Murphy USA Inc. reported a significant increase in financial performance for the first quarter of 2026, with net income reaching $136.3 million, or $7.28 per diluted share, compared to $53.2 million, or $2.63 per diluted share, in the same period of 2025. Total operating revenues rose to $4.8 billion, a 6.5% increase from $4.5 billion in the prior year. This growth was primarily driven by a 3.3% increase in average retail fuel sales prices and a 2.1% rise in fuel sales volumes, alongside a 5.0% increase in merchandise sales revenue.
The company's operating expenses also saw an uptick, increasing by 4.0% to $4.6 billion, largely due to higher fuel costs and increased sales volumes. Store and other operating expenses rose by 5.1%, attributed to new store operating costs and higher employee-related expenses. However, selling, general, and administrative expenses decreased by 5.8%, reflecting lower employee-related costs. The effective income tax rate for the quarter was approximately 22.6%, up from 14.1% in the previous year, influenced by lower excess tax benefits related to share-based compensation.
In terms of operational developments, Murphy USA operated a total of 1,803 stores as of March 31, 2026, an increase from 1,761 stores a year earlier. The company reported a total retail fuel contribution of $403.9 million, a 40.6% increase compared to the previous year, driven by higher retail fuel margins and volumes. Merchandise sales also contributed positively, with total sales reaching approximately $1.0 billion, reflecting a favorable sales mix and unit growth.
Looking ahead, Murphy USA anticipates capital expenditures for 2026 to range between $475 million and $525 million, focusing on new store construction and maintenance capital investments. The company plans to fund these expenditures primarily through operating cash flow, supplemented by borrowings under its revolving credit facility if necessary. With $118.6 million in cash and cash equivalents and a revolving credit facility of $750 million, Murphy USA believes it has sufficient liquidity to meet its operational and capital needs. The company remains optimistic about future growth, particularly in expanding its store locations and enhancing its food and beverage offerings.
About Murphy USA Inc.
Murphy USA Inc. is a retail fuel and convenience store operator primarily selling gasoline, snacks, beverages, and merchandise through a network of stores near Walmart locations across the U.S. It emphasizes low-cost, high-volume sales, efficient store formats, and a strong supply chain. The company focuses on organic growth, cost leadership, and leveraging strategic partnerships to serve value-conscious consumers in competitive markets.
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