Fuel margins and volume growth drive a standout quarter for Murphy USA
MUSA sits 53% above its 52-week low of $349.83 on elevated volume (2.3× avg).
Summary
Murphy USA reported Q2 2026 net income of $209.1M ($11.27/share), up 44% YoY, as fuel margins expanded to 40.6 cpg and merchandise contribution grew 4%. Cash swelled to $175M and the revolver is undrawn.
Key Events · Earnings and Guidance · MUSA
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Net Income Surges 44%
Higher fuel margins and volumes pushed Q2 2026 net income to $209.1M ($11.27 diluted EPS), compared with $145.6M ($7.36) in Q2 2025.
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Fuel Margins Expand Sharply
Total fuel contribution rose to 40.6 cpg from 32.0 cpg a year ago, with retail fuel margin at 35.1 cpg and fuel supply/RINs adding 5.5 cpg.
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Merchandise Contribution Up 4%
Merchandise contribution grew to $227.4M, supported by a 1.0% increase in same-store sales and a 4.6% improvement in nicotine margins.
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Balance Sheet Strengthens
Cash and equivalents jumped to $175.4M from $28.9M at year-end 2025; the $750M revolving credit facility was fully undrawn at quarter-end.
Analysis · MUSA · Trade & Services
A volatile crude market played to the company's low-price model, propelling net income 44% higher to $209 million. Total fuel contribution widened sharply to 40.6 cents per gallon from 32.0 a year ago, while merchandise sales held firm. The balance sheet strengthened further — cash nearly tripled from year-end, the revolver sits undrawn, and $148 million in stock was bought back. These results underscore the resilience of the business in a rising fuel-price environment, though higher payment fees and operating costs are eating into some of the gains.
At the time of this filing, MUSA was trading at $536.18 on NYSE in the Trade & Services sector, with a market capitalization of approximately $9.9B. The 52-week trading range was $349.83 to $636.05. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.