Murphy USA Inc. (MUSA) Earnings
Murphy USA Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $9.40. MUSA has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +16.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $5.37 | $7.28 | +35.6% | $4.8B | +2.6% |
| Feb 4, 2026 | $6.67 | $7.53 | +12.9% | $4.7B | +7.0% |
| Oct 29, 2025 | $6.60 | $7.25 | +9.8% | $5.1B | +4.7% |
| Jul 30, 2025 | $6.82 | $7.36 | +7.9% | $5.0B | -4.8% |
| Feb 5, 2025 | $6.46 | $6.96 | +7.7% | $4.7B | -3.8% |
| Oct 30, 2024 | $6.68 | $7.20 | +7.8% | $5.2B | -5.4% |
| Jul 31, 2024 | $6.92 | $6.92 | +0.0% | $5.5B | -4.2% |
| May 1, 2024 | $4.58 | $3.12 | -31.9% | $4.8B | -1.0% |
| Feb 7, 2024 | $6.25 | $7.00 | +12.0% | $5.1B | -7.9% |
| Nov 1, 2023 | $6.38 | $7.69 | +20.5% | $5.8B | +4.3% |
| Aug 2, 2023 | $5.98 | $6.02 | +0.7% | $5.6B | -1.0% |
| May 2, 2023 | $4.02 | $4.80 | +19.4% | $5.1B | -8.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Rebranded PS&W plus RINS business to fuel supply and provided explanation. - Clarified April volumes are on an average per store month basis. - First quarter was strong, focus on building long-term shareholder value. - Everyday low price model brings customers in, non-nicotine sales up at Murphy stores with margin growth. - Working on improving QuickCheck stores in Northeast by simplifying menu, rationalizing assortment, evolving culture to sales-first mentality.
Guidance
- Didn't update 2026 guidance as there's too much volatility and unknowns early in the year. - Fuel supply results volatile month to month dependent on price direction, magnitude, and duration. - Focus on execution, react to market conditions daily, retail margins expected in certain ranges depending on market volatility.
Segment performance
The firm rebranded the PS&W plus RINS business as fuel supply. Fuel supply results were high in the first quarter. Core business had certain performance, with non-nicotine sales up 2% with margins up over 4% at Murphy stores. Details on fuel margin and related impacts from price changes were discussed, but specific absolute revenue figures and contribution percentages weren't provided in detailed tabular form.
Analyst Q&A
Q: What circumstances would have to occur for the balance of the year not to exceed 2026 guidance?
A: A lot would have to happen given the first quarter momentum, but with too much volatility and unknowns early, hard to predict, but will react to market conditions daily.
Q: How to think about evolution of fuel margin?
A: Fuel supply results high in Q1, core business has certain margin, depends on price direction; if prices increase, positive inventory valuations in fuel supply, if decline, opposite, but retail margins may expand with volume potential.
Q: Outlook for consumer?
A: Everyday low price model brings customers, relatively little pressure on non-discretionary categories; seeing new and last customers, non-nicotine sales up, but some discretionary category decisions changing.
Q: Relative pricing advantages as fuel prices migrate higher?
A: In lower price environment, put $0.02 a gallon on street in certain areas, in higher price environment, less aggressive but still price where needed to hold volume.
Q: Capital allocation priorities?
A: First priority building 45 - 55 sites, then rateable share repurchases, may procure supplies for new stores, deleveraging not high priority now.
Q: Geopolitical and supply market impact?
A: Market moving closer to balance, but supply replenishment slowing, some tightness expected, investment bank increased WTI forecast helping.
Q: QuickCheck store progress?
A: Drag in Northeast due to QSR pressures, focusing on core items, simplifying menu, evolving culture to sales-first mentality, early stages of change.
Q: Gallon performance and consumer trade down?
A: Volume uplift from higher prices takes time, April volumes flat year over year, loyalty signups up, price sensitive customers one factor, market dynamics in different regions impact volume.
Q: Store operating expense?
A: Well controlled in Q1, benefits from store labor model changes, different approach to maintenance, new stores will affect OpEx growth.
Q: New environment impact on strategy?
A: Overall strategy remains, continue everyday low price, accelerate continuous improvement, push innovation agenda.
Q: Nicotine category durability?
A: Promotional activity favorable, strong performance, growing share, customers still figuring out preferences, manufacturers investing in trial, likely to continue growth.
Q: Retention of incremental customers?
A: Loyalty initiatives key, new member counts up, active members up, digital programs sophisticated, everyday low price resonates.
Q: Murphy store model evolution?
A: Part of innovation agenda to evaluate new formats, think about next layer of products/services, model needs to evolve, but early days of testing.
Q: Structural pressure on fuel margins?
A: Marginal retailer becomes more on margin when prices high, competitive entry and cost to serve issues play in, fuel supply results can have large swings.
Q: Trends by month in quarter?
A: Started strong, March different, fuel margin exploded in March, loyalty signups key leading indicator, fuel volume will come with time.
Q: PS&W business change driver?
A: Variability in price environment, magnitude and direction of price movements magnified in March, April not as dramatic so results not as strong as March.