What drove the strong third-quarter earnings growth?

Higher inside and fuel gross profit drove the increase. Inside margin rose about 130 basis points on cost of goods management and product mix, and fuel margin widened to 41.0 cents per gallon from 36.4 cents, while same-store inside sales grew 4.0%.

Why did management raise its fiscal 2026 outlook?

The company cited strong year-to-date financial performance. It now expects EBITDA growth of 18%-20%, inside same-store sales growth of 3.5%-4.5%, and an inside margin of about 41.5%-42.5%.

Are rising operating expenses a concern?

Operating expenses rose 4.1% in the quarter, though the comparison benefited from $13 million of prior-year Fikes acquisition costs. Drivers included higher same-store employee costs, snow removal, and increased incentive and charitable accruals. Full-year operating expense growth is now expected at about 10%, which investors should monitor against sales growth.

How is Casey's positioned financially and for shareholder returns?

The company held about $465 million in cash and roughly $900 million in available credit lines at January 31, 2026. It repurchased about $76 million of stock during the quarter, has about $157 million left under its authorization, and approved a $0.57 quarterly dividend.

What are the company's growth plans?

Casey's expects to open at least 80 stores in fiscal 2026 through a mix of acquisitions and new construction, bringing its three-year strategic plan to about 500 stores. Capital expenditures are expected to be about $600 million for the year, and it is not updating its same-store fuel gallon outlook of negative 1% to positive 1%.

CASY 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed March 9, 2026. Cited figures are marked; the original filing is the authoritative source.

Casey's General Stores (Nasdaq: CASY) reported strong third-quarter fiscal 2026 results for the three months ended January 31, 2026.

Diluted EPS rose 49.8% to $3.49^a and net income increased 49.3% to $130.1 million, while EBITDA grew 27.5% to $308.9 million. The gains were driven by higher inside and fuel gross profit. Inside same-store sales rose 4.0%, inside margin expanded roughly 130 basis points to 42.2%, and fuel margin improved to 41.0 cents per gallon from 36.4 cents a year earlier.

Total fuel gross profit increased 15.3%^b, and inside gross profit rose 8.9%. Management raised its fiscal 2026 outlook. EBITDA is now expected to grow 18% to 20%, inside same-store sales growth is now 3.5% to 4.5%, and the inside margin target is approximately 41.5% to 42.5%.

Total operating expenses are now expected to rise about 10%, a notable cost increase that partly offsets top-line strength. Liquidity remains solid at roughly $1.4 billion^c, and the company repurchased about $76 million of stock during the quarter. The Board also approved a quarterly dividend of $0.57 per share, payable May 15, 2026.

For investors, the quarter shows healthy margin expansion in both inside and fuel categories, with the comparison helped by $13 million^d of prior-year Fikes deal and integration costs. Operating expense growth of 4.1% in the quarter, driven by labor rates, snow removal, and incentive accruals, is the main watch item.

Management continues to expect at least 80 store openings in fiscal 2026. Earnings call is scheduled for March 10, 2026.

02—Key points

Key Highlights

Diluted EPS of $3.49, up 49.8% year over year; net income of $130.1 million, up 49.3%
EBITDA of $308.9 million, up 27.5%, with fiscal 2026 EBITDA guidance raised to 18%-20% growth
Inside same-store sales up 4.0% (7.9% two-year stack); inside margin expanded about 130 bps to 42.2%
Fuel margin of 41.0 cents per gallon versus 36.4 cents last year; total fuel gross profit up 15.3% to $348.2 million
Total operating expenses up 4.1%, with fiscal 2026 operating expense growth now expected at approximately 10%
Approximately $1.4 billion in liquidity; $76 million of share repurchases in the quarter with $157 million remaining authorization
Quarterly dividend of $0.57 per share approved, payable May 15, 2026; at least 80 store openings planned for fiscal 2026

03—Questions

Frequently Asked Questions

What drove the strong third-quarter earnings growth?
Higher inside and fuel gross profit drove the increase. Inside margin rose about 130 basis points on cost of goods management and product mix, and fuel margin widened to 41.0 cents per gallon from 36.4 cents, while same-store inside sales grew 4.0%.
Why did management raise its fiscal 2026 outlook?
The company cited strong year-to-date financial performance. It now expects EBITDA growth of 18%-20%, inside same-store sales growth of 3.5%-4.5%, and an inside margin of about 41.5%-42.5%.
Are rising operating expenses a concern?
Operating expenses rose 4.1% in the quarter, though the comparison benefited from $13 million of prior-year Fikes acquisition costs. Drivers included higher same-store employee costs, snow removal, and increased incentive and charitable accruals. Full-year operating expense growth is now expected at about 10%, which investors should monitor against sales growth.
How is Casey's positioned financially and for shareholder returns?
The company held about $465 million in cash and roughly $900 million in available credit lines at January 31, 2026. It repurchased about $76 million of stock during the quarter, has about $157 million left under its authorization, and approved a $0.57 quarterly dividend.
What are the company's growth plans?
Casey's expects to open at least 80 stores in fiscal 2026 through a mix of acquisitions and new construction, bringing its three-year strategic plan to about 500 stores. Capital expenditures are expected to be about $600 million for the year, and it is not updating its same-store fuel gallon outlook of negative 1% to positive 1%.

04—Continue

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