MUSA — what changed in the latest 10-Q
A section-by-section comparison of MUSA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −22 | ~52 | 41 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
The current-year quarter benefitted from the absence of any restructuring expenses when compared to the prior-year quarter.
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.
The effective income tax rate was approximately 24.6% for Q3 2026 compared to 25.1% in Q3 2025.
Nine Months Ended September 30, 2026 versus Nine Months Ended September 30, 2025
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% inc…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
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.
The effective income tax rate was approximately 24.7% for Q2 2026 compared to 24.4% in Q2 2025.
Six Months Ended June 30, 2026 versus Six Months Ended June 30, 2025
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 …
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.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice