marks the first year that Mindy West will serve as president and CEO for Murphy USA, marking a new chapter for the brand as long-time CEO Andrew Clyde transitions to an advisory role and prepares for retirement.
“On behalf of the board, I am delighted to welcome Mindy as Murphy USA’s next president and CEO and as a member of our board,” said Madison Murphy in November 2025, board chairman. “Mindy’s proven leadership and deep expertise in our business and industry make her uniquely qualified to guide Murphy USA into its next chapter. We are confident in her ability to build on our strong foundation and drive continued success for our company and our shareholders.”
“Our thoughtful succession planning has positioned Murphy USA for this leadership transition,” said Clyde, outgoing president and CEO. “Mindy has played a pivotal role in shaping our strategy and delivering results, and I am proud to support her as she leads the company forward. I am certain that under her leadership, Murphy USA will continue its tradition of growth, disciplined capital allocation and significant value creation for all stakeholders.”
West joined Murphy Oil Corp., Murphy USA’s former parent, in 1996 and held various positions across finance, HR and planning. In 2013, in connection with the spin-off, West was named executive vice president, CFO and treasurer of Murphy USA and in 2017, she added the fuels leadership role. As part of the board’s succession planning process, West was elevated to chief operating officer in February 2024 and assumed responsibility for additional commercial and operating functions.
After retiring as CEO and a member of the board, Clyde will remain with the company as a non-executive advisor through Feb. 2027, to help ensure a smooth and orderly transition of his responsibilities to West. Clyde joined Murphy USA ahead of the spin-off in 2013 following a successful 20-year career at Booz & Company where he served in various roles including North American Energy Practice Leader and Dallas office Managing Partner. During his tenure as CEO, Clyde led Murphy USA’s successful value-creation strategy and oversaw expansion of the business to 27 states and more than 1,770 locations.
“Andrew Clyde is an icon in the industry and has driven unparalleled results since our spin in 2013,” said Murphy. “The board extends its sincere gratitude to Andrew for his exceptional leadership. In addition to driving growth and results for Murphy USA, Andrew has built an exceptional leadership team and positioned Mindy for a strong and seamless transition.”
