The strong fuel supply contribution and rising RIN values drove the beat, while merchandise headwinds from a tough nicotine comparison were expected. Watch the Q&A for commentary on Q4 fuel margin trajectory and whether the $2.0B buyback authorization will be deployed aggressively at current elevated share prices.
Price Chart
Executive Summary
Murphy USA reported Q3 2026 net income of $176.0M ($9.59 diluted EPS) vs $129.9M ($6.76) a year ago, a 35.5% EPS increase. Total fuel contribution rose 24.6% to $479.4M on strong fuel supply results and higher retail volumes, while merchandise contribution fell 2.8% to $234.5M due to a tough nicotine promotion comparison. The company also announced an 11% dividend increase to $0.72/quarter and completed its $1.5B buyback authorization with $2.0B remaining under a new authorization.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS $9.59 vs $6.76 in Q3 2025, up 41.9%
- Net income $176.0M vs $129.9M in Q3 2025, up 35.5%
- Total fuel contribution $479.4M, up 24.6% from $384.8M in Q3 2025
- Total fuel contribution margin 37.0 cpg vs 30.7 cpg in Q3 2025
- Retail fuel volume +3.3% chain-wide, same-store sales +0.1%
- Merchandise contribution $234.5M, down 2.8% from $241.2M in Q3 2025
- Merchandise unit margin 20.3% vs 21.5% in Q3 2025
- Adjusted EBITDA $336.6M vs $285.1M in Q3 2025, up 18.1%
- Operating cash flow $348.1M vs $184.8M in Q3 2025
- Repurchased 287,102 shares for $157.7M at avg $549.22
- Completed $1.5B 2023 buyback authorization; $2.0B remains under 2025 authorization
- Quarterly dividend increased 11% to $0.72/share ($2.88 annualized)
- Revolving credit facility undrawn at quarter end
- EPS of $9.59 vs consensus $8.49, a 13.0% beat
- Revenue of $6.89B vs consensus $6.25B, a 10.2% beat
Financial Impact
EPS beat consensus by $1.10 (13.0%); revenue beat by $640M (10.2%); operating cash flow nearly doubled to $348.1M
Risk Factors
- Merchandise contribution declined 2.8% due to a tough nicotine promotion comparison
- Store operating expenses rose $32.0M, with ~75% from payment fees tied to higher fuel prices
- Retail fuel margins contracted 3.2% to 27.4 cpg from 28.3 cpg in Q3 2025
- Fuel supply contribution can be volatile and may not repeat
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001573516-26-000193 |
| Document: musa-20261028.htm | 0001573516-26-000193 |
| Document: 0001573516-26-000193-index-headers.html | 0001573516-26-000193 |
| Document: 0001573516-26-000193-index.html | 0001573516-26-000193 |
| Document: 0001573516-26-000193.txt | 0001573516-26-000193 |
| 8-K Data (Synthetic) | 0001573516-26-000193 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $540.00 $534.95 | ▼ −0.94% | ▲ +0.84% | $534.95 (−0.94%) |
Oct 27, 2026 2d ago | Institutional Cluster | $515.28 $540.00 | ▲ +4.80% | ▲ +5.18% | $534.95 (+3.82%) |
Oct 22, 2026 8d ago | 8-K | $534.63 $539.14 | ▲ +0.84% | ▲ +0.13% | $534.95 (+0.06%) |
May 27, 2026 22w ago | 8-K | $511.57 $506.03 | ▼ −1.08% | ▼ −1.32% | $534.95 (+4.57%) |
May 12, 2026 24w ago | 8-K | $576.96 $588.63 | ▲ +2.02% | ▲ +1.45% | $534.95 (−7.28%) |
May 4, 2026 25w ago | 144 | $604.52 $576.37 | ▼ −4.66% | ▼ −6.04% | $534.95 (−11.51%) |
Apr 29, 2026 26w ago | 8-K | $587.33 $596.24 | ▲ +1.52% | ▲ +1.30% | $534.95 (−8.92%) |
Feb 26, 2026 35w ago | Insider Cluster | $386.19 $390.74 | ▲ +1.18% | ▲ +1.63% | $534.95 (+38.52%) |
Feb 26, 2026 35w ago | Insider Cluster | $386.19 $390.74 | ▼ −1.18% | ▼ −1.63% | $534.95 (−38.52%) |
Feb 23, 2026 35w ago | Insider Cluster | $391.53 $387.87 | ▼ −0.93% | ▼ −1.67% | $534.95 (+36.63%) |
US Market Status
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