Casey's General Stores (CASY) Q3 2026 earnings summary

Executive summary

• Operates approximately 2,900 convenience stores in 19 states, focusing on rural and smaller communities, with a $25B enterprise value and about 800M annual guest transactions.

• Third largest US convenience store chain, fifth largest pizza chain, and fourth in liquor licenses among US retailers.

• Q3 FY26 delivered strong results with diluted EPS up 49.8% year-over-year to $3.49 and net income up 49.3% to $130.1 million, driven by higher profitability in both in-store and fuel operations.

• EBITDA rose 27.5% to $308.9 million for the quarter, with inside margin reaching 42.2%.

• Store count increased by 20 net new locations since April 30, 2025, including new builds and acquisitions.

Financial highlights

• Q3 total revenue was $3.92 billion, up 0.3% year-over-year; nine-month revenue was $12.99 billion, up 8.7%.

• Inside sales for the quarter were $1.48 billion, up 5.7% year-over-year; inside gross profit rose 8.9% to $624.0 million.

• Prepared food and dispensed beverage sales rose 6.5% to $423 million; grocery/general merchandise sales up 5.4% to $1.06 billion.

• Fuel gross profit increased 15.3% to $348.2 million; total fuel gallons sold rose 2.3% year-over-year; fuel margin was $0.41 per gallon, up $0.046 year-over-year.

• Net cash provided by operating activities for the nine months was $979 million, up from $757 million year-over-year.

Outlook and guidance

• Fiscal 2026 EBITDA expected to increase 18%-20%.

• Inside same-store sales projected to rise 3.5%-4.5%, with inside margin of 41.5%-42.5%.

• Operating expenses expected to rise about 10%; tax rate guided to 23.5%-24.5%.

• At least 80 new stores expected to open in fiscal 2026, targeting 500 over three years.

• Management expects elevated fuel margins to persist but notes potential volatility due to macroeconomic and geopolitical factors.