Murphy USA (MUSA) Q2 2026 earnings summary

Executive summary

• Q2 net income was $209.1M ($11.27 per diluted share), versus $145.6M ($7.36) a year earlier; revenue rose 36% to $6.81B.

• Adjusted EBITDA increased 32% to $377.3M, driven by higher fuel and merchandise contributions.

• Full-year 2026 Adjusted EBITDA outlook is $1.25B, based on a 35 cpg H2 fuel-margin assumption; guidance remains conservative amid supply and consumer uncertainty.

Financial highlights

• Total fuel contribution was $518.8M (40.6 cpg), up 32% YoY; retail fuel margin was 35.1 cpg, up 20%.

• Total retail fuel volume rose 3.9%, with same-store fuel volume up 0.5%.

• Merchandise contribution increased 4% to $227.4M; unit margin was 20.1%.

• Operating cash flow was $235M, capex ~$130M and free cash flow ~$105M in Q2; H1 operating cash flow rose 44.7% to $555M.

Outlook and guidance

• H2 fuel margins are assumed at 35 cpg, supporting full-year Adjusted EBITDA of $1.25B and net income of $636M.

• New-store openings are expected near 45, at the low end of the 45–55 range; 10 kiosk conversions are planned.

• Merchandise contribution is tracking at the low end of $890M–$900M; same-store gallon guidance remains down 1%–3%.

• Capex is expected near the high end of $475M–$525M; store opex excluding payment fees and rent is tracking near the low end of $37K–$38K per average store month.

• Effective tax rate guidance is 23%–25%; no large-scale M&A is planned, with growth focused on organic store development.