stockrowWhat it does
Murphy USA sells motor fuel and convenience merchandise to retail customers through stores in the United States. Its Murphy USA and Murphy Express locations emphasize fuel sales alongside snacks, beverages, nicotine products and other merchandise. Its QuickChek stores have a broader food and beverage offering; some also sell gasoline.
The company operates both small stores and kiosks, as well as larger-format stores with a wider merchandise selection. Most Murphy-branded locations are near Walmart stores or in selected markets across the Southeast, Southwest and Midwest. QuickChek operates in New Jersey and New York. Murphy USA plans to transition its existing Murphy Express stores to the Murphy USA name.
Besides selling at its own stores, Murphy USA markets fuel to unbranded wholesale customers. It uses a combination of its own and third-party terminals and pipeline positions to source and distribute fuel. The company does not produce or refine the petroleum products it sells.
Murphy USA was founded in 1996 and incorporated in Delaware in 2013. Its headquarters are in El Dorado, Arkansas. Malynda K. West is chief executive officer. At December 31, 2025, the company had 1,800 stores across 27 states and approximately 16,900 employees.
How it makes money
Murphy USA has one operating segment, Marketing, which includes its retail stores and its fuel supply and wholesale assets. It earns revenue by selling fuel at the pump, merchandise inside stores and petroleum products to wholesale customers. Other operating revenue includes sales of renewable fuel credits generated through fuel blending.
In FY2025, total revenue was $19.4 billion. A quarterly revenue total is not provided here.
Petroleum product sales were $14.9 billion in FY2025, representing 76.7% of revenue. Fuel revenue depends on both the number of gallons sold and the prices charged. Murphy USA buys fuel at rates that fluctuate with market prices, generally resetting daily, and establishes its retail prices daily. The difference between the sale price and the purchased cost of fuel is an important measure of its fuel economics. The company sold approximately 4.8 billion gallons of motor fuel through its retail outlets in 2025.
Merchandise sales were $4.3 billion in FY2025. Customers can purchase products such as nicotine, snacks and beverages when visiting stores, while QuickChek offers more food and beverages. Murphy Drive Rewards and QuickChek Rewards provide targeted discounts and personalized offers on fuel and in-store purchases.
The supply and wholesale business also affects fuel contribution. Murphy USA can blend bulk fuel with renewable fuels and sell excess renewable fuel credits. Credit prices fluctuate, though the company says changes in that revenue have historically been accompanied by offsetting changes in the cost of goods. Fuel and merchandise margins, rather than revenue alone, affect operating results.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Petroleum product sales | $14.9 billion | 76.7% | −6.48% |
| Merchandise sales | $4.3 billion | 22.2% | 2.11% |
| Other operating revenues | $217.4 million | 1.12% | 57.9% |
Customers and how it sells
Murphy USA serves motorists and convenience-store shoppers, including customers looking for lower-priced fuel. It also sells petroleum products to unbranded wholesale customers through company-owned and third-party terminals. Its rewards programs offer personalized fuel and merchandise discounts to participating shoppers.
At December 31, 2025, the network consisted of 1,649 Murphy-branded stores and 151 QuickChek stores. Murphy locations are concentrated in the Southeast, Southwest and Midwest, with most near Walmart stores. QuickChek operates in New Jersey and New York. Texas had 380 stores, Florida had 154 and New Jersey had 131 at year-end 2025.
The company collaborates with Walmart on fuel discount programs, mainly Walmart+. Many properties purchased from Walmart are subject to restrictions that Walmart can enforce, and Murphy USA also leases land from Walmart at some locations.
Murphy USA says its competitive pressure varies by market. In Q3 2026, the company identified Colorado and Florida as states experiencing material competitive pressure. It said Colorado fuel volumes remained under pressure, although higher fuel contribution per gallon more than offset the decline in that market.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Marketing | $19.4 billion | 100.0% | −4.25% |
Suppliers and costs
Murphy USA purchases fuel from oil companies, independent refiners and other marketers rather than producing or refining it. Its supply network includes pipeline access and both company-owned and third-party terminals. Fuel is delivered by truck as stores need replenishment, and retail fuel inventory turns approximately once daily. The company says multiple supplier relationships help it create competition for purchases and can reduce the risk of outages.
Core-Mark is the primary merchandise supplier. Murphy USA purchased more than 78% of its merchandise from Core-Mark in 2025 and extended its supply contract through 2031. Merchandise includes snacks, beverages, nicotine products and non-food items.
Fuel purchases are a major cost, with wholesale prices affected by crude oil and market conditions. Other costs include store employees, payment fees, maintenance, rent and utilities. Many Murphy stores require only one or two associates during business hours, and 73% of company stores were located on company-owned property. Store and other operating expenses increased in 2025, primarily because of employee-related expenses, maintenance and net new store operating expenses.
Murphy USA also incurs environmental compliance costs for equipment and facilities, including underground storage-tank monitoring.
- Revenue$19.4B
- Cost of revenue−$17.0B
- Selling, general and administrative−$1.3B
- Other operating costs−$300.9M
- Operating income$718.5M
Competitive position
Murphy USA competes with fuel-store chains for supply and retail customers, primarily on price but also on convenience and consumer appeal. Its stores also compete with independent convenience stores, supermarkets, drugstores, discount clubs, mass merchants and fast-food operations. Some competitors produce or refine fuel themselves, while others have more extensive store networks or greater resources. No specific competing company is named in the available evidence.
Many Murphy stores are near Walmart locations, and the companies collaborate on fuel discounts. Murphy USA says its small-store format, owned property and staffing model support lower overhead and on-site costs. It also uses pipeline positions, terminal access and multiple fuel sources to purchase and distribute fuel.
Our reading: Proximity to Walmart and the discount relationship provide a meaningful location and traffic advantage, although they depend on an outside partner and do not eliminate competition from other retailers.
Our reading: The fuel supply network is a meaningful operational advantage because pipeline and terminal positions give Murphy USA sourcing options that require time and investment to replicate.
Our reading: The small-store model and owned land support a cost advantage, but low barriers to entering retail gasoline and competitors’ own scale limit its protection.
Growth opportunities
Murphy USA’s growth plans center on opening new stores, rebuilding selected locations and expanding merchandise and food offerings. It expects to build more Murphy-branded new locations with larger formats than its earlier small stores, alongside QuickChek locations within the brand’s existing footprint. It also plans to refine store designs and merchandise assortments to increase higher-margin non-nicotine sales.
For 2026, the company originally expected to build 45 to 55 new-to-industry locations and complete up to 30 raze-and-rebuilds. It targeted 50-plus new-to-industry stores and up to 30 raze-and-rebuilds annually in future periods.
By Q3 2026, Murphy USA said it had opened 18 stores year to date and had 55 under construction. It expected to open around 45 to 50 stores for the year and said its pipeline was sufficient to support 50 stores a year. It was also considering different store sizes and heavier refreshes or remodels as alternatives to some rebuilds.
Murphy USA is testing automated restaurant equipment. The company said it had more than 100 units in the market and was evaluating customer demand, fit with its operating model and store-level economics. It said initial results were encouraging but that it was too early to assess scalable performance.
- $17.4BFY2021
- $23.4BFY2022
- $21.5BFY2023
- $20.2BFY2024
- $19.4BFY2025
Structural risks
- Fuel prices and margins: Global oil and petroleum prices, demand, supply disruptions and seasonal pricing can materially affect results. Fuel gross margins change daily, and rising wholesale costs can affect both retail prices and customer consumption.
- Competition: Fuel retailing is highly competitive and has relatively low barriers to entry. Integrated competitors may offset weak marketing results with production or refining profits, while other retailers can use fuel discounts to support merchandise sales.
- Supply and supplier concentration: Murphy USA does not refine its own fuel and relies on outside suppliers. It purchased more than 78% of its merchandise from Core-Mark in 2025. Supply interruptions can affect availability and costs.
- Environmental and regulatory exposure: Fuel storage and terminal operations can create contamination liabilities and remediation costs. Environmental rules, fuel standards and restrictions on nicotine and alcohol sales can also affect costs or operations.
- Debt and operating hazards: Debt obligations can reduce cash available for operations and investment, and restrictive covenants can limit flexibility. The company also faces risks from fires, explosions, natural catastrophes and failures to protect sensitive data.
- Demand and customer traffic: Fuel economy and vehicle emissions standards may reduce demand for fuel. A significant decline in fuel demand can also affect merchandise volumes and customer traffic.
Bottom line
Our reading
Murphy USA is a fuel-led retailer whose economics depend on selling high volumes while managing the gap between fuel purchase and retail prices; merchandise and wholesale activities provide additional sources of contribution. [item1, item7]
Our reading: Its locations, low-cost store model and supply network support that approach, but volatile fuel margins, competition and supplier and environmental exposures remain central to the business. [item1, item1a, item7]