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 · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +43 | −21 | ~34 | 38 |
| 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 · 2026-08-06
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 Com…
Three Months Ended June 30, 2026 versus Three Months Ended June 30, 2025
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 merch…
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.
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 stor…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Three Months Ended March 31, 2026 versus Three Months Ended March 31, 2025
Revenues for Q1 2026 increased $0.3 billion, or 6.5%, compared to the same quarter in 2025. The increase in revenues was primarily due to a 3.3% increase in the average retail fuel sales price during the quarter, an increase of 2.1% in fuel sales volumes and a 5.0% increase in merchandise sales reve…
Cost of sales in Q1 2026 increased $0.2 billion, or 4.0%, when compared to Q1 2025. In the current-year quarter, the increase was primarily due to higher fuel cost coupled with higher fuel volumes sold and higher merchandise costs.
Store and other operating expenses increased $13.7 million, or 5.1%, in Q1 2026 compared to Q1 2025, primarily due to increases from net new store operating expenses combined with higher employee related expenses at existing stores.
Selling, general and administrative ("SG&A") expenses for Q1 2026 decreased $3.5 million, or 5.8%, versus Q1 2025. The decrease in SG&A costs is primarily due to lower employee related expenses in the current quarter.
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