MUSA

In early August 2026, Murphy USA reported second-quarter revenue of US$6,806.1 million and net income of US$209.1 million, alongside a quarterly dividend increase to US$0.65 per share, payable on September 3, 2026, to shareholders of record on August 24, 2026. This combination of higher earnings and a 23% higher dividend than in the third quarter of 2025 highlights the company’s willingness to return more cash to shareholders while continuing buybacks under its existing repurchase programs. Next, we’ll examine how this strong earnings performance and higher dividend payout influence Murphy USA’s investment narrative and outlook. Outshine the giants: these 17 early-stage AI stocks could fund your retirement. To own Murphy USA, you need to believe its high-volume, low-cost fuel model and convenience offering can offset long-term fuel demand headwinds and competition. The latest strong Q2 2026 earnings and higher dividend support the near-term catalyst of capital returns, but do not remove key risks around fuel volume pressure, merchandise softness, and potential limits to further cost savings. The August 2026 dividend increase to US$0.65 per share, coming just after strong Q2 results, is the announcement that most clearly ties into the catalyst of shareholder returns. Together with ongoing buybacks under the 2023 repurchase plan, it reinforces Murphy USA’s pattern of returning cash to investors even as it manages fuel and merchandise headwinds and invests in new sites. Yet, while cash returns are rising, investors should be aware that fuel demand headwinds and evolving retail habits could still... Read the full narrative on Murphy USA (it's free!) Murphy USA's narrative projects $21.8 billion revenue and $550.4 million earnings by 2029. Uncover how Murphy USA's forecasts yield a $630.90 fair value, a 11% upside to its current price. Some of the lowest ranked analysts were already projecting earnings of about US$518.6 million by 2029 and thinner margins, painting a more cautious view than consensus that could shift again after this latest earnings and dividend news. Explore 3 other fair value estimates on Murphy USA - why the stock might be worth 17% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Murphy USA research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. Our free Murphy USA research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Murphy USA's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: Uncover the next big thing with 18 elite penny stocks that balance risk and reward. The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Find 50 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MUSA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Murphy USA (MUSA) is back in focus after a 23% dividend increase to $0.65 per share, alongside strong Q2 2026 results that featured higher revenue, net income and earnings per share. See our latest analysis for Murphy USA. At a share price of $563.16, Murphy USA has seen a 5.03% 7 day share price return and a 38.94% year to date share price return. The 1 year total shareholder return of 45.75% and 5 year total shareholder return of 272.16% highlight the market reaction around the Q2 2026 earnings beat, dividend increase and ongoing buybacks. If this kind of sustained performance has your attention, it could be a good moment to see what else is moving and check out 20 top founder-led companies Murphy USA now pairs strong recent earnings and a higher dividend with a share price that has run hard over the past year. The key thing to judge next is whether that strength is already fully reflected in today’s valuation. Murphy USA's most followed narrative pegs fair value at $630.90, above the latest $563.16 close. This puts a spotlight on what assumptions sit underneath that gap. Read the complete narrative. Read the complete narrative. Analysts are not just looking at more stores. They are tying revenue, margins and future shareholder returns to a specific earnings path and valuation multiple. It may be useful to understand what needs to happen for that to hold up. Result: Fair Value of $630.90 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Murphy USA investors also need to watch for ongoing fuel demand headwinds and weaker non fuel categories, which could challenge the current undervalued narrative. Find out about the key risks to this Murphy USA narrative. The analyst narrative points to Murphy USA trading 10.7% below an estimated fair value of $630.90. On simple multiples, the picture is less generous. The current P/E of 16.8x sits above a fair ratio of 12.7x, even though it is below the US Specialty Retail average of 19.8x and the peer average of 18.7x. That gap hints at less margin for error if earnings or fuel margins soften. Which lens do you put more weight on when those assumptions get tested? For a closer look at how earnings, industry peers and the fair ratio line up, it can help to step through the full valuation breakdown in one place. See what the numbers say about this price — find out in our valuation breakdown. Given the mix of optimism around Murphy USA and the clear risks still in play, it makes sense to check the data yourself and move quickly. To see the balance of concerns and potential upsides in one place, review the 2 key rewards and 3 important warning signs. If Murphy USA has sharpened your focus on quality, do not stop here. Broader context from other stocks can help you stress test your next move. Spot potential upside by scanning companies that look mispriced on fundamentals through the 51 high quality undervalued stocks. Strengthen your income plan by reviewing companies in the 11 dividend fortresses that may offer sizeable yields supported by their current profiles. Sleep a little easier by checking companies with lower overall risk scores inside the 88 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MUSA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11 a.m. ET Vice President, Investor Relations and Financial Planning and Analysis - Christian Pikul President and Chief Executive Officer - Mindy West Chief Financial Officer - Donnie Smith Operator: Thank you for standing by. My name is Freda, and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA First (sic) [ Second ] Quarter 2026 Earnings Q&A Call. [Operator Instructions] I would now like to turn the call over to Christian Pikul. Please go ahead. Christian Pikul: Thank you, Freda. Welcome, everybody. Thanks for joining us this morning for this Q&A session. With me are Mindy West, President and Chief Executive Officer; and Donnie Smith, Chief Financial Officer. As Freda said, we're happy to welcome more analysts to the research community covering Murphy USA. We're going to ask that you limit your initial questions to one and then get back in the queue afterwards. Please keep in mind that some of the comments discussed in today's Q&A session may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Please refer to the forward-looking statements section of either the earnings release or the management commentary document for further details. And with that, I'm happy to open up the call. Operator: [Operator Instructions] Our first question from Irene Nattel, RBC Capital Markets. Irene Nattel: I was just wanting some more color on the updated 2026 outlook, notably around 2 elements. The first being the fuel margin guidance and the second being sort of the, relatively speaking, the slightly sort of the low-end guidance on merch. And so I was wondering, looking for more color on content and drivers of both of those, please. Mindy West: Irene, welcome to the call. Thank you for your question. When thinking about retail margins for the rest of the year, it's very difficult to predict where we're going to land because we're in the middle of a lot of heightened volatility with a crisis that continues to ebb and flow and don't know where that will end. While we can't predict the macro environment, we are seeing a higher floor for retail margins. So competitors are remaining rational. Pricing is reflective of those needs of the marginal retailer to maintain their required returns, still reflecting that virtuous cycle that we've seen. What we haven't seen so far is a pronounced decline in price, which would gather incremental volumes for us as well as expand the retail margin. So at this point, we are not baking that into the forecast at all. So you could call our margin forecast somewhat conservative. I would agree with that. But I would also say that, that's intentional on our part because we don't know what it's going to be, and we manage our business to try to outperform our commitments. So what we are saying is reflective of what we have high confidence that we can deliver at this point. With regard to the merch, obviously, our consumer is experiencing some budget pressures, which are putting some pressures on the nondiscretionary pieces of our merch business, although we have been very pleased with how resilient the customer has been year-to-date. But I will tell you that target when we originally set it at the beginning of the year was a bit of a stretched target anyway. It was going to be very hard to get to the high-end range of that target. And in the face of all the weather impacts that we had in the first quarter, while we had the winter storms and at one point, had half our network closed, that results in just a loss of demand there for those time periods, along with what we think are still going to be some pressures on our customers' wallets as we go through the rest of the year. That gives us confidence that, yes, we will be in the range, but towards the low end of the range. Irene Nattel: That's really helpful. Can I ask a follow-up question? Christian Pikul: We're just going to move on, Irene. Operator: Your next question from the line of Pooran Sharma with Stephens Inc. Pooran Sharma: Congrats on posting the strong results. I wanted to get your sense on supply normalization. If current peace talks ultimately result in a durable resolution, how quickly do you think physical supplies could take to normalize given depleted inventories, the need to rebuild strategic reserves, disrupted shipping flows, potentially shuttered upstream and downstream assets. How long should investors expect supply tightness and volatility to persist even after the geopolitical situation improves? Mindy West: Very good question, Pooran. I wish that I had the answer to that because all the things that you mentioned are great uncertainties in the market and very unlike what we saw in 2022, where COVID did produce a demand shock and then the Russia-Ukraine created a lot of volatility, but really had no impact on domestic supply at all. When you look at the current conflict, it obviously as a supply shock is having a material impact on domestic inventories and flows essentially globally. So our belief is the return to normal is not likely at all in the near term and then yet to be seen is how much damage to infrastructure is there overseas, how long does that take to recover. And then you mentioned if this conflict resolves, I don't know that we have any line of sight to think that it's going to resolve quickly. But -- and so that in and of itself may take a prolonged period. So I think we're looking at well into next year before this thing even begins to unwind. Operator: Your next question from the line of Bonnie Herzog with Goldman Sachs. Bonnie Herzog: I had a question on NTIs. You mentioned in the press release that you expect your NTI delivery to come in closer to the 45 new stores as opposed to, I guess, the upper end of guidance. So I was hoping to hear what changed. Is construction taking longer this year and/or did your original guidance maybe imply some M&A that now isn't happening? And then you also mentioned that you're pulling forward construction of new stores scheduled to open in '27. So should we assume a faster ramp of NTIs next year? And Ultimately, I guess, Mindy, how does this change the pace of growth and profitability since I think you said in the past, it takes a few years to reach run rate profitability on new stores. Mindy West: Thanks, Bonnie. And yes, this year, we are going to be at the lower end of our stated range, but that is without the tuck-in acquisitions that we said would take us to the high end of the range. Those may come up, we don't know. But we are only commenting now as to what we have in the pipeline and the organic pipeline currently as we continue to invest heavily in our team and in our new store pipeline. So we think we are well positioned to grow at this rate and above per year going forward. Pulling some stores forward earlier in the year, that will certainly be helpful to get them to ramp starting sooner, but it does take, as a reminder, about 3 years for a store to get to full ramp. So it's not an indication that our activity is taking longer or we're doing less. It's just indicative of what we felt we could deliver from an organic standpoint and absent any tuck-in acquisitions, and the ramp, we think, is going to go as expected. And as for M&A, large-scale M&A, that's certainly not something that's on the radar for us and does not need to be given the health of our organic pipeline. Operator: Your next question from the line of Ed Kelly with Wells Fargo. John Parke: This is John Parke on for Ed. I guess can you talk about some of the puts and takes for nicotine margin dynamics in Q2 and just kind of the outlook for Q3, just given the Zyn lap here? Mindy West: Yes. The Zyn lap is going to be a big one. We do believe that nicotine is going to continue to be a tailwind for us in the second half. And excitingly, we're actually seeing strength in combustibles, especially with the new value priced Cowboy Cut cigarette that did really well. It was well received by our customers. We actually had a hard time keeping that product on the shelf. And as we look forward, we think that, that's going to continue to be a source of strength. We also see some emerging other tobacco product opportunities in the second half, some new gen pouches are going to come online. We expect some flavored vape products back in the market. But again, as you reminded us, we do have a tough third quarter comp as we lap that Zyn promotion. Our margins this quarter were reflective of growth in the pouch category of other tobacco products, but continued resurgence in that cigarette category, which, again, as a reminder, carries a lower margin than those other tobacco products. So Q3 is going to be a tough comp, but we think overall, the category is going to continue to be promotion heavy, and we'll be a major participant in that. Operator: Your next question is from Thomas Palmer with JPMorgan. Thomas Palmer: I wanted to ask on what you're seeing with rewards. Last quarter, you discussed elevated sign-ups in the program when fuel prices moved higher. How is the conversion of those sign-ups been in terms of driving more consistent customer visits by those new members and then also converting those customers from the pump into the inside of the store. Mindy West: Yes. That is a great question. As we said last quarter, our sign-ups had elevated to 600,000 a month, up from around 400,000 a month. Happy to report that during the second quarter, sign-ups were even over that 600,000 mark every month during the quarter. Also, what we said was in the first quarter, what we were seeing was 40% of those new signees were either new or lapsed customers. That number has also ticked up in the second quarter to approaching 46% as new or lapsed customers. So we love the MDR platform. It's making it easier for us to communicate with our customers to encourage full membership, which we know translates into durable and loyal behavior. So we're taking those new members on an automated journey with a series of offers to increase their engagement, building mechanisms that are very personal to the customers as they onboard, engage and we retain them. You mentioned driving business inside the store. Just to give you a specific example, one of the ways that we are encouraging pump-to-store conversion is we were offering spend $5 inside the store save $0.05 on gas as part of that new customer journey. What we're seeing is that has been very successful. We're also encouraged that those new members are engaging more with the program more often, and we know that they're going to be able to exhibit those loyal behaviors even sooner. So we're thrilled with what we're seeing with the higher sign-ups. That's obviously expanding the top of the loyalty funnel, and we are enhancing our ability to create positive customer relationships that we know is going to help drive future growth. And we are continuing to refine the platform, by the way, continuing to upgrade it and make it better for our customer. So thanks for the question. Operator: Your next question is from the line of Bobby Griffin with Raymond James. Robert Griffin: Mindy, I appreciate all the detail on the volumes given in your script. And I think it's interesting, you're getting more and more states flipping to positive volume with really 2 kind of as the drag, big ones, Colorado and Florida. So when you look at the numbers you gave us in that prepared remarks, like where do you think you are on that competitive curve? I know that's almost impossible probably to answer, but is that drag getting better or worse sequentially from those 2 states? And is there any gleanings from other states that kind of tell you're getting towards the bottom of that competitive drag and we might be starting to lap it? Mindy West: I would hate to call the bottom because I might be surprised with new competitive intensity in other areas. I'd like that you mentioned Colorado because that does represent at least some hope while volumes are down. Our total volume is down much less than that as we are continuing to open new stores and grab share as well. And margins, just like last quarter, showed improvement, actually up over 20%, just like they were in the first quarter. So competitive entry even there does remain high, but we're seeing improvement to margins as volumes are redistributing across the new stores. Seeing some of that in Florida, too, where volume continues to be down, but margins are actually healthier. So that may indicate kind of a turn in things. And in Texas, as we referenced, which is a large market for us, our volumes are up as that represents a more mature steady market where we've had a lot of competitive entry, but that entry has normalized and everybody now has their share and knows their place and how to play the game. So not ready to call the thing and say it's over because I think we're still going to have competitive pressures, whether it be in Colorado, Florida or some new location. But the recipe continues to endure over time where it's painful in the beginning when those competitors come in, same as it is when we come in because everybody is competing for that share, and we're going to fight to retain our share of that, too, which results in lower margins for us as those volumes get redistributed. But over the course of time, as the competitive entry happens and volume gets reallocated, things get to a new normal with margins actually stabilizing at a higher level than they were before the competitive entry. But -- so hopefully, you're right, but I do appreciate your question, but we are seeing some green shoots at least to be able to talk about. Operator: Your next question from the line of Jacob Aiken-Phillips with Melius Research. Jacob Aiken-Phillips: Congrats on the strong results. Bonnie kind of touched on the NTI cadence, but I wanted to reconcile it with the capital spending. So like NTI is down 45 and R&R is at approximately 10, but you moved CapEx up. So I mean, can you quantify like what that additional CapEx is going to like land, construction pull forward, et cetera? And how much of it is timing versus others? And then just as a corollary, how should we think about share buybacks in that context? Mindy West: Okay. So great dual questions. Yes, CapEx is trending to the high end of the range as we want to make sure that we deliver on our NTI program, and we will pull forward stores if we need to. So that's part of the estimate in case we're able to do that. We're also making some very proactive life cycle investments in our existing stores, so proactively replacing dispensers, HVAC units, safe, things like that. Rather than fixing a dispenser 4 times, we're going ahead at a dispenser that we know is nearing the end of life and going ahead and replacing those. So we are deliberately refunneling some of our CapEx to those activities. And we're also intent on ensuring that we have future growth by investing in our land bank. So that is a clear priority for us going forward, too, which again is taking us towards the high end of the range even absent the raze-and-rebuild activities. When we think about capital allocation and in particular, share repurchase, we are definitely going to lean into share repurchase as our capital allocation strategy has not changed. We're going to deliver capital for growth, and we have a slate of opportunities to do that, but share repurchase does remain one of our main levers, and we will continue to emphasize that as well. And the good news is the business throws off enough cash flow for us to be balanced at that over the sweep of time, and we can easily afford to continue to grow and accelerate growth with new-to-industry sites while at the same time, maintaining disciplined share repurchases. Operator: Your next question from the line of Brad Thomas with KeyBanc Capital Markets. Bradley Thomas: Congrats on the quarter here. I had a couple of things I want to ask about the same-store fuel volumes, Mindy. So I hate to make this a multiparter, but I'm wondering if you could give us a little color on, for one, sort of how that trended through the quarter and has been tracking as we've gotten into August. How do you think about retaining these incremental customers that you're bringing in, if you are seeing incremental customers as a part of that higher volume? And then maybe what efforts might be new to retain those customers that perhaps didn't exist in the past when you sometimes saw a benefit from these spikes in gas that led to incremental customers for you? Mindy West: Okay. That's a very clever way of turning one question into three. So I hope I remember all that you wanted me to cover here. But I think your first question was to talk about same-store volumes. Look, we view what we did in the second quarter, volume performance of a positive 0.5%, as very encouraging, especially given the pricing environment because while RBOB prices finished the quarter down 2%, the quarter itself was characterized by a lot of extreme offsetting movements. So we saw a run up in April, down in May versus a flat June. And we know that absolute price level matters. We saw stores above $4, though, only 18% of the time during the quarter, which we called out on our script. But also price direction matters just as much as the absolute price level, if not more, because as you know, in a rising environment, competitors move higher in response, that compresses spreads across the market, limits our ability to create that important separation. We saw that in April volume for same store, whereas we were essentially flattish to slightly down with that upward increase in prices. Then you know when prices fall, competitors are going to react at different speeds. That gives us the opportunity to create separation and drive incremental volume. That's exactly what we saw in May. RBOB declined 16%. Our same-store volume increased 1.6%, which was even more pronounced during the last half of May, RBOB fell actually 18%. Same-store volume ticked up over 2% versus prior year. When we look at July, again, July itself started a bit soft with 4th of July holiday impacted by rain throughout a lot of our network. But the run-up in price that you saw during the month impacted our ability to differentiate based on price analogous to 2 out of the 3 months that we saw in the second quarter. But as we look into August, which granted we only have 5 days of results, volume is actually up 1.5% as the market has dropped some. So key point here is, I think volume is performing exactly as we would expect. And we opened today, by the way, also in the high 30s, so the margin isn't bad either. So I think May demonstrated and so far August has as well our ability to capture volume when falling wholesale allows us to differentiate on price and meaningfully drive it. And then when we think about our capabilities versus prior year, I go back again to the MDR that we just talked about. We just have an increased ability to be able to communicate with our customer, know our customer, understand the frequency of the trips, where we may be leaking a trip or 2 with that customer and be able to drive more targeted promotions to that customer to drive that incremental behavior that we want to see. So I think we're in much better shape now that we've got these new customers here. And yes, we do have evidence that customers are trading down to a Murphy platform. We now have a greater ability to keep them and make them more sticky to us than what we have ever had in the past. So hopefully, that answered all that you wanted me to. Operator: [Operator Instructions] Our next question is from Corey Tarlowe with Jefferies. Corey Tarlowe: Great. Mindy, I have one question and then just a quick follow-up to the question that was just asked, if that's okay. First, I think you said August, I just wanted to clarify, was in the high 30s. But RBOB, I think, started to gap down pretty materially with the start of August. So I'm wondering what changed versus the second quarter? And then also, as my broader question, during periods of prior volatility, fuel supply does tend to be a pretty meaningful earnings benefit. And it would just be helpful to kind of get your perspective on what you saw in the quarter? And then any commentary on how we might be able to think about that versus what you've seen quarter-to-date? Mindy West: Thanks, Corey. Yes, your question about August, yes, you're correct, opening today with margins in the high 30s, which is actually higher than what it was when we began the month because remember, margins are a function not just of the direction of prices, but reflective of what is the competition doing and how is the market restoring and how quickly is that happening, which can vary from week-to-week or month-to-month. And also dependent on when that price increase or decrease happens, because if it happens close to a weekend, people are already positioned where they're going to be, so you really don't see any incremental new behavior until you begin the next week. So that just gives you an example of what August is doing. But I do think it's important that as we're seeing this falloff in price, we are getting that separation and our volumes are picking up just exactly as we would expect given those conditions. And asking about fuel supply, yes, we do know that we're advantaged in this environment. Again, this is a crisis that actually has impacted supply of movements and availability. So what we're seeing is this is exactly the type of environment that underlines why we value the assets and capabilities that we have because our ability to acquire at the ship channel direct from refinery, ship it up the pipe, hold it either in our terminals or in the 100 terminals where we have access from third parties is something that gets magnified during periods like this versus a time period when you think about last year when product was ample. It was everywhere, you could buy at the rack and not be really that much disadvantaged versus us having these assets. So I think what you saw in the second quarter identifies that because what we call the controllables piece of the business, which is our ability to acquire product through all these various mechanisms, what it would be versus buying at the rack was advantaged during this quarter versus what you saw same time last year where product was long and loose, we were returning from the controllables part of our business only about $0.025 versus the over $0.07 that we posted this quarter. And then uncontrollables, as we went into great detail to explain during the last quarter, that's going to be a function of is the market rising or falling. But it's that controllables piece that really tells you a lot about what's going on in the fuel supply market and whether product is plentiful or scarce. And when product is scarce, again, that really underlines why we value the assets and the capabilities that we have. Operator: Your next question from the line of Irene Nattel with RBC Capital Markets. Irene Nattel: So listening to everything that you're saying and taking into consideration that we're likely going to be in a tight supply environment into some point next year, recognizing we don't know when. And I'm recognizing it's early. But the $0.35 all-in margin that you're conservatively guiding to in the back half of the year, I think, is higher than what many of us would have expected. Should we be thinking about a similar kind of level next year as potential as a floor? Like how should we be thinking about it? Mindy West: Yes. Great question. Irene, thank you for your patience, getting back in the queue when you could have asked a multiple part question from the beginning. So thank you for getting back in line. I think what we're seeing is we're getting good margins absent a sustained price falloff. And what we're seeing is margins are stabilizing at higher levels when they find where the bottom is, more so than what we've seen previously. So I think us saying that $0.35 is doable for the back half of the year, it's because we're seeing that we have a very stable margin structure. Restoration activity has been very rational. So while we may see margins fall more quickly from the peaks, they are stabilizing at much higher levels, so that's raising the floor. So when we think about peak to peak, we've seen higher margins before. We saw them in 2022. We're seeing them higher than what they were in 2022. And then when we think about last year, I know a lot of people think that over time, results are going to conform to the mean, return to normal. I would remind everyone that 2025 was not normal. It was an abnormal year, just the opposite that this one is, but there was nothing normal about it. It just was abnormal in the opposite direction. But I think that the fuel margin story continues to be those marginal retailers whose costs are increasing, who are passing that on through the form of higher margin. That's why we're seeing the floor continue to rise every year, giving us at least some confidence that through the back half of this year, that $0.35 is achievable. And if you ask me, could we outperform that and where would we do it, it would probably be on the fuel margin side and maybe even the volume side if we saw a pronounced price fall off during that time. Irene Nattel: That's very helpful. And do you think, Mindy, that it's sustainable as we look ahead to 2026, 2027? Like do you think that we really -- this is another sustainable leveling up? Mindy West: That's a great question. I think we're just continuing to see that virtuous cycle that we've talked to about breakeven if equilibrium continuing to move higher. I think, yes, we will continue to see that happen. We don't see any evidence why that would not happen. Obviously, we're not ready to come out with next year's guidance. We're going to have a lot of factors that we need to work in. But I think the support we're seeing in retail margins is incrementally positive to our long-term view of the business, all else being equal. I can't predict the macro. But I can also speak to the health of our business. We're executing well, and we're seeing the margin even without that price fall off. So I think that is significant. Operator: Your next question from the line of Daniel Guglielmo from Capital One Securities. Daniel Guglielmo: On the organic growth, have there been any noticeable changes in construction costs that you've seen at NTIs or raze-and-rebuilds this year? Mindy West: I mean not -- on the order of magnitude, not huge. I mean, inflation continues to tick up, but that's been the case over the last several years, but that has been more than compensated for by what we just talked about, what's going on with the retail fuel margin. So the returns that we're generating versus what you would have seen us have 5 years ago, while the stores are costing more, they're actually higher returning just due to this fuel margin impact that we're talking about. So yes, they're trending higher, but certainly not at an alarming pace and certainly well within the boundaries of what we're seeing on the overall return profile with the fuel margin. Operator: Your next question from the line of Brad Thomas with KeyBanc Capital Markets. Bradley Thomas: Mindy, I'll try and make this an easy one here after my multiparter earlier. Just hoping for an update on QuickChek, its performance and how you're thinking about their EBITDA in the second half. Mindy West: Yes. Great question, Brad. Thank you. What I would say is Q2 performance is stabilizing. We're seeing food and beverage sales and margin turning positive. And we're doing some deliberate things to cause that. We're growing the sandwich category. That's critical to improving performance. We're also seeing higher margins as we are intentionally focusing on the economics of those offers. We're seeing growth in bakery, employing some new recipe engineering for our buttered roll. We had a line extension. We now offer croissants. Hot and iced coffee results are improving. We've relaunched Free Coffee Fridays. So we're seeing sales and units up while the broader market struggles. And then we're continuing to evolve. I mentioned this in the first quarter, evolve QC into a sales-first culture similar to Murphy. And we're seeing stronger promotional response as a result of that. During the second quarter, QC had a fantastic candy contest. They executed a BOGO, and it was truly Murphy-like performance. So super proud of them for that. And our leadership structure continues to make positive changes from both a culture and store performance perspective. So we're focused on improving the basics of the business, labor shrink, improving margins, simplifying the operating model, deliberate things that we're doing. Is it back to where we want it to be? No. But I think we're turning and headed in the right direction, focused on the right things with the right leadership in place. So I'm happy with what we're seeing so far. Operator: Your next question from the line of Corey Tarlowe with Jefferies. Corey Tarlowe: Mindy, I had one more, and it was just as related to merchandise performance, specifically if you talk about Murphy's stores. I recall the performance, I believe, last quarter was a bit better than what you had seen versus the overall fleet in QuickChek. I was curious if you could highlight any trends there for us. Mindy West: Are you talking nicotine, nonnicotine? Corey Tarlowe: It would be -- nonnicotine would be ideal. Mindy West: Yes. Nonnicotine, that -- it's reflecting strength in our core center of the store categories, but being offset by pressures in things like lottery and beer, which are not unique to Murphy USA, by the way. So we managed to hold or gain share across all our major merchandise categories. And I think that is enormously important. We were able to also grow overall merchandise contribution dollars, deliver positive margin growth, all that within a customer environment that is under pressure and that customer is remaining selective. When you peel under the apple a little bit, we saw strength in packaged beverage anchored primarily in energy. Candy faced a tough comp, and we are creatively finding ways to boost that category, finding success in chocolate and also nonchocolate promotions, had a [indiscernible] promotion in the second quarter that was hugely successful following a really successful [indiscernible] promotion last year. Lotto lottery remains a challenge as consumers' wallets are pinched, they're not spending as much on that typical product. They also have other ways in which they can gamble online. Beer remains a challenge and major suppliers are saying that, too. Consumer preferences are just moving away from alcohol. That's an industry trend, not just for us. But overall, I think our results, both at MUSA Center store and QuickChek Center store are strong. And remember, nicotine is merchandised too, and we are continuing to take share and drive that category. And so I think our momentum in the second quarter demonstrated improved cigarette performance. exceptional pouch momentum and reinforces our ability to continue to grow share and hold share across the entire store, not just nicotine. So I think it demonstrates the strength of our offer and the consistency of demand from that customer for whom price matters, and we do identify with them as being low cost. Operator: Your next question from the line of Ed Kelly with Wells Fargo. John Parke: It's John Parke on again. I guess can you talk about the unchanged down guide? I mean you clearly did better in the first half. I guess anything that suggests you wouldn't be towards like the higher end of that range here in -- for the year? Mindy West: I'm sorry, you cut out, which guidance piece were you talking about when you say changed down. John Parke: The gallon guide of down 1% to down 3%, same-store gallon guide? Mindy West: The retail margin. Yes. And we kind of already addressed, cents per gallon or margin? Cents per gallon, I'm sorry, or volume. John Parke: Sorry, it was just the volume. Mindy West: Okay. Volume because, again, we don't know what's going to happen in the second half of the year. If we continue to have upward swings in price, again, that's not conducive to us creating separation versus our competitors. What we are not baking in at all is any prolonged decrease in prices where we would have the ability to attract both volume and margin. So again, you can call the results conservative, but -- and that's fair because if prices do fall for an extended period, we would expect our volume performance to outperform these assumptions. We would also likely think our margin performance would outperform these assumptions. But we would rather guide to the conservative side and hit it or beat it versus disappoint. So happy with first half performance, and we will see total volumes grow as we add new stores to the network in the fourth quarter. But again, just don't want to get ahead of ourselves and bank on super high volumes or even extended volumes from what we're seeing. Let's just have something that we feel credible about and know that we can deliver. And hopefully, we're in a great position 2 calls from now to tell you about how we dramatically beat what we said that we would do here in August -- here on August 6. Operator: We have reached the end of the Q&A session. I will now turn the call back to Mindy West for closing remarks. Mindy West: Thank you, guys, for your time on the call. We do believe that our second quarter performance demonstrates the resilience of our model. Fuels highlighted the strength of our competitive advantages, while merchandise contribution dollars grew despite category pressures. So those results reinforce our confidence in the business, our ability to continue creating value for our customers and our shareholders for the long term. And our go-forward guidance may seem conservative, but that is intentional. So thank you for your interest in Murphy USA, and thanks for joining our call. Look forward to talking to you next time. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Murphy USA, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Murphy USA wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Murphy USA. The Motley Fool has a disclosure policy. Murphy USA (MUSA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Motor fuel retailer Murphy USA Inc. MUSA reported second-quarter 2026 earnings of $11.27 per share, up 53.1% from $7.36 a year ago and ahead of the Zacks Consensus Estimate of $9.40 by 19.89%. The El Dorado, AR-based company’s total operating revenues surged 36% year over year to $6.81 billion and beat the Zacks Consensus Estimate of $5.90 billion by 15.34%. Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Results benefited from stronger fuel economics, higher total retail volumes and merchandise contribution growth. Same-store fuel volumes increased 0.5%, while total retail gallons advanced 3.9%. Total fuel contribution increased 32% year over year to $518.8 million. Moreover, the reported figure beat our estimate of $447.4 million. Retail fuel contribution climbed 25% to $448.9 million as retail fuel margins expanded to 35.1 cents per gallon from 29.2 cents in the prior-year quarter.  Both Retail fuel contribution and margins exceeded our estimates of $362 million and 29 cents per gallon, respectively. All-in fuel contribution reached 40.6 cents per gallon, up from 32 cents a year earlier. Fuel supply, including RINs, contributed 5.5 cents per gallon compared with 2.8 cents. Management noted that tighter supply conditions supported stronger spot-to-rack spreads, while higher RIN prices aided results, though that timing benefit is not expected to persist through the second half. Total merchandise contribution rose 4% to $227.4 million, supported by higher merchandise sales and improved unit margins. Merchandise sales increased to $1.13 billion from $1.09 billion, while unit margin edged up to 20.1% from 20%. Nicotine remained the main growth engine. Same-store nicotine sales and margins increased 2.4% and 4.6%, respectively. Cigarette sales and margins returned to growth, while nicotine-pouch unit volume more than doubled. Non-nicotine same-store sales declined 1.4%, although margins improved 0.2%. Store and other operating expenses increased to $308.7 million from $275.2 million. Higher payment fees accounted for roughly two-thirds of the quarterly increase as higher retail fuel prices raised transaction costs. Employee-related expenses and new-store operating costs also contributed to the increase. Still, store operating expenses excluding payment fees and rent rose only 1.1% on an average-per-store-month basis to $36,500. SG&A increased to $60.5 million from $50.9 million, primarily reflecting employee-related expenses and higher incentive accruals. MUSA added six new-to-industry stores during the quarter and ended June with 1,806 locations. At quarter-end, 36 stores were under construction, including 32 new-to-industry sites and four raze-and-rebuild projects. Management expects 2026 new-store additions to be closer to 45, the low end of its 45-55 range, absent tuck-in acquisitions. The company also reduced planned raze-and-rebuild activity to about 10 stores and is directing more resources toward new development, its land pipeline and stores scheduled to open in 2027. Operating cash flow totaled $235 million in the quarter. Murphy USA ended June with $175.4 million in cash and cash equivalents and roughly $2.17 billion of long-term debt, with a debt-to-total capital of about 73.6%. Its revolving credit facility was undrawn at quarter-end. This Zacks Rank #3 (Hold) company repurchased about 143,100 shares for $76.8 million at an average price of $536.60 and paid a quarterly dividend of 64 cents per share. Capital expenditures are now expected near the high end of the $475-$525 million range as spending shifts toward growth, land purchases and proactive maintenance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Management expects merchandise contribution to finish near the low end of the $890-$900 million range. Store operating expenses excluding payment fees, rent and SG&A are also tracking toward the low ends of their respective guided ranges, while the tax rate is expected near the high end of 23-25%. First-half all-in fuel margins averaged 37.9 cents per gallon. Assuming a relatively conservative 35-cent margin in the second half, management expects full-year net income of about $636 million and adjusted EBITDA of approximately $1.25 billion. Management also indicated that sustained fuel-price declines could create upside to both volumes and margins by improving MUSA's ability to differentiate on price. While we have discussed MUSA’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Independent oil refiner and marketer Marathon Petroleum Corporation MPC reported second-quarter 2026 earnings of $17.73 per share, which beat the Zacks Consensus Estimate of $14.52 by 22.1%. Earnings per share also surged 347.7% from the year-ago level of $3.96 per share, primarily reflecting significantly stronger Refining & Marketing performance. Findlay, OH-based Marathon Petroleum reported revenues and other income of $52.34 billion, up 53.5% year over year and above the Zacks Consensus Estimate of $34.83 billion by 50.3%. Refining & Marketing margin rose sharply to $36.33 per barrel from $17.58 a year ago, and also beat our consensus mark by 11.17% Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Refining & Marketing (R&M): This segment reported adjusted EBITDA of $6.66 billion, up significantly from $1.89 billion in the year-ago quarter, and the reported figure was also 14.75% above our consensus estimate. The improvement primarily reflected higher crack spreads across all regions. Adjusted EBITDA per barrel increased to $24.84 from $6.79 a year earlier. Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP MPLX — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segment adjusted EBITDA was $1.78 billion, up 8.3% from $1.64 billion in the second quarter of 2025, and the reported figure was also 5.51% above our consensus estimate. This increase was primarily driven by higher rates and throughputs, including contributions from equity affiliates and acquisitions, partly offset by the divestiture of non-core gathering and processing assets. The Renewable Diesel segment reported adjusted EBITDA of $258 million against a loss of $19 million in the corresponding period of 2025, and the reported figure was also 186.45% above our consensus estimate. The improvement reflected a stronger margin environment, higher throughputs and improved regulatory credit values. Renewable Diesel margin increased to $321 million from $49 million a year ago. Following the completion of the Martinez turnaround in the first quarter, utilization reached 95% in the reported quarter. Management also highlighted feedstock optimization as a contributor to the segment's performance. Crude capacity utilization during the quarter was 94% compared with 97% in the year-ago period. Net refinery throughput was 2,944 thousand barrels per day (mbpd), down from 3,060 mbpd a year earlier. However, refined product sales volumes increased slightly to 3,842 mbpd from 3,835 mbpd. MPC achieved Refining & Marketing margin capture of 112%. Management attributed the strong capture to crude sourcing and optimization, inventory discipline, favorable clean-product margins and higher jet production. Refining operating costs increased to $5.72 per barrel from $5.34, while planned turnaround costs totaled $275 million compared with $250 million a year ago. Marathon Petroleum reported total costs and expenses of $45.02 billion in the second quarter of 2026 compared with $31.90 billion in the year-ago period. Capital expenditures and investments totaled $1.39 billion, up from $1.07 billion a year earlier, with $1.02 billion directed toward the Midstream segment. As of June 30, 2026, the company had cash and cash equivalents of $7.77 billion and total consolidated debt of $32.82 billion, with a debt-to-capitalization of 56.1%. MPC returned more than $2.8 billion of capital to its shareholders during the quarter, including $2.53 billion in share repurchases. The company had $6.1 billion remaining under its share repurchase authorizations. MPC's 2026 capital spending outlook, excluding MPLX, remains $1.5 billion. Approximately 65% of the planned spending is focused on value-enhancing investments, while the remaining 35% is allocated to sustaining operations. During the second quarter, the El Paso yield improvement and Robinson product flexibility investments were placed in service. The Robinson project enables approximately 10 thousand barrels per day of incremental jet fuel production, while the El Paso investment enhances the refinery's ability to produce specialty gasoline for key markets. For the third quarter of 2026, MPC expects crude oil throughput of 2,820 mbpd and total refinery throughput of 3,005 mbpd. Refinery utilization is projected at 94%. This Zacks Rank #2 (Buy) company expects refining operating costs of $5.60 per barrel, distribution costs of $1.65 billion and planned turnaround costs of $290 million. Corporate expenses are projected at $260 million, including approximately $30 million of depreciation and amortization.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed MPC’s second-quarter results in detail, let us take a look at two other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report MPLX LP (MPLX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Murphy USA Inc.? Here are five stocks we like better. Fuel margins remain resilient: Murphy USA expects approximately $0.35 per gallon in all-in fuel margins during the second half, supported by tighter supply conditions and its fuel-sourcing capabilities. Management is maintaining a conservative outlook amid price volatility and forecasts a 1%–3% same-store fuel-volume decline. Customer engagement and growth investments are strengthening: Same-store fuel volume rose 0.5% in Q2, while monthly loyalty enrollments surpassed 600,000. The company expects about 45 new stores this year and capital spending near the high end of its range, alongside continued share repurchases. Merchandise trends are mixed, while QuickChek improves: Nicotine, packaged beverages and energy drinks remain areas of strength, but lottery and beer are pressured by consumer spending constraints. QuickChek’s food-and-beverage sales and margins have turned positive as management works to improve promotions, labor efficiency and store execution. Murphy USA Outperforming Other Mid-caps, But Is It A Buy Now? Murphy USA (NYSE:MUSA) said its outlook reflects a deliberately conservative view of fuel margins and same-store fuel volumes amid elevated price volatility, while management pointed to resilient customer demand, expanding loyalty engagement and continued investment in new stores and existing assets. During the company’s earnings Q&A call, President and Chief Executive Officer Mindy West said retail fuel margins have maintained a higher floor even as the broader market remains difficult to predict. She cited rational competitor pricing and the need for marginal retailers to maintain required returns as factors supporting margins. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “What we are saying is reflective of what we have high confidence that we can deliver at this point,” West said of the company’s margin outlook. She added that Murphy USA is not assuming a pronounced decline in fuel prices in its forecast, even though such a decline could create opportunities for incremental volumes and wider retail margins. West said the current geopolitical situation has created a supply shock affecting inventories and fuel flows globally, unlike prior periods of volatility that had less impact on domestic fuel availability. She said the company does not expect a near-term return to normal supply conditions and suggested the situation could take well into next year to begin unwinding. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High The company’s supply-chain assets and capabilities have become more valuable in a tighter environment, according to West. Murphy USA can acquire fuel at the Houston Ship Channel directly from refineries, transport it through pipelines and store it at company terminals or at roughly 100 third-party terminals where it has access. West said the company’s “controllables” fuel-supply contribution exceeded $0.07 per gallon in the second quarter, compared with about $0.025 per gallon in the comparable period a year earlier, when fuel was more readily available. → No Hangover: Revisiting Microsoft One Week After Earnings Management said it sees a stable retail-margin structure supporting its outlook for approximately $0.35 per gallon in all-in margins during the second half. West said margins may decline more quickly from peaks, but they have been stabilizing at higher levels than in the past. She said a sustained fuel-price decline could allow the company to outperform on both margin and volume. Murphy USA reported that same-store fuel volume increased 0.5% in the second quarter. West said pricing direction can influence the company’s ability to create separation from competitors: rising prices tend to compress market spreads, while declining wholesale prices can create opportunities to differentiate on price. In May, when RBOB declined 16%, same-store volume increased 1.6%. During the latter half of May, RBOB fell 18% and same-store volume rose more than 2% year over year. For the first five days of August, same-store volume was up 1.5%, according to West. West said the company opened August with fuel margins in the high-$0.30s per gallon. However, Murphy USA retained its same-store volume outlook of a 1% to 3% decline, citing uncertainty about fuel-price movements during the remainder of the year. The company also said its loyalty program is producing higher sign-ups and greater engagement. Monthly enrollments exceeded 600,000 during the second quarter, compared with roughly 400,000 previously. Nearly 46% of recent enrollees were new or lapsed customers, up from 40% in the first quarter. Murphy USA has used automated offers to encourage engagement and store visits. West said an offer giving customers a $0.05-per-gallon fuel discount for spending $5 inside the store has been successful in encouraging pump-to-store conversion. The company expects to deliver about 45 new-to-industry stores this year, toward the lower end of its stated range and excluding potential tuck-in acquisitions. West said the lower figure reflects the current organic pipeline rather than construction delays or reduced development activity. Some stores planned for 2027 are being pulled forward, and management expects a typical new store to take about three years to reach full ramp. Capital expenditures are trending toward the high end of the company’s range as Murphy USA supports its new-store program, builds its land bank and makes lifecycle investments at existing locations. Those investments include proactive replacement of fuel dispensers, HVAC units and safes. West said the company intends to continue disciplined share repurchases while funding growth initiatives. On merchandise, management said budget pressure is affecting some non-discretionary categories, though customers have remained resilient. The company expects results toward the low end of its merchandise outlook after winter storms disrupted operations in the first quarter, at one point closing about half of its network. West said nicotine should remain a second-half tailwind, despite a difficult third-quarter comparison related to a prior ZYN promotion. She cited strength in cigarettes, including the value-priced Cowboy Cut brand, as well as expected new-generation pouch and flavored vape-product opportunities. For non-nicotine merchandise, Murphy USA said it held or gained share across major categories and grew merchandise contribution dollars and margins. Packaged beverages, particularly energy drinks, were a source of strength, while lottery and beer remained pressured by constrained consumer spending and changing preferences. West said QuickChek performance is stabilizing, with food-and-beverage sales and margins turning positive. The company is working to grow sandwich sales, improve offer economics, expand bakery products and strengthen coffee performance. QuickChek also relaunched Free Coffee Fridays and has focused on a sales-first culture, promotional execution, labor, shrink and operating-model simplification. “Is it back to where we want it to be? No,” West said. “I think we’re turning and headed in the right direction, focused on the right things with the right leadership in place.” Murphy USA is a leading downstream marketer of gasoline, diesel and convenience store products in the United States. Headquartered in El Dorado, Arkansas, the company was originally established as part of Murphy Oil Corporation and was spun off as an independent public entity in 2013. Since its separation, Murphy USA has focused on retail fueling services and convenience offerings designed to deliver value and convenience to consumers. The company's primary operations center on two retail formats. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Murphy USA Q2 Earnings Call Highlights" was originally published by MarketBeat. 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Murphy USA Inc. MUSA used its second-quarter 2026 earnings call to emphasize a higher fuel-margin floor while keeping second-half assumptions conservative. President and CEO Mindy West said that management is guiding to commitments it can deliver, while falling fuel prices could improve volumes and margins. Mindy West said that competitors remain rational and margins are stabilizing without a prolonged price decline. The second-half assumption is 35 cents per gallon in all-in fuel margin. An RBC Capital Markets analyst asked whether that level could carry into next year. West said that marginal retailers’ higher breakeven economics support the floor, though Murphy USA is not issuing 2027 guidance. Second-quarter total fuel contribution reached 40.6 cents per gallon versus 32 cents a year earlier. Earnings of $11.27 topped the Zacks Consensus Estimate of $9.4, while revenues of $6.81 billion exceeded the $5.9 billion estimate. Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Using the 35-cent assumption, West said that management expects 2026 net income of approximately $636 million and adjusted EBITDA of $1.25 billion. First-half all-in fuel margin was 37.9 cents per gallon. A Wells Fargo Securities analyst questioned the unchanged same-store fuel-volume guidance of down 3% to down 1%. West replied that an extended price decline could improve volume and margin, but management is not building that into its outlook. Merchandise contribution is expected near the low end of its $890 million to $900 million range. Store OPEX excluding payment fees and rent, and SG&A are expected near their low ends, while capital spending is tracking toward the high end. A JPMorgan analyst asked about Murphy Drive Rewards enrollment. West said that monthly sign-ups exceeded 600,000 throughout Q2, versus roughly 400,000 previously, while new or lapsed customers approached 46%. West added that automated offers are deepening engagement. She highlighted a $5 in-store purchase tied to a five-cent-per-gallon fuel discount as one pump-to-store tactic. A KeyBanc Capital Markets analyst asked about fuel volumes. West said that same-store volume rose 1.6% in May as RBOB prices fell 16%, and was up 1.5% through the first five days of August. A Goldman Sachs analyst asked why new-store delivery is trending toward the low end of the 45-to-55 range. West said that the organic pipeline supports about 45 openings, while the upper end requires small tuck-in acquisitions. A Melius Research analyst asked why capital spending is moving higher despite fewer raze-and-rebuilds. West cited pulling forward 2027 construction, expanding the land pipeline and replacing aging store equipment. West added that share repurchases remain a major capital-allocation lever alongside growth spending. MUSA repurchased about 143,100 shares for $76.8 million in the second quarter. West told a KeyBanc analyst that QuickChek’s second-quarter performance was stabilizing, with food-and-beverage sales and margins turning positive. Management is emphasizing sandwiches, bakery, coffee and promotions. A Jefferies analyst asked about non-nicotine trends. West said that packaged beverages, led by energy, were strong, while lottery and beer remained challenged by customer spending pressure and changing preferences. West said that nicotine remains a second-half tailwind, though the third quarter faces a difficult comparison against last year’s Zyn promotion. Second quarter merchandise contribution rose 4% to $227.4 million. CEO Mindy West’s closing posture centered on execution rather than forecasting favorable macro moves. She reiterated that the second-half outlook is built to a level management believes it can deliver. West’s priorities include organic growth, loyalty engagement, QuickChek improvement and disciplined capital returns amid fuel-price volatility and merchandise pressure. The call kept the focus on fuel advantages, customer retention and store execution without relying on a specific price path. MUSA carries a Zacks Rank #3 (Hold), with a Value Score of B, a Growth Score of A, a Momentum Score of B and a VGM Score of A. The Style Score framework treats A and B grades as favorable, with its strongest combinations pairing them with a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The profile combines favorable style characteristics with a neutral Zacks Rank. The Zacks Rank can change as analysts revise earnings estimates after the just-reported results, making the current ranking a snapshot rather than a fixed assessment. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Murphy USA (MUSA) reported $6.81 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 36%. EPS of $11.27 for the same period compares to $7.36 a year ago. The reported revenue represents a surprise of +15.33% over the Zacks Consensus Estimate of $5.9 billion. With the consensus EPS estimate being $9.40, the EPS surprise was +19.89%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Murphy USA performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total fuel contribution (cpg): 40.6 cents versus 36.45 cents estimated by three analysts on average. Fuel supply including RINs contribution (cpg): 5.5 cents compared to the 5.45 cents average estimate based on three analysts. Retail fuel volume - chain (Million gal): 1,277.60 Mgal versus 1,260.23 Mgal estimated by three analysts on average. Retail fuel margin (cpg): 35.1 cents compared to the 31 cents average estimate based on three analysts. Retail fuel volume - per store (K gal SSS): 242.60 Kgal versus the two-analyst average estimate of 240.99 Kgal. Retail fuel volume - per store (K gal APSM): 242.40 Kgal versus the two-analyst average estimate of 242.98 Kgal. Store count at end of period: 1,806 compared to the 1,807 average estimate based on two analysts. Fuel Contribution - Total retail fuel contribution: $448.9 million versus $391.27 million estimated by two analysts on average. Merchandise unit margin (%): 20.1% versus 20.2% estimated by two analysts on average. Operating Revenues- Petroleum product sales: $5.55 billion compared to the $4.77 billion average estimate based on four analysts. The reported number represents a change of +44.1% year over year. Operating Revenues- Merchandise Sales: $1.13 billion compared to the $1.14 billion average estimate based on four analysts. The reported number represents a change of +3.6% year over year. Operating Revenues- Other operating revenues: $126 million compared to the $58.17 million average estimate based on four analysts. The reported number represents a change of +105.9% year over year. View all Key Company Metrics for Murphy USA here>>> Shares of Murphy USA have returned +2.4% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes strong fuel performance to 'controllable' supply chain advantages, specifically the ability to acquire product at the ship channel and utilize proprietary terminal access during periods of scarcity. The company is observing a structurally higher floor for retail fuel margins as marginal competitors remain rational in pricing to maintain required returns amid rising costs. Volume performance remains highly sensitive to price direction; falling wholesale prices allow the company to create 'separation' from competitors and drive incremental traffic. Merchandise results reflect a resilient but budget-pressured consumer, with strength in nicotine and energy drinks offsetting industry-wide declines in lottery and beer. Competitive intensity in key markets like Colorado and Florida has pressured volumes, but management notes that margins in these regions are stabilizing at higher levels than pre-entry. The QuickChek integration is pivoting toward a 'sales-first' culture, with recent performance gains driven by recipe engineering in food service and Murphy-style promotional execution. The updated 2026 outlook assumes a conservative $0.35 per gallon fuel margin for the second half, intentionally excluding potential gains from a sustained price decline. Management expects domestic fuel supply tightness and volatility to persist well into next year, regardless of near-term geopolitical resolutions, due to infrastructure damage and depleted inventories. Organic growth targets for New-to-Industry (NTI) sites are set at the low end of the 45-store range, reflecting a focus on the organic pipeline over large-scale M&A. Capital allocation will prioritize a 'land bank' for future growth and life cycle investments in existing stores, while maintaining disciplined share repurchases as a primary lever. The Murphy Drive Rewards (MDR) platform is expected to drive future 'stickiness' by converting the recent surge in new sign-ups into loyal, high-frequency customers through automated, personalized journeys. First-quarter winter storms caused significant demand loss, with half the network closed at one point, contributing to the conservative full-year merchandise guidance. The company faces a difficult year-over-year comparison in the third quarter as it laps a major Zyn nicotine pouch promotion. Construction costs for new stores are trending higher due to inflation, though management asserts that higher fuel margins are currently preserving overall project return profiles. Management explicitly stated that large-scale M&A is not currently on the radar given the strength and health of the organic development pipeline. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes the 'virtuous cycle' of rising breakeven costs for marginal retailers is creating a sustainable, higher leveling-up of industry margins. While macro factors are unpredictable, the company sees no evidence that the rising margin floor will reverse in the near term. Management expressed high uncertainty regarding a return to 'normal' supply, citing potential long-term damage to overseas infrastructure and the need to rebuild global inventories. The current situation is described as a material supply shock, unlike the demand-driven volatility seen during the COVID-19 recovery. Monthly sign-ups have increased from 400,000 to over 600,000, with nearly 46% representing new or lapsed customers. Specific 'pump-to-store' incentives, such as fuel discounts for in-store spending, are successfully driving engagement and building durable customer relationships. Despite a tough comp for pouches, management sees a resurgence in cigarettes driven by new value-priced products like 'Cowboy Cut'. The category is expected to remain promotion-heavy with new flavored vape and pouch products coming online in the second half.

This article first appeared on GuruFocus. Revenue: Not explicitly disclosed in the provided transcript excerpt. Earnings: Not explicitly disclosed in the provided transcript excerpt. Margins: Not explicitly disclosed in the provided transcript excerpt. Cash Flow: Not explicitly disclosed in the provided transcript excerpt. Expenses: Not explicitly disclosed in the provided transcript excerpt. Same-Store Sales: Not explicitly disclosed in the provided transcript excerpt. Store Locations: Not explicitly disclosed in the provided transcript excerpt. Warning! GuruFocus has detected 9 Warning Sign with MUSA. Is MUSA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Murphy USA Inc (NYSE:MUSA) delivered strong Q2 results with same-store fuel volumes up 0.5% despite a volatile pricing environment, demonstrating resilience. The company's fuel margins are benefiting from a higher floor due to rational competitor behavior, with Q2 controllables advantage at over $0.07 per gallon versus $0.025 last year. Murphy USA Inc (NYSE:MUSA) is seeing strong growth in its Murphy Drive Rewards program, with sign-ups exceeding 600,000 per month and 46% of new members being new or lapsed customers. Nicotine category remains a tailwind, with strong performance in pouches and the new value-priced Cowboy Cut cigarettes, which were well-received by customers. QuickChek is stabilizing, with food and beverage sales and margins turning positive, driven by growth in sandwiches, bakery, and improved coffee offerings. The company is pulling forward new store construction and investing in its land bank, positioning for future growth despite lower NTI guidance. Murphy USA Inc (NYSE:MUSA) is seeing green shoots in competitive markets like Colorado and Florida, where margins are improving even as volumes remain pressured. The company's conservative guidance for the back half of 2026 includes a $0.35 fuel margin, which is achievable and could be outperformed if prices fall. Murphy USA Inc (NYSE:MUSA) is leveraging its fuel supply assets to gain an advantage during supply tightness, with controllables contributing over $0.07 per gallon in Q2. The company is confident in its ability to retain incremental customers through enhanced loyalty capabilities, driving durable behavior. Murphy USA Inc (NYSE:MUSA) faces ongoing supply tightness and volatility due to geopolitical conflicts, with no near-term return to normal expected, potentially lasting into next year. The company's merchandise sales are under pressure from consumer budget constraints, particularly in nondiscretionary categories, leading to guidance at the low end of the range. New-to-industry (NTI) store openings are expected to be at the lower end of guidance (45 stores) due to the absence of tuck-in acquisitions, slowing growth pace. Same-store fuel volumes face headwinds from competitive entry in states like Colorado and Florida, which continue to drag on overall volumes. The company faces a tough third-quarter comparison for nicotine margins due to lapping a Zyn promotion, which could impact performance. Murphy USA Inc (NYSE:MUSA) is experiencing higher construction costs and is investing in proactive life cycle replacements, pushing CapEx to the high end of the range. The company's conservative guidance for the back half of 2026 does not bake in any pronounced price declines, which could limit upside if they don't materialize. QuickChek is not yet back to desired performance levels, with ongoing challenges in improving basics like labor, shrink, and margins. Non-nicotine merchandise categories like lottery and beer are facing industry-wide pressures, impacting overall merchandise contribution growth. The company's volume guidance of down 1% to down 3% for the year reflects uncertainty and conservative assumptions, which may disappoint investors expecting more aggressive growth. Q: Can you provide more color on the updated 2026 outlook, particularly around fuel margin guidance and the lower end of merchandise guidance?A: Mindy West (COO) explained that the fuel margin forecast is intentionally conservative due to heightened volatility from the ongoing supply crisis. While competitors remain rational, providing a higher floor for retail margins, the company has not baked in a pronounced price decline that would gather incremental volumes. For merchandise, the consumer is experiencing budget pressures on nondiscretionary items, and weather impacts in Q1 (with half the network closed) resulted in lost demand. The original target was a stretch, and with continued wallet pressure, they expect to land in the range but towards the low end. Q: If current peace talks result in a durable resolution, how quickly could physical fuel supplies normalize given depleted inventories and disrupted shipping flows?A: Mindy West (COO) stated that the return to normal is not likely in the near term. Unlike 2022, where COVID caused a demand shock and Russia-Ukraine had no impact on domestic supply, the current conflict is a supply shock with material impacts on domestic inventories and global flows. She noted there is no line of sight to a quick resolution, and even if resolved, infrastructure damage overseas would take time to recover. She expects supply tightness to persist well into next year before beginning to unwind. Q: You expect NTI delivery to come in closer to 45 new stores. What changed, and does pulling forward construction of 2027 stores imply a faster ramp next year?A: Mindy West (COO) clarified that the lower end of the range is without tuck-in acquisitions that would have taken them to the high end. The organic pipeline remains healthy, and they are well-positioned to grow at this rate or above going forward. Pulling stores forward helps them start ramping sooner, but it still takes about three years for a store to reach full ramp. Large-scale M&A is not on the radar given the health of the organic pipeline. Q: What are the puts and takes for nicotine margin dynamics in Q2 and the outlook for Q3, given the Zyn lap?A: Mindy West (COO) said nicotine will continue to be a tailwind in the second half, with strength in combustibles, especially the new value-priced Cowboy Cut cigarette, which was well-received and hard to keep on shelves. Emerging opportunities include new gen pouches and flavored vape products. However, Q3 will be a tough comp as they lap the Zyn promotion. Margins in Q2 reflected growth in pouches but a resurgence in cigarettes, which carry lower margins. The category will remain promotion-heavy, and they will be a major participant. Q: How is the conversion of elevated rewards program sign-ups driving more consistent customer visits and pump-to-store conversion?A: Mindy West (COO) reported that sign-ups exceeded 600,000 per month during Q2, up from 400,000, with 46% of new signees being new or lapsed customers (up from 40% in Q1). The MDR platform enables automated journeys with personalized offers to increase engagement. A specific example: offering "spend $5 inside, save $0.05 on gas" has been very successful in driving pump-to-store conversion. New members are engaging more often, and the company is thrilled with the expanding loyalty funnel. Q: Where do you think you are on the competitive curve in states like Colorado and Florida that are dragging volumes, and is the drag getting better or worse?A: Mindy West (COO) said she would hate to call the bottom, but noted green shoots. In Colorado, total volume is down much less than the competitive drag suggests, as new stores grab share, and margins improved over 20% in Q2. Florida shows similar trends with healthier margins despite lower volumes. Texas, a mature market, has normalized with volumes up. The recipe endures: competitive entry is painful initially, but margins stabilize at higher levels over time as volumes redistribute. Q: Can you reconcile the lower NTI count with higher CapEx, and how should we think about share buybacks in that context?A: Mindy West (COO) explained CapEx is trending to the high end of the range to ensure NTI delivery and pull forward stores. They are also making proactive life cycle investments (replacing dispensers, HVAC units, safes) and investing in the land bank for future growth. Share repurchase remains a main capital allocation lever, and the business generates enough cash flow to balance growth with disciplined buybacks. Q: How did same-store fuel volumes trend through Q2 and into August, and how are you retaining incremental customers?A: Mindy West (COO) detailed that Q2 volume of +0.5% was encouraging given the pricing environment. April was flattish with rising prices, but May saw RBOB decline 16% and same-store volume increase 1.6%, with the last half of May up over 2%. July started soft due to weather and price run-ups, but August is up 1.5% with margins in the high 30s. The MDR platform enhances their ability to communicate with customers, understand frequency, and drive targeted promotions, making customers stickier than ever before. Q: Is the $0.35 all-in margin guidance for the back half sustainable as a floor into next year?A: Mindy West (COO) said margins are stabilizing at higher levels, with restoration activity rational, raising the floor. While margins may fall from peaks, they stabilize higher than before. She reminded that 2025 was an abnormal year in the opposite direction. The virtuous cycle of marginal retailers passing on higher costs supports the $0.35 target, and they could outperform on fuel margin or volume if a pronounced price falloff occurs. She believes this is incrementally positive to the long-term view, though not ready to give next year's guidance. Q: Have there been noticeable changes in construction costs for NTIs or raze-and-rebuilds this year?A: Mindy West (COO) said inflation continues to tick up but not at an alarming pace. The increased costs are more than compensated by the higher retail fuel margins, making new stores actually higher returning than five years ago. The overall return profile remains well within boundaries. Q: Can you provide an update on QuickChek's For the complete transcript of the earnings call, please refer to the full earnings call transcript.