Murphy USA (MUSA) investor relations material

Executive summary

• Q3 revenue was $6.890B, net income $176.0M and diluted EPS $9.59; Adjusted EBITDA rose to $336.6M from $285.1M YoY.

• Higher fuel contribution and retail volumes drove earnings gains, partly offset by lower merchandise contribution and higher operating costs.

• Store growth remains on track for 45–50 openings in 2026, with a pipeline supporting 50 annually in 2026 and 2027.

Financial highlights

• Q3 operating income was $260.5M versus $201.8M; 9M operating income was $770.6M versus $509.0M.

• Q3 operating cash flow was $348.1M and 9M cash flow was $903.1M, versus $184.8M and $568.4M in the prior-year periods.

• Q3 revenue increased 34.8% YoY, reflecting higher fuel prices, 3.3% higher retail fuel volumes, increased fuel-supply revenue and 2.9% higher merchandise sales.

Outlook and guidance

• 2026 store-opening guidance remains 45–50; 18 stores had opened YTD, 55 were under construction, and 15–20 starts were planned through January.

• Full-year same-store fuel volume guidance remains -1% to -3%; October volumes were at prior-year levels despite hurricane-related closures.

• FY 2026 capital spending is expected at $475M–$525M, including $375M–$400M for retail growth and $80M–$95M for maintenance.

• Q4 merchandise contribution is expected to rise 3.5%–4%; Q4 store operating expense is expected to increase ~5% YoY.

• Tight fuel supply may continue into Q4 and 2027; sustained high prices followed by a favorable decline could support same-store gallon growth, subject to market conditions.