Jun 2026 (Q2 FY26) — Aug 6, 2026
Murphy USA Q2 FY26 — Strong Fuel Margins and Loyalty Program Growth
Read the full callMurphy USA (MUSA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Murphy USA earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,806 | +36.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 4.5 | +0.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 209 | +43.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 45 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | $475 million to $525 million | Dec 2025 | CapEx is trending to the high end of the range | Revised Down |
| Full-year all-in fuel-margin planning outlook | $0.305 per gallon | Dec 2025 | So you could call our margin forecast somewhat conservative. I would agree with that. | On Track |
| First-quarter new-store openings | 15 to 20 additional new-store openings | Jun 2025 | Year-to-date, we have opened 7 new-to-industry stores, 6 of them opening in the first quarter as reflected in the earnings release. | Missed |
3 of Murphy USA Inc.'s 65 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 62 more targets are in the full ledger.
Claimed
- Fuel volume performance was positive 0.5% in Q2 FY26, despite a volatile pricing environment.
- Retail fuel margins are stabilizing at higher levels, with August margins opening in the 'high 30s' cents per gallon.
- Murphy Drive Rewards (MDR) sign-ups exceeded $600,000 a month in Q2 FY26, with approaching 46% new or lapsed customers.
- Quick Check's Q2 performance is stabilizing, with food and beverage sales and margin turning positive.
- Overall merchandise contribution dollars grew, and positive margin growth was delivered despite consumer pressures.
Qualified
- Fuel margin guidance for H2 FY26 is 'somewhat conservative' due to market volatility and uncertainty.
- Merchandise sales are expected to be at the 'low end of the range' for FY26 due to consumer budget pressures and Q1 weather impacts.
- New-to-Industry (NTI) store openings are projected at the 'lower end of our stated range' (45 stores) for FY26, excluding tuck-in acquisitions.
- The nicotine category faces a 'tough third quarter comp' due to lapping a prior year promotion.
- Lottery and beer sales remain a challenge due to pinched consumer wallets and shifting preferences.
Price
$542.74 −0.90% · −$4.93
Performance +40.1% 1Y
1Y: $387.28 on 17 Oct 2025 → $542.74. High $622.78 (20 Jul 2026), low $356.57 (14 Nov 2025).
- Previous close
- $547.67
- 52-week range
- $356.57 – $622.78
- One year
- +45.73%
Overview
- Symbol
- MUSA
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 45 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | $475 million to $525 million | Dec 2025 | CapEx is trending to the high end of the range | Revised Down |
| Full-year all-in fuel-margin planning outlook | $0.305 per gallon | Dec 2025 | So you could call our margin forecast somewhat conservative. I would agree with that. | On Track |
| First-quarter new-store openings | 15 to 20 additional new-store openings | Jun 2025 | Year-to-date, we have opened 7 new-to-industry stores, 6 of them opening in the first quarter as reflected in the earnings release. | Missed |
Claimed
- Fuel volume performance was positive 0.5% in Q2 FY26, despite a volatile pricing environment.
- Retail fuel margins are stabilizing at higher levels, with August margins opening in the 'high 30s' cents per gallon.
- Murphy Drive Rewards (MDR) sign-ups exceeded $600,000 a month in Q2 FY26, with approaching 46% new or lapsed customers.
- Quick Check's Q2 performance is stabilizing, with food and beverage sales and margin turning positive.
- Overall merchandise contribution dollars grew, and positive margin growth was delivered despite consumer pressures.
Qualified
- Fuel margin guidance for H2 FY26 is 'somewhat conservative' due to market volatility and uncertainty.
- Merchandise sales are expected to be at the 'low end of the range' for FY26 due to consumer budget pressures and Q1 weather impacts.
- New-to-Industry (NTI) store openings are projected at the 'lower end of our stated range' (45 stores) for FY26, excluding tuck-in acquisitions.
- The nicotine category faces a 'tough third quarter comp' due to lapping a prior year promotion.
- Lottery and beer sales remain a challenge due to pinched consumer wallets and shifting preferences.
The full ledger
Open Murphy USA Inc.’s full ledger
A free account opens 5 company ledgers a month. All 65 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Murphy USA Q1 FY26 — Strong Fuel Supply Performance and Record Loyalty Sign-ups
Read the full callEvery analysed call
Murphy USA earnings calls (MUSA)
Financials
What the filings say
Net profit, year on year: +44% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,239 | 4,710 | 4,525 | 5,005 | 5,110 | 4,744 | 4,819 | 6,806 |
| Expenses | 5,017 | 4,508 | 4,437 | 4,786 | 4,908 | 4,532 | 4,614 | 6,502 |
| Operating profit | 222 | 199 | 88 | 219 | 202 | 210 | 205 | 305 |
| Operating margin | 4.2% | 4.2% | 1.9% | 4.4% | 4.0% | 4.4% | 4.3% | 4.5% |
| Other income | -23 | -21 | -26 | -27 | -28 | -28 | -29 | -27 |
| Interest | 24 | 23 | 25 | 28 | 29 | 29 | 29 | 29 |
| Profit before tax | 199 | 178 | 62 | 193 | 173 | 181 | 176 | 278 |
| Tax rate | 24.9% | 19.9% | 14.1% | 24.4% | 25.1% | 21.8% | 22.6% | 24.7% |
| Net profit | 149 | 143 | 53 | 146 | 130 | 142 | 136 | 209 |
| EPS ($ per share) | 7.30 | — | 2.67 | 7.44 | 6.83 | — | 7.36 | 11.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,208 | 1,363 | 1,743 | 2,112 | 2,755 | 3,278 | 3,743 | 4,172 |
| Total liabilities | 1,554 | 1,884 | 1,902 | 3,241 | 3,483 | 3,511 | 3,702 | 4,102 |
| Fixed assets | 1,748 | 1,807 | 1,868 | 2,378 | 2,459 | 2,572 | 2,813 | 2,963 |
| Total assets | 2,361 | 2,687 | 2,686 | 4,048 | 4,123 | 4,340 | 4,542 | 4,726 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 399 | 313 | 564 | 737 | 995 | 784 | 848 | 814 |
| Cash from investing | -209 | -203 | -224 | -914 | -319 | -324 | -446 | -436 |
| Cash from financing | -175 | -14 | -456 | 270 | -871 | -403 | -473 | -396 |
| Net cash flow | 15 | 96 | -117 | 93 | -196 | 57 | -71 | -18 |
| Capital expenditure | -204 | -205 | -231 | -275 | -305 | -336 | -458 | -440 |
| Free cash flow | 194 | 109 | 333 | 463 | 689 | 448 | 390 | 374 |
MUSA revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Marketing | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | +36.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
82 filings between Nov 20, 2025 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$53.12M
21 sales by 12 insiders
24% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 32
- Option exercise — converted options into shares
- 23
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MURPHY ROBERT MADISON | — | $24.77M | May 4, 2026 |
| Clyde R Andrew | — | $15.63M | Nov 20, 2025 |
| West Malynda K | — | $3.51M | Feb 4, 2026 |
| Bacon Renee M | — | $2.26M | May 27, 2026 |
| CHUMLEY ROBERT J | — | $2.12M | Mar 5, 2026 |
| Landen Diane N | — | $1.64M | Jun 5, 2026 |
| KEYES JAMES W | — | $1.20M | Jun 1, 2026 |
| Emery Keith A. | — | $640.9K | May 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Bartko Eric J. SVP & Chief Customer Officer | Sale | 100 | $52.4K |
| Aug 20, 2026 | Turner Rosemary Director | Sale | 966 | $552.4K |
| Aug 17, 2026 | Turner Rosemary Director | Option exercise | 617 | $0 |
| Aug 17, 2026 | Turner Rosemary Director | Option exercise | 449 | $0 |
| Aug 11, 2026 | KEYES JAMES W Director | Gift | 2,000 | $0 |
| Jun 5, 2026 | Landen Diane N Director | Gift | 3,000 | $0 |
| Jun 5, 2026 | Landen Diane N Director | Sale | 3,000 | $1.64M |
| Jun 1, 2026 | KEYES JAMES W Director | Sale | 2,339 | $1.20M |
| May 27, 2026 | Bacon Renee M SVP, Chief Retail Officer | Sale 10b5-1 plan | 1,050 | $555.9K |
| May 26, 2026 | Bacon Renee M SVP, Chief Retail Officer | Option exercise 10b5-1 plan | 2,600 | $0 |
| May 26, 2026 | Bacon Renee M SVP, Chief Retail Officer | Tax withheld 10b5-1 plan | 1,550 | $841.2K |
| May 15, 2026 | Emery Keith A. SVP, Chief Fuels Officer | Tax withheld | 428 | $246.6K |
| May 15, 2026 | Emery Keith A. SVP, Chief Fuels Officer | Option exercise | 700 | $0 |
| May 15, 2026 | Emery Keith A. SVP, Chief Fuels Officer | Sale | 517 | $297.0K |
| May 15, 2026 | Emery Keith A. SVP, Chief Fuels Officer | Tax withheld | 255 | $146.9K |
| May 15, 2026 | Emery Keith A. SVP, Chief Fuels Officer | Option exercise | 500 | $0 |
| May 5, 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Option exercise | 250 | $0 |
| May 5, 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Option exercise | 350 | $0 |
| May 5, 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Tax withheld | 240 | $142.3K |
| May 5, 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Sale | 158 | $94.9K |
| May 5, 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Tax withheld | 202 | $119.7K |
| May 4, 2026 | MURPHY ROBERT MADISON Director | Sale | 26,000 | $15.52M |
| May 4, 2026 | MURPHY ROBERT MADISON Director | Sale | 15,500 | $9.25M |
| Mar 5, 2026 | Woodward Scott G. SVP Merchandising | Sale | 137 | $57.7K |
| Mar 5, 2026 | CHUMLEY ROBERT J SVP Innovation | Sale | 5,038 | $2.12M |
| Feb 26, 2026 | Emery Keith A. SVP Fuels | Sale | 899 | $343.9K |
| Feb 24, 2026 | Phillips Jeanne Linder Director | Sale | 1,155 | $456.4K |
| Feb 23, 2026 | Bacon Renee M SVP, Sales & Operations | Sale | 2,844 | $1.11M |
| Feb 13, 2026 | GOEBEL DAVID Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | MURPHY ROBERT MADISON Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | Landen Diane N Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | KEYES JAMES W Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | Turner Rosemary Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | Phillips Jeanne Linder Director | Option exercise | 349 | $0 |
| Feb 13, 2026 | Haley David C. Director | Option exercise | 244 | $0 |
| Feb 13, 2026 | Bartko Eric J. SVP & Chief Customer Officer | Sale | 345 | $139.7K |
| Feb 13, 2026 | Bacon Renee M SVP, Sales & Operations | Sale 10b5-1 plan | 1,219 | $470.6K |
| Feb 11, 2026 | Bartko Eric J. SVP & Chief Customer Officer | Tax withheld | 228 | $82.8K |
| Feb 11, 2026 | CHUMLEY ROBERT J SVP Innovation | Tax withheld | 798 | $290.0K |
| Feb 11, 2026 | Click Christopher A EVP, Strategy, Growth & Innova | Tax withheld | 798 | $290.0K |
| Feb 11, 2026 | Click Christopher A EVP, Strategy, Growth & Innova | Option exercise | 1,843 | $0 |
| Feb 11, 2026 | West Malynda K President & CEO | Tax withheld | 1,813 | $658.8K |
| Feb 11, 2026 | West Malynda K President & CEO | Option exercise | 4,191 | $0 |
| Feb 11, 2026 | Woodward Scott G. SVP Merchandising | Tax withheld | 297 | $107.9K |
| Feb 11, 2026 | Woodward Scott G. SVP Merchandising | Option exercise | 669 | $0 |
| Feb 11, 2026 | CHUMLEY ROBERT J SVP Innovation | Option exercise | 1,843 | $0 |
| Feb 11, 2026 | Smith Donald R Jr Interim CFO; VP, CAO & Treas. | Tax withheld | 435 | $0 |
| Feb 11, 2026 | Smith Donald R Jr Interim CFO; VP, CAO & Treas. | Option exercise | 1,005 | $0 |
| Feb 11, 2026 | Bacon Renee M SVP, Sales & Operations | Tax withheld 10b5-1 plan | 792 | $287.8K |
| Feb 11, 2026 | Bacon Renee M SVP, Sales & Operations | Option exercise 10b5-1 plan | 2,011 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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