Murphy USA (MUSA) investor relations material

Executive summary

• Net income for Q1 2026 was $136.3 million ($7.28 per diluted share), up from $53.2 million ($2.63 per share) in Q1 2025, reflecting strong operational performance and margin expansion.

• Revenue rose 6.5% to $4.82 billion, driven by higher fuel prices, increased fuel volumes, and a 5% rise in merchandise sales.

• Adjusted EBITDA increased to $277.9 million from $157.4 million year-over-year, driven by higher fuel and merchandise contributions.

• The business is focused on long-term shareholder value, maintaining a continuous improvement mindset regardless of market volatility.

• Six new stores opened in Q1 2026, with 18 under construction and a target of 45–55 new stores for the year.

Financial highlights

• Total operating revenues: $4,819.3 million in Q1 2026, up from $4,525.4 million in Q1 2025.

• Fuel contribution reached $403.9 million, a 40.6% increase year-over-year, with total fuel contribution margins at 35.0 cpg versus 25.4 cpg last year.

• Merchandise contribution grew 7.3% to $210.2 million, with same store sales up 4.9% and nicotine product contribution up 10.4%.

• Cash flow from operations was $320.0 million, up from $128.5 million year-over-year.

• Effective tax rate increased to 22.6% from 14.1% year-over-year.

Outlook and guidance

• Guidance remains unchanged and is considered conservative due to high volatility and geopolitical risk.

• All-in fuel margins for April are expected between 35 and 40 cpg, with volumes running roughly flat to the prior year.

• Full-year 2026 capital expenditures expected to range from $475 million to $525 million, funded primarily by operating cash flow.

• Management anticipates continued growth, with a pipeline of new store locations and expansion of food and beverage offerings.

• Dividend growth targeted at double-digit rates per share over time.