Murphy USA Inc.

Previous wording

•Results of Operations— This section provides an analysis of our results of operations, including the results of our operating segment for the three and six months ended June 30, 2026 and 2025.

Current wording

•Results of Operations— This section provides an analysis of our results of operations, including the results of our operating segment for the three and nine months ended September 30, 2026 and 2025.

Previous wording

•Capital Resources and Liquidity— This section provides a discussion of our financial condition and cash flows as of and for the three and six months ended June 30, 2026 and 2025. It also includes a discussion of our capital structure and available sources of liquidity.

Current wording

•Capital Resources and Liquidity— This section provides a discussion of our financial condition and cash flows as of and for the three and nine months ended September 30, 2026 and 2025. It also includes a discussion of our capital structure and available sources of liquidity.

Previous wording

The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA®and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores in New Jersey and New York that operate under the QuickChek® brand, comprising our Northeast region. At June 30, 2026, we had a total of 1,806 Company stores in 27 states, of which 1,659 were Murphy branded and 147 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals.

Current wording

The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores in New Jersey and New York that operate under the QuickChek brand, comprising our Northeast region. At September 30, 2026, we had a total of 1,808 Company stores in 27 states, of which 1,662 were Murphy branded and 146 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals.

Previous wording

The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company’s cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q2 2026, WTI Spot prices experienced increased volatility with prices ranging from $70 per barrel to $115 per barrel with an average price of $96 per barrel in Q2 2026, compared to an average price of $65 per barrel in Q2 2025. Total fuel contribution (retail fuel margin plus fuel supply results which include Renewable Identification Numbers ("RINs")) was 40.6 cents per gallon ("cpg") in Q2 2026, compared to 32.0 cpg in Q2 2025.

Current wording

The cost of our main fuel products, gasoline and diesel, is greatly impacted by the cost of crude oil in the United States. Historically, a rising price environment for crude oil increases the Company’s cost for wholesale fuel products purchased, which in turn increases retail fuel prices. Rising prices can cause consumers to reduce discretionary fuel consumption, however our low-price model can also serve as a hedge to draw new customers which can offset the potential loss of discretionary volumes. In Q3 2026, WTI Spot prices remained volatile with prices ranging from $70 per barrel to $107 per barrel with an average price of $87 per barrel in Q3 2026, compared to an average price of $66 per barrel in Q3 2025. Total fuel contribution (retail fuel margin plus fuel supply results which include Renewable Identification Numbers ("RINs")) was 37.0 cents per gallon ("cpg") in Q3 2026, compared to 30.7 cpg in Q3 2025.

Previous wording

Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency (“EPA”) is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can offset the revenue received for RINs on a company-wide basis either favorably or unfavorably. The Renewable Fuel Standard ("RFS") program continues to be unpredictable and prices received by us for ethanol RINs averaged $2.06 per RIN in Q2 2026 compared to $1.01 per RIN in Q2 2025. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in “Other operating revenues” in the Consolidated Statements of Income.

Current wording

Our revenues are impacted by the ability to leverage our diverse supply infrastructure in pursuit of obtaining the lowest cost of fuel supply available; for example, activities such as blending bulk fuel with renewable fuels (ethanol) to capture and subsequently sell RINs. Under the Energy Policy Act of 2005, the Environmental Protection Agency (“EPA”) is authorized to set annual quotas establishing the percentage of motor fuels consumed in the United States that must be attributable to renewable fuels. Obligated parties are required to demonstrate that they have met any applicable quotas by submitting a certain number of RINs to the EPA. RINs in excess of the set quota can be sold in a market for RINs at then-prevailing prices. The market price for RINs fluctuates based on a variety of factors, including but not limited to governmental and regulatory action. There are other market related factors that can offset the revenue received for RINs on a company-wide basis either favorably or unfavorably. The prices received by us for ethanol RINs averaged $2.15 per RIN in Q3 2026 compared to $1.07 per RIN in Q3 2025. Our business model does not depend on our ability to generate revenues from RINs, and we have historically observed that changes in revenue are typically coupled with offsetting changes in cost of goods that minimizes the majority of any revenue movement. Revenue from the sales of RINs is included in “Other operating revenues” in the Consolidated Statements of Income.

Previous wording

As of June 30, 2026, we had $1.5 billion of Senior Notes and a $597.0 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. At June 30, 2026, we had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings, which is currently undrawn. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see "Significant Sources of Capital" in the "Capital Resources and Liquidity" section.

Current wording

As of September 30, 2026, we had $1.5 billion of Senior Notes and a $595.5 million term loan outstanding. We believe that we will generate sufficient cash from operations to fund our ongoing operating requirements and service our debt obligations. At September 30, 2026, we had additional available capacity under our revolving credit facility, which provides for up to $750 million of borrowings, which is currently undrawn. We expect to use the credit facilities to provide us with available financing to meet any short-term ongoing cash needs in excess of internally generated cash flows. To the extent necessary, we will borrow under these facilities to fund our ongoing operating requirements and other corporate initiatives. There can be no assurances, however, that we will generate sufficient cash from operations or be able to draw on the credit facilities, obtain commitments for our incremental facility, or obtain and draw upon other credit facilities. For additional information, see "Significant Sources of Capital" in the "Capital Resources and Liquidity" section.

Previous wording

Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and six months ended June 30, 2026, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2026.

Current wording

Our business has inherent seasonality due to the concentration of our retail stores in certain geographic areas, as well as customer behaviors during different seasons. In general, sales volumes and operating incomes are typically highest in the second and third quarters during the summer-activity months and lowest during the winter months. As a result, operating results for the three and nine months ended September 30, 2026, may not necessarily be indicative of the results that may be expected for the remainder of the year ending December 31, 2026.

Previous wording

The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and fuel supply assets. For additional operating segment information, see Note 22 “Business Segments” in the audited consolidated financial statements for the year ended December 31, 2025 included with our Annual Report on Form 10-K and Note 16 “Business Segments” in the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2026.

Current wording

The Company has one operating segment which is Marketing. The Marketing segment includes our retail marketing stores and fuel supply assets. For additional operating segment information, see Note 22 “Business Segments” in the audited consolidated financial statements for the year ended December 31, 2025 included with our Annual Report on Form 10-K and Note 16 “Business Segments” in the accompanying unaudited consolidated financial statements for the three and nine months ended September 30, 2026.

Previous wording

For the three months ended June 30, 2026, the Company reported net income of $209.1 million, or $11.27 per diluted share, on revenue of $6.8 billion. Net income was $145.6 million for the same period in 2025, or $7.36 per diluted share, on $5.0 billion of revenue. In the current year quarter, the Company experienced higher total fuel and merchandise contribution compared to the prior year period. This strong performance was partially offset by increased store and other operating expenses including payment fees, higher income taxes, increased general and administrative expenses, higher depreciation and amortization and higher interest expense period over period.

Current wording

For the three months ended September 30, 2026, the Company reported net income of $176.0 million, or $9.59 per diluted share, on revenue of $6.9 billion. Net income was $129.9 million for the same period in 2025, or $6.76 per diluted share, on $5.1 billion of revenue. In the current year quarter, the Company experienced higher total fuel contribution coupled with the absence of any restructuring expenses compared to the prior year period. The strong fuel performance was partially offset by increased store and other operating expenses including payment fees, combined with higher income taxes, lower merchandise contribution, higher depreciation and amortization and increased general and administrative expenses period over period.

Previous wording

For the six months ended June 30, 2026, the Company reported net income of $345.4 million, or $18.54 per diluted share, on revenue of $11.6 billion. Net income for the same period in 2025 was $198.8 million, or $9.95 per diluted share, on $9.5 billion of revenue. For the year-to-date period, the Company generated higher total fuel and merchandise contribution compared to the same period in 2025. Higher income tax expense, higher payment fees, increased store operating expenses, greater depreciation and amortization, increased general and administrative expenses and higher interest expense partially offset these benefits resulting in higher net income for the 2026 year-to-date period.

Current wording

For the nine months ended September 30, 2026, the Company reported net income of $521.4 million, or $28.09 per diluted share, on revenue of $18.5 billion. Net income for the same period in 2025 was $328.7 million, or $16.64 per diluted share, on $14.6 billion of revenue. For the year-to-date period, the Company generated higher total fuel and merchandise contribution compared to the same period in 2025, while also benefiting from the absence of restructuring expenses incurred in the prior period. Higher income tax expense, higher payment fees, increased store operating expenses, greater depreciation and amortization, increased general and administrative expenses and higher interest expense partially offset these benefits resulting in higher net income for the 2026 year-to-date period.

Previous wording

Revenues for Q2 2026 increased $1.8 billion, or 36.0%, compared to the same quarter in 2025. The increase in revenues was primarily due to a 37.4% increase in the average retail fuel sales price during the quarter in addition to an increase of 3.9% in retail fuel volumes and a 3.6% increase in merchandise sales revenue.

Current wording

Revenues for Q3 2026 increased $1.8 billion, or 34.8%, compared to the same quarter in 2025. The increase in revenues was primarily due to a 35.5% increase in the average retail fuel sales price in addition to an increase of 3.3% in retail fuel volumes, higher fuel supply revenues and a 2.9% increase in merchandise sales revenue.

Previous wording

Cost of sales in Q2 2026 increased $1.7 billion, or 37.9%, when compared to Q2 2025. In the current-year quarter, the increase was primarily the result of higher fuel cost coupled with higher fuel volumes sold and higher merchandise costs.

Current wording

Cost of sales in Q3 2026 increased $1.7 billion, or 37.7%, when compared to Q3 2025. In the current-year quarter, the increase was primarily the result of higher fuel cost coupled with higher fuel volumes sold, which accounted for 97.7% of the increased cost, with the remainder attributable to higher merchandise costs.

Previous wording

Store and other operating expenses increased $33.5 million, or 12.2%, in Q2 2026 compared to Q2 2025, primarily due to increases in payment fees, driven by increased retail fuel prices, which accounted for approximately two-thirds of the increase and higher employee related expenses at existing stores combined with increases from net new store operating expenses.

Current wording

Store and other operating expenses increased $32.0 million, or 11.2%, in Q3 2026 compared to Q3 2025. The increase was primarily due to higher payment fees that are proportionally driven by the increased retail fuel prices, which accounted for approximately three-fourths of the increase, coupled with higher employee related expenses at existing stores combined with increases from net new store operating expenses.

Previous wording

Selling, general and administrative ("SG&A") expenses for Q2 2026 increased $9.6 million, or 18.9%, versus Q2 2025. The increase in SG&A costs is primarily due to higher employee related expenses and incentive accruals in the current quarter.

Current wording

Selling, general and administrative ("SG&A") expenses for Q3 2026 increased $4.3 million, or 7.8%, versus Q3 2025. The increase in SG&A costs is primarily due to higher incentive accruals partly offset by lower wages and benefits in the current quarter.

Previous wording

Depreciation and amortization expense increased $6.2 million in Q2 2026, or 9.4%, when compared to the same period of 2025, primarily due to the increased number of Murphy branded stores with larger formats in the quarter.

Current wording

Depreciation and amortization expense increased $5.2 million in Q3 2026, or 7.4%, when compared to the same period of 2025, primarily due to the increased number of new stores in the quarter.

Previous wording

The effective income tax rate was approximately 24.7% for Q2 2026 compared to 24.4% in Q2 2025.

Current wording

The effective income tax rate was approximately 24.6% for Q3 2026 compared to 25.1% in Q3 2025.

Previous wording

Year-to-date revenues increased $2.1 billion, or 22.0%, compared to the same period in 2025. The increase in revenues was due to a 21.4% increase in the average retail fuel sales prices, which increased 60 cpg, a 3.0% increase in retail fuel volumes, a 4.3% increase in merchandise sales revenue and higher fuel supply revenues.

Current wording

Year-to-date revenues increased $3.9 billion, or 26.5%, compared to the same period in 2025. The increase in revenues was the result of a 26.1% increase in the average retail fuel sales prices, which increased 73 cpg, a 3.1% increase in retail fuel volumes, higher fuel supply revenues and a 3.8% increase in merchandise sales revenue.

Previous wording

Year-to-date cost of sales increased $1.8 billion, or 21.7%, compared to the same period in 2025. In the current-year period, the higher costs were primarily due to higher fuel cost, which increased 26.1%, and a 4.0% increase in merchandise cost of goods sold.

Current wording

Year-to-date cost of sales increased $3.5 billion, or 27.3%, compared to the same period in 2025. In the current-year period, the higher costs were primarily due to higher fuel cost, which increased 33.0%, and a 4.1% increase in merchandise cost of goods sold.

Previous wording

Year-to-date store and other operating expenses increased $47.2 million, or 8.7%, compared to the same period in 2025, primarily due to increases in payment fees, which accounts for over 60% of the increase, and higher employee related expenses at existing stores combined with increase in net new store operating expenses.

Current wording

Year-to-date store and other operating expenses increased $79.2 million, or 9.6%, compared to the same period in 2025, primarily due to increases in payment fees, which accounts for approximately two-thirds of the increase coupled with higher employee related expenses at existing stores combined with increases from net new store operating expenses.

Previous wording

SG&A expenses for the first six months of 2026 increased $6.1 million, or 5.5%, compared to the first six months of 2025. The increase in SG&A costs is primarily due to higher incentive accruals versus the same period of 2025.

Current wording

SG&A expenses for the first nine months of 2026 increased $10.4 million, or 6.3%, compared to the first nine months of 2025. The increase in SG&A costs is primarily due to higher incentive accruals versus the same period of 2025.

Previous wording

Depreciation and amortization expense increased $10.1 million, or 7.5%, year-to-date from the same period of 2025 primarily due to the increased number of Murphy branded stores with larger formats in the period.

Current wording

Depreciation and amortization expense increased $15.3 million, or 7.5%, year-to-date from the same period of 2025 primarily due to the increased number of new stores in the period.

Previous wording

The effective income tax rate was approximately 23.9% for the six months ended June 30, 2026 versus approximately 21.9% for the same period of 2025.

Current wording

The effective income tax rate was approximately 24.1% for the nine months ended September 30, 2026 versus 23.2% for the same period of 2025.

Previous wording

Marketing segment net income for the six months ended June 30, 2026 was higher compared to the same six-month period in 2025 primarily due to:

Current wording

Marketing segment net income for the nine months ended September 30, 2026 was higher compared to the same nine-month period in 2025 primarily due to:

Previous wording

The items below partially offset the increase in net income in the six-month period:

Current wording

The items below partially offset the increase in net income in the nine-month period:

Previous wording

Net income in the Marketing segment for Q2 2026 increased $64.9 million, to $232.8 million when compared to the Q2 2025 period. Contributions from both fuel and merchandise were higher in the current quarter, driven by increased total fuel contribution margins, higher total fuel volumes and improved merchandise sales and unit margins. The exceptional performance in these areas was partially offset by increased store and other operating expenses including payment fees, higher income taxes, increased general and administrative expenses and greater depreciation and amortization in Q2 2026 compared to the Q2 2025 period.

Current wording

Net income in the Marketing segment for Q3 2026 increased $36.0 million, to $199.9 million when compared to the Q3 2025 period. Contributions from fuel were higher in the current quarter, driven by increased total fuel contribution margins and higher total fuel volumes. The performance in fuel was partially offset by increased store and other operating expenses including payment fees, combined with higher income taxes, lower overall merchandise contribution, greater depreciation and amortization and increased general and administrative expenses in Q3 2026 compared to the Q3 2025 period.

Previous wording

Total fuel contribution for Q2 2026, was $518.8 million, an increase of $125.8 million, or 32.0%, compared to Q2 2025. This increase was due to higher retail fuel contribution and fuel volumes sold coupled with higher fuel supply margins in the period when compared to Q2 of 2025. Retail fuel margins on a cpg basis increased 20.2% in Q2 2026 to 35.1 cpg, compared to 29.2 cpg in the prior year period. Total retail fuel volumes increased 3.9% and fuel sales volumes on an SSS basis increased 0.5% in Q2 2026 when compared to Q2 2025. Total fuel supply contribution dollars, including RINs, increased $36.0 million in Q2 2026 when compared to Q2 2025, primarily due to the impact of market-driven pricing and the timing of inventory activity during the period.

Current wording

Total fuel contribution for Q3 2026, was $479.4 million, an increase of $94.6 million, or 24.6%, compared to Q3 2025. The increase was due primarily to higher fuel supply margins coupled with higher fuel volumes sold, partially offset by lower retail fuel margins in the period when compared to Q3 of 2025. Retail fuel margins on a cpg basis decreased 3.2% in Q3 2026 to 27.4 cpg, compared to 28.3 cpg in the prior year period. Total retail fuel volumes increased 3.3% and fuel sales volumes on an SSS basis increased 0.1% in Q3 2026 when compared to Q3 2025. Total fuel supply contribution dollars, including RINs, increased $94.1 million in Q3 2026 when compared to Q3 2025, primarily due to the impact of market-driven pricing and the timing of inventory activity during the period.

Previous wording

Store and other operating expenses increased $33.4 million in Q2 2026 compared to Q2 2025, primarily due to increases in payment fees driven by increased retail fuel prices, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent were 1.1% higher (2.4% higher on a same store APSM basis), primarily attributable to increased employee related expenses.

Current wording

Store and other operating expenses increased $32.1 million in Q3 2026 compared to Q3 2025, primarily due to increases in payment fees driven by increased retail fuel prices, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an SSS basis, expenses applicable to store OPEX excluding payment fees and rent were 0.8% lower, primarily attributable to reduced maintenance expenses, which were partially offset by increased employee related expenses.

Previous wording

SG&A expenses in Q2 2026 were $9.6 million higher compared to Q2 2025, due primarily to higher employee related expenses and incentive accruals in the current quarter.

Current wording

SG&A expenses in Q3 2026 were $4.3 million higher compared to Q3 2025, due primarily to incentive accruals partly offset by lower wages and benefits in the current quarter.

Previous wording

Depreciation and amortization expense increased $6.2 million, or 10.4%, in Q2 2026 compared to Q2 2025 due to the increased number of larger format Murphy branded stores in the quarter.

Current wording

Depreciation and amortization expense increased $5.0 million, or 7.9%, in Q3 2026 compared to Q3 2025 due to the increased number new stores in the quarter.

Previous wording

Net income in the Marketing segment for the six months ended June 30, 2026 increased $147.7 million compared to the six months ended June 30, 2025. The increase was primarily due to higher total fuel contribution, higher fuel sales volumes and higher overall merchandise contributions, which were partially offset by higher payment fees, increased store operating expenses, higher income tax expense, increased SG&A expenses and greater depreciation and amortization.

Current wording

Net income in the Marketing segment for the nine months ended September 30, 2026 increased $183.7 million compared to the nine months ended September 30, 2025. The increase was primarily due to higher total fuel contribution, higher fuel sales volumes and higher overall merchandise contributions, which were partially offset by higher income tax expense, higher payment fees, increased store operating expenses, greater depreciation and amortization and increased SG&A expenses.

Previous wording

Total fuel contribution for the six-month period ended June 30, 2026 was $922.7 million, an increase of $242.4 million, or 35.6%, compared to the first six months of 2025. This was primarily due to higher retail fuel contribution and higher fuel volumes sold coupled with higher contribution from fuel supply margins in the period when compared to the first six months of 2025. Retail fuel margins on a cpg basis increased 14.7%, to 30.5 cpg, for the six-month period ended June 30, 2026, compared to 26.6 cpg in the same period of 2025. Total retail fuel sales volumes increased 3.0%, and volumes on an SSS basis decreased 0.1% in the six-month period ended June 30, 2026 when compared to the same six-month period of 2025. Total fuel supply contribution dollars, including RINs, increased $127.3 million compared to the first six months of 2025, primarily due to pricing impacts related to market conditions and timing of inventory movements.

Current wording

Total fuel contribution for the nine-month period ended September 30, 2026 was $1.4 billion, an increase of $337.0 million, or 31.6%, compared to the first nine months of 2025. This was primarily due to higher retail fuel contribution and higher fuel volumes sold coupled with higher contribution from fuel supply margins in the period when compared to the first nine months of 2025. Retail fuel margins on a cpg basis increased 8.1%, to 29.4 cpg, for the nine-month period ended September 30, 2026, compared to 27.2 cpg in the same period of 2025. Total retail fuel sales volumes increased 3.1%, and volumes on an SSS basis decreased 0.1% in the nine-month period ended September 30, 2026 when compared to the same nine-month period of 2025. Total fuel supply contribution dollars, including RINs, increased $221.4 million compared to the first nine months of 2025, primarily due to pricing impacts related to market conditions and timing of inventory movements.

Previous wording

Total merchandise sales were up 4.3% in the six months ended June 30, 2026 to approximately $2.2 billion compared to $2.1 billion in the first six months of 2025. Year-to-date 2026 total merchandise contribution increased 5.5% compared to the same period of 2025, primarily due to favorable sales mix, higher retail prices and promotional activity, combined with increased store count compared to the prior year period. Total year-to-date SSS merchandise contribution dollars improved 3.5% compared to the same period of 2025 with an increase of 7.4% in nicotine products margins and a flat performance to the prior year period in non-nicotine product margins.

Current wording

Total merchandise sales were up 3.8% in the nine months ended September 30, 2026 to approximately $3.3 billion compared to $3.2 billion in the first nine months of 2025. Year-to-date 2026 total merchandise contribution increased 2.5% compared to the same period of 2025, primarily due to favorable sales mix, higher retail prices and strategic promotional activity, combined with increased store count compared to the prior year period. Total year-to-date SSS merchandise contribution dollars improved 0.5% compared to the same period of 2025 with an increase of 1.1% in nicotine products margins and a flat performance to the prior year period in non-nicotine product margins.

Previous wording

Store and other operating expenses increased $47.2 million, or 8.7%, in the current year compared to the same six-month period of 2025, primarily due to increases in payment fees, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an APSM basis, expenses applicable to store OPEX excluding payment fees and rent increased 0.8%, primarily due to employee related expenses.

Current wording

Store and other operating expenses increased $79.3 million, or 9.6%, in the current year compared to the same nine-month period of 2025, primarily due to increases in payment fees, higher employee related expenses at existing stores combined with increases from net new store operating expenses. On an SSS basis, expenses applicable to store OPEX excluding payment fees and rent increased 0.9%, primarily due to employee related expenses.

Previous wording

SG&A expenses increased $6.1 million in 2026 compared to the same six-month period of 2025 due primarily to higher incentive accruals.

Current wording

SG&A expenses increased $10.4 million in 2026 compared to the same nine-month period of 2025 due primarily to higher incentive accruals.

Previous wording

Depreciation and amortization expense increased $10.6 million, or 8.8%, in the first six months of 2026 due to new larger store formats for Murphy branded stores.

Current wording

Depreciation and amortization expense increased $15.6 million, or 8.5%, in the first nine months of 2026 due to the increased number of new stores.

Previous wording

Loss from continuing operations for Corporate and other assets for Q2 2026 was $23.7 million, compared to a loss of $22.3 million in Q2 2025. The increase from the prior year quarter was primarily due to a $1.5 million increase in net interest expense and a $0.8 million decrease in the income tax benefits, partially offset by a $0.9 million increase in investment income.

Current wording

Loss from continuing operations for Corporate and other assets for Q3 2026 was $23.9 million, compared to a loss of $34.0 million in Q3 2025. The decrease from the prior year quarter was primarily due to the absence of $12.6 million of restructuring expenses, a $1.6 million increase in investment income and a $0.7 million decrease in net interest expense, partially offset by a $3.7 million reduction in the income tax benefits.

Previous wording

Loss from continuing operations for Corporate and other assets was $49.3 million for the six months ended June 30, 2026, compared to a loss of $48.2 million in the same period of 2025. The year-over-year increase was primarily due to $5.1 million increase in net interest expense, partially offset by a $1.8 million increase in the income tax benefit, a $1.3 million increase in investment income, a $0.7 million increase in other nonoperating income and a $0.5 million reduction in depreciation and amortization expense period over period.

Current wording

Loss from continuing operations for Corporate and other assets was $73.2 million for the nine months ended September 30, 2026, compared to a loss of $82.2 million in the same period of 2025. The year-over-year decrease was primarily due to the absence of $12.6 million of restructuring expenses and a $3.0 million increase in investment income, partially offset by a $4.4 million increase in net interest expense and a $1.9 million reduction in the income tax benefits.

Previous wording

The following table sets forth the Company’s EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, restructuring expenses, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Current wording

The following table sets forth the Company’s EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, restructuring expenses, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Previous wording

As of June 30, 2026, we had $175.4 million of cash and cash equivalents. Our cash management policy provides that cash balances in excess of a certain threshold may be reinvested in certain types of low-risk investments. We have a committed cash flow revolving credit facility providing for aggregate borrowings of $750 million, which can be utilized for working capital and other general corporate purposes, including supporting our operating model as described herein. As of June 30, 2026, there were no outstanding borrowings under our Revolving Facility reported in Long-term debt in the Consolidated Balance Sheet. The Revolving Facility had $183.0 million of outstanding borrowings at December 31, 2025.

Current wording

As of September 30, 2026, we had $161.8 million of cash and cash equivalents and $34.2 million of marketable securities. Our cash management policy provides that cash balances in excess of a certain threshold may be reinvested in certain types of low-risk investments. We have a committed cash flow revolving credit facility providing for aggregate borrowings of $750 million, which can be utilized for working capital and other general corporate purposes, including supporting our operating model as described herein. As of September 30, 2026, there were no outstanding borrowings under our Revolving Facility reported in Long-term debt in the Consolidated Balance Sheet. The Revolving Facility had $183.0 million of outstanding borrowings at December 31, 2025.

Previous wording

Net cash provided by operating activities was $555.0 million for the six months ended June 30, 2026 and was $383.6 million for the same period of 2025, an increase of $171.4 million, or 44.7%. The increase for the six months ended June 30, 2026 is mainly due to an increase in net income of $146.6 million, higher deferred and noncurrent tax charges of $15.8 million, increased depreciation of $10.1 million and an increase in the amount of cash provided from changes in non-cash working capital of $7.3 million, partially offset by a decrease in other operating activities of $6.1 million compared to the same period in 2025.

Current wording

Net cash provided by operating activities was $903.1 million for the nine months ended September 30, 2026 and was $568.4 million for the same period of 2025, an increase of $334.7 million, or 58.9%. The increase is mainly due to an increase in net income of $192.7 million, an increase in the amount of cash provided from changes in non-cash working capital of $156.2 million and increased depreciation of $15.3 million, partially offset by lower deferred and noncurrent tax charges of $8.9 million and a decrease in other operating activities of $5.1 million compared to the same period in 2025.