Murphy USA Fuel Margins Climb Amid Price Volatility as Store Growth Continues

Murphy USA reported net income of $209.1 million in the second quarter of 2026, up 43.6% from $145.6 million a year earlier. Adjusted EBITDA rose to $377.3 million, a 31.9% increase compared to $286 million in the prior-year quarter.

Fuel performance was a key driver of the results. Price volatility tied to the Iran war contributed to an increase in Murphy USA’s fuel contribution per gallon, which rose to 40.6 cents in Q2 2026, up from 32.0 cents in Q2 2025. Total fuel contribution dollars reached $518.8 million, a 32% increase year-over-year, while total fuel volumes rose 3.9%. Same-store fuel volumes increased 0.5% compared to the prior year, an improvement from a 0.8% decline in the first quarter. Performance varied by market: in Texas, the company’s largest market, same-store gallons rose about 4%, while volumes declined in some of its newer markets.

Management attributed part of the quarter’s performance to the company’s everyday low-price positioning, noting that consumers tend to become more value-seeking as prices rise. The company said this positioning was a net benefit during the quarter and expects it could continue supporting volume if elevated fuel prices persist for an extended period.

Murphy USA also continued expanding its store footprint. The company opened six new-to-industry stores during the quarter, with another 36 under construction at quarter’s end. Management said new-store growth for 2026 is now expected to be closer to 45 locations, down from an earlier guidance range of 45 to 55.

Murphy USA ended the quarter with 1,806 convenience stores, including 1,659 Murphy USA and Murphy Express locations and 147 QuickChek stores.