Murphy USA’s revenue from renewable identification numbers more than doubled during the second quarter of 2026 to $124.8 million from $59.8 million as stronger fuel margins and higher volumes drove a 32% increase in total fuel contribution.
Total fuel contribution reached $518.8 million, up from $393 million a year earlier. Retail fuel contribution increased 25% to $448.9 million, while fuel supply contribution including RINs benefited from market-driven pricing and the timing of inventory activity.
Retail fuel margins increased 20.2% to 35.1 cents per gallon from 29.2 cents, while total retail fuel volumes increased 3.9%. Same-store fuel volumes increased 0.5%. Total fuel contribution per gallon increased to 40.6 cents from 32 cents.
Merchandise also contributed to the quarter’s growth. Merchandise contribution increased 4% to $227.4 million, with average unit margins improving to 20.1% from 20%.
The stronger operating results pushed Q2 net income to $209.1 million from $145.6 million. Adjusted EBITDA increased to $377.3 million from $286 million.
Murphy USA also returned capital through $76.8 million of Q2 share repurchases and increased its quarterly dividend 28% year-over-year to $0.64 per share. The company has $2 billion of additional repurchase capacity under its 2025 authorization after the remaining capacity under its existing authorization is completed.
Based on an assumption of second-half all-in fuel margins averaging 35 cents per gallon, Murphy USA said it expects approximately $636 million of 2026 net income and approximately $1.25 billion of Adjusted EBITDA.
KEY QUOTES:
“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.”
“Fuel results, together with merchandise contribution growth and continued expense discipline, drove meaningful growth in earnings and Adjusted EBITDA during the quarter.”
Mindy West, President And Chief Executive Officer Of Murphy USA
