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Casey's Q1 revenue jumps 24% to $5.68 billion

CASEY’S GENERAL STORES, INC.

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q

Rhea-AI Filing Summary

CASEY’S GENERAL STORES, INC. (CASY) reported strong first‑quarter fiscal 2027 results, with total revenue of $5.68 billion, up 24.3% from a year earlier, and net income of $273.7 million, up 27.1%.

Diluted EPS rose to $7.37 from $5.77, driven by higher profitability in both in‑store categories and fuel. EBITDA increased 17.1% to $485.1 million. Same‑store prepared food and dispensed beverage sales grew 4.8% and grocery and general merchandise grew 2.7%, while same‑store fuel gallons declined 0.3% but fuel revenue benefited from a 33.0% increase in average retail fuel price and higher cents‑per‑gallon contribution.

Operating cash flow was $384.1 million, exceeding capital expenditures and acquisitions of $238.3 million. CASY ended the quarter with $524.1 million in cash, a current ratio of about 1.02x, and total long‑term debt (including current portion) of about $2.43 billion, supported by an $850 million revolving credit facility with $42.6 million drawn. The company operated 2,959 stores across 19 states and continued returning capital via repurchasing 54,647 shares for $45.6 million under its expanded $1.0 billion authorization.

Positive

  • Revenue up 24.3% year over year to $5.68 billion, with broad-based growth in prepared food, grocery and fuel.
  • Net income up 27.1% to $273.7 million and diluted EPS rising to $7.37 from $5.77.
  • EBITDA increased 17.1% to $485.1 million, reflecting higher profitability inside the store and in fuel.
  • Prepared food and dispensed beverage margin expanded to 59.3% of category revenue from 58.0%, supporting higher in‑store profitability.
  • Operating cash flow of $384.1 million more than covered $238.3 million of capex and acquisitions, supporting growth investment.
  • Fuel revenue per gallon contribution rose to 47.8 cents from 41.0 cents, despite a lower fuel margin percentage.
  • Same‑store prepared food and dispensed beverage sales grew 4.8% and grocery and general merchandise 2.7%, indicating healthy core demand.

Negative

  • Fuel revenue less cost of goods sold margin declined to 12.0% of fuel revenue from 13.7%, highlighting percentage margin pressure despite higher cents‑per‑gallon.
  • Operating expenses rose 8.0% to $754.1 million, driven by labor, credit card fees, additional stores and insurance.
  • Net cash used in investing activities increased to $234.7 million from $102.0 million, reflecting significantly higher capex and acquisition spending.
  • Total long‑term debt including current portion is about $2.43 billion, and a 100 bps interest rate move would impact annualized interest expense by about $9.7 million.
  • The current ratio remains low at approximately 1.02x, indicating a relatively tight short‑term liquidity cushion despite ample revolver capacity.

Filing Explained

Casey’s reports that two lawsuits alleging improper Store Manager classification were settled for an amount not material to its financial statements; courts approved the settlements during the quarter, and distribution of the settlement funds is underway, without an admission of wrongdoing.

Total revenue $5.68 billion Three months ended July 31, 2026; up 24.3% from prior-year quarter
Net income $273.7 million Three months ended July 31, 2026; up 27.1% year over year
Diluted EPS $7.37 Three months ended July 31, 2026; previously $5.77
EBITDA $485.1 million Three months ended July 31, 2026; up 17.1% from $414.3 million
Fuel gallons sold 934,212 thousand gallons Three months ended July 31, 2026; up 2.5% from 911,780 thousand
Fuel revenue less cost of goods sold per gallon 47.8 cents Three months ended July 31, 2026; previously 41.0 cents
Net cash provided by operating activities $384.1 million Three months ended July 31, 2026; up from $372.4 million
Total long-term debt including current portion $2.43 billion As of July 31, 2026; before deducting $4.2 million of debt issuance costs
EBITDA financial
"We define EBITDA as net income before net interest expense, income taxes, and depreciation and amortization."
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
same-store sales financial
"Same-store sales of prepared food and dispensed beverage increased 4.8% and grocery and general merchandise increased 2.7% during the quarter."
Same-store sales measure the revenue generated by stores that have been open for a certain period, typically a year, comparing their sales over different time frames. It helps assess whether a business is growing due to increased customer activity at existing locations rather than new stores. For investors, this figure indicates the health and performance of a company's core operations, independent of expansion efforts.
renewable identification numbers regulatory
"The Company recognized $25,736 from renewable identification number ("RIN") related activities from 10.9 million RINs during the quarter."
Renewable identification numbers (RINs) are unique, tradeable credits generated for each unit of qualifying renewable fuel produced or blended, similar to coupons that prove a seller met a clean-fuel requirement. Regulators require fuel suppliers to retire or trade these credits to show compliance, so RIN prices act like a market signal that affects fuel producers’ margins, refinery costs and investors’ outlooks on companies exposed to biofuel mandates.
noncompliance environmental credits regulatory
"As a result, the Company has recognized the RINs as noncompliance environmental credits."
Consolidated Leverage Ratio financial
"The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement."
A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.
interest rate swap financial
"We utilize an interest rate swap to manage exposure to fluctuations in variable interest rates on certain of our outstanding debt instruments."
An interest rate swap is a financial agreement where two parties exchange interest payments on a set amount of money over time. Typically, one side pays a fixed interest rate, while the other pays a variable rate that can change with market conditions. This helps investors manage or reduce their exposure to interest rate fluctuations, much like locking in a mortgage rate to avoid future cost increases.
Revenue $5.68 billion +24.3% vs prior-year quarter
Net income $273.7 million +27.1% vs prior-year quarter
Diluted EPS $7.37 up from $5.77 a year earlier
EBITDA $485.1 million +17.1% vs prior-year quarter
Same-store prepared food & dispensed beverage sales 4.8% increase same-store metric vs prior-year quarter
Same-store grocery & general merchandise sales 2.7% increase same-store metric vs prior-year quarter
Same-store fuel gallons 0.3% decrease same-store metric vs prior-year quarter

FAQ

How did CASEY’S (CASY) revenue perform in the quarter ended July 31, 2026?
Total revenue was $5.68 billion for the quarter ended July 31, 2026, up 24.3% from $4.57 billion a year earlier. Growth was driven by increases in prepared food and dispensed beverage, grocery and general merchandise, fuel, and other revenue such as wholesale fuel.

What were CASY’s earnings and EPS for the July 31, 2026 quarter?
Net income was $273.7 million, compared with $215.4 million in the prior‑year quarter. Diluted earnings per share increased to $7.37 from $5.77, supported by higher profitability inside the store and in fuel, partially offset by higher operating expenses and depreciation.

How did same-store sales trend for CASEY’S (CASY) in the quarter?
Same‑store prepared food and dispensed beverage sales increased 4.8%, and grocery and general merchandise same‑store sales increased 2.7%. Same‑store fuel gallons sold decreased 0.3%, though total fuel gallons sold rose 2.5% due to store growth.

What is CASEY’S (CASY) EBITDA and how did it change year over year?
EBITDA was $485.1 million for the three months ended July 31, 2026, up 17.1% from $414.3 million a year earlier. The increase was primarily attributable to higher profitability both inside the store and in fuel, partly offset by increased operating expenses.

What is CASY’s debt level and interest rate sensitivity?
Long‑term debt including current maturities totaled about $2.43 billion at July 31, 2026. Based on outstanding term loan balances, a 100‑basis‑point change in interest rates would have an approximate annualized impact of $9.7 million on interest expense.

How strong is CASEY’S (CASY) liquidity position as of July 31, 2026?
Cash and cash equivalents were $524.1 million, and the current ratio was about 1.02x. The company had an $850 million revolving credit facility with $42.6 million outstanding and an additional $50 million bank line with no borrowings, providing substantial committed liquidity.

What share repurchases did CASEY’S (CASY) execute during the quarter?
CASEY’S repurchased and retired 54,647 shares of common stock for a total of $45.6 million, excluding fees and taxes. As of July 31, 2026, $972.6 million remained available under the expanded share repurchase program authorized up to $1.0 billion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34700 
CASEY’S GENERAL STORES, INC.
(Exact name of registrant as specified in its charter)

Iowa42-0935283
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification Number)
One SE Convenience Blvd., Ankeny, Iowa
(Address of principal executive offices)
50021
(Zip Code)
(515) 965-6100
(Registrant’s telephone number, including area code)
Securities Registered pursuant to Section 12(b) of the Act 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par value per shareCASYThe NASDAQ Global Select Market

Securities Registered pursuant to Section 12(g) of the Act
NONE 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company ☐Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at September 2, 2026
Common stock, no par value per share36,960,167 shares
Table of Contents
CASEY’S GENERAL STORES, INC.
INDEX
 
Page
PART I
FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Financial Statements
Condensed consolidated balance sheets---as of July 31, 2026 and April 30, 2026 (unaudited)
4
Condensed consolidated statements of income---three months ended July 31, 2026 and 2025 (unaudited)
5
Condensed consolidated statements of shareholders' equity---three months ended July 31, 2026 and 2025 (unaudited)
6
Condensed consolidated statements of cash flows---three months ended July 31, 2026 and 2025 (unaudited)
7
Notes to unaudited condensed consolidated financial statements
9
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
14
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
21
Item 4.
Controls and Procedures
21
PART II
OTHER INFORMATION
Item 1.
Legal Proceedings
22
Item 1A.
Risk Factors
22
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
22
Item 6.
Exhibits
23
SIGNATURE
24

3
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(DOLLARS IN THOUSANDS)
 
July 31,
2026		April 30,
2026
Assets
Current assets:
Cash and cash equivalents$524,059 $522,991 
Receivables245,837 243,502 
Inventories557,968 557,151 
Prepaid and other current assets60,997 29,783 
Income taxes receivable— 10,585 
Total current assets1,388,861 1,364,012 
Operating lease right-of-use assets, net430,740 432,640 
Other assets, net of amortization137,685 121,249 
Goodwill1,284,216 1,268,686 
Property and equipment, net of accumulated depreciation of $3,546,531 at July 31, 2026 and $3,444,442 at April 30, 2026
5,879,761 5,749,468 
Total assets$9,121,263 $8,936,055 
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities of long-term debt and finance lease obligations$104,323 $101,357 
Accounts payable853,659 823,804 
Accrued expenses and current portion of operating lease liabilities 377,013 425,445 
Income taxes payable28,618 — 
Total current liabilities1,363,613 1,350,606 
Long-term debt and finance lease obligations, net of current maturities2,326,200 2,330,237 
Deferred income taxes772,640 739,843 
Operating lease liabilities, net of current portion457,625 459,284 
Insurance accruals, net of current portion32,167 32,140 
Other long-term liabilities75,105 72,226 
Total liabilities5,027,350 4,984,336 
Shareholders’ equity:
Preferred stock, no par value— — 
Common stock, no par value— — 
Retained earnings4,093,913 3,951,719 
Total shareholders’ equity4,093,913 3,951,719 
Total liabilities and shareholders' equity$9,121,263 $8,936,055 
See notes to unaudited condensed consolidated financial statements.



4
Table of Contents
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
 
Three Months Ended
July 31,
20262025
Total revenue$5,678,336 $4,567,106 
Cost of goods sold (excluding depreciation and amortization, shown separately below)4,439,142 3,454,660 
Operating expenses754,111 698,176 
Depreciation and amortization115,994 108,963 
Interest, net22,059 26,850 
Income before income taxes347,030 278,457 
Federal and state income taxes73,310 63,102 
Net income$273,720 $215,355 
Net income per common share
Basic$7.40 $5.80 
Diluted$7.37 $5.77 
Basic weighted average shares outstanding36,965,113 37,148,383 
Plus dilutive effect of share-based compensation177,144 203,697 
Diluted weighted average shares outstanding37,142,257 37,352,080 
See notes to unaudited condensed consolidated financial statements.
5
Table of Contents
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
 
Shares OutstandingCommon
Stock		Retained
Earnings		Shareholders' Equity
Balance at April 30, 202636,904,285 $— $3,951,719 $3,951,719 
Net income— — 273,720 273,720 
Dividends declared (65 cents per share)
— — (24,252)(24,252)
Repurchase of common stock(54,647)— (45,642)(45,642)
Share-based compensation220,996 16,930 — 16,930 
Tax withholdings on employee share-based awards(91,213)(16,930)(61,632)(78,562)
Balance at July 31, 202636,979,421 $— $4,093,913 $4,093,913 
Shares OutstandingCommon
Stock		Retained
Earnings		Shareholders' Equity
Balance at April 30, 202537,119,083 $49,605 $3,459,065 $3,508,670 
Net income— — 215,355 215,355 
Dividends declared (57 cents per share)
— — (21,422)(21,422)
Repurchase of common stock(69,687)(18,931)(12,320)(31,251)
Share-based compensation223,589 15,221 — 15,221 
Tax withholdings on employee share-based awards(92,000)(45,895)— (45,895)
Balance at July 31, 202537,180,985 $— $3,640,678 $3,640,678 

See notes to unaudited condensed consolidated financial statements.

6
Table of Contents
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(DOLLARS IN THOUSANDS)
 
Three Months Ended
July 31,
20262025
Cash flows from operating activities:
Net income$273,720 $215,355 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization115,994 108,963 
Amortization of debt issuance costs516 516 
Change in excess replacement cost over LIFO inventory valuation1,094 8,327 
Share-based compensation16,930 15,221 
Loss on disposal of assets and impairment charges2,222 561 
Deferred income taxes32,797 47,457 
Changes in assets and liabilities:
Receivables(7,304)(15,873)
Inventories(577)(6,868)
Prepaid and other current assets(31,214)(20,040)
Accounts payable6,381 35,019 
Accrued expenses(50,257)(25,729)
Income taxes39,761 5,595 
Other, net(15,991)3,913 
Net cash provided by operating activities384,072 372,417 
Cash flows from investing activities:
Purchase of property and equipment(194,395)(110,046)
Payments for acquisition of businesses, net of cash acquired(43,904)(9,495)
Proceeds from sales of assets3,578 17,499 
Net cash used in investing activities(234,721)(102,042)
Cash flows from financing activities:
Proceeds from long-term debt42,625 — 
Payments of long-term debt and finance lease obligations(45,207)(42,163)
Payments of cash dividends(22,283)(19,655)
Repurchase of common stock and payment of related excise taxes(44,856)(31,251)
Tax withholdings on employee share-based awards(78,562)(45,895)
Net cash used in financing activities(148,283)(138,964)
Net increase in cash and cash equivalents1,068 131,411 
Cash and cash equivalents at beginning of the period522,991 326,662 
Cash and cash equivalents at end of the period$524,059 $458,073 



7
Table of Contents
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Continued)
(DOLLARS IN THOUSANDS)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Three months ended July 31,
20262025
Cash paid during the period for:
Interest, net of amount capitalized$22,498 $26,896 
Income taxes, net751 10,050 
Noncash activities:
       Purchased property and equipment in accounts payable114,088 64,905 
       Right-of-use assets obtained in exchange for new finance lease liabilities1,188 4,448 
       Right-of-use assets obtained in exchange for new operating lease liabilities4,133 — 
See notes to unaudited condensed consolidated financial statements.

8
Table of Contents
CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Dollars in Thousands, Except Per Share Amounts)
 

1.    Presentation of Financial Statements
As of July 31, 2026, Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,959 convenience stores in 19 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000.
The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

2.    Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of July 31, 2026 and April 30, 2026, the results of operations for the three months ended July 31, 2026 and 2025, and shareholders' equity and cash flows for the three months ended July 31, 2026 and 2025. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the most recent audited financial statements for our consideration of new accounting pronouncements issued prior to this fiscal year.
During the quarter, the Company elected to early adopt ASU 2026‑02, Environmental Credits and Environmental Credit Obligations (Topic 818). The standard establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The new standard impacts the Company's accounting for renewable identification numbers ("RINs"). The Company adopted the guidance on a retrospective basis effective May 1, 2026. The effect of applying the guidance to prior-period financial statements was not material and no cumulative-effect adjustment to the opening balance of retained earnings was required. Refer to Note 3 for the required disclosures and details of the new accounting policy.

3.    Revenue and Cost of Goods Sold
The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income.
A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of July 31, 2026 and April 30, 2026, the Company recognized a contract liability of $74,734 and $72,695, respectively, primarily related to the Casey's Rewards program, which is included in accrued expenses and current portion of operating lease liabilities on the condensed consolidated balance sheets.
The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.
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RINs are assigned to gallons of renewable fuels produced and are used to track compliance with the U.S. Renewable Fuel Standard ("RFS"). At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product. This process enables the Company to detach the RIN assigned to each gallon of ethanol or biodiesel and sell it in a transaction separate from the eventual sale of the related biofuel. Since we are not an obligated party under the RFS, the Company sells all RINs through exchange transactions. As a result, the Company has recognized the RINs as noncompliance environmental credits. The Company has elected to utilize the accounting policy election to measure these noncompliance environmental credits at fair value as of the reporting date. The fair value of RINs recognized are based upon quoted market prices for RINs in active markets, which are considered Level 1 inputs within the fair value hierarchy, and are recorded on the condensed consolidated balance sheets within prepaid and other current assets. As of July 31, 2026 and April 30, 2026, outstanding balances were immaterial to the financial statements. When RINs are sold or adjusted to fair value, the gains or losses recognized are recognized through cost of goods sold within the condensed consolidated statements of income. The Company did not recognize any impairment losses on these assets for the three months ended July 31, 2026, and 2025.

4.    Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure
The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs within the fair value hierarchy. The fair value of the Company’s long-term debt was approximately $2,219,000 and $2,226,000 at July 31, 2026 and April 30, 2026, respectively. The fair value calculated excludes finance lease obligations of $113,808 and $115,197 outstanding at July 31, 2026 and April 30, 2026, respectively, which are included with long-term debt on the condensed consolidated balance sheets.
Interest, net on the condensed consolidated statements of income is net of interest income of $3,548 for the three months ended July 31, 2026, and $2,977 for the three months ended July 31, 2025. Interest, net is also net of interest capitalized of $1,091 for the three months ended July 31, 2026, and $495 for the three months ended July 31, 2025.
Revolving Facility
The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”), which matures on April 21, 2028. Amounts borrowed under the Revolving Facility, bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The Company had $42,625 and $0 outstanding under the Revolving Facility at July 31, 2026 and April 30, 2026, respectively, which is included with long-term debt on the condensed consolidated balance sheets.
Bank Line
The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at July 31, 2026 and April 30, 2026. The Bank Line is due upon demand.

5.    Compensation Related Costs and Share-Based Payments
The 2025 Stock Incentive Plan (the “2025 Plan”) was approved by the Company’s shareholders on September 3, 2025, at the Company’s annual shareholders meeting (the “2025 Plan Effective Date”). There were 1,650,000 shares available for issuance under the 2025 Plan as of the 2025 Plan Effective Date. The 2025 Plan replaces the 2018 Stock Incentive Plan (the "2018 Plan"), under which no new awards were allowed to be granted as of the 2025 Plan Effective Date. Outstanding awards under the 2018 Plan continue to be governed by the terms thereof and the award agreements made pursuant thereto, including any such terms that are intended to survive the termination of the 2018 Plan or the settlement of such awards. Shares subject to awards under the 2018 Plan that expire, are forfeited, cancelled, or settled in cash will be added back to the shares available for issuance under the 2025 Plan. Awards under the 2025 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards, each of which, upon issuance, is counted as one share against the 2025 Plan share reserve. At July 31, 2026, there were 1,593,826 shares that remain available for grant under the 2025 Plan.
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We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. Forfeitures are recognized as they occur.
The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. Certain awards include performance and market conditions. Performance-based awards are primarily based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, and depreciation and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards.
We recognize these amounts as an operating expense in our condensed consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee.
Information concerning the unvested restricted stock units is presented in the following table. At July 31, 2026, there were no stock options, stock appreciation rights or other equity-based awards outstanding.
SharesWeighted-Average
Grant Date Fair
Value per Share
Unvested at April 30, 2026474,383 $342 
Granted55,959 803 
Vested(220,996)265 
Forfeited(8,457)417 
Performance Award Adjustments12,900 468 
Unvested at July 31, 2026313,789 $482 
Total share-based compensation costs recorded for employees and non-employee directors for the three months ended July 31, 2026 and 2025 were $16,930 and $15,221, respectively, related entirely to restricted stock unit awards. As of July 31, 2026, there was $86,554 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal 2030, with a weighted average remaining term of 1.5 years. The fair value of restricted stock unit awards vested during the three months ended July 31, 2026 was $189,707 as of the applicable vest date.

6.    Commitments and Contingencies
From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations.
The Company is named as a defendant in two lawsuits alleging that it misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA) - White (f/k/a McColley) v. Casey’s General Stores, Inc. in the United States District Court for the Northern District of Indiana and Kessler v. Casey’s Marketing Company, et al. in the Southern District of Illinois. During the prior year, the parties agreed to a settlement of all claims in both matters for an amount that is not material to the Company's condensed consolidated financial statements. The settlement(s) were approved by the applicable court during the quarter, and the parties, with the assistance of a third-party settlement administrator, are in the process of distributing settlement funds. The Company continues to maintain that its Store Managers are properly classified as exempt employees under the FLSA and does not admit any wrongdoing as a result of the settlement.

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7.    Unrecognized Tax Benefits
The total amount of gross unrecognized tax benefits was $10,955 and $10,071 at July 31, 2026 and April 30, 2026, respectively. If this unrecognized tax benefit were ultimately recognized, $8,655 is the amount that would impact our effective tax rate. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $235 at July 31, 2026, and $195 at April 30, 2026. Net interest and penalties included in income tax expense for the three months ended July 31, 2026 and 2025 was a net expense of $40 and $51, respectively.
The State of Illinois is currently examining tax years 2020 and 2021. The Company has no other ongoing federal or state income tax examinations. The federal statute of limitations remains open for the tax years 2022 and forward. Tax years 2020 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

8.    Segment Reporting
As of July 31, 2026, we operated 2,959 stores in 19 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.
Casey’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources and capital based on profitability metrics, such as net income, that is reported on the condensed consolidated statements of income. The CODM considers actual-to-forecast variances on a monthly, quarterly and annual basis for this profit measure when making decisions about resource allocation and assessing company performance. Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented below.
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The following table provides information on revenue, significant expenses, and net income related to the single reportable segment:
Three Months Ended
July 31,
20262025
Total revenue$5,678,336 $4,567,106 
Cost of goods sold (excluding depreciation and amortization, shown separately below)
Prepared food & dispensed beverage200,609 192,451 
Grocery & general merchandise827,123 785,900 
Fuel3,277,869 2,360,105 
Other (1)133,541 116,204 
Total cost of goods sold (excluding depreciation and amortization, shown separately below)4,439,142 3,454,660 
Operating expenses
Same-store employee expense311,935 276,234 
Same-store other expense169,140 134,658 
Same-store credit card fees expense81,992 62,562 
Non same-store operating expense29,074 69,243 
Other (2)161,970 155,479 
Total operating expenses754,111 698,176 
Depreciation & amortization115,994 108,963 
Interest, net22,059 26,850 
Income before income taxes347,030 278,457 
Federal and state income taxes73,310 63,102 
Net income$273,720 $215,355 
(1)Other included in total cost of goods sold (excluding depreciation and amortization) primarily includes activity related to wholesale fuel.
(2)Other included in operating expenses includes expenses for information technology, operations, merchandising, finance, human resources, legal, acquisitions, field operations and service excellence.
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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands).
Overview
As of July 31, 2026, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop (by Casey's)" ("GoodStop"), or "CEFCO", referred to as "Casey's" or the "Company") throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois.
As of July 31, 2026, there were 2,959 stores in operation. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, price and quality of service.
All stores carry a broad selection of food items (which at most stores includes, but is not limited to, prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items. As of July 31, 2026, 240 store locations offered car washes. In addition, all but five store locations offer fuel.
In addition to the "Casey's" and "Casey's General Stores" brands, the Company also operates a limited number of stores under the additional brands of "GoodStop" or "CEFCO". These locations offer fuel for sale, and a broad selection of snacks, beverages, tobacco and nicotine products, and other essentials. However, some of these locations do not have a full-service kitchen and, therefore, have limited prepared food offerings. When the Company acquires stores, the locations are typically re-branded as "Casey’s" as soon as the store is remodeled to include a full-service kitchen. If the store’s layout or location does not allow for a full-service kitchen, the store typically will be operated as "GoodStop" or the acquired brand.
The Company operates a wholesale network where Casey’s manages wholesale fuel supply agreements to certain dealer sites and other wholesale locations. The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count. For the three-months ended July 31, 2026, approximately 3% of total revenue relates to the wholesale fuel network.
The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to most of our stores. One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center, in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana and Joplin, Missouri. Certain stores outside of our optimal distribution radius, in Florida for example, are supplied by third-party distribution partners. Additionally, the Company owns and operates a fuel terminal in Waco, Texas. The Company self-distributes the majority of fuel to our stores.
The Company’s business is seasonal, and generally experiences higher sales and profitability during the first and second fiscal quarters (May-October), when guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks and ice.
The Company reported diluted earnings per common share of $7.37 for the first quarter of fiscal 2027. For the same quarter a year-ago, diluted earnings per common share was $5.77.
The following table represents the roll forward of store count through the first quarter of fiscal 2027:
Store Count
Stores at April 30, 20262,944 
New store construction9 
Acquisitions12 
Closed or divested(6)
Stores at July 31, 20262,959 

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Electric Vehicles and Renewable Fuels
Casey's continues to implement our electric vehicle ("EV") strategy and our management team remains committed to understanding how the increased demand for, and usage of, EVs impacts consumer behavior across our store footprint and beyond. As consumer demand for alternative fuel options continues to grow, albeit slowly, Casey’s has continued to add EV charging stations across our 19-state footprint. As of July 31, 2026, the Company has 294 charging stations at 68 stores, across 14 states. Our EV growth strategy is currently designed to selectively increase our charging stations at locations within our region where we see higher levels of consumer EV buying trends and demand for EV charging. To date, consumer EV demand within our Midwest footprint has been comparatively lower than the levels along the coasts. As EV demand from our guests increases, we are prepared to strategically integrate charging station options at select stores.
Same-Store Sales
Same-store sales is a common metric used in the convenience store industry. We define same-store sales as the total sales increase (or decrease) for stores open during the full time of both periods being presented. When comparing data, the store must be open for each entire fiscal period being compared. Remodeled stores that remained open or were closed for just a very brief period of time (i.e., less than a week) during the period being compared remain in the same-store sales comparison. If a store is replaced, either at the same location (i.e., razed and rebuilt) or relocated to a new location, it is removed from the comparison until the new store has been open for each entire period being compared. Newly constructed and acquired stores do not enter the calculation until they are open for each entire period being compared.
Same-store sales of prepared food and dispensed beverage increased 4.8% and grocery and general merchandise increased 2.7% during the quarter. The increase in prepared food and dispensed beverage same-store sales was driven primarily by positive traffic, led by whole pizzas. The increase in grocery and general merchandise same-store sales was primarily due to strong sales of non-alcoholic beverages. Additionally, the first quarter results reflected a 0.3% decrease in same-store fuel gallons sold.
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Three Months Ended July 31, 2026 Compared to
Three Months Ended July 31, 2025
(Dollars and Amounts in Thousands)
 
Three Months Ended July 31, 2026Prepared Food & Dispensed BeverageGrocery & General
Merchandise		FuelOtherTotal
Revenue$492,580 $1,284,961 $3,724,798 $175,997 $5,678,336 
Revenue less cost of goods sold (excluding depreciation and amortization)$291,971 $457,838 $446,929 $42,456 $1,239,194 
59.3 %35.6 %12.0 %24.1 %21.8 %
Fuel gallons sold934,212 
Three Months Ended July 31, 2025Prepared Food & Dispensed BeverageGrocery & General
Merchandise		FuelOtherTotal
Revenue$458,434 $1,225,383 $2,733,659 $149,630 $4,567,106 
Revenue less cost of goods sold (excluding depreciation and amortization)$265,983 $439,483 $373,554 $33,426 $1,112,446 
58.0 %35.9 %13.7 %22.3 %24.4 %
Fuel gallons sold911,780 
Total revenue for the first quarter of fiscal 2027 increased by $1,111,230 (24.3%) over the comparable period in fiscal 2026. Prepared food and dispensed beverage revenue increased by $34,146 (7.4%), due to an increase in same-store sales of 4.8% driven by strong sales of whole pizzas, as well as an increase of approximately 2.6% related to store growth, due to operating 64 more stores than a year ago. Grocery and general merchandise revenue increased by $59,578 (4.9%), due to an increase in same-store sales of 2.7% driven by sales of non-alcoholic beverages, as well as an increase of approximately 2.2% related to store growth. Retail fuel revenue increased by $991,139 (36.3%) due to an increase in the average retail price per gallon of 33.0%, as well as an increase in the number of gallons sold of 22,432 (2.5%).
The other category primarily consists of activity related to wholesale fuel and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs. Other revenue increased $26,367 (17.6%) for the first quarter of fiscal 2027 compared to the prior year, driven primarily by an increase in wholesale fuel revenue, largely driven by an increase in the average fuel price per gallon.
Total revenue less cost of goods sold (excluding depreciation and amortization) was 21.8% of revenue for the first quarter of fiscal 2027, compared to 24.4% for the comparable period in the prior year. Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) increased to 59.3% of prepared food and dispensed beverage revenue for the first quarter of fiscal 2027, compared to 58.0% for the comparable period in the prior year. The increase was primarily due to refinements in the allocation for certain distribution costs between prepared food and dispensed beverage and grocery and general merchandise to better reflect the underlying expenses of each category. Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) remained relatively flat, decreasing from 35.9% in the comparable period in the prior year to 35.6% in the current year, largely driven by the offsetting impacts of the aforementioned allocation.
Fuel revenue less related cost of goods sold (excluding depreciation and amortization) was 12.0% of fuel revenue during the first quarter of fiscal 2027, compared to 13.7% for the comparable period in the prior year. Revenue less cost of goods sold (excluding depreciation and amortization) per gallon increased to 47.8 cents in the first quarter of fiscal 2027, compared to 41.0 cents for the comparable period in the prior year. During the quarter, the Company, and the retail fuel industry, experienced historically higher than average fuel revenue less cost of goods sold per gallon (excluding depreciation and amortization). On a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term. The Company recognized $25,736 from renewable identification number ("RIN") related activities from 10.9 million RINs during the quarter, compared to $6,742 from 6.1 million RINs in the first quarter of the prior year (see Note 3, above, for a further description of RINs). The overall impact to fuel revenue less related cost of goods sold (excluding depreciation and amortization) from RINs was minimal during the quarter, given the higher related activity was offset by higher costs.
Operating expenses increased $55,935 (8.0%) to $754,111 in the first quarter of fiscal 2027. Operating 64 more stores than prior year accounted for approximately 2% of the increase. Same-store credit card fees added approximately 1.5% of the
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increase. Same-store employee expense contributed to approximately 1% of the increase, primarily due to increases in labor rates, while same-store labor hours were nearly flat. Insurance was responsible for approximately 1% of the increase.
Depreciation and amortization expense increased $7,031 (6.5%) to $115,994 in the first quarter of fiscal 2027, primarily due to purchases of property and equipment since the comparable period.
Interest, net decreased $4,791 (17.8%) to $22,059 in the first quarter of fiscal 2027, primarily due to a decrease in the interest rate on our variable-rate debt.
The effective tax rate decreased to 21.1% in the first quarter of fiscal 2027 compared to 22.7% in the same period of fiscal 2026. The decrease in the effective tax rate was primarily due to an increase in excess tax benefits recognized on share-based awards.
Net income increased $58,365 (27.1%) to $273,720 compared to $215,355 in the comparable period. The increase in net income was primarily attributable to higher profitability both inside the store and in fuel, partially offset by increases in operating expenses, and depreciation and amortization. See discussion in the paragraphs above for the primary drivers for each of these changes.
Use of Non-GAAP Measures
We define EBITDA as net income before net interest expense, income taxes, and depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.
Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.
The following table contains a reconciliation of net income to EBITDA for the three months ended July 31, 2026 and 2025:
Three months ended
July 31, 2026July 31, 2025
Net income$273,720 $215,355 
Interest, net22,059 26,850 
Federal and state income taxes73,310 63,102 
Depreciation and amortization115,994 108,963 
EBITDA$485,083 $414,270 
For the three months ended July 31, 2026, EBITDA increased by 17.1% when compared to the same period a year ago. The increase was primarily attributable to higher profitability both inside the store and in fuel, partially offset by higher operating expenses. See discussion in the preceding sections for the primary drivers for each of these individual changes.

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Critical Accounting Policies
Critical accounting policies are those accounting policies that management believes are important to the portrayal of the Company’s financial condition and results of operations. The Company's critical accounting policies are described in the Form 10-K for the year ended April 30, 2026, and such discussion is incorporated herein by reference. There have been no changes to these policies in the three months ended July 31, 2026.
Liquidity and Capital Resources
Due to the nature of the Company’s business, cash provided by operations is the Company’s primary source of liquidity. The Company finances its inventory purchases primarily from normal trade credit aided by the relatively rapid turnover of inventory. This turnover allows the Company to conduct its operations without large amounts of cash and working capital. As of July 31, 2026, the Company’s ratio of current assets to current liabilities was 1.02 to 1. The ratio at July 31, 2025 and April 30, 2026 was 1.03 to 1 and 1.01 to 1, respectively.
Management believes that the net availability under the Bank Line of approximately $50,000 and the Revolving Facility of $807,375, combined with the current cash and cash equivalents and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.
Net cash provided by operating activities was $384,072 for the three months ended July 31, 2026, compared to $372,417 for the comparable period in the prior year, an increase of $11,655. Our primary source of operating cash flows is from sales to guests at our stores. The primary uses of operating cash flows are payments to our team members and suppliers, as well as payments for taxes and interest. Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (excluding depreciation and amortization) of $126,748, and a decrease in cash paid for interest of $4,398. This was offset by an increase in operating expenses of $55,935. Refer to "Three Months Ended July 31, 2026 Compared to Three Months Ended July 31, 2025" starting on page 16 for further details on the primary drivers for the changes in revenue, cost of goods sold (excluding depreciation and amortization), operating expenses, and interest. Cash flows from operations can also be impacted by variability in the timing of payments and receipts for certain assets and liabilities, such as wage related accruals, accounts payable, and receivables from credit card companies or our vendors. Operating cash flows were also unfavorably impacted by a decrease of $53,166 related to accounts payable and accrued expenses, due to the timing of payments.
Net cash used in investing activities was $234,721 for the three months ended July 31, 2026, compared to $102,042 in the comparable period in the prior year, an increase of $132,679. During the first three months of fiscal 2027, the Company expended $238,299 for purchases of property and equipment and payments for acquisitions compared to $119,541 for the comparable period in the prior year. Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.
Net cash used in financing activities was $148,283 for the three months ended July 31, 2026, compared to $138,964 in the comparable period in the prior year, an increase of $9,319. The increase was primarily due to an increase in the repurchase and retirement of common stock under our share repurchase program of approximately $13,605, and an increase in payments for tax withholdings on employee shared-based awards of $32,667, due to an increase in the fair value of restricted stock units vested during the quarter. This was offset by an increase in proceeds from long-term debt of $42,625 due to borrowings under the Revolving Facility during the quarter.
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As of July 31, 2026, the Company had long-term debt consisting of:
Finance lease liabilities$113,808 
3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 202839,000 
3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 202821,000 
3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 203137,000 
3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 203145,000 
3.77% Senior notes (Series F) due August 22, 2028250,000 
2.85% Senior notes (Series G) due August 7, 2030325,000 
2.96% Senior notes (Series H) due August 6, 2032325,000 
5.23% Senior notes (Series I) due November 2, 2031150,000 
5.43% Senior notes (Series J) due November 2, 2034100,000 
Variable rate term loan facility, requiring quarterly installments beginning June 30, 2027 and ending April 21, 2028200,000 
Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029
786,250 
Variable rate revolving facility due April 21, 202842,625 
Less debt issuance costs(4,160)
2,430,523 
Less current maturities(104,323)
$2,326,200 
The Company has funded purchases of property and equipment and payments for acquisitions of businesses primarily from the issuance of debt, existing cash, and funds generated from operations. Future capital needs required to finance operations, improvements and the anticipated growth in the number of stores are expected to be met from cash generated by operations, the Revolving Facility, the Bank Line, and additional long-term debt or other securities as circumstances may dictate, and are not expected to adversely affect liquidity.
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Cautionary Statements
This Form 10-Q, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” "should," “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “continue,” and similar expressions are used to identify forward-looking statements. Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the conflicts in oil producing regions and other geopolitical disruptions on our business. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following risk factors described more completely in the Company’s Form 10-K for the fiscal year ended April 30, 2026:
Business Operations: Our business and our reputation could be adversely affected by a cyber or data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy; food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation; we may be adversely impacted by increases in the cost of food ingredients and other related costs; a significant disruption to our distribution network, to the capacity of the distribution centers, or timely receipt of inventory could adversely impact our sales or increase our transaction costs, which could have a material adverse effect on our business; we could be adversely affected if we experience difficulties in, or are unable to recruit, hire or retain, members of our leadership team and other distribution, field and store Team Members; any failure to anticipate and respond to changes in consumer preferences, or to introduce and promote innovative technology for guest interaction, could adversely affect our financial results; we rely on our information technology systems, and a number of third-party software and technology providers, to support numerous aspects of our business, and a disruption of these systems could adversely affect our business; increased credit card expenses could lead to higher operating expenses and other costs for the Company; our operations present hazards and risks which may not be fully covered by insurance, if insured; the dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities; consumer or other litigation could adversely affect our financial condition and results of operations; pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results; and, covenants in our Senior Notes and credit facility agreements require us to comply with certain covenants and meet financial maintenance tests and the failure to comply with these requirements could have a material impact to us.
Governmental Actions, Regulations, and Oversight: Compliance with and changes in tax laws could adversely affect our performance; we are subject to extensive governmental regulations; governmental action and campaigns to discourage tobacco and nicotine use and other tobacco products may have a material adverse effect on our revenues and gross profit; and, wholesale cost and tax increases relating to tobacco and nicotine products could affect our operating results.
Industry: General economic and political conditions that are largely out of the Company’s control may adversely affect the Company’s financial condition and results of operations; developments related to fuel efficiency, fuel conservation practices, climate change, and changing consumer preferences may decrease the demand for motor fuel; unfavorable weather conditions can adversely affect our business; the volatility of wholesale petroleum costs could adversely affect our operating results; and, the convenience store industry is highly competitive.
Growth Strategies: We may not be able to identify, acquire, and integrate new properties and stores, which could adversely affect our ability to grow our business.
Common Stock: The market price for our common stock has been and may in the future be volatile, which could cause the value of your investment to decline; any issuance of shares of our common stock in the future could have a dilutive effect on your investment; and, Iowa law and provisions in our charter documents may have the effect of preventing or hindering a change in control and adversely affecting the market price of our common stock.
We further caution you that other factors we have not identified may in the future prove to be important in affecting our business and results of operations. We ask you not to place undue reliance on any forward-looking statements because they speak only of our views as of the statement dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk.
The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and floating rate long-term debt obligations. We place our investments with high-quality credit issuers and, by policy, limit the amount of credit exposure to any one issuer. Our first priority is to reduce the risk of principal loss. Consequently, we seek to preserve our invested funds by attempting to limit default risk, market risk, and reinvestment risk. We attempt to mitigate default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor. The portfolio includes only marketable securities with active secondary or resale markets to ensure portfolio liquidity. We utilize an interest rate swap to manage exposure to fluctuations in variable interest rates on certain of our outstanding debt instruments. While the interest rate swap is not designated as a hedging instrument for accounting purposes, the Company does not enter into interest rate swap agreements for trading or speculative purposes. The impact of the interest rate swap was immaterial to the financial statements as of July 31, 2026 and for the period then ended. Based upon the outstanding balance of the Company's term loan facilities as of July 31, 2026, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $9.7 million on interest expense.
The Company also has exposure to market risks related to the volatility of fuel prices associated with non-store inventoried fuel (fuel pipeline and fuel terminal). The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store or customer. The Company does not speculate in trading financial instruments. All hedges must be matched against recorded physical transactions, inventoried fuel in a pipeline or at a terminal. Derivative contracts outstanding were immaterial to the financial statements as of July 31, 2026 and for the period then ended.
We do from time to time, participate in a forward buy of certain commodities. These are not accounted for as derivatives under the normal purchase and sale exclusions under the applicable accounting guidance.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 240.13a-15(e)). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
Changes in Internal Controls Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the quarter ended July 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The information required by this Item is set forth in Note 6 to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q and is incorporated herein by this reference.
Item 1A. Risk Factors
There have been no material changes in our “risk factors” from those previously disclosed in our 2026 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended July 31, 2026:
PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
First Quarter
May 1 - May 31, 202618,696 $842.06 18,696 $78,868,744 
June 1 - June 30, 202617,386 814.82 17,386 988,332,112 
July 1 - July 31, 202618,565 847.35 18,565 972,601,128 
Total54,647 $835.19 54,647 $972,601,128 
On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions, excise taxes, or other costs (the "Original Repurchase Program"). On, and effective as of, June 4, 2026, the Board of Directors authorized an expansion of the Original Repurchase Program to a total aggregate amount of up to $1.0 billion exclusive of fees, commissions, excise taxes, or other costs (the "Expanded Repurchase Program"). The Expanded Repurchase Program has no set expiration date. The timing and number of repurchase transactions under the Expanded Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Expanded Repurchase Program can be suspended or discontinued at any time. During the first quarter, we repurchased and retired 54,647 shares of our common stock under the share repurchase programs for a total of $45.6 million, excluding fees, commissions, excise taxes, and other costs. As of July 31, 2026, $972.6 million remained available thereunder.
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Item 6. Exhibits.
Exhibit
No.		Description
3.1
Second Restatement of the Restated and Amended Articles of Incorporation, as amended September 5, 2018, June 28, 2019 and September 4, 2019 (incorporated by reference to Exhibit 3.1 to Form 10-Q filed September 9, 2019)
3.2
Eighth Amended and Restated Bylaws of Casey's General Stores, Inc. (incorporated by reference to Exhibit 3.1 to Form 8-K filed June 9, 2026)
31.1*
Certification of Darren M. Rebelez under Section 302 of the Sarbanes Oxley Act of 2002
31.2*
Certification of Stephen P. Bramlage Jr. under Section 302 of the Sarbanes Oxley Act of 2002
32.1*
Certification of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of 2002
32.2*
Certification of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of 2002
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
101. DEFXBRL Taxonomy Extension Definition Linkbase Document
* Filed herewith

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
CASEY’S GENERAL STORES, INC.
Date: September 8, 2026By: /s/ Stephen P. Bramlage Jr.
Stephen P. Bramlage Jr.
Its:Chief Financial Officer
(Authorized Officer and Principal
Financial and Accounting Officer)
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Source: View Original Filing on SEC EDGAR

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