Murphy USA’s fuel contribution hit 40.6 cents a gallon in the June quarter

Aug. 5, 2026 — Murphy USA reported net income of $209.1 million, or $11.27 a diluted share, for the quarter ended June 30, compared with $145.6 million, or $7.36, a year earlier. Total fuel contribution was 40.6 cents per gallon, versus 32.0 cents in the 2025 quarter. Total fuel contribution dollars were $518.8 million, up $125.8 million, or 32 percent.

Retail fuel contribution dollars rose $89.8 million, or 25 percent, to $448.9 million. The company said retail fuel margins were 35.1 cents per gallon, up 20.2 percent from the prior-year quarter, and total retail gallons rose 3.9 percent. Same-store fuel volumes rose 0.5 percent. Contribution from RINs increased $36.0 million, which the company tied to market pricing and inventory timing.

President and CEO Mindy West said margins reflected “persistent volatility” and that same-store and total fuel volumes both improved. The split matters. A half-point same-store gallon gain and a 3.9 percent total gallon gain means new sites did more of the volume work than the existing lot. The cent-per-gallon jump did the earnings work.

In May the company issued $500 million of senior notes due 2034 and used most of the proceeds to retire $300 million of notes due 2027 and pay down the revolver. It also bought back about 143,100 shares for $76.8 million, at an average $536.60. None of that is a store-count story. The gallon line is.

Source: Murphy USA second-quarter 2026 earnings release, Aug. 5, 2026.