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FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc.
One SE Convenience Blvd
Ankeny, IA 50021
Casey's Announces Second Quarter Results
Ankeny, IA, December 9, 2025 - 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 and six months ended October 31, 2025.

Second Quarter Key Highlights

•Diluted EPS of $5.53 up 14.0% from the same period a year ago. Net income was $206.3 million, up 14.0% from the prior year, and EBITDA1 was $410.1 million, up 17.5%, from the same period a year ago.
•Inside same-store sales increased 3.3% compared to prior year, and 7.5% on a two-year stack basis, with an inside margin of 42.4%. Total inside gross profit increased 13.5% to $703.4 million compared to the prior year.
•Same-store fuel gallons were up 0.8% compared to prior year with a fuel margin of 41.6 cents per gallon. Total fuel gross profit increased 20.9% to $377.4 million compared to the prior year.
•The Company is updating certain metrics in its Fiscal 2026 Outlook due to strong financial performance to date.

"Casey's delivered a great second quarter highlighted by strong sales and traffic growth across the entire store,” said Darren Rebelez, Chairman, President and CEO. “Our inside same-store sales continued the strong momentum, as our prepared foods offering and value proposition are resonating with guests, while our team is delivering on the strategic plan. On the fuel side, the team did an outstanding job achieving same-store gallon growth while expanding fuel margin. Overall, the excellent financial results were a combination of strong same-store performance and robust store growth as we are operating nearly 9% more stores than the prior year."

Earnings
Three Months Ended October 31,Six Months Ended October 31,
2025202420252024
Net income (in thousands)$206,336 $180,918 $421,691 $361,116 
Diluted earnings per share$5.53 $4.85 $11.29 $9.68 
EBITDA (in thousands)$410,099 $348,880 $824,369 $694,662 

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, primarily due to operating 236 additional stores.


1 EBITDA is reconciled to net income below.


Inside
Three Months Ended October 31,Six Months Ended October 31,
2025202420252024
Inside sales (in thousands)$1,658,439 $1,467,524 $3,342,256 $2,941,631 
Inside same-store sales3.3 %4.0 %3.7 %3.1 %
Grocery and general merchandise same-store sales2.7 %3.6 %3.2 %2.5 %
Prepared food and dispensed beverage same-store sales4.8 %5.2 %5.0 %4.7 %
Inside gross profit (in thousands)$703,423 $619,651 $1,408,889 $1,233,973 
Inside margin42.4 %42.2 %42.2 %41.9 %
Grocery and general merchandise margin36.0 %35.6 %36.0 %35.5 %
Prepared food and dispensed beverage margin58.6 %58.7 %58.3 %58.5 %

Total inside sales for the quarter were up 13.0% compared to the prior year. Same-store inside sales were driven by strong performance in the prepared food and dispensed beverage category, including whole pizzas and hot sandwiches as well as non-alcoholic beverages in the grocery and general merchandise category. Inside margin was up approximately 20 basis points compared to the same quarter a year ago, benefitting from a favorable product mix shift.

Fuel2
Three Months Ended October 31,Six Months Ended October 31,
2025202420252024
Fuel gallons sold (in thousands)906,652 775,914 1,818,432 1,548,450 
Same-store gallons sold0.8 %(0.6)%1.2 %(0.1)%
Fuel gross profit (in thousands)$377,366 $312,252 $750,920 $626,800 
Fuel margin (cents per gallon, excluding credit card fees)41.6 ¢40.2 ¢41.3 ¢40.5 ¢

For the quarter, total fuel gallons sold increased 16.8% compared to the prior year due to the store count increase as well as the same-store gallons increase. The Company’s total fuel gross profit was up 20.9% versus the prior year, with an increase in gallons sold as well as fuel margin. The Company sold $7.2 million in renewable fuel credits (RINs) in the quarter, an increase of $2.3 million from the same quarter in the prior year.

Operating Expenses
Three Months Ended October 31,Six Months Ended October 31,
2025202420252024
Operating expenses (in thousands)$711,587 $609,679 $1,409,763 $1,219,153 
Credit card fees (in thousands)$71,493 $62,275 $143,197 $126,084 
Same-store operating expenses excluding credit card fees4.5 %2.3 %3.6 %1.5 %

Operating expenses increased 16.7% during the second quarter. Operating 236 more stores than prior year accounted for approximately 10.5% of the increase. Same-store employee expense contributed to approximately 2% of the increase, due to increases in labor rates, as same-store labor hours were flat. Approximately 1% of the change is related to an increase in accrued costs for variable incentive compensation due to strong financial performance.


2 Fuel category does not include wholesale fuel nor terminal activity, which is included in Other.


Expansion
Store Count
April 30, 20252,904 
New store construction16 
Acquisitions26 
Acquisitions not opened(1)
Prior acquisitions opened1 
Closed or divested(25)
October 31, 20252,921 


Liquidity
At October 31, 2025, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $492 million in cash and cash equivalents on hand and approximately $900 million in available borrowing capacity on existing lines of credit.

Share Repurchase
During the quarter, the Company repurchased approximately $31 million of shares. The Company has approximately $233 million remaining under its existing share repurchase authorization.

Dividend
At its December meeting, the Board of Directors approved a quarterly dividend of $0.57 per share. The dividend is payable February 13, 2026, to shareholders of record on February 1, 2026.

Fiscal 2026 Outlook
As a result of the strong financial performance year-to-date, fiscal 2026 EBITDA is expected to increase 15% to 17%. The Company now expects inside same-store sales to increase 3% to 4% and an inside margin of 41% to 42%. The tax rate is now expected to be 24% to 25% for the fiscal year.

The Company is not updating its outlook for the following metrics. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 8% to 10%. The Company expects to open at least 80 stores in fiscal 2026, through a mix of M&A and new store construction, bringing the three-year strategic plan period total to approximately 500 stores. Net interest expense is expected to be approximately $110 million. Depreciation and amortization is expected to be approximately $450 million and the purchase of property and equipment is expected to be approximately $600 million.





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 October 31,Six Months Ended October 31,
 2025202420252024
Total revenue$4,506,084 $3,946,771 $9,073,190 $8,044,508 
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)3,384,398 2,988,212 6,839,058 6,130,693 
Operating expenses711,587 609,679 1,409,763 1,219,153 
Depreciation and amortization111,416 96,592 220,379 191,001 
Interest, net24,690 12,553 51,540 26,620 
Income before income taxes273,993 239,735 552,450 477,041 
Federal and state income taxes67,657 58,817 130,759 115,925 
Net income$206,336 $180,918 $421,691 $361,116 
Net income per common share
Basic$5.56 $4.87 $11.35 $9.73 
Diluted$5.53 $4.85 $11.29 $9.68 
Basic weighted average shares37,132,365 37,124,541 37,140,668 37,105,886 
Plus dilutive effect of share-based compensation152,768 186,938 195,313 202,392 
Diluted weighted average shares37,285,133 37,311,479 37,335,981 37,308,278 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
October 31, 2025April 30, 2025
Assets
Current assets
Cash and cash equivalents$492,016 $326,662 
Receivables192,504 180,746 
Inventories452,063 480,034 
Prepaid and other current assets47,381 24,641 
Income taxes receivable7,309 770 
Total current assets1,191,273 1,012,853 
Operating lease right-of-use assets, net
438,198 417,046 
Other assets, net of amortization122,219 120,082 
Goodwill1,266,489 1,244,893 
Property and equipment, net of accumulated depreciation of $3,295,478 at October 31, 2025 and $3,122,203 at April 30, 20255,566,988 5,413,244 
Total assets$8,585,167 $8,208,118 
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt and finance lease obligations$101,265 $94,925 
Accounts payable666,091 620,447 
Accrued expenses and current portion of operating lease liabilities 367,705 386,321 
Total current liabilities1,135,061 1,101,693 
Long-term debt and finance lease obligations, net of current maturities2,352,032 2,413,620 
Deferred income taxes716,030 646,905 
Operating lease liabilities, net of current portion
464,326 434,707 
Insurance accruals, net of current portion35,512 33,143 
Other long-term liabilities72,678 69,380 
Total liabilities4,775,639 4,699,448 
Total shareholders’ equity3,809,528 3,508,670 
Total liabilities and shareholders’ equity$8,585,167 $8,208,118 



Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
 Six months ended October 31,
 20252024
Cash flows from operating activities:
Net income$421,691 $361,116 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization220,379 191,001 
Amortization of debt issuance costs1,033 555 
Change in excess replacement cost over LIFO inventory valuation15,631 6,398 
Share-based compensation30,659 23,645 
Loss on disposal of assets and impairment charges1,679 4,422 
Deferred income taxes70,907 12,054 
Changes in assets and liabilities:
Receivables(13,224)(855)
Inventories15,421 (8,723)
Prepaid and other current assets(22,740)(12,505)
Accounts payable3,938 (9,902)
Accrued expenses(19,780)(36,228)
Income taxes(6,248)20,780 
Other, net140 299 
Net cash provided by operating activities719,486 552,057 
Cash flows from investing activities:
Purchase of property and equipment(281,100)(211,226)
Payments for acquisition of businesses, net of cash acquired(87,454)(46,341)
Proceeds from sales of assets24,312 11,720 
Net cash used in investing activities(344,242)(245,847)
Cash flows from financing activities:
Proceeds from long-term debt— 1,100,000 
Payments of long-term debt and finance lease obligations(60,376)(34,637)
Payments of debt issuance costs— (5,191)
Payments of cash dividends(40,864)(35,179)
Repurchase of common stock and payment of related excise taxes(62,502)(734)
Tax withholdings on employee share-based awards(46,148)(25,110)
Net cash (used in) provided by financing activities(209,890)999,149 
Net increase in cash, cash equivalents and restricted cash165,354 1,305,359 
Cash and cash equivalents at beginning of the period326,662 206,482 
Cash, cash equivalents and restricted cash at end of the period$492,016 $1,511,841 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Six months ended October 31,
20252024
Cash and cash equivalents$492,016 $351,723 
Restricted cash— 1,160,118 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$492,016 $1,511,841 


SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
 Six months ended October 31,
 20252024
Cash paid during the period for:
Interest, net of amount capitalized$65,363 $33,516 
Income taxes, net64,954 82,507 
Noncash activities:
       Purchased property and equipment in accounts payable88,135 59,312 
       Right-of-use assets obtained in exchange for new finance lease liabilities4,764 11,210 
       Right-of-use assets obtained in exchange for new operating lease liabilities41,349 — 


Summary by Category (Amounts in thousands)
Three Months Ended October 31, 2025Prepared Food & Dispensed BeverageGrocery & General
Merchandise		FuelOtherTotal
Revenue$467,799 $1,190,640 $2,687,289 $160,356 $4,506,084 
Gross profit$274,244 $429,179 $377,366 $40,897 $1,121,686 
58.6 %36.0 %14.0 %25.5 %24.9 %
Fuel gallons sold906,652 
Three Months Ended October 31, 2024
Revenue$417,827 $1,049,697 $2,414,632 $64,615 $3,946,771 
Gross profit$245,458 $374,193 $312,252 $26,656 $958,559 
58.7 %35.6 %12.9 %41.3 %24.3 %
Fuel gallons sold775,914 
Summary by Category (Amounts in thousands)
Six Months Ended October 31, 2025Prepared Food & Dispensed BeverageGrocery & 
General Merchandise		FuelOtherTotal
Revenue$926,233 $2,416,023 $5,420,948 $309,986 $9,073,190 
Gross profit$540,227 $868,662 $750,920 $74,323 $2,234,132 
58.3 %36.0 %13.9 %24.0 %24.6 %
Fuel gallons sold1,818,432 
Six Months Ended October 31, 2024
Revenue$822,956 $2,118,675 $4,970,274 $132,603 $8,044,508 
Gross profit$481,499 $752,474 $626,800 $53,042 $1,913,815 
58.5 %35.5 %12.6 %40.0 %23.8 %
Fuel gallons sold1,548,450 

Prepared Food & Dispensed BeveragePrepared Food & Dispensed Beverage
Same-store SalesMargin
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20265.6 %4.8 %F202658.0 %58.6 %
F20254.4 5.2 4.7 %1.5 %3.5 %F202558.3 58.7 57.8 %57.8 %58.2 %
F20245.9 6.1 7.5 8.8 6.8 F202458.2 59.0 59.6 58.1 58.7 
Grocery & General MerchandiseGrocery & General Merchandise
Same-store SalesMargin
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20263.8 %2.7 %F202635.9 %36.0 %
F20251.6 3.6 3.3 %1.8 %2.3 %F202535.4 35.6 34.2 %34.8 %35.0 %
F20245.2 1.7 2.8 4.3 3.5 F202434.1 34.0 33.9 34.4 34.1 
Fuel GallonsFuel Margin
Same-store Sales(Cents per gallon, excluding credit card fees)
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20261.7 %0.8 %F202641.0 ¢41.6 ¢
F20250.7 (0.6)1.8 %0.1 %0.1 %F202540.7 40.2 36.4 ¢37.6 ¢38.7 ¢
F20240.4 — (0.4)0.9 0.1 F202441.6 42.3 37.3 36.5 39.5 




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 management 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 and six months ended October 31, 2025 and 2024:
(in thousands)Three Months Ended October 31,Six Months Ended October 31,
2025202420252024
Net income$206,336 $180,918 $421,691 $361,116 
Interest, net24,690 12,553 51,540 26,620 
Federal and state income taxes67,657 58,817 130,759 115,925 
Depreciation and amortization111,416 96,592 220,379 191,001 
EBITDA$410,099 $348,880 $824,369 $694,662 
NOTES:
•Gross profit is defined as revenue less cost of goods sold (exclusive of 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 the potential impact of the Fikes transaction, 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 December 10, 2025. 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:
Brian Johnson (515) 446-6587Katie Petru (515) 446-6772