10-QPeriod: Q1 FY2026

CASEYS GENERAL STORES INC Quarterly Report for Q1 Ended Jul 31, 2025

Filed September 8, 2025For Securities:CASY

Summary

Casey's General Stores, Inc. (CASY) reported a strong first quarter for fiscal year 2026, with total revenue increasing by 11.5% to $4.57 billion, primarily driven by the acquisition of CEFCO Convenience Stores and continued same-store sales growth. Net income saw a significant rise of 19.5% to $215.4 million, translating to a diluted EPS of $5.77, up from $4.83 in the prior year period. The company's strategic focus on integrating acquisitions while driving organic growth in its core prepared food and beverage, grocery, and fuel segments appears to be yielding positive results. Key operational highlights include robust same-store sales increases in prepared food & dispensed beverage (5.6%) and grocery & general merchandise (3.8%), alongside a 18.0% rise in fuel gallons sold. The integration of CEFCO is contributing positively, though it slightly impacted the margin in prepared foods. Management remains focused on long-term shareholder value through strategic investments and acquisitions, while maintaining a solid liquidity position and effective capital allocation, including share repurchases.

Financial Highlights

42 data points
Beta

Revenue

$4.57B

Net Income

$215.35M

4.7% Net Margin

EPS (Diluted)

$5.77

Total Assets

$8.37B

Cash & Equivalents

$458.07M

Free Cash Flow

$262.37M

Financial Statements
Beta
Revenue$4.57B
Operating Expenses$698.18M
Interest Expense$26.85M
Net Income$215.35M
EPS (Basic)$5.80
EPS (Diluted)$5.77
Shares Outstanding (Basic)37.15M
Shares Outstanding (Diluted)37.35M

Key Highlights

  • 1Total revenue increased by 11.5% to $4.57 billion, driven by acquisitions and same-store sales growth.
  • 2Net income rose by 19.5% to $215.4 million, with diluted EPS of $5.77, a significant increase from $4.83 year-over-year.
  • 3Prepared food and dispensed beverage same-store sales grew by 5.6%, and grocery and general merchandise same-store sales increased by 3.8%.
  • 4Fuel gallons sold increased by 18.0%, though average retail price per gallon decreased by 9.4%.
  • 5The acquisition of CEFCO Convenience Stores contributed significantly to revenue growth, with 221 more stores operating compared to the prior year.
  • 6EBITDA increased by 19.8% to $414.3 million, reflecting improved profitability across segments.
  • 7The company maintained a strong liquidity position with $458.1 million in cash and cash equivalents and access to an $850 million revolving credit facility.

Frequently Asked Questions

Revenue growth was primarily driven by the acquisition of CEFCO Convenience Stores, which added 198 stores and a wholesale fuel network, contributing $522.3 million in revenue. Additionally, same-store sales increased by 5.6% in prepared food & dispensed beverage and 3.8% in grocery & general merchandise. Fuel gallons sold also increased by 18.0%.

The CEFCO acquisition contributed positively to overall revenue and EBITDA. However, it did lead to a slight decrease in the margin for prepared food and dispensed beverage, as CEFCO stores generally have lower margins in this category compared to typical Casey's stores. Overall, total revenue less cost of goods sold (exclusive of depreciation and amortization) as a percentage of revenue increased to 24.4% from 23.3% in the prior year.

Casey's experienced historically high average revenue less cost of goods sold per gallon, which remained relatively consistent. The company believes this metric will remain elevated in the near future, though it acknowledges potential short-term fluctuations. Regarding EVs, Casey's is strategically installing EV charging stations at select locations, with 230 stations at 47 stores as of July 31, 2025. While EV demand is currently lower in their Midwest footprint, they are prepared to expand their EV charging offerings as demand grows.

During the quarter, Casey's repurchased 69,687 shares of its common stock for $31.2 million under its share repurchase program. As of July 31, 2025, approximately $263.9 million remained available for future purchases under this program.