Murphy USA Fuel Supply Lifts Third-Quarter Profit

The Tip Desk · November 2, 2026 · 3 min read

Net income was $176.0 million, or $9.59 a share, as total fuel contribution reached 37.0 cpg.

Murphy USA Inc. (MUSA), a marketer of retail motor fuel and convenience merchandise, reported net income of $176.0 million, or $9.59 a share, for the three months ended September 30, 2026, compared with $129.9 million, or $6.76 a share, a year earlier. Adjusted EBITDA was $336.6 million.

The company said the improvement was driven primarily by higher total fuel contribution, reflecting stronger fuel supply results and higher retail fuel volumes, and by the absence of restructuring expenses that had been $12.6 million in the year-ago quarter. Those gains were partly offset by higher store and other operating expenses, including payment fees, higher income taxes, lower merchandise contribution, greater depreciation and amortization, and higher selling, general and administrative costs.

Total fuel contribution was 37.0 cents per gallon, versus 30.7 cpg a year earlier. Total fuel contribution dollars were $479.4 million, up $94.6 million, or 24.6%. Fuel supply including RINs contributed 9.6 cpg, compared with 2.4 cpg, which the company attributed primarily to market-driven pricing and the timing of inventory activity. Retail fuel margin was 27.4 cpg. Total retail gallons rose 3.3%, and same-store fuel volumes rose 0.1%. Retail fuel contribution dollars were $355.0 million.

That fuel-supply lift followed a second-quarter all-in margin of 40.6 cpg. Same-store fuel volumes had risen 0.5% in the second quarter. Retail fuel contribution dollars were essentially unchanged from a year earlier, as higher volumes more than offset the lower retail margin.

Merchandise contribution dollars decreased 2.8% to $234.5 million on average unit margins of 20.3%, compared with $241.2 million on 21.5% unit margins. Total merchandise sales were $1,155.0 million. The company said the decline was driven primarily by lower unit margins, partly offset by higher sales volumes. Nicotine contribution dollars decreased 8.0% and non-nicotine contribution dollars increased 3.1%; the 2025 quarter contained a nicotine pouch promotion that did not repeat. Total merchandise contribution decreased 4.7% on a same-store-sales basis.

Total store and other operating expenses were $317.9 million, $32.0 million higher than a year earlier. The company said increased retail fuel prices lifted payment fees, which accounted for about three-fourths of the increase, with the rest from higher employee-related expenses at existing stores and higher net new-store operating expenses. Store OPEX excluding payment fees and rent on a same-store-sales basis were 0.8% lower. SG&A costs were $59.6 million.

The store count was 1,808 at September 30, 2026, versus 1,772 a year earlier. Cash and cash equivalents were $161.8 million. Long-term debt, including finance lease obligations, was $2,167.4 million. The revolving credit facility due 2030 was undrawn.

During the quarter the company repurchased approximately 287.1 thousand shares for $157.7 million at an average price of $549.22 a share and completed its previous $1.5 billion 2023 authorization. Virtually all of the $2.0 billion 2025 authorization remained available. It paid a quarterly cash dividend of $0.65 a share on September 3, 2026. On October 22, 2026, it declared a quarterly cash dividend of $0.72 a share, payable December 1, 2026.