Casey’s (NASDAQ: CASY) maps 8–10% EBITDA growth and 400+ new stores
Rhea-AI Filing Summary
Casey’s General Stores is hosting its 2026 Investor Day and outlining a new three-year growth strategy targeting top-quintile EBITDA expansion. The company highlights its “convenience QSR” model, combining fuel, grocery and restaurant-quality prepared food across about 3,000 company-owned stores in 19 states.
Management reports a 16% EBITDA CAGR and $1.7 billion of free cash flow over the last three-year plan, supported by 504 added stores, margin expansion and operational efficiencies. For fiscal 2027–2029, Casey’s is aiming for 8–10% annual EBITDA growth, at least 400 additional stores through new builds and acquisitions, and around $2 billion in free cash flow, while maintaining a disciplined balance sheet and a capital allocation framework that prioritizes unit growth, a growing dividend and share repurchases.
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Insights
Casey’s sets ambitious but consistent 3‑year EBITDA and unit growth targets.
Casey’s uses Investor Day to restate its “convenience QSR” thesis and quantify medium-term goals. It reports a prior three-year EBITDA CAGR of 16%, $1.7B in free cash flow, and 504 new stores, then extends this playbook with fresh targets.
The new plan calls for 8–10% annual EBITDA growth from FY27–FY29, at least 400 additional stores, and about $2B in free cash flow. Drivers include same-store sales growth in prepared food and beverages, continued small-deal M&A, new builds, and margin and efficiency initiatives leveraging self-distribution, fuel capabilities, and AI tools.
Leverage sits at 1.5% Debt│EBITDA (vs. a ~2.0x target), with $1.4B of available liquidity, giving capacity to fund the plan while increasing dividends and executing a $1B repurchase authorization. Actual outcomes will depend on execution, industry fuel and labor dynamics, and the success of digital and loyalty initiatives described for the FY27–FY29 period.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Historical EBITDA CAGR (last 3-year plan): 16% CAGR
Historical free cash flow: $1.7B
New EBITDA growth target: 8–10% CAGR
+5 more
8 metrics
Historical EBITDA CAGR (last 3-year plan)
16% CAGR
FY24–FY26 EBITDA growth over prior 3-year strategic plan
Historical free cash flow
$1.7B
Free cash flow generation over the last 3-year plan
New EBITDA growth target
8–10% CAGR
Guidance for FY27–FY29 EBITDA growth
Planned store additions
At least 400 stores
Targeted new builds and acquisitions in FY27–FY29
Planned free cash flow
≈$2B
Target free cash flow over FY27–FY29 plan period
Debt to EBITDA ratio
1.5x
Leverage metric versus ~2.0x long-term target
Available liquidity
$1.4B
Total liquidity available to support growth and returns
Share repurchase authorization
$1B
New authorization disclosed for share repurchases in FY26
Key Terms
EBITDA, free cash flow, return on invested capital, same-store sales, +2 more
6 terms
EBITDA financial
"EBITDA1 CAGR Total Store Count CAGR Total Inside Sales CAGR"
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.
free cash flow financial
"Free cash flow is a non-GAAP metric, and we define free cash flow as cash flow from operations less the purchase of property & equipment."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
return on invested capital financial
"return on invested capital or ROIC, which we define as operating profit after taxes ... divided by average invested capital."
A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.
same-store sales financial
"Same-store sales is defined as the total sales increase (or decrease) for stores open during the full time of the periods being presented."
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.
cent per gallon financial
"CPG is defined as revenue less cost of goods sold exclusive of depreciation and amortization divided by fuel gallons sold."
Investor Day financial
"2026 Investor Day Presentation dated June 24, 2026"
A scheduled event where a company presents its business plan, financial outlook, and strategic priorities directly to investors and analysts; think of it as a detailed road‑map meeting where management explains how they plan to grow and make money. Investors pay attention because the presentations reveal management’s targets, assumptions and risks—new details that can change expectations about future profits and therefore the stock’s value, much like seeing a pilot’s flight plan helps predict where the plane is headed.
FAQ
How did Casey’s (CASY) perform against its last three-year strategic plan?
Casey’s reported a 16% EBITDA CAGR over the last three-year plan, exceeding its 8–10% target. It added 504 stores, expanded inside margins by 230 basis points, achieved about 4% average inside same-store sales growth, and generated $1.7 billion in free cash flow.
What is Casey’s (CASY) current financial position and leverage profile?
Casey’s reports about $1.4 billion of available liquidity and a Debt│EBITDA ratio of 1.5x, versus a long-term target of roughly 2.0x. This balance sheet position supports continued store growth, ongoing capital investment, and shareholder returns through dividends and share repurchases.
How many stores does Casey’s (CASY) operate and where are they located?
Casey’s operates roughly 3,000 convenience stores across 19 U.S. states, with about two-thirds of locations in towns of 20,000 people or fewer. All stores are company owned and operated, supporting consistent execution of its convenience and quick-service restaurant model.
What are the key elements of Casey’s (CASY) capital allocation strategy?
Casey’s prioritizes EBITDA- and ROIC-accretive unit growth, maintains a strong balance sheet, and continues 27 consecutive years of dividend increases. The company targets a 15–20% dividend payout ratio and has authorized $1 billion of share repurchases, alongside ongoing debt discipline.
How is Casey’s (CASY) using digital tools and loyalty to support growth?
Casey’s emphasizes its ~11 million-member Rewards program, omni-channel marketing, and upgraded app and web experiences. It is deploying AI-enabled demand forecasting, store insights, and personalized marketing to increase traffic, basket size, and free cash flow across prepared food, grocery, and fuel.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 24, 2026
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Exchange Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of
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| Item 7.01. |
Regulation FD Disclosure
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As previously announced, on June 24, 2026, Casey's General Stores, Inc. will host its 2026 Investor Day in New York City. A copy of the presentation that will be utilized
during the event is attached as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item, including the presentation attached as Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Financial Statements and Exhibits
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Exhibits.
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Exhibit No.
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Description
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99.1
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2026 Investor Day Presentation dated June 24, 2026
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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, hereunto duly authorized.
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CASEY'S GENERAL STORES, INC.
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Dated: June 24, 2026
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By:
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/s/ Stephen P. Bramlage, Jr.
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Stephen P. Bramlage Jr.
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Chief Financial Officer
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Exhibit 99.1
