Casey's General Stores, Inc.

What they do

As of April 30, 2026, Casey's operates 2,944 convenience stores across 19 states, about half in Iowa, Missouri, and Illinois, and ~71% in towns with under 20,000 people. Stores sell fuel (all but six locations), prepared foods (pizza, sandwiches, breakfast items), groceries, beverages, tobacco, and other goods; 241 stores have car washes. The company also runs a wholesale fuel network (about 3% of fiscal 2026 revenue) and three distribution centers, self-distributing most fuel and many store items.

Revenue drivers

• Fuel (gasoline and diesel) — Sold at nearly all stores; fiscal 2026 fuel gross profit was $1.5B (implied from total gross profit), up 21% from prior year. Same-store gallons +1.4% in fiscal 2026.
• Prepared food and dispensed beverage — Includes pizza, donuts, sandwiches, and beverages; fiscal 2026 revenue ~$1.78B (implied), same-store sales +5.2%, with 58.6% margin. A key growth area, including bone-in and boneless wings available in ~850 stores.
• Grocery and general merchandise — Snacks, beverages, tobacco, and other essentials; fiscal 2026 revenue ~$4.56B (implied), same-store sales +3.9%, with 35.8% margin. Strong non-alcoholic beverage sales.
• Wholesale fuel network — Fuel supply agreements to dealer and wholesale locations, acquired via the Fikes acquisition; ~3% of total revenue in fiscal 2026.

Recent performance

Fiscal 2026 (ended April 30, 2026): revenue $17.56B (+10.2%), net income $714.4M (+30.7%), diluted EPS $19.16 (+30.9%), and EBITDA ~$1.48B (+23.6%). Q4 2026: revenue $4.57B, diluted EPS $4.37 (+66.2% YoY), inside same-store sales +5.5%, fuel same-store gallons +1.5%. The company generated $1.38B operating cash flow in fiscal 2026. Fiscal 2025 revenue was $15.94B with net income $546.5M.

Strategy

Management closed out a three-year strategic plan (FY2024–2026) that added 504 stores (vs. goal of 350), grew Casey's Rewards to ~10.5 million members, and expanded prepared food offerings, including wings. The company plans to introduce a new three-year strategic plan in June 2026. Investments include EV charging stations (282 stations at 64 stores as of April 30, 2026) and selective store growth (40 new builds and 40 acquisitions in fiscal 2026). The Fikes acquisition (198 stores) added the CEFCO brand and a wholesale fuel network.

Risks

• Fuel margin volatility — Fuel gross profit per gallon can fluctuate significantly due to oil prices, interest rates, and geopolitical disruptions, which could impact earnings.
• Cybersecurity and data privacy — A breach of guest, team member, or supplier data, including payment card info, could lead to litigation, regulatory action, and reputational damage.
• Integration and operational risks from acquisitions — The Fikes acquisition added stores and a wholesale network; integration may disrupt operations, and some acquired locations lack full kitchens, limiting food sales.
• Demographic and competitive pressures — Roughly 71% of stores are in small towns, where population decline or increased competition from national chains could reduce traffic and sales.

Outlook

Management notes fuel margins remain elevated versus historical levels but could be impacted by oil price spikes, higher interest rates, or geopolitical conflicts. The company expects to announce a new three-year strategic plan in June 2026. EV charging will be selectively expanded based on regional demand, which remains lower than coastal areas. No specific fiscal 2027 guidance was provided in the excerpts.