Murphy USA Q3 2026 net income rises to $176M
Fuel contribution rose while merchandise contribution contracted, and the board declared a quarterly dividend of $0.72 per share.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Murphy USA Inc. reported third-quarter 2026 net income of $176.0 million, compared with $129.9 million a year earlier, and diluted earnings per share of $9.59 versus $6.76. Adjusted EBITDA was $336.6 million, versus $285.1 million. Total operating revenues were $6,889.7 million, compared with $5,110.0 million. Total fuel contribution rose to $479.4 million from $384.8 million; retail fuel gallons increased 3.3%, while retail fuel margins were 27.4 cents per gallon versus 28.3 cents.
Merchandise contribution decreased 2.8% to $234.5 million as unit margins fell to 20.3% from 21.5%; Murphy USA cited the lack of a nicotine-pouch promotion included in the prior-year quarter. Operating activities generated $348.1 million in net cash, compared with $184.8 million. The company repurchased 287,102 shares for approximately $157.7 million and said virtually all of its $2.0 billion 2025 repurchase authorization remained available as of September 30, 2026. It declared a $0.72 quarterly dividend, payable December 1, 2026, to stockholders of record November 4.
5 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 net income rose to $176.0 million from $129.9 million.
- Moderate pointQ3 Adjusted EBITDA was $336.6 million, versus $285.1 million.
- Moderate pointQ3 operating cash flow was $348.1 million, versus $184.8 million.
- Moderate pointQ3 total operating revenues were $6,889.7 million, versus $5,110.0 million.
- Minor pointQuarterly dividend increased 11% to $0.72 per share.
Negative
- None.
Filing Explained
At
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, or exhibit attachments filed with this report.
Key Figures
Net income: $176.0 million
Diluted earnings per share: $9.59 per share
Adjusted EBITDA: $336.6 million
+5 more
8 metrics
Net income
$176.0 million
Three months ended September 30, 2026; $129.9 million in 2025
Diluted earnings per share
$9.59 per share
Three months ended September 30, 2026; $6.76 per share in 2025
Adjusted EBITDA
$336.6 million
Three months ended September 30, 2026; $285.1 million in 2025
Total operating revenues
$6,889.7 million
Three months ended September 30, 2026; $5,110.0 million in 2025
Net cash provided by operating activities
$348.1 million
Three months ended September 30, 2026; $184.8 million in 2025
Total fuel contribution
$479.4 million
Three months ended September 30, 2026; $384.8 million in 2025
Total merchandise contribution
$234.5 million
Three months ended September 30, 2026; decreased 2.8% from 2025
Quarterly cash dividend
$0.72 per share
Payable December 1, 2026, to stockholders of record November 4, 2026
Key Terms
Adjusted EBITDA, RINs, same store sales ("SSS"), Average Per Store Month ("APSM")
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA adds back"
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 regulatory
"RINs (included in Other operating revenues"
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
"Same store sales ("SSS") metric includes"
Average Per Store Month ("APSM") financial
"Average Per Store Month ("APSM") metric includes"
Earnings Snapshot
Net income: $176.0 million
Three months ended September 30, 2026
Net income
$176.0 million
Compared with $129.9 million in Q3 2025
Diluted earnings per share
$9.59 per share
Compared with $6.76 per share in Q3 2025
Adjusted EBITDA
$336.6 million
Compared with $285.1 million in Q3 2025
Total operating revenues
$6,889.7 million
Compared with $5,110.0 million in Q3 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Murphy USA's Q3 2026 earnings for MUSA?
Murphy USA reported net income of $176.0 million, or $9.59 per diluted share, for Q3 2026. Net income was $129.9 million and diluted earnings per share were $6.76 in Q3 2025; Adjusted EBITDA was $336.6 million versus $285.1 million.
Why did MUSA's merchandise contribution decline in Q3 2026?
Merchandise contribution decreased 2.8% to $234.5 million, primarily because of lower merchandise unit margins, partly offset by higher sales volumes. The 2025 quarter included a significant nicotine-pouch promotion that did not repeat in Q3 2026.
When is MUSA's new $0.72 dividend payable?
The $0.72 per-share quarterly dividend is payable December 1, 2026, to stockholders of record as of November 4, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 28, 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 October 28, 2026, Murphy USA Inc. issued a news release announcing its financial results for the three and nine months ended September 30, 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 October 28, 2026, announcing financial results for the three and nine months ended September 30, 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: | October 28, 2026 | By: /s/ Anish K. Shah | |||||||||
| Anish K. Shah | |||||||||||
| Vice President & Controller | |||||||||||
Exhibit Index
Exhibit No. | Description | |||||||||||||
99.1 | News release issued by Murphy USA Inc., dated October 28, 2026, announcing financial results for the three and nine months ended September 30, 2026 | |||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
Exhibit 99.1
Murphy USA Inc. Reports Third Quarter 2026 Results
El Dorado, Arkansas, October 28, 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 and nine months ended September 30, 2026.
Key Highlights:
•Net income was $176.0 million, or $9.59 per diluted share, in Q3 2026 compared to net income of $129.9 million, or $6.76 per diluted share, in Q3 2025.
•Total fuel contribution for Q3 2026 was 37.0 cpg, compared to 30.7 cpg in Q3 2025.
•Total retail gallons increased 3.3%, and volumes on a same store sales ("SSS") basis increased 0.1%, in Q3 2026 compared to Q3 2025.
•Merchandise contribution dollars for Q3 2026 decreased 2.8% to $234.5 million on average unit margins of 20.3%, compared to Q3 2025 contribution dollars of $241.2 million on unit margins of 21.5%.
•During Q3 2026, the Company repurchased approximately 287.1 thousand common shares for $157.7 million at an average price of $549.22 per share.
•The Company paid a quarterly cash dividend of $0.65 per share, or $2.60 per share on an annualized basis, on September 3, 2026, a 22.6% year-over-year increase from September of 2025, for a total cash payment of $11.9 million.
•On October 22, 2026, the Company announced a quarterly cash dividend of $0.72 per share, or $2.88 per share on an annualized basis, reflecting an increase of 11% from the Q3 2026 dividend. The dividend is payable on December 1, 2026, to stockholders of record as of November 4, 2026.
"We are pleased with our third quarter performance, which reflects the resilience of our customers and the durability of our business model,” said President and CEO Mindy West. “Against a backdrop of higher and more volatile fuel prices, our customers continue to rely on Murphy USA for essential fuel and convenience trips, while our teams remained focused on providing compelling value. Retail fuel margins remain strong despite a rising price environment, while our Fuel Supply capabilities generated meaningful value from the volatility and supply dynamics in the market. Merchandise results remain healthy, despite the comparison to last year’s highly impactful nicotine promotional activity, and we continue to see underlying strength across the nicotine ecosystem. As volatility continues, we remain focused on disciplined execution and cost control, building a more durable business to perform across environments, and growing the earnings power and long-term value creation potential for Murphy USA shareholders.”
Consolidated Results
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Key Operating Metrics | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
Net income (loss) ($ Millions) | $ | 176.0 | $ | 129.9 | $ | 521.4 | $ | 328.7 | ||||||||||||||||||
Earnings per share (diluted) | $ | 9.59 | $ | 6.76 | $ | 28.09 | $ | 16.64 | ||||||||||||||||||
Adjusted EBITDA ($ Millions) | $ | 336.6 | $ | 285.1 | $ | 991.8 | $ | 728.5 | ||||||||||||||||||
Net Income and Adjusted EBITDA for Q3 2026 significantly outperformed the prior-year quarter. The improvement was primarily driven by increased total fuel contribution, reflecting stronger fuel supply results and higher total retail fuel volumes and the absence of any restructuring expenses compared to the prior-year quarter. The strong fuel contribution was partially offset by increased store and other operating expenses, including higher payment fees, combined with higher income tax expense, lower merchandise contribution, greater depreciation and amortization and increased general and administrative expenses. The increased retail fuel prices in Q3 2026 led to a proportional increase in payment fees, which accounted for approximately three-fourths of the increase in store and other operating expenses for the quarter.
Fuel
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Key Operating Metrics | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Total retail fuel contribution ($ Millions) | $ | 355.0 | $ | 354.5 | $ | 1,096.9 | $ | 981.3 | ||||||||||||||||||
| Total fuel supply contribution ($ Millions) | (10.1) | (31.4) | (26.0) | (72.6) | ||||||||||||||||||||||
| RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions) | 134.5 | 61.7 | 331.2 | 156.4 | ||||||||||||||||||||||
| Total fuel contribution ($ Millions) | $ | 479.4 | $ | 384.8 | $ | 1,402.1 | $ | 1,065.1 | ||||||||||||||||||
| Retail fuel volume - chain (Million gal) | 1,295.7 | 1,254.3 | 3,727.8 | 3,614.8 | ||||||||||||||||||||||
Retail fuel volume - (K gal SSS)1,2 | 243.7 | 241.7 | 235.4 | 233.7 | ||||||||||||||||||||||
| Total fuel contribution (cpg) | 37.0 | 30.7 | 37.6 | 29.5 | ||||||||||||||||||||||
| Retail fuel margin (cpg) | 27.4 | 28.3 | 29.4 | 27.2 | ||||||||||||||||||||||
| Fuel supply including RINs contribution (cpg) | 9.6 | 2.4 | 8.2 | 2.3 | ||||||||||||||||||||||
12025 amounts not revised for 2026 raze-and-rebuild activity (see SSS definition below) | ||||||||||||||||||||||||||
2All amounts are on a per store per month basis | ||||||||||||||||||||||||||
Total fuel contribution dollars of $479.4 million increased $94.6 million, or 24.6%, in Q3 2026 compared to Q3 2025 primarily due to higher total fuel contribution margin and higher retail fuel volumes. Retail fuel contribution dollars increased $0.5 million, or 0.1%, to $355.0 million compared to Q3 2025, as increased fuel volumes sold more than offset lower retail fuel margins. Retail fuel margins were 27.4 cpg in Q3 2026, a 3.2% decrease compared to the prior-year quarter, and overall retail fuel volumes were 3.3% higher. Fuel supply contribution including RINs increased $94.1 million compared to Q3 2025, primarily due to the impact of market-driven pricing and the timing of inventory activity during the period.
Merchandise
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Key Operating Metrics | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Total merchandise contribution ($ Millions) | $ | 234.5 | $ | 241.2 | $ | 672.1 | $ | 655.8 | ||||||||||||||||||
| Total merchandise sales ($ Millions) | $ | 1,155.0 | $ | 1,122.3 | $ | 3,336.3 | $ | 3,214.1 | ||||||||||||||||||
Total merchandise sales ($K SSS)1,2,3 | $ | 214.2 | $ | 214.1 | $ | 207.6 | $ | 205.7 | ||||||||||||||||||
| Merchandise unit margin (%) | 20.3% | 21.5% | 20.2 | % | 20.4 | % | ||||||||||||||||||||
Nicotine contribution ($K SSS)1,2,3 | $ | 20.8 | $ | 23.2 | $ | 20.5 | $ | 20.6 | ||||||||||||||||||
Non-nicotine contribution ($K SSS)1,2,3 | $ | 23.3 | $ | 23.3 | $ | 21.9 | $ | 22.0 | ||||||||||||||||||
Total merchandise contribution ($K SSS)1,2,3 | $ | 44.1 | $ | 46.5 | $ | 42.4 | $ | 42.6 | ||||||||||||||||||
12025 amounts not revised for 2026 raze-and-rebuild activity (see SSS definition below) | ||||||||||||||||||||||||||
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 decreased $6.7 million, or 2.8%, to $234.5 million in Q3 2026 compared to the prior-year quarter, primarily driven by lower merchandise unit margins, partially offset by higher merchandise sales volumes. Total nicotine contribution dollars decreased 8.0% and non-nicotine contribution dollars increased 3.1% in Q3 2026 compared to Q3 2025. The 2025 quarter contained a significant promotion related to nicotine pouches that did not repeat in the current year quarter. Total merchandise contribution decreased 4.7% on a SSS basis in Q3 2026 compared to the prior-year quarter due primarily to the lack of a comparable promotion in the current year.
Other Areas
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Key Operating Metrics | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Total store and other operating expenses ($ Millions) | $ | 317.9 | $ | 285.9 | $ | 906.4 | $ | 827.2 | ||||||||||||||||||
Store OPEX excluding payment fees and rent ($K SSS)1 | $ | 36.7 | $ | 37.0 | $ | 36.2 | $ | 35.9 | ||||||||||||||||||
| Total SG&A cost ($ Millions) | $ | 59.6 | $ | 55.3 | $ | 176.7 | $ | 166.3 | ||||||||||||||||||
12025 amounts not revised for 2026 raze-and-rebuild activity (see SSS definition below) | ||||||||||||||||||||||||||
Total store and other operating expenses were $32.0 million higher in Q3 2026 versus Q3 2025 mainly due to increases in payment fees, driven by increased retail fuel prices, which accounted for approximately three-fourths of the increase and higher employee related expenses at existing stores combined with increases in net new store operating expenses. Store OPEX excluding payment fees and rent on an SSS basis were 0.8% lower versus Q3 2025 primarily attributable to reduced maintenance expenses, which helped to offset increases in employee related expenses.
Total SG&A costs for Q3 2026 were $4.3 million higher than Q3 2025, primarily due to higher incentive accruals partly offset by lower wages and benefits.
Store Openings
The tables below reflect changes in our store portfolio in Q3 2026:
Net Change in Q3 2026 | Murphy USA / Express | QuickChek | Total | |||||||||||||||||
| New-to-industry ("NTI") | 4 | — | 4 | |||||||||||||||||
| Closed | (1) | (1) | (2) | |||||||||||||||||
| Net change | 3 | (1) | 2 | |||||||||||||||||
Net Change YTD in 2026 | ||||||||||||||||||||
| NTI | 15 | 1 | 16 | |||||||||||||||||
| Closed | (2) | (6) | (8) | |||||||||||||||||
| Net change | 13 | (5) | 8 | |||||||||||||||||
Raze-and-rebuilds reopened in Q3* | 2 | — | 2 | |||||||||||||||||
| Raze-and-rebuilds reopened YTD* | 8 | — | 8 | |||||||||||||||||
Store count at September 30, 2026* | 1,662 | 146 | 1,808 | |||||||||||||||||
Under Construction at End of Q3 | ||||||||||||||||||||
| NTI | 41 | 10 | 51 | |||||||||||||||||
| Raze-and-rebuilds* | 2 | — | 2 | |||||||||||||||||
Total under construction at end of Q3 | 43 | 10 | 53 | |||||||||||||||||
| *Store counts include raze-and-rebuild stores | ||||||||||||||||||||
Financial Resources
| As of September 30, | ||||||||||||||
| Key Financial Metrics | 2026 | 2025 | ||||||||||||
| Cash and cash equivalents ($ Millions) | $ | 161.8 | $ | 42.8 | ||||||||||
| Marketable securities, current ($ Millions) | $ | 34.2 | $ | — | ||||||||||
| Long-term debt, including finance lease obligations ($ Millions) | $ | 2,167.4 | $ | 2,223.0 | ||||||||||
As of September 30, 2026, cash balances totaled $161.8 million. Long-term debt consisted of approximately $497.8 million in carrying value of 4.75% senior notes due 2029, $496.7 million in carrying value of 3.75% senior notes due 2031, $493.5 million in carrying value of 5.875% senior notes due 2034, and $579.6 million of term debt due 2032, combined with approximately $99.8 million in long-term finance leases. In addition, the revolving credit facility due 2030 was undrawn at quarter end.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Key Financial Metric | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Average shares outstanding (diluted) (in thousands) | 18,360 | 19,232 | 18,562 | 19,758 | ||||||||||||||||||||||
At September 30, 2026, the Company had common shares outstanding of 18,099,913. Common shares repurchased during the quarter were 287,102 shares for approximately $157.7 million. During the quarter, the Company completed its previous $1.5 billion 2023 share repurchase authorization. As of September 30, 2026, virtually all of the $2.0 billion remained available under the Company's existing $2.0 billion 2025 share repurchase authorization, which expires on December 31, 2030.
The effective income tax rate was approximately 24.6% for Q3 2026 compared to 25.1% in Q3 2025.
The Company paid a quarterly cash dividend on September 3, 2026 of $0.65 per share, or $2.60 per share on an annualized basis, a 22.6% year-over-year increase from September of 2025, for a total cash payment of $11.9 million. Year-to-date, the Company has paid $35.4 million in dividends, or $1.92 per share.
On October 22, 2026, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.72 per common share, or $2.88 per share on an annualized basis. The dividend is payable on December 1, 2026, to stockholders of record as of November 4, 2026.
* * * * *
Earnings Call Information
The Company will issue management commentary today, October 28, 2026 at approximately 3:30 p.m. Central Time and will host a webcasted question and answer session on October 29, 2026 at 10:00 a.m. Central Time to discuss third quarter 2026 results. Both the management commentary and live Q&A session can be accessed via 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 615865132. 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 in 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 risks and uncertainties, including, but not limited to our 2026 financial and operating performance, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (Millions of dollars, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||
Petroleum product sales1 | $ | 5,599.1 | $ | 3,924.7 | $ | 14,843.9 | $ | 11,265.9 | ||||||||||||||||||
| Merchandise sales | 1,155.0 | 1,122.3 | 3,336.3 | 3,214.1 | ||||||||||||||||||||||
| Other operating revenues | 135.6 | 63.0 | 334.9 | 160.4 | ||||||||||||||||||||||
| Total operating revenues | 6,889.7 | 5,110.0 | 18,515.1 | 14,640.4 | ||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||
Petroleum product cost of goods sold1 | 5,255.1 | 3,602.6 | 13,776.0 | 10,360.1 | ||||||||||||||||||||||
| Merchandise cost of goods sold | 920.5 | 881.1 | 2,664.2 | 2,558.3 | ||||||||||||||||||||||
| Store and other operating expenses | 317.9 | 285.9 | 906.4 | 827.2 | ||||||||||||||||||||||
| Depreciation and amortization | 75.1 | 69.9 | 219.4 | 204.1 | ||||||||||||||||||||||
| Selling, general and administrative | 59.6 | 55.3 | 176.7 | 166.3 | ||||||||||||||||||||||
| Restructuring expense | — | 12.6 | — | 12.6 | ||||||||||||||||||||||
| Accretion of asset retirement obligations | 1.0 | 0.9 | 2.8 | 2.6 | ||||||||||||||||||||||
| Total operating expenses | 6,629.2 | 4,908.3 | 17,745.5 | 14,131.2 | ||||||||||||||||||||||
| Gain (loss) on sale of assets | — | 0.1 | 1.0 | (0.2) | ||||||||||||||||||||||
| Income (loss) from operations | 260.5 | 201.8 | 770.6 | 509.0 | ||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||
| Investment income (expense) | 1.8 | 0.1 | 3.1 | 0.1 | ||||||||||||||||||||||
| Interest expense | (28.4) | (29.1) | (86.7) | (82.3) | ||||||||||||||||||||||
| Other nonoperating income (expense) | (0.3) | 0.6 | 0.4 | 1.0 | ||||||||||||||||||||||
| Total other income (expense) | (26.9) | (28.4) | (83.2) | (81.2) | ||||||||||||||||||||||
| Income before income taxes | 233.6 | 173.4 | 687.4 | 427.8 | ||||||||||||||||||||||
| Income tax expense (benefit) | 57.6 | 43.5 | 166.0 | 99.1 | ||||||||||||||||||||||
| Net Income | $ | 176.0 | $ | 129.9 | $ | 521.4 | $ | 328.7 | ||||||||||||||||||
| Basic and Diluted Earnings Per Common Share: | ||||||||||||||||||||||||||
| Basic | $ | 9.65 | $ | 6.83 | $ | 28.30 | $ | 16.83 | ||||||||||||||||||
| Diluted | $ | 9.59 | $ | 6.76 | $ | 28.09 | $ | 16.64 | ||||||||||||||||||
| Weighted-average Common shares outstanding (in thousands): | ||||||||||||||||||||||||||
| Basic | 18,249 | 19,029 | 18,425 | 19,525 | ||||||||||||||||||||||
| Diluted | 18,360 | 19,232 | 18,562 | 19,758 | ||||||||||||||||||||||
| Supplemental information: | ||||||||||||||||||||||||||
1Includes excise taxes of: | $ | 628.3 | $ | 613.9 | $ | 1,797.7 | $ | 1,765.2 | ||||||||||||||||||
Murphy USA Inc.
Segment Operating Results
(Unaudited)
| (Millions of dollars, except revenue per same store sales (in thousands) and store counts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
| Marketing Segment | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||
Petroleum product sales | $ | 5,599.1 | $ | 3,924.7 | $ | 14,843.9 | $ | 11,265.9 | ||||||||||||||||||
Merchandise sales | 1,155.0 | 1,122.3 | 3,336.3 | 3,214.1 | ||||||||||||||||||||||
Other operating revenues | 135.6 | 63.0 | 334.8 | 160.3 | ||||||||||||||||||||||
| Total operating revenues | 6,889.7 | 5,110.0 | 18,515.0 | 14,640.3 | ||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
Petroleum products cost of goods sold | 5,255.1 | 3,602.6 | 13,776.0 | 10,360.1 | ||||||||||||||||||||||
Merchandise cost of goods sold | 920.5 | 881.1 | 2,664.2 | 2,558.3 | ||||||||||||||||||||||
Store and other operating expenses | 317.9 | 285.8 | 906.3 | 827.0 | ||||||||||||||||||||||
Depreciation and amortization | 68.5 | 63.5 | 200.2 | 184.6 | ||||||||||||||||||||||
Selling, general and administrative | 59.6 | 55.3 | 176.7 | 166.3 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 1.0 | 0.9 | 2.8 | 2.6 | ||||||||||||||||||||||
| Total operating expenses | 6,622.6 | 4,889.2 | 17,726.2 | 14,098.9 | ||||||||||||||||||||||
| Gain (loss) on sale of assets | — | 0.1 | 1.0 | (0.2) | ||||||||||||||||||||||
| Income (loss) from operations | 267.1 | 220.9 | 789.8 | 541.2 | ||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||
Interest expense | (2.0) | (2.0) | (5.9) | (5.9) | ||||||||||||||||||||||
| Total other income (expense) | (2.0) | (2.0) | (5.9) | (5.9) | ||||||||||||||||||||||
| Income (loss) before income taxes | 265.1 | 218.9 | 783.9 | 535.3 | ||||||||||||||||||||||
| Income tax expense (benefit) | 65.2 | 55.0 | 189.3 | 124.4 | ||||||||||||||||||||||
| Net income (loss) from operations | $ | 199.9 | $ | 163.9 | $ | 594.6 | $ | 410.9 | ||||||||||||||||||
Total nicotine sales revenue same store sales1,2 | $ | 138.2 | $ | 136.5 | $ | 134.2 | $ | 131.0 | ||||||||||||||||||
Total non-nicotine sales revenue same store sales1,2 | 76.0 | 77.6 | 73.4 | 74.7 | ||||||||||||||||||||||
Total merchandise sales revenue same store sales1,2 | $ | 214.2 | $ | 214.1 | $ | 207.6 | $ | 205.7 | ||||||||||||||||||
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 | 1,808 | 1,772 | 1,808 | 1,772 | ||||||||||||||||||||||
| Total store months during the period | 5,415 | 5,274 | 16,195 | 15,762 | ||||||||||||||||||||||
Same store sales information compared to APSM metrics
| Variance from prior year period | ||||||||||||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, 2026 | September 30, 2026 | |||||||||||||||||||||||||
SSS1 | APSM2 | SSS1 | APSM2 | |||||||||||||||||||||||
| Retail fuel volume per month | 0.1 | % | 0.2 | % | (0.1%) | (0.1%) | ||||||||||||||||||||
| Merchandise sales | 0.2 | % | 0.2 | % | 1.3% | 1.0% | ||||||||||||||||||||
| Nicotine sales | 1.5 | % | 1.4 | % | 2.9% | 2.4% | ||||||||||||||||||||
| Non-nicotine sales | (1.9) | % | (1.7) | % | (1.4%) | (1.3%) | ||||||||||||||||||||
| Merchandise margin | (4.7) | % | (5.3) | % | 0.5% | (0.3%) | ||||||||||||||||||||
| Nicotine margin | (9.3) | % | (10.4) | % | 1.1% | (0.3%) | ||||||||||||||||||||
| Non-nicotine margin | (0.1) | % | 0.4 | % | —% | 0.1% | ||||||||||||||||||||
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) | September 30, 2026 | December 31, 2025 | ||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 161.8 | $ | 28.9 | ||||||||||
Marketable securities, net | 34.2 | — | ||||||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $0.2 and $0.3 at 2026 and 2025, respectively | 377.9 | 276.2 | ||||||||||||
Inventories, at lower of cost or market | 397.8 | 413.0 | ||||||||||||
Prepaid expenses and other current assets | 38.9 | 29.7 | ||||||||||||
Total current assets | 1,010.6 | 747.8 | ||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,365.1 and $2,173.5 at 2026 and 2025, respectively | 3,118.8 | 2,962.8 | ||||||||||||
| Operating lease right of use assets, net | 551.7 | 526.3 | ||||||||||||
| Intangible assets, net of amortization | 139.2 | 139.3 | ||||||||||||
| Goodwill | 328.0 | 328.0 | ||||||||||||
Other assets | 32.5 | 21.6 | ||||||||||||
Total assets | $ | 5,180.8 | $ | 4,725.8 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Current maturities of long-term debt | $ | 20.1 | $ | 19.0 | ||||||||||
Trade accounts payable and accrued liabilities | 1,055.2 | 865.2 | ||||||||||||
Income taxes payable | 82.2 | 44.9 | ||||||||||||
Total current liabilities | 1,157.5 | 929.1 | ||||||||||||
Long-term debt, including capitalized lease obligations | 2,167.4 | 2,163.6 | ||||||||||||
Deferred income taxes | 406.6 | 388.5 | ||||||||||||
Asset retirement obligations | 55.4 | 52.5 | ||||||||||||
| Non-current operating lease liabilities | 563.7 | 534.6 | ||||||||||||
Deferred credits and other liabilities | 36.4 | 34.0 | ||||||||||||
Total liabilities | 4,387.0 | 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 (28,667,251 and 28,201,581 shares held at | ||||||||||||||
2026 and 2025, respectively) | (4,319.2) | (4,031.7) | ||||||||||||
Additional paid in capital (APIC) | 454.5 | 482.4 | ||||||||||||
Retained earnings | 4,658.1 | 4,172.3 | ||||||||||||
| Accumulated other comprehensive income (loss) (AOCI) | (0.1) | — | ||||||||||||
Total stockholders' equity | 793.8 | 623.5 | ||||||||||||
Total liabilities and stockholders' equity | $ | 5,180.8 | $ | 4,725.8 | ||||||||||
Murphy USA Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (Millions of dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating Activities | ||||||||||||||||||||||||||
| Net income | $ | 176.0 | $ | 129.9 | $ | 521.4 | $ | 328.7 | ||||||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities | ||||||||||||||||||||||||||
Depreciation and amortization | 75.1 | 69.9 | 219.4 | 204.1 | ||||||||||||||||||||||
Deferred and noncurrent income tax charges (benefits) | 2.4 | 27.1 | 18.1 | 27.0 | ||||||||||||||||||||||
| Restructuring expense, net of cash paid | (0.7) | 12.6 | (1.8) | 12.6 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 1.0 | 0.9 | 2.8 | 2.6 | ||||||||||||||||||||||
| Amortization of discount on marketable securities | (0.1) | — | (0.1) | — | ||||||||||||||||||||||
(Gains) losses from sale of assets | — | (0.1) | (1.0) | 0.2 | ||||||||||||||||||||||
Net (increase) decrease in noncash operating working capital | 85.6 | (63.3) | 130.0 | (26.2) | ||||||||||||||||||||||
Other operating activities - net | 8.8 | 7.8 | 14.3 | 19.4 | ||||||||||||||||||||||
| Net cash provided (required) by operating activities | 348.1 | 184.8 | 903.1 | 568.4 | ||||||||||||||||||||||
| Investing Activities | ||||||||||||||||||||||||||
| Property additions | (154.4) | (117.1) | (364.4) | (322.9) | ||||||||||||||||||||||
| Proceeds from sale of assets | 1.0 | 0.5 | 1.7 | 2.3 | ||||||||||||||||||||||
| Investment in marketable securities | (34.2) | — | (34.2) | — | ||||||||||||||||||||||
| Other investing activities - net | 1.2 | (0.3) | 10.7 | (0.6) | ||||||||||||||||||||||
| Net cash provided (required) by investing activities | (186.4) | (116.9) | (386.2) | (321.2) | ||||||||||||||||||||||
| Financing Activities | ||||||||||||||||||||||||||
| Purchase of treasury stock | (156.2) | (219.2) | (309.0) | (583.0) | ||||||||||||||||||||||
| Dividends paid | (11.9) | (10.1) | (35.4) | (29.7) | ||||||||||||||||||||||
| Borrowings of debt | — | 746.9 | 1,317.0 | 2,529.2 | ||||||||||||||||||||||
| Repayments of debt | (5.3) | (593.1) | (1,319.9) | (2,136.1) | ||||||||||||||||||||||
| Debt issuance costs | — | (0.1) | (1.9) | (9.0) | ||||||||||||||||||||||
| Amounts related to share-based compensation | (1.9) | (3.6) | (34.8) | (22.8) | ||||||||||||||||||||||
| Net cash provided (required) by financing activities | (175.3) | (79.2) | (384.0) | (251.4) | ||||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (13.6) | (11.3) | 132.9 | (4.2) | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 175.4 | 54.1 | 28.9 | 47.0 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 161.8 | $ | 42.8 | $ | 161.8 | $ | 42.8 | ||||||||||||||||||
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three and nine months ended September 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Millions of dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net income | $ | 176.0 | $ | 129.9 | $ | 521.4 | $ | 328.7 | ||||||||||||||||||
Income tax expense (benefit) | 57.6 | 43.5 | 166.0 | 99.1 | ||||||||||||||||||||||
Interest expense, net of investment income | 26.6 | 29.0 | 83.6 | 82.2 | ||||||||||||||||||||||
Depreciation and amortization | 75.1 | 69.9 | 219.4 | 204.1 | ||||||||||||||||||||||
EBITDA | $ | 335.3 | $ | 272.3 | $ | 990.4 | $ | 714.1 | ||||||||||||||||||
| Restructuring expense | — | 12.6 | — | 12.6 | ||||||||||||||||||||||
Accretion of asset retirement obligations | 1.0 | 0.9 | 2.8 | 2.6 | ||||||||||||||||||||||
(Gain) loss on sale of assets | — | (0.1) | (1.0) | 0.2 | ||||||||||||||||||||||
Other nonoperating (income) expense | 0.3 | (0.6) | (0.4) | (1.0) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 336.6 | $ | 285.1 | $ | 991.8 | $ | 728.5 | ||||||||||||||||||