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Casey's General Stores (CASY) investor relations material
Casey's General Stores Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary9 Sep, 2025
Executive summary
Operates approximately 2,900 convenience stores in 19 states, with a significant Midwest presence and recent expansion from the Fikes acquisition, adding 198 stores and a wholesale fuel network.
Diluted EPS rose 19.5% year-over-year to $5.77, with net income up 19.5% to $215.4 million and EBITDA up 19.8% to $414.3 million.
Total revenue increased 11.5% to $4.6 billion, driven by higher inside sales, fuel gallons sold, and acquisitions.
Same-store inside sales grew 4.3%, led by prepared food and dispensed beverage up 5.6%, and grocery/general merchandise up 3.8%.
Strategic advantages include vertical integration, advanced technology, and a strong rewards platform with over 9 million active members.
Financial highlights
Gross profit reached $1.11 billion, up 16.5% year-over-year, with inside gross profit up 14.8% and fuel gross profit up 18.8%.
Inside gross profit margin was 41.9%, up 20 basis points; prepared food margin was 58%, down 30 basis points due to SEFCO.
Grocery/general merchandise margin improved by 50 basis points to 35.9%, driven by favorable mix shifts.
Free cash flow was $462 million in FY25, up from $362 million in FY24; available liquidity stood at $1.4 billion.
Net interest expense increased to $26.9 million, mainly due to Fikes Wholesale financing; effective tax rate decreased to 22.7%.
Outlook and guidance
Fiscal 2026 outlook unchanged: EBITDA expected to grow 10–12%, inside same-store sales to rise 2–5%, and inside margin to be around 41%.
Store growth strategy targets 4–5% unit growth annually, aiming for 500 new stores by FY2026 through new builds and acquisitions.
Management expects elevated fuel margins to persist but notes potential volatility due to macroeconomic and geopolitical factors.
Cheese costs are 70% hedged for the remainder of the year at favorable rates.
Free cash flow projected at ~$1.25 billion through FY2026.
Explain Q1 net store count decrease
What drove the 1% same-store labor hour reduction?
Outlook for renewable fuel credit (RINS) sales?
SEFCO PFDB synergy timeline
Fuel market share growth sustainability
Post-2026 store growth strategy
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Next Casey's General Stores earnings date
Q2 20269 Dec, 2025
Next Casey's General Stores earnings date
Q2 20269 Dec, 2025
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Frequently asked questions
The beating heart of small-town America
Casey’s General Store, doing business under the name of Casey’s, has since its foundation in 1968 grown to become a common sight in smaller rural towns all over the American Midwest. Casey’s is a retail business, providing their communities with a one-stop shop for everyday staples such as gas and basic groceries, while also offering a wide array of different prepared foods, snacks, and drinks. With their 2400 stores spread across 16 states they’ve become a part of everyday life in the American heartland.
Iowans at heart
Casey’s General Store was founded in Boone, Iowa, and in the years following the opening of the first store, expansion into the rest of Iowa was rapid. Even if Casey’s can now be found far away from Iowa’s borders, its feet remain firmly planted in their home state. The headquarters are located in Ankeny just outside of Des Moines. Although much has changed since 1968, Casey’s small-town mentality is still being preserved through an emphasis on hospitality and customer service, and 24% of its stores are located throughout Iowa. The origins of Casey’s is a classic tale of American growth and entrepreneurial spirit, closely mirroring the development of companies like Target and Walmart.
Gas sales drive retail sales and vice versa
Since its early days, Casey’s has focused on providing its nearby communities with a practical and welcoming hub for the necessities of everyday life. Combining a gas station with groceries and various fast-food options means that the revenue streams are diverse and operate with a built-in hedge against fluctuating oil prices. Casey’s is vertically integrated and runs its own distribution. The company currently employs three separate distribution centers, strategically placed around its area of operations.
Adapting for the future
Even if Casey’s locations often are a central hub in their community, steps are being taken to remain relevant for many years to come. Selling gasoline is a cornerstone of the business, but it’s a revenue stream that isn’t going to be around forever. The shift towards EVs has started and is ramping up every year. Casey’s is preparing for this by rolling out EV charging stations at their locations across the Midwest while continuing to develop their offerings of various prepared foods. A big push is being made in rolling out their expansive made-from-scratch Pizza program which now includes delivery and online ordering.
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