Key Highlights:

  • RINs Revenue came in at USD 124.8 million, up from USD 59.8 million last year.
  • Net Income and EPS totaled USD 209.1 million (USD 11.27 per diluted share) compared to USD 145.6 million (USD 7.36.
  • FY 2026 Adjusted EBITDA Guidance stood at Approximately USD 1.25 billion, assuming second-half all-in fuel margins average 35 cents per.
  • Adjusted EBITDA was reported at USD 377.3 million, an increase from USD 286.0 million last year.

Murphy USA Inc. (NYSE:MUSA) is scheduled to report third quarter results on Wednesday, Oct. 28, after the market close. Consensus estimates call for adjusted earnings per share of USD 8.42 on revenue of USD 6.20 billion, against a market capitalization of USD 9.91 billion.

In the most recently reported quarter, RINs Revenue came in at USD 124.8 million, up from USD 59.8 million last year, reflecting higher market pricing for renewable fuel credits. Net Income and EPS totaled USD 209.1 million (USD 11.27 per diluted share) compared to USD 145.6 million (USD 7.36 per diluted share) last year, driven by higher fuel margins and merchandise contribution.

Total Fuel Contribution and Other Business Trends

Total Fuel Contribution came in at 40.6 cents per gallon, a significant increase from 32.0 cents per gallon last year, due to market-driven pricing and inventory timing. Total Fuel Volume totaled 1,277.6 million gallons, representing a 3.9% increase in total retail gallons. Same-Store Fuel Volume stood at 0.5% growth, attributed to the company's ability to differentiate on price during periods of falling wholesale costs. Merchandise Contribution was reported at USD 227.4 million, up 4.0% year over year, driven by volume growth and improved unit margins.

What Management Guided

FY 2026 Net Income Guidance came in at Approximately USD 636 million, based on current market conditions and strong year-to-date performance.

Merchandise Unit Margin and Capital Position

Merchandise Unit Margin came in at 20.1% for the second quarter, compared to 20.0% in the prior-year period. Total Merchandise Sales totaled USD 1.13 billion, representing a 3.6% increase on a same-store sales basis for nicotine products. Share Repurchases stood at USD 76.8 million for 143,100 shares at an average price of USD 536.60 per share, with USD 145.1 million remaining under the current authorization. Quarterly Dividend was reported at USD 0.64 per share, representing a 28.0% year-over-year increase for a total cash payment of USD 11.8 million. Senior Notes Issuance came in at USD 500 million in 5.875% Senior Notes due 2034, used to retire USD 300 million in 5.625% Senior Notes due 2027 and pay down the revolving credit facility.

Retail Fuel Margin and Additional Detail

Retail Fuel Margin came in at 35.1 cents per gallon, representing a 20.2% increase from the prior-year quarter. Store Operating Expenses totaled USD 308.7 million, with two-thirds of the increase driven by higher payment fees following a rise in retail fuel prices. Store OPEX APSM stood at USD 36,500, representing a 1.1% increase year over year primarily due to employee-related expenses for new store growth. SG&A Costs was reported at USD 60.5 million, up from USD 50.9 million last year, reflecting higher incentive accruals and employee-related expenses. New-to-Industry (NTI) Openings came in at 45 new stores expected for the calendar year, representing the low end of the original guidance range.

Figures to Follow in the Release

Investors can watch third quarter results against the figures management has already put on record, including the following: FY 2026 Adjusted EBITDA Guidance came in at Approximately USD 1.25 billion, assuming second-half all-in fuel margins average 35 cents per gallon.