On this page of StockholderLetter.com we present the latest annual shareholder letter from Murphy USA Inc. — ticker symbol MUSA. Reading current and past MUSA letters to shareholders can bring important insights into the investment thesis.

 •  3/26/2026 Letter Continued (Full PDF)
 •  3/23/2023 MUSA Stockholder Letter
 •  3/28/2024 MUSA Stockholder Letter
 •  3/18/2025 MUSA Stockholder Letter
 •  More "Department Stores" Category Stockholder Letters
 •  MUSA Benford's Law Stock Score = 91

MUSA Shareholder/Stockholder Letter Transcript:

PASSING
THE BATON
2 02 5 A N N U A L R E P O RT A N D
2 0 2 6
P R O X Y
S T A T E M E N T

FINANCIAL HIGHLIGHTS
2021
2022
2023
2024
2025
FUEL METRICS
Total retail gallons sold (in billions)
4 . 352
4 . 752
4.804
4 . 821
4 . 849
Retail fuel gallons sold (per store month)
229,404
244,582
242,026
240,632
235,751
Total fuel contribution (cents per gallon)
26.3
34 . 3
31 . 4
30.5
30.7
$ 3.678
$ 35,607
19.1 %
$ 19,218
28 . 5 %
$ 3.903
$ 38,025
19. 7 %
$ 21,055
29. 4 %


4.089
39,124
19. 7 %
21,856
29. 6 %

4.215
$ 40,407
19. 8 %
$ 22,027
29. 7 %


$ 396.9
$ 828.0
$ 256.4
277.5
$ 1,800.1
$ 4,968.1
$ 199.24
















MERCHANDISE METRICS
Total merchandise sales ($ billions)
Total merchandise margin dollars (per store month)
Merchandise unit margins (%)
Non-nicotine margin dollars (per store month)
Total non-nicotine unit margins (%)

4.304
41,134
20 . 2 %
$ 22,048
29. 6 %
FINANCIAL METRICS ($ MILLIONS)
Net income from continuing operations
Adjusted EBITDA1
Cash and cash equivalents
Capital spending
Long-term debt
Market capitalization
Ending share price ($ per share)
672.9
1,190.9
60.5
305.8
1,791.9
6,080.0
279.54
556.8
1,058.5
117.8
344.1
1,784.7
7,429.8
356.56
502.5
1,006.8
47.0
503.0
1,832.7
10,043.2
501.75
470.6
1,019.4
28.9
432.4
2,163.6
7,491.6
403.52

A N N U A L R E P O R T 20 25
PA G E 3
LETTER TO SHAREHOLDERS
PASSING THE BATON
This year marks an important transition for Murphy USA,
both for me personally and for the entire organization.
When Andrew Clyde passed me the baton after 13 years
of extraordinary leadership, I was humbly reminded, yet
highly aware, of the unique strengths of this company: a
proven and durable strategy that appeals to customers and
investors alike, a culture built on discipline and collaboration,
and a team with an unwavering commitment to serving our
customers. It is a privilege to lead Murphy USA into its next
chapter, and I am grateful for the strong foundation that has
been established as we continue our journey forward.
A new CEO often brings change to an organization and
inevitably, investors question how that change will impact
their view of a company   s value creation potential. In our
case, the better question to ask, one which I addressed in
our fourth quarter 2025 earnings call, is    What will stay the
same   ? As a Murphy USA investor, you will be pleased to
hear that the fundamental strategies that have generated
our prior success all remain rooted firmly in place.
Our Every Day Low Price value proposition resonates with
our customers and that will stay the same. Our continuous
improvement mindset that compels us to always make the
business better will stay the same. We will continue to
invest in high-quality organic growth, building new stores
and growing our real estate pipeline to usher in the next
decade of network expansion. Further, our commitment
to a balanced capital allocation program, leveraging
our significant free cash flow to help generate long-term
shareholder value, will also stay the same. These bedrock
strategies and principles do not need to be reinvented;
they have stood the test of time and delivered shareholder
value across a wide range of operating environments.
As CEO, receiving the leadership baton at this stage in
our corporate lifecycle, my role is to ensure continuity and
maintain focus on executing our core strategies. At the
same time, I want to instill the company with fresh energy,
enabling proven leaders to introduce more innovation, agility
and flexibility into the business. To achieve this outcome,
we are refreshing the company culture and organizational
structure, challenging ourselves to create a more nimble
and innovative work environment, while maintaining our
relentless focus on delivering results. We are exploring
new technology, enhancing customer engagement, and
empowering our people to think creatively about how
we serve customers and strengthen our business.
To help drive that
cultural change, we
have introduced what
we call our    ABC   s of
Success    to the team.
Accountability:
Being accountable
to each other, to our
stores, to our customers
and to our shareholders, Balance: Maintaining discipline
in our processes but allowing the freedom to move quickly,
Curiosity: As the spark that enables innovation, curiosity
keeps us engaged and excited, and encouraging that
behavior will help us learn and become stronger over time.
This business has proven durable and able to deliver results
during periods of economic turmoil in the past. Today, the
business is even better prepared to withstand volatility.
No doubt the events of the past few months have reminded
us all how fragile the commodity ecosystem is that holds
the world together and how interdependent and reliant
we are on a stable supply chain with unimpeded logistics.
Nevertheless, as conditions normalize, we expect the
Murphy USA model to benefit from the improvements we
have made to optimize performance, while better serving
our value-seeking customers with low prices on the products
they buy from us every day. As long as we remain focused
on delivering value to the customer, combined with a
compelling shopping experience, Murphy USA will prosper.
As the baton is passed to a well-conditioned, energetic
and engaged leadership team ready for the next leg of
the race, we remain grounded in the principles that have
guided our success. We are confident in our ability to
grow the network and find more ways to improve the
business. With a strong foundation and proven strategy,
Murphy USA is prepared to deliver ongoing value for our
customers, our employees, and you     our shareholders.
Thank you for your trust and support.
Mindy West
President and Chief Executive Officer


A N N U A L R E P O R T 20 25
PA G E 5
1.
STRATEGY
GROW ORGANICALLY
Growth of Murphy Retail Stores
Murphy USA and QuickChek Locations
MURPHY USA
QUICKCHEK
1,679
1,712
1,733
1,757
158
157
156
156
1,800
151
1,521
1,555
1,577
1,601
1,649
2021
2022
2023
2024
2025
Our commitment to organic growth remains
our most powerful driver of shareholder
value. We are building high-performing
new stores in strong markets, enhancing
the quality and attractiveness of our
network, winning with new customers
and expanding our market share.
In 2025, we added 43 net new stores,
growing the network to 1,800 stores. We
also completed 23 raze and rebuilds, which
transforms a kiosk into a higher-performing
1,400 square foot store. New stores remain
the primary driver of our growth strategy,
bolstered by a high-quality, multi-year
development pipeline. We plan to open
between 45 and 55 new stores in 2026.
In 2025 we completed our 2,800 square foot
store renovation activity, increasing selling
space and enhancing the look and feel of
the store to provide customers with a better
shopping experience. We are excited about
accelerating our organic growth strategy with
a focus on innovation and sustainable store
growth, which will help amplify the earnings
power of Murphy USA in the coming years.
WE ARE BUILDING
HIGH-PERFORMING NEW
Raze & Rebuilds by Year
27
32
STORES IN STRONG MARKETS,
47
31
23
ENHANCING THE QUALITY
AND ATTRACTIVENESS
OF OUR NETWORK
2021
2022
2023
2024
2025

3/26/2026 Letter Continued (Full PDF)

 

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