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Murphy USA (MUSA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Murphy USA (MUSA) Q3 2026 earnings results →
Q3 2026 Revenue up 35% year over year to $6.9B · 3¢ of every $1 of revenue kept as net profit · operating margin 3.8%
Murphy USA made $6.9B in Q3 2026 (+35% Y/Y): Petroleum product sales $5.6B, Merchandise sales $1.2B, Other operating revenues $136M. Operating margin 3.8%, net earnings $176M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $6.9B in Q3 2026, up 35% year over year and up 1% from the previous quarter. Petroleum product sales (at retail) was the largest line at 72% of revenue. Petroleum product sales (at retail) added $1.4B year over year (up 40%), 79% of the total change. Other revenues declined 15%.
Operating profit was $0.26B, a 3.8% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 4% margin then. Total costs grew 35% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+35%). Net earnings were $0.18B, up 35% year over year. The effective tax rate was 24.7%.
Operating cash flow was $0.35B (up 88% year over year), 198% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.15B left free cash flow of $0.19B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $6.9B | +35% | 3.8% | $176M | $348M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $6.8B | +36% | 4.5% | $209M | $235M |
| Q1 2026 | 10-Q | May 7, 2026 | $4.8B | +6% | 4.3% | $136M | $320M |
| Q4 2025 | 10-K | Feb 18, 2026 | $4.7B | +0.7% | 4.4% | $142M | $246M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $5.1B | -2% | 3.9% | $130M | $185M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $5.0B | -8% | 4.4% | $146M | $255M |
| Q1 2025 | 10-Q | May 8, 2025 | $4.5B | -7% | 1.9% | $53.2M | $128M |
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About Murphy USA
Murphy USA Inc. ("Murphy USA", the "Company", "we", "us", or "our") was incorporated in Delaware on March 1, 2013 and holds, through its subsidiaries, the former U.S. retail marketing business of its former parent company, Murphy Oil Corporation (“Murphy Oil”), plus other assets and liabilities of Murphy Oil that supported the activities of the U.S. retail marketing operations. In addition, on January 29, 2021, the Company acquired Quick Chek Corporation ("QuickChek" or "QC"), a privately held convenience store chain. Our business consists primarily of the marketing of retail motor fuel products and convenience merchandise through a network of 1,800 retail stores located in 27 states, of which 1,649 were branded as Murphy stores and 151 were branded as QuickChek stores.
In its own words, from its 10-K, filed Feb 18, 2026.
Murphy USA against its Retail-Auto Dealers & Gasoline Stations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +4%. Operating margin: 3.8% against the peers' median 4.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MUSA Murphy USA | Q3 2026 | $6.9B | +35% | 3.8% |
| LAD Lithia Motors | Q3 2026 | $9.9B | +3% | 4.2% |
| PAG Penske Automotive Group | Q3 2026 | $8.4B | +4% | 3.6% |
| CVNA Carvana | Q3 2026 | $8.0B | +42% | 8.9% |
| KMX CarMax | Q2 FY27 | $7.9B | +20% | 2.8% |
| AN Autonation | Q3 2026 | $7.0B | -0.4% | 4.5% |
| CASY Caseys General Stores | Q1 FY27 | $5.7B | +24% | 6.1% |
| GPI Group 1 Automotive | Q3 2026 | $5.4B | -7% | 3.7% |
| ABG Asbury Automotive Group | Q3 2026 | $4.4B | -8% | 4.7% |
Source: Murphy USA 10-Q on SEC EDGAR · CIK 1573516 · Retail-Auto Dealers & Gasoline Stations
Guidance and outlook
13F: who owns MUSA and who is buying
More on MUSA
- How Murphy USA makes money: revenue by segment
- Murphy USA next earnings date and what analysts expect
- Murphy USA stock forecast, price target and fair value
- Who owns Murphy USA stock: holders, funds and Congress trades
- Murphy USA guidance and outlook
- Is Murphy USA a takeover target? LBO and rumors
- Murphy USA recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Murphy USA guidance history: guided vs reported
- Murphy USA operating margin by quarter
- Murphy USA net income by quarter
- Murphy USA free cash flow by quarter
- Murphy USA capital expenditures by quarter
- Murphy USA Petroleum product sales revenue by quarter
- Murphy USA Merchandise sales revenue by quarter
- Murphy USA Other operating revenues revenue by quarter