Murphy USA Inc (NYSE: MUSA) is a retail fuel and convenience store company that operates a network of 1,800 retail stores across 27 states, as of the FY2025 10-K filed 2026-02-18. Revenue comes from two primary streams: retail motor fuel sales, transacted at high volume and low margin, and convenience merchandise sales through in-store and kiosk formats. The majority of Murphy USA and Murphy Express branded locations operate in close proximity to Walmart stores across the Southeast, Southwest, and Midwest, with 1,649 stores under Murphy-family branding and 151 stores under the QuickChek brand in New Jersey and New York as of the filing date. Murphy also markets fuel to unbranded wholesale customers through company-owned and third-party distribution terminals and pipeline positions. The store network spans small-format kiosks built for fuel-focused traffic to larger-format stores with broader food, beverage, and merchandise offerings.

Revenue model

Transactional revenue from retail motor fuel sales (high-volume, low-price model) and convenience merchandise sales across 1,800 stores. Secondary revenue from unbranded wholesale fuel marketing through company-owned and third-party terminals and pipeline positions.

Products and services

Retail motor fuel (Murphy USA, Murphy Express, and QuickChek branded); convenience merchandise; food and beverage offerings at larger-format stores; unbranded wholesale fuel distribution.

Customers and end markets

Retail consumers purchasing motor fuel and convenience merchandise, concentrated near Walmart store locations. Unbranded wholesale fuel customers served through distribution terminals and pipeline positions.

Value-chain role

Downstream fuel retailer and convenience merchandise retailer. Also acts as wholesale fuel marketer to unbranded third-party customers.

Geographic exposure

27 states as of FY2025 filing. Murphy USA and Murphy Express stores in 25 states across Southeast, Southwest, and Midwest. QuickChek stores in New Jersey and New York (Northeast region).

Source: SEC 10-K, filed 2026-02-18

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