Murphy USA Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
MUSA$521.89+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001573516-25-000049
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001573516-25-000074
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 132 previous paragraphs and 136 current paragraphs.
73 unchanged; 55 reworded; 7 added; 3 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Restructuring expenses of $12.6 million, related primarily to severance and other benefits offered to impacted employees, were incurred in the current-year quarter.
Current report
Restructuring expenses of $12.6 million, related primarily to severance and other benefits offered to impacted employees, were incurred in the current-year period.
Current report
•Lower total fuel contribution;
Current report
•Higher retail fuel sales volumes;
Current report
•Lower total fuel contribution
Current report
On October 29, 2025, the Company announced that the Board of Directors had declared a quarterly cash divided of $0.63 per common share, or $2.52 per share on an annualized basis. The dividend is payable on December 1, 2025, to stockholders of record as of November 10, 2025.
Current report
On October 29, 2025, the Company announced that the Board of Directors approved a share repurchase authorization of up to $2.0 billion to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization. The authorization value excludes any excise tax that may be incurred. Purchases may be effected in the open market, through privately negotiated transactions, through one or more accelerated stock repurchase programs, through a combination of the foregoing or in any other manner in the discretion of management. Purchases will be made subject to available cash, market conditions and compliance with our financing arrangements at any time during the period of authorization. We may use cash from operations as well as draws under our credit facilities to effect purchases.
Removed paragraphs (3)
Previous report
•Higher total fuel contribution;
Previous report
•Lower retail fuel sales volumes;
Previous report
•Higher total fuel contribution
Reworded paragraphs (55)
Previous wording
•Results of Operations— This section provides an analysis of our results of operations, including the results of our operating segment for the three and six months ended June 30, 2025 and 2024.
Current wording
•Results of Operations— This section provides an analysis of our results of operations, including the results of our operating segment for the three and nine months ended September 30, 2025 and 2024.
Previous wording
•Capital Resources and Liquidity— This section provides a discussion of our financial condition and cash flows as of and for the three and six months ended June 30, 2025 and 2024. It also includes a discussion of our capital structure and available sources of liquidity.
Current wording
•Capital Resources and Liquidity— This section provides a discussion of our financial condition and cash flows as of and for the three and nine months ended September 30, 2025 and 2024. It also includes a discussion of our capital structure and available sources of liquidity.
Previous wording
The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA®and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores located in New Jersey and New York that operate under the QuickChek® brand, comprising our Northeast region. At June 30, 2025, we had a total of 1,766 Company stores in 27 states, of which 1,612 were Murphy branded and 154 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals.
Current wording
The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA®and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores located in New Jersey and New York that operate under the QuickChek® brand, comprising our Northeast region. At September 30, 2025, we had a total of 1,772 Company stores in 27 states, of which 1,620 were Murphy branded and 152 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals.
Previous wording
Murphy USA was incorporated in March 2013, and until the separation from Murphy Oil Corporation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities or commitments. The financial information presented in this Management’s Discussion and Analysis is derived from the consolidated financial statements of Murphy USA Inc. and its subsidiaries for all periods presented. Our QuickChek subsidiaries use a weekly retail calendar where each quarter typically has 13 weeks. For Q2 2025,
Current wording
Murphy USA was incorporated in March 2013, and until the separation from Murphy Oil Corporation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities or commitments. The financial information presented in this Management’s Discussion and Analysis is derived from the consolidated financial statements of Murphy USA Inc. and its subsidiaries for all periods presented. Our QuickChek subsidiaries use a weekly retail calendar where each quarter typically has 13 weeks. For Q3 2025, the QuickChek results cover the period June 28, 2025 to September 26, 2025, and the 2025 year-to-date period began December 28, 2024. For Q3 2024, the QuickChek results cover the period June 29, 2024 to September 27, 2024, and the 2024 year-to-date period began December 30, 2023. The difference in the timing of the period ends is immaterial to the overall consolidated results.
Previous wording
The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company’s cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q2 2025, crude oil prices experienced moderate volatility with prices ranging from $59 per barrel to $76 per barrel with a average price of $65 per barrel in Q2 2025, compared to an average price of $82 per barrel in Q2 2024. Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results which include Renewable Identification Numbers ("RINs")) was 32.0 cents per gallon ("cpg") in Q2 2025, compared to 31.7 cpg in Q2 2024. Retail fuel margin dollars decreased 1.7% in the current quarter and retail fuel volumes decreased 0.2% when compared to Q2 2024.
Current wording
The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company’s cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q3 2025, crude oil prices experienced moderate volatility with prices ranging from $62 per barrel to $71 per barrel with a average price of $66 per barrel in Q3 2025, compared to an average price of $76 per barrel in Q3 2024. Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results which include Renewable Identification Numbers ("RINs")) was 30.7 cents per gallon ("cpg") in Q3 2025, compared to 32.6 cpg in Q3 2024. Retail fuel margin dollars decreased 10.4% in the current quarter and retail fuel volumes increased 1.2% when compared to Q3 2024.
Previous wording
Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol and bio-diesel) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency (“EPA”) is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can impact the revenue received for RINs on a company-wide basis either favorably or unfavorably. The Renewable Fuel Standard ("RFS") program continues to be unpredictable and prices received by us for ethanol RINs averaged $1.01 per RIN in Q2 2025 compared to $0.52 per RIN in Q2 2024. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in “Other operating revenues” in the Consolidated Statements of Income.
Current wording
Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol and bio-diesel) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency (“EPA”) is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can impact the revenue received for RINs on a company-wide basis either favorably or unfavorably. The Renewable Fuel Standard ("RFS") program continues to be unpredictable and prices received by us for ethanol RINs averaged $1.07 per RIN in Q3 2025 compared to $0.60 per RIN in Q3 2024. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in “Other operating revenues” in the Consolidated Statements of Income.
Previous wording
As of June 30, 2025, we had $1.3 billion of Senior Notes, $88.0 million outstanding under our revolving credit facility and a $600 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. We had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see Significant Sources of Capital in the Capital Resources and Liquidity section.
Current wording
As of September 30, 2025, we had $1.3 billion of Senior Notes, $245.0 million outstanding under our revolving credit facility and a $600 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. We had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see Significant Sources of Capital in the Capital Resources and Liquidity section.
Previous wording
We currently estimate our ongoing effective tax rate to be between 23% and 25% for the remainder of the year. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, which includes significant changes to federal tax law and other regulatory provisions. The Company is currently evaluating OBBBA; however, it is not expected to have a material impact on the Company's effective tax rate or consolidated financial statements.
Current wording
We currently estimate our effective tax rate to be between 23.5% and 24.5% for the full year 2025. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, which includes significant changes to federal tax law and other regulatory provisions. The Company has evaluated OBBBA and it did not have a material impact on the Company's consolidated financial statements.
Previous wording
Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and six months ended June 30, 2025, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2025.
Current wording
Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and nine months ended September 30, 2025, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2025.
Previous wording
The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and product supply and wholesale assets. For additional operating segment information, see Note 22 “Business Segments” in the audited combined financial statements for the year ended December 31, 2024 included with our Annual Report on Form 10-K and Note 16 “Business Segments” in the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2025.
Current wording
The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and product supply and wholesale assets. For additional operating segment information, see Note 22 “Business Segments” in the audited combined financial statements for the year ended December 31, 2024 included with our Annual Report on Form 10-K and Note 16 “Business Segments” in the accompanying unaudited consolidated financial statements for the three and nine months ended September 30, 2025.
Previous wording
For the three months ended June 30, 2025, the Company reported net income of $145.6 million, or $7.36 per diluted share, on revenue of $5.0 billion. Net income was $144.8 million for the same period in 2024, or $6.92 per diluted share, on $5.5 billion of revenue. In the current year quarter, the Company experienced higher total fuel contribution and higher overall merchandise contribution compared to the prior year period, coupled with lower general and administrative expenses, lower payment fees and lower income taxes. These benefits were partially offset by higher depreciation and amortization, higher store operating expenses and higher interest expense period over period.
Current wording
For the three months ended September 30, 2025, the Company reported net income of $129.9 million, or $6.76 per diluted share, on revenue of $5.1 billion. Net income was $149.2 million for the same period in 2024, or $7.20 per diluted share, on $5.2 billion of revenue. In the current year quarter, the Company experienced higher overall merchandise contribution compared to the prior year period, coupled with lower general and administrative expenses, lower income taxes and lower payment fees. These benefits were more than offset by lower total fuel contribution, restructuring expenses, higher store operating expenses, higher depreciation and amortization and higher interest expense period over period.
Previous wording
For the six months ended June 30, 2025, the Company reported net income of $198.8 million, or $9.95 per diluted share, on revenue of $9.5 billion. Net income for the same period in 2024 was $210.8 million, or $10.02 per diluted share, on $10.3 billion of revenue. For the year-to-date period, the Company generated higher total fuel contribution and higher overall merchandise contribution compared to the same period in 2024, while also benefiting from lower general and administrative expenses, lower income tax expense and lower payment fees. Increases in depreciation and amortization, higher store operating expenses and higher interest expense more than offset these benefits resulting in lower net income for the 2025 year-to-date period.
Current wording
For the nine months ended September 30, 2025, the Company reported net income of $328.7 million, or $16.64 per diluted share, on revenue of $14.6 billion. Net income for the same period in 2024 was $360.0 million, or $17.17 per diluted share, on $15.5 billion of revenue. For the year-to-date period, the Company generated higher overall merchandise contribution compared to the same period in 2024, while also benefiting from lower general and administrative expenses, lower income tax expense and lower payment fees. Lower total fuel contribution, higher store operating expenses, increases in depreciation and amortization, restructuring expenses and higher interest expense more than offset these benefits resulting in lower net income for the 2025 year-to-date period.
Previous wording
Revenues for Q2 2025 decreased $0.5 billion, or 8.2%, compared to the same quarter in 2024. The decrease in revenues was primarily due to a 12.2% reduction in the average retail fuel sales price during the quarter and a decrease of 0.2% in fuel sales volumes, which was partially offset by a 1.1% increase in merchandise sales revenue.
Current wording
Revenues for Q3 2025 decreased $0.1 billion, or 2.5%, compared to the same quarter in 2024. The decrease in revenues was primarily due to a 7.2% reduction in the average retail fuel sales price during the quarter, which was partially offset by an increase of 1.2% in fuel sales volumes and a 3.7% increase in merchandise sales revenue.
Previous wording
Cost of sales in Q2 2025 decreased $0.5 billion, or 9.3%, when compared to Q2 2024. In the current-year quarter, the decrease was primarily due to lower fuel cost and lower fuel volumes sold, partially offset by higher merchandise costs.
Current wording
Cost of sales in Q3 2025 decreased $0.1 billion, or 2.9%, when compared to Q3 2024. In the current-year quarter, the decrease was primarily due to lower fuel cost, partially offset by higher fuel volumes sold and higher merchandise costs.
Previous wording
Store and other operating expenses increased $5.3 million, or 2.0%, in Q2 2025 compared to Q2 2024, primarily due to increases from net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by a reduction in payment fees.
Current wording
Store and other operating expenses increased $9.8 million, or 3.5%, in Q3 2025 compared to Q3 2024, primarily due to increases from net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by a reduction in payment fees.
Previous wording
Selling, general and administrative ("SG&A") expenses for Q2 2025 decreased $8.2 million, or 13.9%, versus Q2 2024. The decrease in SG&A costs is primarily due to lower professional fees, decreased incentive costs and lower employee related costs in the current quarter.
Current wording
Selling, general and administrative ("SG&A") expenses for Q3 2025 decreased $4.7 million, or 7.8%, versus Q3 2024. The decrease in SG&A costs is primarily due to lower professional fees in the current quarter.
Previous wording
Depreciation and amortization expense increased $6.7 million in Q2, or 11.3%, when compared to the same period of 2024, primarily due to the increased number of Murphy branded stores with larger formats, raze-and-rebuild activity in the quarter and strategic investments related to technology improvement initiatives in recent years.
Current wording
Depreciation and amortization expense increased $7.1 million in Q3 2025, or 11.3%, when compared to the same period of 2024, primarily due to the increased number of Murphy branded stores with larger formats, raze-and-rebuild activity in the quarter and strategic investments related to technology improvement initiatives in recent years.
Previous wording
The effective income tax rate was approximately 24.4% for Q2 2025 compared to 25.1% in Q2 2024.
Current wording
The effective income tax rate was approximately 25.1% for Q3 2025 compared to 24.9% in Q3 2024.
Previous wording
Year-to-date revenues decreased $0.8 billion, or 7.4%, compared to the same period in 2024. The decrease in revenues was due to a 9.4% decrease in the average retail fuel sales prices and a 1.0% decrease in retail fuel sales volumes, which was partially offset by a 0.5% increase in merchandise sales revenue.
Current wording
Year-to-date revenues decreased $0.9 billion, or 5.8%, compared to the same period in 2024. The decrease in revenues was due to a 8.5% decrease in the average retail fuel sales prices and a 0.3% decrease in retail fuel sales volumes, which was partially offset by a 1.6% increase in merchandise sales revenue.
Previous wording
Year-to-date cost of sales decreased $0.8 billion, or 8.4%, compared to the same period in 2024. In the current-year period, the lower costs were primarily due to lower fuel cost and lower fuel volumes sold, partially offset by higher merchandise costs.
Current wording
Year-to-date cost of sales decreased $0.9 billion, or 6.6%, compared to the same period in 2024. In the current-year period, the lower costs were primarily due to lower fuel cost and lower fuel volumes sold, partially offset by higher merchandise costs.
Previous wording
Year-to-date store and other operating expenses increased $19.3 million, or 3.7%, compared to the same period in 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by lower payment fees.
Current wording
Year-to-date store and other operating expenses increased $29.1 million, or 3.6%, compared to the same period in 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by lower payment fees.
Previous wording
SG&A expenses for the first six months of 2025 decreased $10.2 million, or 8.4%, compared to the first six months of 2024. The decrease in SG&A costs is primarily due to lower professional fees, lower employee related costs and decreased incentive costs versus the same period of 2024.
Current wording
SG&A expenses for the first nine months of 2025 decreased $14.9 million, or 8.2%, compared to the first nine months of 2024. The decrease in SG&A costs is primarily due to lower professional fees, lower employee related costs and decreased incentive costs versus the same period of 2024.
Previous wording
Depreciation and amortization expense increased $16.2 million, or 13.7%, year-to-date from the same period of 2024 primarily due to the increased number of Murphy branded stores with larger formats, raze-and-rebuild activity in the quarter and strategic investments related to technology improvement initiatives in recent years.
Current wording
Depreciation and amortization expense increased $23.3 million, or 12.9%, year-to-date from the same period of 2024 primarily due to the increased number of Murphy branded stores with larger formats, raze-and-rebuild activity in the quarter and strategic investments related to technology improvement initiatives in recent years.
Previous wording
The effective income tax rate was approximately 21.9% for the six months ended June 30, 2025 versus approximately 23.4% for the same period of 2024. The year-to-date rate is lower due to excess tax benefits related to share-based compensation and recognition of purchased Federal energy tax credits.
Current wording
The effective income tax rate was approximately 23.2% for the nine months ended September 30, 2025 versus approximately 24.0% for the same period of 2024.
Previous wording
Marketing segment net income for the three months ended June 30, 2025 was higher compared to the same period in 2024 primarily due to:
Current wording
Marketing segment net income for the three months ended September 30, 2025 was lower compared to the same period in 2024 primarily due to:
Previous wording
The items below partially offset the increase in net income in the current period:
Current wording
The items below partially offset the decrease in net income in the current period:
Previous wording
Marketing segment net income for the six months ended June 30, 2025 was lower compared to the same six-month period in 2024 primarily due to:
Current wording
Marketing segment net income for the nine months ended September 30, 2025 was lower compared to the same nine-month period in 2024 primarily due to:
Previous wording
The items below partially offset the decrease in net income in the six-month period:
Current wording
The items below partially offset the decrease in net income in the nine-month period:
Previous wording
Net income in the Marketing segment for Q2 2025 increased $4.1 million, to $167.9 million when compared to the Q2 2024 period. Contributions from both fuel and merchandise were higher in the current quarter compared to the prior year period coupled with lower general and administrative expenses, lower payment fees and lower income taxes. These benefits were partially offset by higher depreciation and amortization, higher store operating expenses and higher interest expense, resulting in higher net income in Q2 2025 compared to the Q2 2024 period.
Current wording
Net income in the Marketing segment for Q3 2025 decreased $4.1 million, to $163.9 million when compared to the Q3 2024 period. Contributions from merchandise were higher in the current quarter compared to the prior year period coupled with lower general and administrative expenses, lower income taxes and lower payment fees. These benefits were more than offset by lower fuel margins, higher store operating expenses, and higher depreciation and amortization, resulting in lower net income in Q3 2025 compared to the Q3 2024 period.
Previous wording
Total fuel contribution for Q2 2025, was $393.0 million, an increase of $2.7 million, or 0.7%, compared to Q2 2024. This increase was due to higher retail fuel contribution and higher contribution from PS&W margins, which was partially offset by lower fuel volumes sold in the period when compared to Q2 of 2024. Retail fuel margins on a cpg basis decreased 1.7% in Q2 2025 to 29.2 cpg, compared to 29.7 cpg in the prior year period. Total retail fuel volumes decreased 0.2% and fuel sales volumes on an SSS basis declined 3.2% in Q2 2025 when compared to Q2 2024. Total product supply and wholesale contribution dollars, including RINs, increased $8.8 million in Q2 2025 when compared to Q2 2024, primarily due to timing of inventory movements and pricing impacts related to market conditions.
Current wording
Total fuel contribution for Q3 2025, was $384.8 million, a decrease of $19.4 million, or 4.8%, compared to Q3 2024. This decrease was due to lower retail fuel contribution, which was partially offset by higher contribution from PS&W margins and higher fuel volumes sold in the period when compared to Q3 of 2024. Retail fuel margins on a cpg basis decreased 11.3% in Q3 2025 to 28.3 cpg, compared to 31.9 cpg in the prior year period. Total retail fuel volumes increased 1.2% and fuel sales volumes on an SSS basis declined 2.6% in Q3 2025 when compared to Q3 2024. Total product supply and wholesale contribution dollars, including RINs, increased $21.8 million in Q3 2025 when compared to Q3 2024, primarily due to timing of inventory movements and pricing impacts related to market conditions.
Previous wording
Total merchandise sales were $12.0 million, or 1.1%, higher in Q2 2025 vs Q2 2024, coming in at approximately $1.1 billion in both quarters. Total merchandise contribution in Q2 2025 improved 1.0% compared to Q2 2024, primarily due to favorable sales mix and higher retail prices, combined with increased store count compared to the prior year period. Total SSS merchandise contribution dollars were lower by 0.9%, which included an increase of 0.9% in nicotine products, more than offset by a 2.4% decrease in non-nicotine products.
Current wording
Total merchandise sales were $39.9 million, or 3.7%, higher in Q3 2025 vs Q3 2024, coming in at approximately $1.1 billion in both quarters. Total merchandise contribution in Q3 2025 improved 11.3% compared to Q3 2024, primarily due to favorable sales mix and unit growth including promotional activity in the nicotine categories, combined with increased store count compared to the prior year period. Total SSS merchandise contribution dollars grew by 8.3%, which included an increase of 18.0% in nicotine products and a 0.1% increase in non-nicotine products.
Previous wording
Store and other operating expenses increased $5.4 million in Q2 2025 compared to Q2 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by a reduction in payment fees. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent were 1.7% higher, primarily attributable to increased employee related expenses.
Current wording
Store and other operating expenses increased $9.7 million in Q3 2025 compared to Q3 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by a reduction in payment fees. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent were 3.0% higher, primarily attributable to increased employee related expenses and maintenance costs.
Previous wording
SG&A expenses in Q2 2025 were $8.2 million lower compared to Q2 2024, due primarily to lower professional fees, lower incentive costs and lower employee related costs in the current quarter.
Current wording
SG&A expenses in Q3 2025 were $4.7 million lower compared to Q3 2024, due primarily to lower professional fees in the current quarter.
Previous wording
Depreciation and amortization expense increased $3.9 million, or 7.0%, in Q2 2025 compared to Q2 2024 due to the increased number of larger format Murphy branded stores and raze-and-rebuild activity in the quarter.
Current wording
Depreciation and amortization expense increased $5.0 million, or 8.5%, in Q3 2025 compared to Q3 2024 due to the increased number of larger format Murphy branded stores and raze-and-rebuild activity in the quarter.
Previous wording
Net income in the Marketing segment for the six months ended June 30, 2025 decreased $2.3 million compared to the six months ended June 30, 2024. The decrease was primarily due to increased store operating expenses, increased depreciation and amortization and lower fuel sales volumes, , which were partially offset by higher total fuel contribution, higher overall merchandise contributions, lower SG&A expenses and lower income tax expense.
Current wording
Net income in the Marketing segment for the nine months ended September 30, 2025 decreased $6.4 million compared to the nine months ended September 30, 2024. The decrease was primarily due to lower total fuel contribution, increased store operating expenses, increased depreciation and amortization and lower fuel sales volumes, which were partially offset by higher overall merchandise contributions, lower SG&A expenses and lower income tax expense.
Previous wording
Total fuel contribution for the six-month period ended June 30, 2025 was $680.3 million, an increase of $3.9 million, or 0.6%, compared to the first six months of 2024. This increase was primarily due to higher retail fuel contribution and lower contribution from PS&W margins, partially offset by lower fuel volumes sold in the period when compared to the first six months of 2024. Retail fuel margins on a cpg basis increased 3.1%, to 26.6 cpg, for the six-month period ended June 30, 2025, compared to 25.8 cpg in the same period of 2024. Total retail fuel sales volumes decreased 1.0%, and volumes on an SSS basis decreased 3.7% in the six-month period ended June 30, 2025 when compared to the same six-month period of 2024. Total product supply and wholesale contribution dollars, including RINs, decreased $7.7 million compared to the first six months of 2024, primarily due to timing and pricing impacts related to market conditions.
Current wording
Total fuel contribution for the nine-month period ended September 30, 2025 was $1.1 billion, a decrease of $15.5 million, or 1.4%, compared to the first nine months of 2024. This was primarily due to lower retail fuel contribution and lower fuel volumes sold, partially offset by higher contribution from PS&W margins in the period when compared to the first nine months of 2024. Retail fuel margins on a cpg basis decreased 2.5%, to 27.2 cpg, for the nine-month period ended September 30, 2025, compared to 27.9 cpg in the same period of 2024. Total retail fuel sales volumes decreased 0.3%, and volumes on an SSS basis decreased 3.3% in the nine-month period ended September 30, 2025 when compared to the same nine-month period of 2024. Total product supply and wholesale contribution dollars, including RINs, increased $14.1 million compared to the first nine months of 2024, primarily due to timing and pricing impacts related to market conditions.
Previous wording
Total merchandise sales increased 0.5% to $2.1 billion in the six months ended June 30, 2025 compared to $2.1 billion in the first six months of 2024. Year-to-date 2025 total merchandise contribution increased 1.6% compared to the same period of 2024, primarily due to favorable sales mix and higher retail prices, combined with increased store count compared to the prior year period. Total year-to-date SSS merchandise contribution dollars were flat compared to the same period of 2024 with an increase of 1.8% in nicotine products being offset by a 1.6% decrease in non-nicotine products.
Current wording
Total merchandise sales increased 1.6% in the nine months ended September 30, 2025 compared to the first nine months of 2024, with sales of approximately $3.2 billion in both periods. Year-to-date 2025 total merchandise contribution increased 4.9% compared to the same period of 2024, primarily due to favorable sales mix, higher retail prices and promotional activity in the nicotine categories, combined with increased store count compared to the prior year period. Total year-to-date SSS merchandise contribution dollars improved 2.9% compared to the same period of 2024 with an increase of 7.3% in nicotine products being partially offset by a 1.0% decrease in non-nicotine products.
Previous wording
Store and other operating expenses increased $19.3 million, or 3.7%, in the current year compared to the same six-month period of 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent increased 3.5%, primarily due to employee related expenses and maintenance costs.
Current wording
Store and other operating expenses increased $29.0 million, or 3.6%, in the current year compared to the same nine-month period of 2024, primarily due to increases in net new store operating expenses combined with higher employee related expenses and maintenance costs at existing stores, partially offset by a reduction in payment fees. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent increased 3.1%, primarily due to employee related expenses and maintenance costs.
Previous wording
SG&A expenses decreased $10.2 million in 2025 compared to the same six-month period of 2024 due primarily to lower professional fees, lower employee related costs and decreased incentive costs.
Current wording
SG&A expenses decreased $14.9 million in 2025 compared to the same nine-month period of 2024 due primarily to lower professional fees, lower employee related costs and decreased incentive costs.
Previous wording
Depreciation and amortization expense increased $10.5 million, or 9.5%, in the first six months of 2025 due to new larger store formats for Murphy branded stores combined with raze-and-rebuild activities.
Current wording
Depreciation and amortization expense increased $15.5 million, or 9.2%, in the first nine months of 2025 due to new larger store formats for Murphy branded stores combined with raze-and-rebuild activities.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
2031 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2027 and 2029 Senior Notes.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
the QuickChek results cover the period March 29, 2025 to June 27, 2025, and the 2025 year-to-date period began December 28, 2024. For Q2 2024, the QuickChek results cover the period March 30, 2024 to June 28, 2024, and the 2024 year-to-date period began December 30, 2023. The difference in the timing of the period ends is immaterial to the overall consolidated results.