The summer print: fewer same-store gallons, fatter cents
Couche-Tard’s U.S. volumes slipped. The margin more than covered it. Murphy’s gallons did not slip.
Sept. 21, 2026 — Darik C’s read of the summer reporting season for public fuel retailers comes down to one split. Couche-Tard’s U.S. same-store fuel volumes fell 1.6 percent in the 12 weeks ended July 19 while the U.S. margin rose to 52.61 cents a gallon. Murphy USA’s same-store gallons rose 0.5 percent in the quarter ended June 30, total gallons rose 3.9 percent, and total fuel contribution rose to 40.6 cents.
High street prices showed up where Couche-Tard said they did: softer demand in the U.S. and a sharper drop in Europe, down 4.3 percent on a same-store basis. EIA’s national regular average was still above $4 in the weeks ended Aug. 24 ($4.085) and Aug. 31 ($4.071). Diesel was $5.652 and then $5.599. Those are survey averages. They are high enough to explain a volume shrug and irrelevant to a chain that held gallons.
The inside of the store did not rescue the gallon. It kept the basket from going backwards. Couche-Tard’s U.S. same-store merchandise rose 1.7 percent on energy drinks and other nicotine. Murphy’s merchandise unit margin sat at 20.1 percent. Foodservice is the investment both parents are describing. It is not the line that produced the quarter.
Source: Couche-Tard release, Sept. 1, 2026; Murphy USA release, Aug. 5, 2026; EIA weekly retail averages, weeks ended Aug. 24 and Aug. 31, 2026.