EL DORADO, Ark. — Murphy USA reported a 35.5% increase in third-quarter net income, supported by stronger fuel supply earnings and higher retail fuel volumes, even as merchandise profitability declined from a year earlier.
The convenience store and fuel retailer reported net income of $176 million, or $9.59 per diluted share, for the quarter ended September 30, compared with $129.9 million, or $6.76 per share, a year earlier. Adjusted EBITDA increased to $336.6 million from $285.1 million.
Total fuel contribution increased 24.6% to $479.4 million, driven by stronger fuel supply results and a 3.3% increase in retail gallons sold. Total fuel contribution per gallon climbed to 37 cents from 30.7 cents, while same-store fuel volumes edged up 0.1%.
“We are pleased with our third-quarter performance, which reflects the resilience of our customers and the durability of our business model,” said Murphy USA president and CEO Mindy West.
West said customers continued to rely on Murphy USA for essential fuel and convenience purchases despite higher, more volatile fuel prices. The company also benefited from market-driven fuel pricing and supply dynamics.
Merchandise sales increased 2.9% to $1.16 billion, but merchandise contribution declined 2.8% to $234.5 million as unit margins narrowed to 20.3% from 21.5%.
The decline was primarily attributable to a difficult comparison with the prior-year quarter, which benefited from significant nicotine pouch promotions that did not repeat in 2026. Nicotine contribution fell 8%, while non-nicotine contribution increased by 3.1%.
On a same-store basis, merchandise sales increased 0.2%, with nicotine sales up 1.5% and non-nicotine sales down 1.9%. Total merchandise contribution decreased 4.7% on a same-store basis.
Murphy USA continued to expand its store network during the quarter, opening four new-to-industry locations and closing two stores. The company ended September with 1,808 locations, including 1,662 Murphy USA and Murphy Express stores and 146 QuickChek locations.
At quarter-end, 51 new-to-industry stores were under construction, along with two raze-and-rebuild projects underway.
Operating expenses increased to $317.9 million from $285.9 million, largely reflecting higher payment processing fees driven by rising fuel prices. Excluding payment processing fees and rent, same-store operating expenses declined 0.8%.
For the first nine months of 2026, Murphy USA reported net income of $521.4 million, up from $328.7 million in the comparable period in 2025.
The company also repurchased approximately $157.7 million of its shares in the third quarter and announced an increase in its quarterly dividend to 72 cents per share, payable on December 1.
West said Murphy USA remains focused on disciplined execution, cost control, and strengthening its ability to perform amid changing market conditions.
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