Murphy USA Q3 2026: Fuel supply drives an 11.5% earnings beat

Murphy USA posted Q3 2026 GAAP earnings of $9.59 per share, exceeding expectations on both earnings and revenue in the same quarter.

The engine behind the outperformance was the Fuel Supply business, where contribution including RINs surged $94.1 million year over year, helped by market-driven RIN pricing and the timing of inventory activity amid higher fuel prices.

Merchandise was the softer side of the ledger. Contribution slipped 2.8% to $234.5 million, with unit margin narrowing to 20.3% from 21.5%, largely because the quarter lapped an unusually strong nicotine pouch promotional period from a year ago. CEO Mindy West noted that underlying strength across the nicotine ecosystem persists, and non-nicotine contribution dollars actually grew 3.1%.

Results also benefited from the absence of the restructuring charge that weighed on Q3 2025, bringing adjusted EBITDA to $336.6 million, with operating cash flow higher and shares repurchased during the quarter.

The board declared a $0.72 quarterly dividend, an 11% increase from the prior rate, payable December 1 to shareholders of record November 4. With 53 stores under construction heading into Q4, the expansion pipeline signals where management expects the earnings trajectory to go.