Murphy USA posts third-quarter earnings of $9.59 per share, beating estimates by $1.22
Key Facts
Murphy USA reported third-quarter 2026 results, posting diluted earnings of $9.59 per share, beating analysts’ estimate of $8.37 by $1.22, according to Investing.com. Quarterly revenue was $6.89 billion, compared with a consensus estimate of $6.11 billion, the same source said. The figures put the quarter ahead of market expectations for both earnings and revenue. Year over year, net income rose to $176.0 million from $129.9 million in the third quarter of 2025, according to the company’s statement. Adjusted EBITDA also increased to $336.6 million from $285.1 million in the year-earlier period.
But earnings growth came alongside weaker merchandise contribution, highlighting divergent performance across the company’s businesses during the quarter. Merchandise contribution fell 2.8% to $234.5 million from $241.2 million a year earlier, according to Murphy USA’s statement. The company attributed the decline mainly to lower unit margins and the absence of a nicotine pouch promotion that had been in place during the same period the previous year. The year-over-year comparison therefore reflects an operational factor affecting margins, as well as the impact of different promotions between the periods. Those pressures on merchandise contribution did not prevent the company from posting higher net income and adjusted earnings than a year earlier.
Chief Executive Mindy West said customers continued to rely on Murphy USA for fuel and essential merchandise purchases despite higher and more volatile fuel prices. The company quoted her as saying, "Our customers continue to rely on Murphy USA for their fuel and convenience needs." West added that the company’s fuel supply capabilities created value from market volatility. Her comments place fuel supply and price fluctuations among the factors management addressed in its review of quarterly performance. They also point to continued demand for fuel and everyday shopping trips in a higher-priced, more volatile environment, as she described it.
The results follow the company’s second-quarter report in August, when it forecast 2026 net income of about $636 million and adjusted EBITDA of about $1.25 billion. The company tied both estimates to an assumption that average all-in fuel margins would be 35 cents per gallon in the second half of the year. That assumption provides context for assessing the company’s second-half performance, as management linked its annual outlook to a specific level of fuel margins. Third-quarter results came against that backdrop, following the August estimates, with net income and adjusted earnings growing year over year. The third-quarter figures show performance for the period, while the August estimates remain an annual benchmark conditional on the stated average margin.
Murphy USA, which trades under the ticker MUSA, closed at $531.11 on October 27, 2026, according to EL7 data. That was the closing price recorded before the third-quarter results were announced; the available data do not include the stock’s intraday movement. The company is scheduled to hold a results question-and-answer session on October 29, 2026, at 10:00 a.m. Central Time, according to its announcement carried by Nasdaq. The session gives management an opportunity to discuss the results with investors after the figures were released. The company had previously tied its annual outlook to average fuel margins of 35 cents per gallon in the second half, the assumption underlying the outlook it announced in August.