Murphy USA Inc. (MUSA) SEC Filings & Earnings Calls
EquiReason read 22 Murphy USA Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Quarterly dividend increased 11% to $0.72/share ($2.88 annualized), payable Dec 1, 2026 to holders of record Nov 4, 2026..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 9.8B
- P/E TTM
- 16.3
- Dividend yield
- 0.5%
- 52-week
- —
- Next earnings
- 28 Oct, in 4 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Oct 20268-K · 7.01Quarterly dividend increased 11% to $0.72/share ($2.88 annualized), payable Dec 1, 2026 to holders of record Nov 4, 2026.open
Figures in the filing · each found in the filing text
| Quarterly dividend per share · Q4-2026 | $0.72 |
13 Aug 20268-K · 7.01Dividend per share $0.65 (+23% y/y)open
Figures in the filing · each found in the filing text
| dividend per share · Q3-2026 | $0.65 | +23% y/y |
6 Aug 202610-QMurphy USA reported Q2 2026 net income of $209.1M, up 43.6% YoY, driven by strong fuel margins and volume growth.earningsopen
Figures in the filing · each found in the filing text
| Total fuel contribution · Marketing · Q2-2026 | $519M | +32% y/y |
| Retail fuel margin (cpg) · Marketing · Q2-2026 | $35.10 | +20% y/y |
| Total fuel contribution (cpg) · Marketing · Q2-2026 | $40.60 | +27% y/y |
| Retail fuel volume - chain (Million gal) · Marketing · Q2-2026 | $1277.60 | +4% y/y |
| RINs revenue · Marketing · Q2-2026 | $125M | +109% y/y |
| Total merchandise sales · Marketing · Q2-2026 | $1.13B | +4% y/y |
| Total merchandise contribution · Marketing · Q2-2026 | $227M | +4% y/y |
| Merchandise unit margin · Marketing · Q2-2026 | 20.1% | |
| Total merchandise sales revenue same store sales · Marketing · Q2-2026 | $212000.00 | +1% y/y |
| Store count · 2026-06-30 | 1,806 | +2% y/y |
Guidance
FY2026 capex guidance $475M-$525M
Management reaffirmed FY2026 capex guidance and expressed confidence in growth pipeline.
Risks flagged
Crude Oil Price Volatility
“In Q2 2026, WTI Spot prices experienced increased volatility with prices ranging from $70 per barrel to $115 per barrel with an average price of $96 per barrel in Q2 2026, compared to an average price of $65 per barrel in Q2 2025.” · word for word
RINs Price Volatility
“The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action.” · word for word
Payment Fee Pressure
“Store and other operating expenses increased $33.5 million, or 12.2%, in Q2 2026 compared to Q2 2025, primarily due to increases in payment fees, driven by increased retail fuel prices, which accounted for approximately two-thirds of the increase” · word for word
Regulatory and Trade Policy Risk
“geopolitical events, such as evolving trade policies and the imposition of reciprocal tariffs and the conflicts in the Middle East, that impact the supply and demand and price of crude oil” · word for word
5 Aug 20268-K · 2.02Net income $209M (+44% y/y); Earnings per share - diluted $11.27 (+53% y/y); Total fuel contribution $519M (+32% y/y); Guidance: Expects net income ~$636M and adjusted EBITDA ~$1.25B for full year 2026earningsopen
Figures in the filing · each found in the filing text
| Net income · Q2-2026 | $209M | +44% y/y |
| Earnings per share - diluted · Q2-2026 | $11.27 | +53% y/y |
| Total fuel contribution · Q2-2026 | $519M | +32% y/y |
| Retail fuel volume · Q2-2026 | $1.28B | +4% y/y |
| Merchandise contribution · Q2-2026 | $227M | +4% y/y |
| Adjusted EBITDA · Q2-2026 | $377M | +32% y/y |
| Dividend per share · Q2-2026 | $0.64 | +28% y/y |
| Share repurchases · Q2-2026 | $77M |
Guidance
Expects net income ~$636M and adjusted EBITDA ~$1.25B for full year 2026
Strong Q2 results; raised full-year outlook; fuel margins supportive; shareholder returns increased.
Risks flagged
Fuel margins are volatile and dependent on market conditions; payment fees increased significantly.
“The increased retail fuel prices in Q2 2026 led to a significant increase in payment fees that accounted for two-thirds of the increase in operating expenses for the quarter.” · word for word
7 May 202610-QNet income $136M (+156% y/y); Total fuel contribution $404M (+41% y/y); Total fuel contribution (cpg) 35 (+38% y/y); Guidance: FY2026 capex guided $475M-$525Mopen
Figures in the filing · each found in the filing text
| Net income · Q1-2026 | $136M | +156% y/y |
| Total fuel contribution · Marketing · Q1-2026 | $404M | +41% y/y |
| Total fuel contribution (cpg) · Marketing · Q1-2026 | $35.00 | +38% y/y |
| Retail fuel margin (cpg) · Marketing · Q1-2026 | $25.40 | +7% y/y |
| Merchandise unit margin (%) · Marketing · Q1-2026 | 20.0% | |
| Store count · Q1-2026 | 1,803 | +2% y/y |
| Operating cash flow · Q1-2026 | $320M | +149% y/y |
| Adjusted EBITDA · Q1-2026 | $278M | +77% y/y |
Guidance
FY2026 capex guided $475M-$525M
Capital expenditure guidance provided; no revenue or earnings guidance, but strong operating performance suggests positive outlook.
Risks flagged
Fuel margin volatility
“The fuel gross margins are commodity-based, change daily and are volatile.” · word for word
Regulatory risk on RINs
“The Renewable Fuel Standard program continues to be unpredictable and prices received by us for ethanol RINs averaged $1.31 per RIN in Q1 2026 compared to $0.74 per RIN in Q1 2025.”
Tariff and geopolitical risk
“geopolitical events, such as evolving trade policies and the imposition of reciprocal tariffs... impact the supply and demand and price of crude oil” · word for word
29 Apr 20268-K · 2.02Net income $136M (+156% y/y); Earnings per share (diluted) $7.28 (+177% y/y); Adjusted EBITDA $278M (+77% y/y); Guidance: April fuel margins expected between 35 and 40 cpgearningsopen
Figures in the filing · each found in the filing text
| Net income · Q1-2026 | $136M | +156% y/y |
| Earnings per share (diluted) · Q1-2026 | $7.28 | +177% y/y |
| Adjusted EBITDA · Q1-2026 | $278M | +77% y/y |
| Total fuel contribution · Q1-2026 | $404M | +41% y/y |
| Total fuel contribution (cpg) · Q1-2026 | $35.00 | +38% y/y |
| Retail fuel volume - chain (Million gal) · Q1-2026 | $1.15B | +2% y/y |
| Total merchandise contribution · Q1-2026 | $210M | +7% y/y |
| Total merchandise sales · Q1-2026 | $1.05B | +5% y/y |
| Merchandise unit margin · Q1-2026 | 20.0% | |
| Store count (net change) · Q1-2026 | 3 |
Guidance
April fuel margins expected between 35 and 40 cpg
Management raised expectations for April fuel margins (35-40 cpg) and noted momentum continuing into Q2
Risks flagged
Consumer spending restrained in discretionary non-nicotine categories, same-store sales slightly negative
“Non-nicotine contribution SSS $19.7K vs $19.9K prior year”
6 Apr 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
No material risk; internal promotion reduces transition risk.
“no family relationships ... or any other arrangement or understanding”
26 Mar 2026DEF 14AProxy statement disclosing executive compensation, governance proposals (board declassification, special meetings), and capital allocation updates (new $2B buyback, dividend increase).open
Figures in the filing · each found in the filing text
| Adjusted EBITDA · FY2025 | $1.02B | |
| Fuel Volume (K-gal APSM) · FY2025 | $235.80 | |
| Fuel Contribution ($MM) · FY2025 | $1.49B | |
| Merchandise Contribution ($MM) · FY2025 | $869M | |
| Coverage Ratio (%) · FY2025 | 95.8% | |
| Net Income · FY2025 | $471M | |
| Store Count · FY2025 | 1,800 | |
| Share Repurchases · FY2025 | $652M | |
| Three-Year Annualized TSR · FY2025 | 12.9% | |
| PSU Earned % · FY2025 | 165.3% |
Risks flagged
Fuel Volume and Contribution Below Minimum
“For both Fuel Volume and Fuel Contribution, the Company’s performance was below the minimum threshold.” · word for word
CEO Transition Execution Risk
“Mr. Clyde retired as the Company's CEO and as a member of the Board effective December 31, 2025.” · word for word
2 Mar 20268-K · 7.01Store Count 1,800; Adjusted EBITDA per store per month $66,000.00; Fuel Contribution per store per month $76,000.00open
Figures in the filing · each found in the filing text
| Store Count · FY2025 | 1,800 | |
| Adjusted EBITDA per store per month · MUSA 1400 · FY2025 | $66000.00 | |
| Fuel Contribution per store per month · MUSA 1400 · FY2025 | $76000.00 |
18 Feb 202610-KTotal fuel contribution (cpg) $30.70 (+1% y/y); Retail fuel margin per gallon (cpg) $28.10 (+0% y/y); Gallons sold per store month 235,800 (-2% y/y); Guidance: 45-55 NTI stores and up to 30 raze-and-rebuilds in 2026; 50+ NTI per year thereaopen
Figures in the filing · each found in the filing text
| Total fuel contribution (cpg) · Marketing · FY2025 | $30.70 | +1% y/y |
| Retail fuel margin per gallon (cpg) · Marketing · FY2025 | $28.10 | 0% y/y |
| Gallons sold per store month · Marketing · FY2025 | $235800.00 | -2% y/y |
| Merchandise sales revenue per store month · Marketing · FY2025 | $203700.00 | -0% y/y |
| Merchandise margin as a percentage of merchandise sales · Marketing · FY2025 | 20.2% | |
| Store count · FY2025 | $1800.00 | +2% y/y |
| Share repurchases · FY2025 | $652M | |
| Quarterly dividend per share · Q4 2025 | $0.63 | +31% y/y |
Guidance
45-55 NTI stores and up to 30 raze-and-rebuilds in 2026; 50+ NTI per year thereafter
Management provides specific growth targets (45-55 NTI stores in 2026) and highlights stable fuel margins, improved merchandise margins, and strong capital returns via buybacks and dividends.
Risks flagged
Fuel Margin Volatility
“Dramatic increases in oil prices reduce retail gasoline gross margins, because wholesale gasoline costs typically increase faster than retailers are able to pass them along to customers.” · word for word
Nicotine Regulation
“Sales of nicotine products have historically accounted for an important portion of our total sales of convenience store merchandise.” · word for word
Alternative Energy Disruption
“advanced technology, improved fuel efficiency and increased use of “green” automobiles (e.g., those automobiles that do not use gasoline or that are powered by hybrid engines) could reduce demand for gasoline” · word for word
Walmart Relationship
“At December 31, 2025, most of our Murphy branded stores were located in close proximity to Walmart Supercenter stores and we participate in the Walmart+ program.” · word for word
Core-Mark Concentration
“In 2025, over 78% of our merchandise, including most nicotine products and grocery items, was purchased from a single wholesale grocer, Core-Mark.” · word for word
12 Feb 20268-K · 7.01Quarterly cash dividend per share $0.63 (+29% y/y)open
Figures in the filing · each found in the filing text
| quarterly cash dividend per share · Q1-2026 | $0.63 | +29% y/y |
4 Feb 20268-K · 2.02Net income $142M (+0% y/y); Earnings per share (diluted) $7.53 (+8% y/y); Adjusted EBITDA $291M (+5% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income · Q4-2025 | $142M | 0% y/y |
| Earnings per share (diluted) · Q4-2025 | $7.53 | +8% y/y |
| Adjusted EBITDA · Q4-2025 | $291M | +5% y/y |
| Total fuel contribution · Q4-2025 | $424M | +9% y/y |
| Retail fuel volume - chain · Q4-2025 | $1.23B | +3% y/y |
| Merchandise contribution dollars · Q4-2025 | $213M | +2% y/y |
| Total retail fuel contribution · Q4-2025 | $383M | +11% y/y |
| Retail fuel margin · Q4-2025 | $31.00 | +7% y/y |
Risks flagged
Same-store fuel volumes declined 0.6% in Q4 and 2.6% for full year 2025, indicating potential structural demand weakness.
“volumes on a same store sales basis declined 0.6%...for the year 2025 decreased 2.6%”
PS&W contribution turned negative in Q4 2025 (-$14.7M) vs positive $4.7M in Q4 2024, driven by inventory and pricing impacts.
“Total PS&W contribution ($14.7) million compared to $4.7 million in Q4 2024”
16 Jan 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
CEO transition risk
“CEO transition underway; retention grants indicate need to retain key talent.”
15 Dec 20258-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Leadership transition risk; new CEO may shift strategy
“CEO change with non-compete and advisory agreements; potential for strategic shifts”
30 Oct 202510-QMurphy USA reported Q3 2025 net income of $129.9M, down 12.9% YoY, with lower fuel margins offset by higher merchandise contribution and a new $2B buyback authorization.earningsopen
Figures in the filing · each found in the filing text
| Total fuel contribution (cpg) · Q3-2025 | $30.70 | -6% y/y |
| Retail fuel margin (cpg) · Q3-2025 | $28.30 | -11% y/y |
| Merchandise unit margin (%) · Q3-2025 | 21.5% | |
| Retail fuel volume - chain (Million gal) · Q3-2025 | 1,254.3 | +1% y/y |
| Store count · Q3-2025 | 1,772 | +2% y/y |
| Operating cash flow · 9M-2025 | $568M | -5% y/y |
| Share repurchases ($ Millions) · 9M-2025 | $585M | +84% y/y |
Guidance
FY2025 capex guidance $450M-$500M, effective tax rate 23.5%-24.5%
Company reaffirmed capex and tax rate guidance, announced new $2B buyback authorization.
Risks flagged
Fuel margin compression
“Retail fuel margins on a cpg basis decreased 11.3% in Q3 2025 to 28.3 cpg, compared to 31.9 cpg in the prior year period.” · word for word
Restructuring execution risk
“Restructuring expenses of $12.6 million, related primarily to severance and other benefits offered to impacted employees, were incurred in the current-year quarter.” · word for word
29 Oct 20258-K · 2.02, 5.02, 7.01Net income $130M (-13% y/y); Earnings per share (diluted) $6.76 (-6% y/y); Adjusted EBITDA $285M (-0% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income · Q3-2025 | $130M | -13% y/y |
| Earnings per share (diluted) · Q3-2025 | $6.76 | -6% y/y |
| Adjusted EBITDA · Q3-2025 | $285M | -0% y/y |
| Total retail gallons · Fuel · Q3-2025 | 1.2% | |
| Same store sales gallons · Fuel · Q3-2025 | -2.6% | |
| Merchandise contribution dollars · Merchandise · Q3-2025 | $241M | +11% y/y |
| Average unit margin (merchandise) · Merchandise · Q3-2025 | 21.5% | |
| Shares repurchased · Q3-2025 | 569,400 | |
| Dividend per share · Q4-2025 | $0.63 |
Risks flagged
Restructuring charge of $12.6M in Q3 2025 indicates organizational streamlining
“restructuring charge of $12.6 million ($9.5 million, after-tax or $0.49 per diluted share) related to a September 2025 organizational restructuring” · word for word
Fuel margin pressure: total fuel contribution declined from 32.6 cpg to 30.7 cpg YoY
“Total fuel contribution for Q3 2025 was 30.7 cpg, compared to 32.6 cpg in Q3 2024” · word for word
Murphy USA Inc. — questions
- What did Murphy USA Inc. file recently?
- 22 SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Quarterly dividend increased 11% to $0.72/share ($2.88 annualized), payable Dec 1, 2026 to holders of record Nov 4, 2026.
Every figure on this page comes from Murphy USA Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.