Murphy USA Inc. Reports Third Quarter 2026 Results

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.”

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.

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.

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.

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.

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.

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.

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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.

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.

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.

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:

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