Earnings surge at Murphy USA (NYSE: MUSA) with Q1 net income $136M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Murphy USA Inc. reported sharply stronger results for the quarter ended March 31, 2026, with net income of $136.3 million, or $7.28 per diluted share, up from $53.2 million, or $2.63, a year earlier.
Total operating revenues rose to $4.82 billion, driven by higher fuel and merchandise contribution. Total fuel contribution increased to $403.9 million, or 35.0 cents per gallon, helped by firmer retail fuel margins and significantly higher fuel supply and RINs contribution.
Merchandise contribution grew to $210.2 million on 20.0% unit margins, with nicotine categories especially strong. Adjusted EBITDA nearly doubled to $277.9 million. The company repurchased 169 thousand shares for $70.9 million, paid a $0.63 dividend, expanded its store base to 1,803 locations, and ended the quarter with $118.6 million in cash and $2.14 billion of long-term debt.
Positive
- Profitability surge: Net income rose to $136.3 million and Adjusted EBITDA to $277.9 million, both far above the prior-year quarter, reflecting stronger fuel and merchandise contribution.
- Fuel economics improved: Total fuel contribution reached $403.9 million, or 35.0 cents per gallon, supported by higher retail margins and a large increase in fuel supply and RINs contribution.
- Healthy cash generation and returns: Operating cash flow was $320.0 million, enabling $70.9 million of share repurchases and $11.7 million of dividends while supporting ongoing store growth.
Negative
- None.
Insights
Q1 2026 shows materially stronger profitability, powered by fuel margins, RINs, and nicotine-led merchandise growth.
Murphy USA delivered net income of $136.3M and Adjusted EBITDA of $277.9M for Q1 2026, both far above the prior year. The key driver was fuel: total fuel contribution climbed to $403.9M, or 35.0 cpg, helped by higher retail margins and a swing in fuel supply and RINs contribution.
Merchandise performance was also solid, with contribution up 7.3% to $210.2M and unit margins at 20.0%, aided by strong nicotine categories offsetting softer discretionary non-nicotine sales. Operating expenses rose with new stores and higher labor, but SG&A declined, supporting margin expansion.
Strategically, the company continues to return capital—repurchasing 169.0K shares for $70.9M and paying a $0.63 dividend—while funding growth. It opened six new stores, has 28 sites under construction as of March 31, 2026, and ended with cash of $118.6M and long-term debt of $2.14B. Future disclosures in company filings may clarify how fuel margin conditions and nicotine legislation trends affect these results over subsequent quarters.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income: $136.3M
Diluted EPS: $7.28
Total operating revenues: $4.82B
+5 more
8 metrics
Net income
$136.3M
Three months ended March 31, 2026
Diluted EPS
$7.28
Q1 2026 diluted earnings per share
Total operating revenues
$4.82B
Q1 2026 total operating revenues
Adjusted EBITDA
$277.9M
Q1 2026 Adjusted EBITDA vs $157.4M in Q1 2025
Total fuel contribution
$403.9M
Q1 2026, 35.0 cents per gallon
Merchandise contribution
$210.2M
Q1 2026 merchandise contribution, 20.0% unit margin
Share repurchases
$70.9M
169.0K shares repurchased in Q1 2026 at $419.87 average
Long-term debt
$2.14B
Long-term debt including finance leases as of March 31, 2026
Key Terms
Adjusted EBITDA, RINs, same store sales ("SSS"), Average Per Store Month ("APSM"), +1 more
5 terms
Adjusted EBITDA financial
"The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three months ended March 31, 2026 and 2025."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
RINs financial
"RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions)"
RINs (Renewable Identification Numbers) are tradable compliance credits used to prove that a certain volume of transportation fuel comes from renewable sources under government mandates. Think of them as digital coupons companies must submit to show they met biofuel rules; their price swings can add or shave costs from refiners, fuel producers, and agriculture-linked businesses, so RIN markets can materially affect profit margins and investment value.
same store sales ("SSS") financial
"Total retail gallons increased 2.1%, and volumes on a same store sales ("SSS") basis declined 0.8%, in Q1 2026 compared to Q1 2025."
Average Per Store Month ("APSM") financial
"Average Per Store Month ("APSM") metric includes all stores open through the date of calculation"
asset retirement obligations financial
"Accretion of asset retirement obligations | | 0.9 | | | 0.9"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
Earnings Snapshot
Total operating revenues: $4.82B · Guidance included
Q1 2026
Total operating revenues
$4.82B
+$293.9M vs Q1 2025
Net income
$136.3M
+$83.1M vs Q1 2025
Diluted EPS
$7.28
+$4.65 vs Q1 2025
Adjusted EBITDA
$277.9M
+$120.5M vs Q1 2025
Total fuel contribution
$403.9M
+40.6% vs Q1 2025
Guidance
Management indicated plans to open between 45 and 55 new stores in 2026 and noted that strong March performance carried into April, with volumes roughly flat to prior year and all-in fuel margins for April expected between 35 and 40 cents per gallon.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(870 ) 875-7600
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 29, 2026, Murphy USA Inc. issued a news release announcing its financial results for the three months ended March 31, 2026. The full text of this news release is attached hereto as Exhibit 99.1.
The information in Item 2.02 and Item 9.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liabilities of that Section, nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 News release issued by Murphy USA Inc., dated April 29, 2026, announcing financial results for the three months ended March 31, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MURPHY USA INC. | |||||||||||
| Date: | April 29, 2026 | By: /s/ Donald R. Smith, Jr. | |||||||||
Donald R. Smith, Jr. | |||||||||||
| Senior Vice President, Chief Financial Officer and Treasurer | |||||||||||
Exhibit Index
Exhibit No. | Description | |||||||||||||
99.1 | News release issued by Murphy USA Inc., dated April 29, 2026, announcing financial results for the three months ended March 31, 2026 | |||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
Exhibit 99.1
Murphy USA Inc. Reports First Quarter 2026 Results
El Dorado, Arkansas, April 29, 2026 (BUSINESS WIRE) – Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three months ended March 31, 2026.
Key Highlights:
•Net income was $136.3 million, or $7.28 per diluted share, in Q1 2026 compared to net income of $53.2 million, or $2.63 per diluted share, in Q1 2025.
•Total fuel contribution for Q1 2026 was 35.0 cpg, compared to 25.4 cpg in Q1 2025.
•Total retail gallons increased 2.1%, and volumes on a same store sales ("SSS") basis declined 0.8%, in Q1 2026 compared to Q1 2025.
•Merchandise contribution dollars for Q1 2026 increased 7.3% to $210.2 million on average unit margins of 20.0%, compared to Q1 2025 contribution dollars of $195.9 million on unit margins of 19.6%.
•During Q1 2026, the Company repurchased approximately 169.0 thousand common shares for $70.9 million at an average price of $419.87 per share.
•The Company paid a quarterly cash dividend of $0.63 per share, or $2.52 per share on an annualized basis, on March 5, 2026, for a total cash payment of $11.7 million.
"Murphy USA delivered first quarter results that showcase the strength of our low-cost high volume operating model," said President and CEO Mindy West. "As volatility was re-introduced to commodity markets, specifically in refined products, the business behaved far more favorably, as we would expect. Retail margins showed continued strength, despite a rising price environment, and our fuel supply business, which benefits during periods of rising prices, helped deliver strong all-in margins of 35 cents per gallon. Inside sales remain consistent, although consumer spending is restrained in discretionary non-nicotine categories, where same-store sales are slightly below prior year. Nevertheless, thanks to exceptional nicotine performance, first quarter merchandise margin contribution was up $14M versus the prior year, or a 7.3% increase, demonstrating early momentum versus the prior year first quarter merchandise contribution increase of just over $4M. Coupled with minimal OPEX growth, these results better represent the earnings potential of the business. Additionally, we are on pace to open between 45 and 55 new stores in 2026, with six stores opened in the first quarter and 18 stores currently under construction. Importantly, the strength we saw in March has carried through into April, where volumes are running roughly flat to prior year with all-in fuel margins for the month expected to be between 35 and 40 cpg.”
Consolidated Results
| Three Months Ended March 31, | ||||||||||||||
Key Operating Metrics | 2026 | 2025 | ||||||||||||
Net income (loss) ($ Millions) | $ | 136.3 | $ | 53.2 | ||||||||||
Earnings per share (diluted) | $ | 7.28 | $ | 2.63 | ||||||||||
Adjusted EBITDA ($ Millions) | $ | 277.9 | $ | 157.4 | ||||||||||
Both Net Income and Adjusted EBITDA for Q1 2026 were significantly higher compared to the prior-year quarter. The quarter benefited from higher fuel and merchandise contribution, driven by increased total fuel contribution margins, higher total fuel volumes, and improved merchandise sales and unit margins. Offsetting these positive factors were higher income taxes, increased store and other operating expenses including payment fees, greater depreciation and amortization, and higher interest expense.
Fuel
| Three Months Ended March 31, | ||||||||||||||
| Key Operating Metrics | 2026 | 2025 | ||||||||||||
| Total retail fuel contribution ($ Millions) | $ | 293.0 | $ | 267.7 | ||||||||||
| Total fuel supply contribution ($ Millions) | 39.0 | (15.3) | ||||||||||||
| RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions) | 71.9 | 34.9 | ||||||||||||
| Total fuel contribution ($ Millions) | $ | 403.9 | $ | 287.3 | ||||||||||
| Retail fuel volume - chain (Million gal) | 1,154.5 | 1,131.2 | ||||||||||||
Retail fuel volume - (K gal APSM)1,3 | 219.2 | 221.3 | ||||||||||||
Retail fuel volume - (K gal SSS)2,3 | 219.6 | 220.1 | ||||||||||||
| Total fuel contribution (cpg) | 35.0 | 25.4 | ||||||||||||
| Retail fuel margin (cpg) | 25.4 | 23.7 | ||||||||||||
| Fuel supply including RINs contribution (cpg) | 9.6 | 1.7 | ||||||||||||
1Average Per Store Month ("APSM") metric includes all stores open through the date of calculation | ||||||||||||||
22025 amounts not revised for 2026 raze-and-rebuild activity | ||||||||||||||
3All amounts are on a per store per month basis | ||||||||||||||
Total fuel contribution dollars of $403.9 million increased $116.6 million, or 40.6%, in Q1 2026 compared to Q1 2025 primarily due to higher total fuel contribution margins and higher retail fuel volumes. Retail fuel contribution dollars increased $25.3 million, or 9.5%, to $293.0 million compared to Q1 2025 driven by higher retail fuel margins and increased volumes sold. Retail fuel margins were 25.4 cpg in Q1 2026, a 7.2% increase compared to the prior-year quarter, and overall retail fuel volumes were 2.1% higher. Fuel supply contribution including RINs increased $91.3 million compared to Q1 2025, primarily due to market-driven pricing effects and timing of inventory movements during the period.
Merchandise
| Three Months Ended March 31, | ||||||||||||||
| Key Operating Metrics | 2026 | 2025 | ||||||||||||
| Total merchandise contribution ($ Millions) | $ | 210.2 | $ | 195.9 | ||||||||||
| Total merchandise sales ($ Millions) | $ | 1,049.2 | $ | 999.4 | ||||||||||
Total merchandise sales ($K SSS)1,2,3 | $ | 196.8 | $ | 192.4 | ||||||||||
| Merchandise unit margin (%) | 20.0% | 19.6% | ||||||||||||
Nicotine contribution ($K SSS)1,2,3 | $ | 20.2 | $ | 18.5 | ||||||||||
Non-nicotine contribution ($K SSS)1,2,3 | $ | 19.7 | $ | 19.9 | ||||||||||
Total merchandise contribution ($K SSS)1,2,3 | $ | 39.9 | $ | 38.4 | ||||||||||
12025 amounts not revised for 2026 raze-and-rebuild activity | ||||||||||||||
2Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | ||||||||||||||
3All amounts are on a per store per month basis | ||||||||||||||
Total merchandise contribution increased $14.3 million, or 7.3%, to $210.2 million in Q1 2026 compared to the prior-year quarter, driven by higher merchandise sales volume and improved unit margins. Total nicotine contribution dollars increased 11.5% and non-nicotine contribution dollars increased 2.7% in Q1 2026 compared to Q1 2025. Total merchandise contribution increased 4.9% on a SSS basis in Q1 2026 compared to the prior-year quarter.
Other Areas
| Three Months Ended March 31, | ||||||||||||||
| Key Operating Metrics | 2026 | 2025 | ||||||||||||
| Total store and other operating expenses ($ Millions) | $ | 279.8 | $ | 266.1 | ||||||||||
| Store OPEX excluding payment fees and rent ($K APSM) | $ | 35.2 | $ | 35.1 | ||||||||||
| Total SG&A cost ($ Millions) | $ | 56.6 | $ | 60.1 | ||||||||||
Total store and other operating expenses were $13.7 million higher in Q1 2026 versus Q1 2025 mainly due to increases in net new store operating expenses combined with higher employee related expenses at existing stores. Store OPEX excluding payment fees and rent on an APSM basis were 0.3% higher versus Q1 2025 primarily attributable to increased employee related expenses tied to the new store growth.
Total SG&A costs for Q1 2026 were $3.5 million lower than Q1 2025, primarily due to lower employee related expenses in the period.
Store Openings
The tables below reflect changes in our store portfolio in Q1 2026:
Net Change in Q1 2026 | Murphy USA / Express | QuickChek | Total | |||||||||||||||||
| New-to-industry ("NTI") | 6 | — | 6 | |||||||||||||||||
| Closed | — | (3) | (3) | |||||||||||||||||
| Net change | 6 | (3) | 3 | |||||||||||||||||
Raze-and-rebuilds reopened in Q1* | 1 | — | 1 | |||||||||||||||||
Store count at March 31, 2026* | 1,655 | 148 | 1,803 | |||||||||||||||||
Under Construction at End of Q1 | ||||||||||||||||||||
| NTI | 13 | 6 | 19 | |||||||||||||||||
| Raze-and-rebuilds* | 9 | — | 9 | |||||||||||||||||
Total under construction at end of Q1 | 22 | 6 | 28 | |||||||||||||||||
| *Store counts include raze-and-rebuild stores | ||||||||||||||||||||
Financial Resources
| As of March 31, | ||||||||||||||
| Key Financial Metrics | 2026 | 2025 | ||||||||||||
| Cash and cash equivalents ($ Millions) | $ | 118.6 | $ | 49.4 | ||||||||||
| Long-term debt, including finance lease obligations ($ Millions) | $ | 2,137.3 | $ | 1,974.2 | ||||||||||
As of March 31, 2026, cash balances totaled $118.6 million. Long-term debt consisted of approximately $299.4 million in carrying value of 5.625% senior notes due 2027, $497.4 million in carrying value of 4.75% senior notes
due 2029, $496.3 million in carrying value of 3.75% senior notes due 2031, and $581.5 million of term debt due 2032, combined with approximately $102.7 million in long-term finance leases. In addition, long-term debt included $160.0 million in outstanding borrowings under the $750 million revolving credit facility due 2030.
| Three Months Ended March 31, | ||||||||||||||
| Key Financial Metric | 2026 | 2025 | ||||||||||||
| Average shares outstanding (diluted) (in thousands) | 18,708 | 20,204 | ||||||||||||
At March 31, 2026, the Company had common shares outstanding of 18,470,685. Common shares repurchased during the quarter were approximately 169.0 thousand shares for $70.9 million. As of March 31, 2026, approximately $221.4 million remained available under the existing $1.5 billion 2023 authorization. In addition, the Company had $2.0 billion of capacity available under its previously announced share repurchase 2025 authorization, which becomes effective upon completion of the 2023 authorization and expires on December 31, 2030.
The effective income tax rate was approximately 22.6% for Q1 2026 compared to 14.1% in Q1 2025. The rate for the quarter is higher due to lower excess tax benefits related to share-based compensation in the period, partially offset by greater benefits associated with Federal energy tax credits in the current year.
The Company paid a quarterly cash dividend on March 5, 2026 of $0.63 per share, or $2.52 per share on an annualized basis for a total cash payment of $11.7 million.
* * * * *
Earnings Call Information
The Company will issue pre-recorded management remarks today, April 29, 2026 at approximately 3:30pm Central Time and will host a webcasted question and answer session on April 30, 2026 at 10:00 a.m. Central Time to discuss first quarter 2026 results. Both the management remarks and live Q&A session can be accessed via webcast through the Investor Relations section of the Murphy USA website at https://ir.corporate.murphyusa.com. If you are unable to attend the Q&A session via webcast, the conference call number is 1 (833) 461-5787 and the conference ID number is 497864854. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (https://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the live session, the webcast will be available for replay. Shortly thereafter, a transcript will be available.
Source: Murphy USA Inc. (NYSE: MUSA)
Forward-Looking Statements
This news release contains certain statements or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings and associated capital expenditures, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from
such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, manage disruptions in our supply chain and our ability to control costs; geopolitical events, such as evolving trade policies and the imposition of reciprocal tariffs and the conflicts in the Middle East, that impact the supply and demand and price of crude oil; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic and any governmental response thereto; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future nicotine or e-cigarette legislation and any other efforts that make purchasing nicotine products more costly or difficult could hurt our revenues and impact gross margins; our ability to successfully expand our food and beverage offerings; efficient and proper allocation of our capital resources, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form 10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Investor Contacts: Christian Pikul Vice President, Investor Relations and Financial Planning and Analysis christian.pikul@murphyusa.com Ash Aulds Director, Investor Relations and Financial Planning and Analysis ash.aulds@murphyusa.com | ||
Murphy USA Inc.
Consolidated Statements of Income
(Unaudited)
| Three Months Ended March 31, | ||||||||||||||
| (Millions of dollars, except share and per share amounts) | 2026 | 2025 | ||||||||||||
| Operating Revenues | ||||||||||||||
Petroleum product sales1 | $ | 3,696.8 | $ | 3,489.8 | ||||||||||
| Merchandise sales | 1,049.2 | 999.4 | ||||||||||||
| Other operating revenues | 73.3 | 36.2 | ||||||||||||
| Total operating revenues | 4,819.3 | 4,525.4 | ||||||||||||
| Operating Expenses | ||||||||||||||
Petroleum product cost of goods sold1 | 3,366.0 | 3,238.3 | ||||||||||||
| Merchandise cost of goods sold | 839.0 | 803.5 | ||||||||||||
| Store and other operating expenses | 279.8 | 266.1 | ||||||||||||
| Depreciation and amortization | 72.1 | 68.2 | ||||||||||||
| Selling, general and administrative | 56.6 | 60.1 | ||||||||||||
| Accretion of asset retirement obligations | 0.9 | 0.9 | ||||||||||||
| Total operating expenses | 4,614.4 | 4,437.1 | ||||||||||||
| Gain (loss) on sale of assets | 0.3 | (0.3) | ||||||||||||
| Income (loss) from operations | 205.2 | 88.0 | ||||||||||||
| Other income (expense) | ||||||||||||||
| Investment income (expense) | 0.3 | (0.1) | ||||||||||||
| Interest expense | (29.0) | (25.4) | ||||||||||||
| Other nonoperating income (expense) | (0.3) | (0.6) | ||||||||||||
| Total other income (expense) | (29.0) | (26.1) | ||||||||||||
| Income before income taxes | 176.2 | 61.9 | ||||||||||||
| Income tax expense (benefit) | 39.9 | 8.7 | ||||||||||||
| Net Income | $ | 136.3 | $ | 53.2 | ||||||||||
| Basic and Diluted Earnings Per Common Share: | ||||||||||||||
| Basic | $ | 7.36 | $ | 2.67 | ||||||||||
| Diluted | $ | 7.28 | $ | 2.63 | ||||||||||
| Weighted-average Common shares outstanding (in thousands): | ||||||||||||||
| Basic | 18,518 | 19,929 | ||||||||||||
| Diluted | 18,708 | 20,204 | ||||||||||||
| Supplemental information: | ||||||||||||||
1Includes excise taxes of: | $ | 565.0 | $ | 551.8 | ||||||||||
Murphy USA Inc.
Segment Operating Results
(Unaudited)
| (Millions of dollars, except revenue per same store sales (in thousands) and store counts) | Three Months Ended March 31, | |||||||||||||
| Marketing Segment | 2026 | 2025 | ||||||||||||
| Operating Revenues | ||||||||||||||
Petroleum product sales | $ | 3,696.8 | $ | 3,489.8 | ||||||||||
Merchandise sales | 1,049.2 | 999.4 | ||||||||||||
Other operating revenues | 73.3 | 36.1 | ||||||||||||
| Total operating revenues | 4,819.3 | 4,525.3 | ||||||||||||
| Operating expenses | ||||||||||||||
Petroleum products cost of goods sold | 3,366.0 | 3,238.3 | ||||||||||||
Merchandise cost of goods sold | 839.0 | 803.5 | ||||||||||||
Store and other operating expenses | 279.8 | 266.0 | ||||||||||||
Depreciation and amortization | 65.9 | 61.5 | ||||||||||||
Selling, general and administrative | 56.6 | 60.1 | ||||||||||||
Accretion of asset retirement obligations | 0.9 | 0.9 | ||||||||||||
| Total operating expenses | 4,608.2 | 4,430.3 | ||||||||||||
| Gain (loss) on sale of assets | 0.3 | (0.3) | ||||||||||||
| Income (loss) from operations | 211.4 | 94.7 | ||||||||||||
| Other income (expense) | ||||||||||||||
Interest expense | (2.0) | (1.9) | ||||||||||||
| Total other income (expense) | (2.0) | (1.9) | ||||||||||||
| Income (loss) before income taxes | 209.4 | 92.8 | ||||||||||||
| Income tax expense (benefit) | 47.5 | 13.7 | ||||||||||||
| Net income (loss) from operations | $ | 161.9 | $ | 79.1 | ||||||||||
Total nicotine sales revenue same store sales1,2 | $ | 128.4 | $ | 123.1 | ||||||||||
Total non-nicotine sales revenue same store sales1,2 | 68.4 | 69.3 | ||||||||||||
Total merchandise sales revenue same store sales1,2 | $ | 196.8 | $ | 192.4 | ||||||||||
12025 amounts not revised for 2026 raze-and-rebuild activity | ||||||||||||||
2Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | ||||||||||||||
| Store count at end of period | 1,803 | 1,761 | ||||||||||||
| Total store months during the period | 5,392 | 5,259 | ||||||||||||
Same store sales information compared to APSM metrics
| Variance from prior year period | ||||||||||||||
| Three months ended | ||||||||||||||
| March 31, 2026 | ||||||||||||||
SSS1 | APSM2 | |||||||||||||
| Retail fuel volume per month | (0.8) | % | (0.9) | % | ||||||||||
| Merchandise sales | 2.8 | % | 2.4 | % | ||||||||||
| Nicotine sales | 4.9 | % | 4.1 | % | ||||||||||
| Non-nicotine sales | (1.0) | % | (0.7) | % | ||||||||||
| Merchandise margin | 4.9 | % | 4.6 | % | ||||||||||
| Nicotine margin | 10.4 | % | 8.8 | % | ||||||||||
| Non-nicotine margin | (0.1) | % | 0.2 | % | ||||||||||
1Includes store-level discounts for redemptions and excludes changes in value of unredeemed points associated with our loyalty program(s) | ||||||||||||||
2Includes all activity associated with our loyalty program(s) | ||||||||||||||
Notes
Average Per Store Month ("APSM") metric includes all stores open through the date of the calculation, including stores acquired during the period.
Same store sales ("SSS") metric includes aggregated individual store results for all stores open throughout both periods presented. For all periods presented, the store must have been open for the entire calendar year to be included in the comparison. Remodeled stores that remained open or were closed for just a very brief time (less than a month) during the period being compared remain in the same store sales calculation. If a store is replaced either at the same location (raze-and-rebuild) or relocated to a new location, it will be excluded from the calculation during the period it is out of service. Newly constructed stores do not enter the calculation until they are open for each full calendar year for the periods being compared (open by January 1, 2025 for the stores being compared in the 2026 versus 2025 comparison). Acquired stores are not included in the calculation of same store sales for the first 12 months after the acquisition. When prior period same store sales volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds and asset dispositions.
Murphy USA Inc.
Consolidated Balance Sheets
(Millions of dollars, except share amounts) | March 31, 2026 | December 31, 2025 | ||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 118.6 | $ | 28.9 | ||||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $0.2 and $0.3 at 2026 and 2025, respectively | 354.1 | 276.2 | ||||||||||||
Inventories, at lower of cost or market | 363.3 | 413.0 | ||||||||||||
Prepaid expenses and other current assets | 35.1 | 29.7 | ||||||||||||
Total current assets | 871.1 | 747.8 | ||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,244.3 and $2,173.5 at 2026 and 2025, respectively | 2,981.2 | 2,962.8 | ||||||||||||
| Operating lease right of use assets, net | 523.7 | 526.3 | ||||||||||||
| Intangible assets, net of amortization | 139.3 | 139.3 | ||||||||||||
| Goodwill | 328.0 | 328.0 | ||||||||||||
Other assets | 23.1 | 21.6 | ||||||||||||
Total assets | $ | 4,866.4 | $ | 4,725.8 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Current maturities of long-term debt | $ | 19.2 | $ | 19.0 | ||||||||||
Trade accounts payable and accrued liabilities | 1,018.6 | 865.2 | ||||||||||||
Income taxes payable | 12.0 | 44.9 | ||||||||||||
Total current liabilities | 1,049.8 | 929.1 | ||||||||||||
Long-term debt, including capitalized lease obligations | 2,137.3 | 2,163.6 | ||||||||||||
Deferred income taxes | 397.9 | 388.5 | ||||||||||||
Asset retirement obligations | 53.3 | 52.5 | ||||||||||||
| Non-current operating lease liabilities | 532.6 | 534.6 | ||||||||||||
Deferred credits and other liabilities | 36.8 | 34.0 | ||||||||||||
Total liabilities | 4,207.7 | 4,102.3 | ||||||||||||
Stockholders' Equity | ||||||||||||||
Preferred Stock, par $0.01 (authorized 20,000,000 shares, | ||||||||||||||
none outstanding) | — | — | ||||||||||||
Common Stock, par $0.01 (authorized 200,000,000 shares, | ||||||||||||||
46,767,164 shares issued at 2026 and 2025 respectively | 0.5 | 0.5 | ||||||||||||
Treasury stock (28,296,479 and 28,201,581 shares held at | ||||||||||||||
2026 and 2025, respectively) | (4,092.1) | (4,031.7) | ||||||||||||
Additional paid in capital (APIC) | 453.5 | 482.4 | ||||||||||||
Retained earnings | 4,296.8 | 4,172.3 | ||||||||||||
Total stockholders' equity | 658.7 | 623.5 | ||||||||||||
Total liabilities and stockholders' equity | $ | 4,866.4 | $ | 4,725.8 | ||||||||||
Murphy USA Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| Three Months Ended March 31, | ||||||||||||||
| (Millions of dollars) | 2026 | 2025 | ||||||||||||
| Operating Activities | ||||||||||||||
| Net income | $ | 136.3 | $ | 53.2 | ||||||||||
| Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities | ||||||||||||||
Depreciation and amortization | 72.1 | 68.2 | ||||||||||||
Deferred and noncurrent income tax charges (benefits) | 9.3 | (1.4) | ||||||||||||
| Restructuring expense, net of cash paid | (0.2) | — | ||||||||||||
Accretion of asset retirement obligations | 0.9 | 0.9 | ||||||||||||
(Gains) losses from sale of assets | (0.3) | 0.3 | ||||||||||||
Net (increase) decrease in noncash operating working capital | 95.1 | 0.3 | ||||||||||||
Other operating activities - net | 6.8 | 7.0 | ||||||||||||
| Net cash provided (required) by operating activities | 320.0 | 128.5 | ||||||||||||
| Investing Activities | ||||||||||||||
| Property additions | (98.3) | (87.8) | ||||||||||||
| Proceeds from sale of assets | 0.2 | 0.3 | ||||||||||||
| Other investing activities - net | (0.4) | (0.2) | ||||||||||||
| Net cash provided (required) by investing activities | (98.5) | (87.7) | ||||||||||||
| Financing Activities | ||||||||||||||
| Purchase of treasury stock | (70.5) | (150.0) | ||||||||||||
| Dividends paid | (11.7) | (9.8) | ||||||||||||
| Borrowings of debt | 590.0 | 670.0 | ||||||||||||
| Repayments of debt | (617.8) | (530.0) | ||||||||||||
| Amounts related to share-based compensation | (21.8) | (18.6) | ||||||||||||
| Net cash provided (required) by financing activities | (131.8) | (38.4) | ||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 89.7 | 2.4 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 28.9 | 47.0 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 118.6 | $ | 49.4 | ||||||||||
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three months ended March 31, 2026 and 2025. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, restructuring expenses, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with U.S. generally accepted accounting principles (GAAP).
We use Adjusted EBITDA in our operational and financial decision-making, believing that the measure is useful to eliminate certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. Adjusted EBITDA is also used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. We believe that the presentation of Adjusted EBITDA provides useful information to investors because it allows understanding of a key measure that we evaluate internally when making operating and strategic decisions, preparing our annual plan, and evaluating our overall performance. However, non-GAAP measures are not a substitute for GAAP disclosures, and EBITDA and Adjusted EBITDA may be prepared differently by us than by other companies using similarly titled non-GAAP measures.
The reconciliation of net income (loss) to EBITDA and Adjusted EBITDA is as follows:
| Three Months Ended March 31, | ||||||||||||||
(Millions of dollars) | 2026 | 2025 | ||||||||||||
| Net income | $ | 136.3 | $ | 53.2 | ||||||||||
Income tax expense (benefit) | 39.9 | 8.7 | ||||||||||||
Interest expense, net of investment income | 28.7 | 25.5 | ||||||||||||
Depreciation and amortization | 72.1 | 68.2 | ||||||||||||
EBITDA | $ | 277.0 | $ | 155.6 | ||||||||||
Accretion of asset retirement obligations | 0.9 | 0.9 | ||||||||||||
(Gain) loss on sale of assets | (0.3) | 0.3 | ||||||||||||
Other nonoperating (income) expense | 0.3 | 0.6 | ||||||||||||
Adjusted EBITDA | $ | 277.9 | $ | 157.4 | ||||||||||
FAQ
How did Murphy USA (MUSA) perform financially in Q1 2026?
Murphy USA posted strong Q1 2026 results with net income of $136.3 million, up from $53.2 million in Q1 2025. Total operating revenues were $4.82 billion, and Adjusted EBITDA increased to $277.9 million, reflecting better fuel margins and higher merchandise contribution.
What drove Murphy USA’s fuel margin and contribution in Q1 2026?
Total fuel contribution rose to $403.9 million, or 35.0 cents per gallon, in Q1 2026. The increase came from higher retail fuel margins, modest volume growth, and much stronger fuel supply and RINs contribution compared with the prior-year quarter.
How did Murphy USA’s merchandise business perform in Q1 2026?
Merchandise contribution grew 7.3% to $210.2 million on unit margins of 20.0% in Q1 2026. Nicotine categories were especially strong, lifting total nicotine contribution, while non-nicotine contribution grew modestly as discretionary spending remained restrained.
How is Murphy USA expanding its store network in 2026?
Murphy USA opened six new-to-industry stores and reopened one raze-and-rebuild in Q1 2026, ending with 1,803 stores. The company plans to open between 45 and 55 new stores in 2026 and had 28 sites under construction at March 31, 2026.
What is Murphy USA’s debt and cash position after Q1 2026?
As of March 31, 2026, Murphy USA held $118.6 million in cash and cash equivalents. Long-term debt totaled about $2.14 billion, including multiple senior note tranches, term debt due 2032, finance leases, and $160.0 million drawn on a $750 million revolving credit facility.