Murphy USA’s net income more than doubled for the first quarter of 2026 compared to the year prior.
The El Dorado, Arkansas-based convenience-store chain reported Wednesday that its net income was $136.3 million for first-quarter 2026, compared to $53.2 million in first-quarter 2025.
- Murphy USA Inc. is No. 4 on CSP’s 2026 Top 40 update to the 2025 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2026 Top 202 ranking in June.
“Murphy USA delivered first quarter results that showcase the strength of our low-cost high volume operating model,” President and CEO Mindy West said in a statement. “As volatility was re-introduced to commodity markets, specifically in refined products, the business behaved far more favorably, as we would expect.”
Murphy is also on pace to open between 45 and 55 new stores in 2026, with six stores opened in the first quarter and 18 under construction, West said. Murphy USA had a total of 1,803 stores as of March 31. That includes 1,655 Murphy USA/Express stores and 148 QuickChek stores.
“As a reminder, we mentioned on the fourth-quarter call that the low-end of the 45-55 new store guided range was aligned with our internal organic growth plan, while the higher-end was attainable with potential bolt-on locations we may opportunistically choose to pursue,” Murphy CFO Donnie Smith said in prepared remarks.
While Murphy has traditionally grown organically, it acquired four stores from Stinker Stores last year. Murphy acquired Whitehouse Station, New Jersey-based QuickChek in January 2021.
How fuel and inside sales performed
Total fuel contribution for the first quarter was 35 cents per gallon, compared to 25.4 cents per gallon in the first quarter of 2025. Total retail gallons increased 2.1% and volumes on a same-store sales basis declined 0.1%, Murphy USA reported.
Merchandise contribution dollars for first-quarter 2026 increased 7.3% to $210.2 million on average unit margins of 20%, compared to first-quarter 2025 contribution dollars of $195.9 million on unit margins of 19.6%.
“Retail margins showed continued strength, despite a rising price environment, and our fuel supply business, which benefits during periods of rising prices, helped deliver strong all-in margins of 35 cents per gallon,” West said. “Inside sales remain consistent, although consumer spending is restrained in discretionary non-nicotine categories, where same-store sales are slightly below prior year. Nevertheless, thanks to exceptional nicotine performance, first quarter merchandise margin contribution was up $14 million versus the prior year, or a 7.3% increase, demonstrating early momentum versus the prior year first quarter merchandise contribution increase of just over $4 million.”
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