MUSA NYSE Russell 1000 Earnings call
Murphy USA (MUSA) · Q2 2026 results and valuation
Share price: $527.78 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 30 Apr 2026
Net income up 53.4% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+53.4%
Net income vs Q1 2026
Net income 209.1M vs 136.3M
Revenue +41.2%
Against the same quarter last year (Q2 2025) it is +43.6%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
Margins improved by over 20% in Q2 2026, matching the improvement seen in the first quarter.
Valuation
Is Murphy USA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −6.1% growth a year (3-year revenue growth), the model's fair value is $56.93 a share — the stock trades 827% above it. Today's price assumes 24.1% growth a year.
Current price
$527.78
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+24.1% for 10 yrs
Fair value / share
$56.93
Buy below
$42.69
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Figure
That number has also ticked up in the second quarter to approaching 46% as new or lapsed customers.
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Fading
The core business generated $0.025 per share in the second quarter, excluding the impact of the higher fuel supply prices seen in the first quarter.
Source quote
“Well, fuel supply results were high in the first quarter as we explained. The core business, though, generated $0.025, including the impact -- excluding the impact of those higher prices.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And the good news is the business throws off enough cash flow for us to be balanced at that over the sweep of time, and we can easily afford to...”
“exceptional pouch momentum and reinforces our ability to continue to grow share and hold share across the entire store, not just nicotine.”
“And so I think our momentum in the second quarter demonstrated improved cigarette performance.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 6.81B | 4.82B | +41.2% | 5.00B | +36.0% |
| Operating income | 304.9M | 205.2M | +48.6% | 219.2M | +39.1% |
| Net income | 209.1M | 136.3M | +53.4% | 145.6M | +43.6% |
| EPS | 11.27 | 7.28 | +54.8% | 7.36 | +53.1% |
| P/E today 15.7 | 16.5 | 17.2 | −0.7 | 16.9 | −0.4 |
Topics
Most discussed now
- New What Murphy USA is seeing is this is exactly the type of environment that underlines why it values the assets and capabilities...
- New What Murphy USA hasn't seen so far is a pronounced decline in price, which would gather incremental volumes for it as...
- Dependent on when that price increase or decrease happens, because if it happens close to a weekend, people are...
- You could call Murphy USA's margin forecast somewhat conservative.
Faded since Q1 2026
- Fading At the same time, that should serve to expand retail margins at the same time, hopefully, volume as well as...
- Fading If prices continue to increase, then you should expect the positive inventory valuations in that part of the business that...
- Fading Murphy USA is viewing that as a really strong signal of those customers actively seeking value and choosing Murphy as part...
- Fading Murphy USA is seeing some signs of market stabilization though as margins are now returning to a more new normal markets...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K