musa-20260331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 001-35914

MURPHY USA INC.

(Exact name of registrant as specified in its charter)



Delaware		46-2279221
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 Peach Street
El Dorado,	Arkansas	71730-5836

(Address of principal executive offices)		(Zip Code)

(870) 875-7600

(Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	MUSA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Number of shares of Common Stock, $0.01 par value, outstanding at March 31, 2026 was 18,470,685.



MURPHY USA INC.

TABLE OF CONTENTS



			Page
Part I – Financial Information


			Item 1. Financial Statements (Unaudited)


	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	2
	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	37
	Item 4. Controls and Procedures	38
Part II – Other Information
	Item 1. Legal Proceedings	39
	Item 1A. Risk Factors	39
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	39
	Item 5. Other Information	39
	Item 6. Exhibits	40
Signatures		41

ITEM 1. FINANCIAL STATEMENTS

Murphy USA Inc.

Consolidated Balance Sheets


	March 31,		December 31,
(Millions of dollars, except share amounts)	2026		2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	118.6	$	28.9

Accounts receivable—trade, less allowance for doubtful accounts of $0.2 and $0.3 at 2026 and 2025, respectively	354.1		276.2
Inventories, at lower of cost or market	363.3		413.0
Prepaid expenses and other current assets	35.1		29.7

Total current assets	871.1		747.8

Property, plant and equipment, at cost less accumulated depreciation and amortization of $2,244.3 and $2,173.5 at 2026 and 2025, respectively	2,981.2		2,962.8

Operating lease right of use assets, net	523.7		526.3
Intangible assets, net of amortization	139.3		139.3
Goodwill	328.0		328.0
Other assets	23.1		21.6

Total assets	$	4,866.4	$	4,725.8

Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	19.2	$	19.0
Trade accounts payable and accrued liabilities	1,018.6		865.2
Income taxes payable	12.0		44.9


Total current liabilities	1,049.8		929.1

Long-term debt, including capitalized lease obligations	2,137.3		2,163.6
Deferred income taxes	397.9		388.5
Asset retirement obligations	53.3		52.5
Non-current operating lease liabilities	532.6		534.6
Deferred credits and other liabilities	36.8		34.0
Total liabilities	4,207.7		4,102.3
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at 2026 and 2025, respectively)	0.5		0.5
Treasury stock (28,296,479 and 28,201,581 shares held at 2026 and 2025, respectively)	(4,092.1)		(4,031.7)
Additional paid in capital (APIC)	453.5		482.4
Retained earnings	4,296.8		4,172.3

Total stockholders' equity	658.7		623.5
Total liabilities and stockholders' equity	$	4,866.4	$	4,725.8

See notes to consolidated financial statements.

Murphy USA Inc.

Consolidated Statements of Income

(unaudited)


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2026		2025
Operating Revenues
Petroleum product sales1	$	3,696.8	$	3,489.8
Merchandise sales	1,049.2		999.4
Other operating revenues	73.3		36.2
Total operating revenues	4,819.3		4,525.4

Operating Expenses
Petroleum product cost of goods sold1	3,366.0		3,238.3
Merchandise cost of goods sold	839.0		803.5
Store and other operating expenses	279.8		266.1
Depreciation and amortization	72.1		68.2
Selling, general and administrative	56.6		60.1

Accretion of asset retirement obligations	0.9		0.9

Total operating expenses	4,614.4		4,437.1


Gain (loss) on sale of assets	0.3		(