Murphy USA (MUSA) investor relations material

Executive summary

• Net income for Q2 2026 was $209.1 million ($11.27 per diluted share) on $6.81 billion in revenue, up from $145.6 million ($7.36 per share) on $5.0 billion in Q2 2025, driven by higher fuel and merchandise contributions and disciplined expense management.

• For the six months ended June 30, 2026, net income was $345.4 million ($18.54 per share) on $11.6 billion in revenue, compared to $198.8 million ($9.95 per share) on $9.5 billion in 2025.

• Adjusted EBITDA for Q2 2026 was $377.3 million, up 32% from $286.0 million in Q2 2025.

• Growth was supported by increased fuel margins, higher retail fuel volumes, and improved merchandise sales and margins, partially offset by higher operating, SG&A, depreciation, and interest expenses.

• Performance highlighted resilience, with strong fuel margins and merchandise contribution growth despite consumer and category pressures.

Financial highlights

• Q2 2026 revenues rose 36% year-over-year, primarily due to a 37.4% increase in average retail fuel sales price and a 3.9% increase in retail fuel volumes.

• Total fuel contribution for Q2 2026 was $518.8 million (40.6 cpg), up 32% year-over-year, with retail fuel margins at 35.1 cpg, a 20% increase.

• Merchandise sales grew 3.6% to $1.13 billion in Q2 2026, with merchandise contribution up 4% to $227.4 million and unit margin at 20.1%.

• Same-store fuel volumes grew 0.5% in Q2, with notable strength during periods of falling wholesale prices.

• Adjusted EBITDA margin for Q2 2026 was 5.5% of total operating revenues.

Outlook and guidance

• Full-year 2026 net income is projected at approximately $636 million, with Adjusted EBITDA expected around $1.25 billion, assuming second-half fuel margins of 35 cpg.

• Guidance for new store openings remains at the low end of the original range, with up to 45 new stores and 10 raze-and-rebuilds expected.

• Merchandise contribution, store OPEX (excluding payment fees and rent), and SG&A are all expected to finish at the low end of guided ranges; capital expenditures are tracking to the high end.

• Fuel margin guidance is conservative, reflecting high confidence in deliverability but not assuming incremental volume from price declines.

• Supply normalization is not expected in the near term; tightness and volatility may persist well into next year.