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Casey's EPS up 27.7% on Q1 fuel margin gains

Casey’s posts nearly 28% EPS growth, strong fuel margins, solid liquidity, and reaffirms its fiscal 2027 outlook including at least 120 new store openings.

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Casey’s General Stores, Inc. (CASY) reported strong first-quarter results for the three months ended July 31, 2026, with diluted EPS of $7.37, up 27.7% year over year. Net income rose to $273.7 million and EBITDA to $485.1 million, both driven by higher inside and fuel gross profit.

Inside same-store sales increased 3.2% with an inside margin of 42.2%, lifting total inside gross profit to $749.8 million, up 6.3%. Fuel same-store gallons were down 0.3%, but total fuel gallons grew 2.5% and fuel margin expanded to 47.8¢ per gallon, raising fuel gross profit 19.6% to $446.9 million.

Operating expenses increased 8.0%, partly from 64 additional stores. Casey’s ended the quarter with about $1.4 billion in liquidity, including $524 million in cash, and repurchased $45.6 million of shares with $973 million remaining under authorization. The board approved a quarterly dividend of $0.65 per share and reaffirmed fiscal 2027 guidance, including expected EBITDA growth of 8–10% and at least 120 new store openings.

Positive

  • Diluted EPS rose 27.7% to $7.37, with net income up 27.1% to $273.7 million and EBITDA up 17.1% to $485.1 million, reflecting broad-based profit growth.
  • Fuel profitability strengthened: fuel margin expanded to 47.8¢ per gallon and fuel gross profit increased 19.6% to $446.9 million, supporting earnings despite slightly lower same-store gallons.
  • Balance sheet and cash generation are strong, with about $1.4 billion in liquidity and $384.1 million of operating cash flow in the quarter, giving Casey’s flexibility for growth and capital returns.
  • Shareholder returns remain active: Casey’s repurchased $45.6 million of stock, has $973 million remaining under authorization, and declared a quarterly dividend of $0.65 per share.
  • Growth outlook is intact: the company reaffirmed fiscal 2027 guidance, targeting 8–10% EBITDA growth and opening at least 120 new stores through acquisitions and new builds.

Negative

  • None.

Filing Explained

The completed annual meeting kept all eleven director seats filled and rejected the proposal to add shareholder special-meeting rights.

As a Form 8-K, this filing reports specified material events; its Item 5.07 section records the completed September 2, 2026 annual meeting.

All eleven director nominees were elected to serve until the next annual meeting and until their successors qualify, leaving the disclosed board slate in place. Shareholders rejected the special-meeting-rights proposal, with 17,633,598 votes against versus 11,445,252 for, while the KPMG ratification and advisory compensation proposals received more FOR than AGAINST votes.

The reported approximately $1.4 billion of available liquidity consists of approximately $524 million in cash and approximately $857 million of available borrowing capacity; the latter is credit capacity rather than cash already held.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.07 Submission of Matters to a Vote of Security Holders Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Diluted EPS $7.37 Three months ended July 31, 2026, up 27.7% from $5.77 in 2025
Net income $273.7 million Three months ended July 31, 2026, up from $215.4 million in 2025
EBITDA $485.1 million Three months ended July 31, 2026, compared with $414.3 million in 2025
Inside gross profit $749.8 million Three months ended July 31, 2026, up 6.3% year over year
Fuel gross profit $446.9 million Three months ended July 31, 2026, up 19.6% year over year
Fuel margin 47.8¢ per gallon Three months ended July 31, 2026, versus 41.0¢ in 2025
Available liquidity $1.4 billion As of July 31, 2026, including cash and available credit lines
Quarterly dividend $0.65 per share Approved for payment on November 13, 2026, to shareholders of record November 1, 2026
EBITDA financial
"Net income was $273.7 million, and EBITDA1 was $485.1 million"
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
"Inside same-store sales increased 3.2% compared to prior year"
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.
fuel margin financial
"with a fuel margin of 47.8 cents per gallon"
Fuel margin is the difference between what a business charges customers for fuel and the actual cost it paid to buy that fuel, similar to the markup a store adds to a product. For investors, that margin shows how much profit (or loss) a company makes on fuel sales and reveals pricing power and cost management — a widening margin boosts earnings while a shrinking margin can signal pressure from rising commodity costs or competitive pricing.
two-year stack basis financial
"Inside same-store sales increased 3.2% and 7.7% on a two-year stack basis"
non-GAAP financial measures financial
"EBITDA is not considered to be a GAAP measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
share repurchase authorization financial
"The Company has approximately $973 million remaining under its existing share repurchase authorization"
A share repurchase authorization is a company's official approval to buy back its own shares from the market. This signals that the company believes its stock is a good investment and can help increase the value of remaining shares by reducing how many are available. For investors, it often suggests confidence from the company and can influence the stock’s price.
Total revenue $5.68 billion Up from $4.57 billion in the prior-year quarter
Net income $273.7 million Up from $215.4 million in the prior-year quarter
Diluted EPS $7.37 Up 27.7% from $5.77 a year earlier
EBITDA $485.1 million Up from $414.3 million in the prior-year quarter
Inside same-store sales 3.2% Versus 4.3% in the prior-year quarter
Inside margin 42.2% Up from 41.9% in the prior-year quarter
Fuel same-store gallons -0.3% Versus 1.7% growth in the prior-year quarter
Fuel margin 47.8¢ per gallon Up from 41.0¢ per gallon in the prior-year quarter
Guidance

For fiscal 2027, Casey’s expects inside same-store sales to increase 2–5% with inside margin above 42%, same-store fuel gallons sold between -1% and +1%, total operating expenses up 5–7%, EBITDA to increase 8–10%, at least 120 new store openings, net interest expense around $95 million, depreciation and amortization about $490 million, capital expenditures about $800 million, and a tax rate of 24–26%.

FAQ

How did CASY’s earnings perform in the first quarter ended July 31, 2026?
Casey’s reported diluted EPS of $7.37, up 27.7% from $5.77 a year earlier. Net income was $273.7 million, a 27.1% increase, and EBITDA was $485.1 million, up 17.1%, driven by higher inside and fuel gross profit.

What were CASY’s key same-store sales and margin metrics this quarter?
Inside same-store sales increased 3.2% with an inside margin of 42.2%. Grocery and general merchandise same-store sales rose 2.7%, while prepared food and dispensed beverage same-store sales rose 4.8%. Fuel same-store gallons declined 0.3%, and fuel margin was 47.8¢ per gallon.

How strong is Casey’s (CASY) fuel performance and volume?
Total fuel gallons sold were 934.2 million, up 2.5% from 911.8 million, mainly from higher store count. Fuel same-store gallons were down 0.3%, but fuel margin increased to 47.8¢ per gallon, lifting fuel gross profit 19.6% to $446.9 million.

What liquidity and leverage position does CASY report as of July 31, 2026?
Casey’s had about $1.4 billion in available liquidity, including $524 million of cash and cash equivalents and $857 million of available borrowing capacity on existing lines of credit. Long-term debt and finance lease obligations totaled $2.33 billion excluding current maturities.

What capital returns did Casey’s (CASY) provide to shareholders this quarter?
During the quarter, Casey’s repurchased approximately $45.6 million of shares and has about $973 million remaining under its existing repurchase authorization. The board approved a $0.65 per share quarterly dividend, payable November 13, 2026, to shareholders of record on November 1, 2026.

What is Casey’s fiscal 2027 outlook according to this 8-K?
For fiscal 2027, Casey’s expects inside same-store sales up 2–5% with inside margin above 42%, same-store fuel gallons -1% to +1%, EBITDA growth of 8–10%, total operating expenses up 5–7%, and at least 120 new store openings.

What were the key voting results at CASY’s 2026 annual shareholders’ meeting?
Shareholders elected 11 director nominees, ratified KPMG LLP as independent auditor with 31,287,745 votes for, approved named executive officer compensation with 27,740,392 votes for, and did not pass the shareholder proposal on special meeting rights, which received 11,445,252 votes for and 17,633,598 against.

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

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0000726958false00007269582026-09-022026-09-02

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): September 2, 2026

CASEY'S GENERAL STORES, INC.
(Exact name of registrant as specified in its charter)

Iowa
(State or other jurisdiction of incorporation)
001-3470042-0935283
(Commission File Number)(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)

NONE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange 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

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 the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

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 ☐


Item 2.02. Results of Operations and Financial Condition.

On September 8, 2026, Casey's General Stores, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended July 31, 2026 (the "Press Release"). A copy of the Press Release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On September 2, 2026, the Company held its 2026 annual shareholders’ meeting (the “Meeting”). The matters voted upon, and results, were as follows:

At the Meeting, the following eleven director nominees were elected, by a majority vote, to serve until the next annual shareholders’ meeting and until their successors are elected and qualified (Proposal #1):

NOMINEEFORAGAINSTABSTAINBROKER NON-VOTES
Sri Donthi28,332,404173,238675,3283,726,211
Donald E. Frieson28,316,616189,914674,4403,726,211
David K. Lenhardt27,952,163554,413674,3943,726,211
Maria Castañón Moats28,283,552221,103676,3153,726,211
Darren M. Rebelez27,826,757675,337678,8763,726,211
Larree M. Renda28,073,112430,698677,1603,726,211
Judy A. Schmeling28,205,178300,828674,9643,726,211
Michael Spanos28,340,205165,860674,9053,726,211
Stanley J. Sutula III29,070,61667,45542,8993,726,211
Gregory A. Trojan28,208,371297,495675,1043,726,211
Allison M. Wing28,317,029188,239675,7023,726,211

At the Meeting, the vote to ratify the appointment of KPMG LLP as the independent registered public accounting firm of the Company for the fiscal year ending April 30, 2027, was as follows (Proposal #2):

FORAGAINSTABSTAINBROKER NON-VOTES
31,287,745943,042676,3940

At the Meeting, the advisory vote on named executive officer compensation was as follows (Proposal #3):

FORAGAINSTABSTAINBROKER NON-VOTES
27,740,392735,725704,8533,726,211

At the Meeting, the vote on the shareholder proposal regarding shareholder special meeting rights was as follows (Proposal #4):

FORAGAINSTABSTAINBROKER NON-VOTES
11,445,25217,633,598102,1203,726,211

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
99.1
Press Release issued by Casey's General Stores, Inc. dated September 8, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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.

CASEY'S GENERAL STORES, INC.
Dated: September 8, 2026By:/s/ Stephen P. Bramlage Jr.
Stephen P. Bramlage Jr.
Chief Financial Officer









Exhibit 99.1
logoa.jpg
FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc.
One SE Convenience Blvd
Ankeny, IA 50021
Casey's Announces First Quarter Results
Ankeny, IA, September 8, 2026 - Casey’s General Stores, Inc. ("Casey's" or the "Company") (Nasdaq: CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months ended July 31, 2026.

First Quarter Key Highlights

•Diluted EPS of $7.37 up 27.7% from the same period a year ago. Net income was $273.7 million, up 27.1% from the prior year, and EBITDA1 was $485.1 million, up 17.1%, from the same period a year ago.
•Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 6.3% to $749.8 million compared to the prior year.
•Fuel same-store gallons sold were down 0.3% compared to prior year, and positive 1.4% on a two-year stack basis, with a fuel margin of 47.8 cents per gallon. Total fuel gross profit increased 19.6% to $446.9 million compared to the prior year.
•Casey's released its new three-year strategic plan in June.

"We are off to a great start on our three-year strategic plan, highlighted by a nearly 28% increase in diluted EPS,” said Darren Rebelez, Chairman, President and CEO. “Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies. On the fuel side, our team's robust capabilities helped us navigate a volatile environment and produced strong results. The operations team delivered an exceptional guest experience during our busiest quarter of the year. We accomplished all of this while running ahead of schedule on our integration of the Fikes acquisition."

Earnings

Three Months Ended July 31,
20262025
Net income (in thousands)$273,720 $215,355 
Diluted earnings per share$7.37 $5.77 
EBITDA (in thousands)$485,083 $414,270 

For the quarter, net income, diluted EPS, and EBITDA increased compared to the same period a year ago due to higher inside and fuel gross profit, partially offset by higher operating expenses.


1 EBITDA is reconciled to net income below.


Inside
Three Months Ended July 31,
20262025
Inside sales (in thousands)$1,777,541 $1,683,817 
Inside same-store sales3.2 %4.3 %
Grocery and general merchandise same-store sales2.7 %3.8 %
Prepared food and dispensed beverage same-store sales4.8 %5.6 %
Inside gross profit (in thousands)$749,809 $705,466 
Inside margin42.2 %41.9 %
Grocery and general merchandise margin35.6 %35.9 %
Prepared food and dispensed beverage margin59.3 %58.0 %

Total inside sales for the quarter were up 5.6% compared to the prior year. Prepared food and dispensed beverage same-store sales was driven primarily by positive traffic, led by whole pizzas, while grocery and general merchandise same-store sales had excellent performance in non-alcoholic beverages. Inside margin was up approximately 30 basis points compared to the same quarter a year ago, benefitting primarily from favorable mix shift and cost of goods management.

Fuel2
Three Months Ended July 31,
20262025
Fuel gallons sold (in thousands)934,212 911,780 
Same-store gallons sold(0.3)%1.7 %
Fuel gross profit (in thousands)$446,929 $373,554 
Fuel margin (cents per gallon, excluding credit card fees)47.8 ¢41.0 ¢

For the quarter, total fuel gallons sold increased 2.5% compared to the prior year due to the store count increase, slightly offset by a modest decrease in same-store gallons sold. The Company’s total fuel gross profit was up 19.6% versus the prior year, due to an increase in gallons sold as well as fuel margin.

Operating Expenses
Three Months Ended July 31,
20262025
Operating expenses (in thousands)$754,111 $698,176 
Credit card fees (in thousands)$85,709 $71,704 
Same-store operating expenses excluding credit card fees5.0 %3.0 %

Operating expenses increased 8.0% during the first quarter. 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 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.


2 Fuel category does not include wholesale fuel or terminal activity, which is included in Other.


Expansion
Store Count
Stores at April 30, 20262,944 
New store construction9 
Acquisitions12 
Closed or divested(6)
Stores at July 31, 20262,959 


Liquidity
At July 31, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $524 million in cash and cash equivalents on hand and approximately $857 million in available borrowing capacity on existing lines of credit.

Share Repurchase
During the quarter, the Company repurchased approximately $45.6 million of shares. The Company has approximately $973 million remaining under its existing share repurchase authorization.

Dividend
At its September meeting, the Board of Directors approved a quarterly dividend of $0.65 per share. The dividend is payable November 13, 2026, to shareholders of record on November 1, 2026.

Fiscal 2027 Outlook
The Company's fiscal 2027 outlook previously disclosed remains unchanged. Casey's expects the following performance during fiscal 2027. The Company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 5% to 7%. The Company expects EBITDA to increase 8% to 10%, which would imply 35% on a two-year stack basis at the midpoint of the range.

The Company expects to open at least 120 stores in fiscal 2027 through a mix of M&A and new store construction. Net interest expense is expected to be approximately $95 million. Depreciation and amortization is expected to be approximately $490 million and the purchase of property and equipment is expected to be approximately $800 million. The tax rate is expected to be approximately 24% to 26% for the year.





Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in thousands, except share and per share amounts)
(Unaudited)
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 shares36,965,113 37,148,383 
Plus dilutive effect of share-based compensation177,144 203,697 
Diluted weighted average shares37,142,257 37,352,080 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
July 31, 2026April 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, 20265,879,761 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 
Total shareholders’ equity4,093,913 3,951,719 
Total liabilities and shareholders’ equity$9,121,263 $8,936,055 



Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
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 


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 — 


Summary by Category (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 
Gross profit$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, 2025
Revenue$458,434 $1,225,383 $2,733,659 $149,630 $4,567,106 
Gross profit$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 

Prepared Food & Dispensed BeveragePrepared Food & Dispensed Beverage
Same-store SalesMargin
Q1Q2Q3Q4Fiscal
Year		Q1Q2Q3Q4Fiscal
Year
F20274.8 %F202759.3 %
F20265.6 4.8 %4.3 %6.6 %5.2 %F202658.0 58.6 %58.3 %59.5 %58.6 %
F20254.4 5.2 4.7 1.5 3.5 F202558.3 58.7 57.8 57.8 58.2 
Grocery & General MerchandiseGrocery & General Merchandise
Same-store SalesMargin
Q1Q2Q3Q4Fiscal
Year		Q1Q2Q3Q4Fiscal
Year
F20272.7 %F202735.6 %
F20263.8 2.7 %4.0 %5.1 %3.9 %F202635.9 36.0 %35.7 %35.7 %35.8 %
F20251.6 3.6 3.3 1.8 2.3 F202535.4 35.6 34.2 34.8 35.0 
Fuel GallonsFuel Margin
Same-store Sales(Cents per gallon, excluding credit card fees)
Q1Q2Q3Q4Fiscal
Year		Q1Q2Q3Q4Fiscal
Year
F2027(0.3)%F202747.8 ¢
F20261.7 0.8 %0.4 %1.5 %1.4 %F202641.0 41.6 ¢41.0 ¢46.9 ¢42.6 ¢
F20250.7 (0.6)1.8 0.1 0.1 F202540.7 40.2 36.4 37.6 38.7 




RECONCILIATION OF NET INCOME TO EBITDA
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 the Company 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:
(in thousands)Three Months Ended July 31,
20262025
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 
NOTES:
•Gross profit is defined as revenue less cost of goods sold (excluding depreciation and amortization)
•Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of conflicts in oil producing regions or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.

Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on September 9, 2026. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-presentations.  No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-presentations for one year after the call.


Investor Relations Contact:Media Relations Contact:
Sam James (515) 446-6506Katie Petru (515) 446-6772

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