Filing Flows › Murphy USA (MUSA) › Q2 2026 › vs Q1 2026
Murphy USA (MUSA) Q2 2026 vs Q1 2026 (quarter over quarter)
Murphy USA's revenue rose $2.0B (+41%) from $4.8B in Q1 2026 to $6.8B in Q2 2026. The biggest changes: Petroleum product sales +$1.9B (+50%); Merchandise sales +$82.9M (+8%); Other operating revenues +$52.7M (+72%). Operating margin 4.5% against 4.3% (+0.2 pts).
Murphy USA, Q2 2026: revenue $6.8B (+36% year over year), operating margin 4.5%, net earnings $209M, operating cash flow $235M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 4.5% | 4.3% | +0.2 pts |
| Net margin | 3.1% | 2.8% | +0.2 pts |
| Free cash flow margin | 1.8% | 4.6% | -2.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Petroleum product sales (at retail) | $4.9B | $3.3B | $1.6B | +48% |
| Petroleum product sales (at wholesale) | $636M | $374M | $262M | +70% |
| Petroleum product sales | $5.5B | $3.7B | $1.9B | +50% |
| Merchandise sales | $1.1B | $1.0B | $82.9M | +8% |
| Other operating revenues | $126M | $73.3M | $52.7M | +72% |
| Other revenues | $1.2M | $1.4M | −$200K | -14% |
| Revenue | $6.8B | $4.8B | $2.0B | +41% |
| Operating profit | $305M | $205M | $99.7M | +49% |
| Costs & expenses | $6.5B | $4.6B | $1.9B | +41% |
| Pre-tax earnings | $278M | $176M | $101M | +58% |
| Other expense, net | $27.3M | $29.0M | −$1.7M | -6% |
| SG&A | $60.5M | $56.6M | $3.9M | +7% |
| Other operating costs | $6.4B | $4.6B | $1.9B | +41% |
| Net earnings | $209M | $136M | $72.8M | +53% |
| Income tax | $68.5M | $39.9M | $28.6M | +72% |
| Depreciation & amortization | $72.2M | $72.1M | $100K | +0.1% |
| Share-based compensation | $4.9M | $3.4M | $1.5M | +44% |
| Working capital & other | $51.2M | −$108M | $159M | — |
| Operating cash flow | $235M | $320M | −$85.0M | -27% |
| Free cash flow (OCF − capex) | $123M | $222M | −$98.4M | -44% |
| Capital expenditures | $112M | $98.3M | $13.4M | +14% |
Questions
How much did Murphy USA's revenue grow quarter over quarter in Q2 2026?
Murphy USA's revenue rose $2.0B (+41%) from $4.8B in Q1 2026 to $6.8B in Q2 2026.
What drove Murphy USA's revenue change in Q2 2026?
Petroleum product sales +$1.9B (+50%); Merchandise sales +$82.9M (+8%); Other operating revenues +$52.7M (+72%).