Murphy USA Inc. (NYSE: MUSA) announced a quarterly cash dividend of $0.65 per share, representing an annualized payout of $2.60. This adjustment reflects a 23% increase from the Q3 2025 dividend level and sits 1.6% above the Q2 2026 distribution.

The company confirmed that the dividend is payable on September 3, 2026, to stockholders of record as of August 24, 2026.

What the Numbers Show

The dividend increase highlights a consistent upward trajectory in shareholder returns. The move from Q3 2025 to the current quarter shows significant growth, while the slight premium over Q2 2026 suggests a steady, incremental approach to capital allocation rather than volatile swings.

About Murphy USA

Murphy USA is a leading retailer of gasoline and convenience merchandise with more than 1,800 stores located primarily in the Southwest, Southeast, Midwest and Northeast United States. The Company and its team of approximately 16,900 employees serve an estimated two million customers each day through its network of retail gasoline and convenience stores in 27 states.

The majority of Murphy USA's stores are located in close proximity to Walmart Supercenters, but the company also operates standalone stores that market gasoline and other products under the Murphy USA, Murphy Express, and QuickChek brands. Murphy USA ranks 263 among Fortune 500 companies.

Investor Contacts

• Christian Pikul – Vice President of Investor Relations and FP&A: Christian.Pikul@murphyusa.com
• Ash Aulds – Director of Investor Relations and FP&A: Ash.Aulds@murphyusa.com

Murphy USA Inc., a leading marketer of retail motor fuel products and convenience merchandise, announced financial results for the three and six months ended June 30, 2026, reporting a significant year-over-year improvement across all key metrics. Net income for Q2 2026 reached $209.1 million, or $11.27 per diluted share, compared to $145.6 million, or $7.36 per diluted share, in Q2 2025. Adjusted EBITDA rose to $377.3 million from $286.0 million in the prior-year quarter, reflecting higher fuel contribution margins, increased retail fuel volumes, and improved merchandise performance.

Consolidated Financial Highlights

The following table summarizes key consolidated operating metrics for the three and six months ended June 30:

Net Income and Adjusted EBITDA for Q2 2026 significantly outperformed the prior-year quarter. Contribution for both fuel and merchandise experienced growth, driven by increased total fuel contribution margins, higher total fuel volumes, and improved merchandise sales and unit margins. This strong performance was partially offset by increased store and other operating expenses including payment fees, higher income taxes, increased general and administrative expenses, greater depreciation and amortization, and higher interest expense. The increased retail fuel prices in Q2 2026 led to a significant increase in payment fees that accounted for two-thirds of the increase in operating expenses for the quarter.

"Murphy USA delivered another quarter of strong financial and operational performance, demonstrating the earnings power and durability of our low-cost, high-volume business model," said President and CEO Mindy West.

Fuel Performance

Total fuel contribution dollars of $518.8 million increased $125.8 million, or 32.0%, in Q2 2026 compared to Q2 2025, primarily due to higher total fuel contribution margin and higher retail fuel volumes. Retail fuel contribution dollars increased $89.8 million, or 25.0%, to $448.9 million compared to Q2 2025, driven by higher retail fuel margins and increased volumes sold. Retail fuel margins were 35.1 cpg in Q2 2026, a 20.2% increase compared to the prior-year quarter, and overall retail fuel volumes were 3.9% higher. Fuel supply contribution including RINs increased $36.0 million compared to Q2 2025, primarily due to the impact of market-driven pricing and the timing of inventory activity during the period.

Total retail gallons increased 3.9%, and volumes on a same store sales (SSS) basis increased 0.5%, in Q2 2026 compared to Q2 2025.

Merchandise Performance

Total merchandise contribution increased $8.7 million, or 4.0%, to $227.4 million in Q2 2026 compared to the prior-year quarter, driven by higher merchandise sales volume and improved unit margins. Total nicotine contribution dollars increased 6.1% and non-nicotine contribution dollars increased 2.9% in Q2 2026 compared to Q2 2025. Total merchandise contribution increased 2.2% on a SSS basis in Q2 2026 compared to the prior-year quarter.

Operating Expenses and Store Network

Total store and other operating expenses were $33.5 million higher in Q2 2026 versus Q2 2025, mainly due to increases in payment fees and higher employee-related expenses at existing stores combined with increases in net new store operating expenses. Store OPEX excluding payment fees and rent on an APSM basis were 1.1% higher versus Q2 2025, primarily attributable to increased employee-related expenses tied to new store growth. Total SG&A costs for Q2 2026 were $9.6 million higher than Q2 2025, primarily due to higher employee-related expenses and incentive accruals.

During Q2 2026, the company opened 6 new-to-industry (NTI) stores and closed 3, for a net change of 3 stores. Year-to-date in 2026, 12 NTI stores were opened and 6 were closed, for a net YTD change of 6 stores. As of June 30, 2026, the total store count stood at 1,806, comprising 1,659 Murphy USA/Express locations and 147 QuickChek locations. At the end of Q2, 36 stores were under construction (32 NTI and 4 raze-and-rebuilds).

Financial Resources and Capital Allocation

As of June 30, 2026, cash balances totaled $175.4 million. Long-term debt consisted of approximately $497.6 million in carrying value of 4.75% senior notes due 2029, $496.5 million in carrying value of 3.75% senior notes due 2031, $493.3 million in carrying value of 5.875% senior notes due 2034, and $580.6 million of term debt due 2032, combined with approximately $99.0 million in long-term finance leases. The revolving credit facility due 2030 was undrawn at quarter end.

During the quarter, the company issued $500 million aggregate principal amount of 5.875% Senior Notes due 2034 pursuant to an indenture dated as of May 27, 2026, and retired $300 million 5.625% Senior Notes due 2027.

During Q2 2026, the company repurchased approximately 143.1 thousand common shares for $76.8 million at an average price of $536.60 per share. As of June 30, 2026, approximately $145.1 million remained available under the existing $1.5 billion 2023 authorization. In addition, the company had $2.0 billion of capacity available under its previously announced share repurchase 2025 authorization, which becomes effective upon completion of the 2023 authorization and expires on December 31, 2030.

The company paid a quarterly cash dividend of $0.64 per share on June 1, 2026, or $2.56 per share on an annualized basis, a 28.0% year-over-year increase from June of 2025, for a total cash payment of $11.8 million. Year-to-date, the company has paid $23.5 million in dividends, or $1.27 per share. The effective income tax rate was approximately 24.7% for Q2 2026 compared to 24.4% in Q2 2025.

2026 Guidance Update

Concurrent with the earnings release, the company provided a full-year guidance update. The following table summarizes original guidance ranges and current expectations:

Management noted that assuming second half all-in fuel margins average 35 cents per gallon, versus 37.9 cents per gallon in the first half, the business is expected to deliver Net Income of approximately $636 million and Adjusted EBITDA of approximately $1.25 billion for the full year 2026. NTI additions are expected to be closer to 45 new stores in the calendar year, and the company expects to complete 10 raze-and-rebuilds in 2026.