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FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc.
One SE Convenience Blvd
Ankeny, IA 50021
Casey's Announces Fourth Quarter and Fiscal Year Results
Ankeny, IA, June 9, 2026 - Casey’s General Stores, Inc., ("Casey's" or the "Company") (Nasdaq symbol CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months and year ended April 30, 2026.

Fourth Quarter 2026 Key Highlights

•Diluted EPS of $4.37, up 66.2% from the same period a year ago. Net income was $162.7 million, up 65.5%, and EBITDA1 was $350.3 million, up 33.2%, from the same period a year ago.
•Inside same-store sales were up 5.5% compared to the prior year, and 7.4% on a two-year stack basis, with an inside margin of 42.4%. Total inside gross profit increased 10.5% to $643.4 million compared to the prior year.
•Fuel same-store gallons were up 1.5% compared to the prior year with a fuel margin of 46.9 cents per gallon. Total fuel gross profit increased 29.1% to $397.4 million compared to the prior year.
•In June, Casey's increased the quarterly dividend 14% to $0.65 per share, marking the 27th consecutive annual increase.

Fiscal Year 2026 Key Highlights

•Diluted EPS of $19.16 up 30.9% over the prior year. Net income was $714.4 million, up 30.7%, and EBITDA was nearly $1.5 billion, up 23.6%, from the prior year.
•Casey's was added to the S&P 500 Index in recognition of its consistent financial performance and the growth of the company.
•Casey's Rewards grew to nearly 10.5 million members by year-end.
•Casey's expanded its sauced wings program to nearly 850 stores as of April 30th.

“Casey's delivered another record fiscal year as our team closed out the three-year strategic plan on an extremely high note, reaching $714 million of net income and nearly $1.5 billion in EBITDA," said Darren Rebelez, President and CEO. “Inside same-store sales for the year were extremely strong, up 4.2%, or 7.0% on a two-year stack basis, led by strong performance in prepared foods and non-alcoholic beverages. Our fuel team did a great job balancing gallons sold with fuel margin, as fiscal 2026 fuel gross profit increased 21% from the prior year. The operations team performed exceptionally well over the course of the year as we reported substantial EBITDA growth while same-store labor hours were slightly favorable for the year.”

Earnings
Three Months Ended April 30,Twelve Months Ended April 30,
2026202520262025
Net income (in thousands)$162,684 $98,307 $714,448 $546,520 
Diluted earnings per share$4.37 $2.63 $19.16 $14.64 
EBITDA (in thousands)$350,334 $263,017 $1,483,615 $1,200,047 

Fourth quarter net income, diluted EPS, and EBITDA increased compared to the same period in the prior year primarily 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 April 30,Twelve Months Ended April 30,
2026202520262025
Inside sales (in thousands)$1,517,983 $1,413,593 $6,340,442 $5,755,649 
Inside same-store sales5.5 %1.7 %4.2 %2.6 %
Grocery and general merchandise same-store sales5.1 %1.8 %3.9 %2.3 %
Prepared food and dispensed beverage same-store sales6.6 %1.5 %5.2 %3.5 %
Inside gross profit (in thousands)$643,425 $582,396 $2,676,348 $2,389,448 
Inside margin42.4 %41.2 %42.2 %41.5 %
Grocery and general merchandise margin35.7 %34.8 %35.8 %35.0 %
Prepared food and dispensed beverage margin59.5 %57.8 %58.6 %58.2 %

For the quarter, total inside sales were up 7.4% and total inside gross profit was up 10.5%. Inside same-store sales were up 5.5%, or 7.4% on a two-year stack basis, driven by strong performance in whole pizzas as well as appetizers and sides in the prepared food and dispensed beverage category in addition to non-alcoholic beverages in the grocery and general merchandise category. Inside margin was up approximately 120 basis points versus the prior year as cost of goods management, improved waste and mix shift were the primary drivers.

Fuel2
Three Months Ended April 30,Twelve Months Ended April 30,
2026202520262025
Fuel gallons sold (in thousands)848,331 818,641 3,515,197 3,196,852 
Same-store gallons sold1.5 %0.1 %1.4 %0.1 %
Fuel gross profit (in thousands)$397,445 $307,836 $1,496,591 $1,236,694 
Fuel margin (cents per gallon, excluding credit card fees)46.9 ¢37.6 ¢42.6 ¢38.7 ¢

For the quarter, total fuel gallons sold increased 3.6% compared to the prior year primarily due to operating more stores as well as the same-store gallons increase. The Company's total fuel gross profit was up 29.1% versus the prior year, due to an increase in gallons sold as well as fuel margin. The Company generated $15.2 million in renewable fuel credits (RINs) in the quarter, an increase of $10.8 million from the same period last year.

Operating Expenses
Three Months Ended April 30,Twelve Months Ended April 30,
2026202520262025
Operating expenses (in thousands)$730,023 $663,003 $2,837,426 $2,552,356 
Credit card fees (in thousands)$71,919 $63,759 $278,749 $251,077 
Same-store operating expense excluding credit card fees3.6 %1.9 %3.7 %1.7 %

Total operating expenses increased 10.1% for the fourth quarter. Operating 40 more stores than the prior year accounted for approximately 2% of the increase. Same-store employee expense accounted for approximately 1.5% of the increase, due to increases in labor rates, as same-store labor hours were approximately flat. Approximately 4% of the change is related to an increase in accrued costs for variable compensation due to strong financial performance as well as discretionary charitable contributions.
2 Fuel category does not include wholesale fuel or terminal activity, which is included in Other.


Expansion
Store Count
April 30, 20252,904 
New store construction40 
Acquisitions40 
Prior acquisitions opened1 
Closed(41)
April 30, 20262,944 

Liquidity
At April 30, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $523 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 $63 million of shares.

On June 4, 2026, the Board of Directors authorized an expansion of its existing share repurchase program up to a total amount of $1 billion. The number and timing of shares to be repurchased will depend on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The updated repurchase authorization has no expiration date and may be suspended, amended or discontinued at any time. The Company now has $1 billion remaining under its updated share repurchase authorization.

Dividend
At its June meeting, the Board of Directors voted to increase the quarterly dividend by 14% to $0.65 per share, which is the 27th consecutive year increasing the dividend. The dividend is payable August 14, 2026, to shareholders of record on August 1, 2026.

Fiscal 2027 Outlook
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 April 30,Twelve Months Ended April 30,
 2026202520262025
Total revenue$4,571,779 $3,992,758 $17,561,101 $15,940,899 
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)3,491,422 3,066,738 13,240,060 12,188,496 
Operating expenses730,023 663,003 2,837,426 2,552,356 
Depreciation and amortization115,495 107,443 449,958 403,647 
Interest, net21,713 27,916 96,634 83,951 
Income before income taxes213,126 127,658 937,023 712,449 
Federal and state income taxes50,442 29,351 222,575 165,929 
Net income$162,684 $98,307 $714,448 $546,520 
Net income per common share
Basic$4.40 $2.65 $19.28 $14.72 
Diluted$4.37 $2.63 $19.16 $14.64 
Basic weighted average shares36,942,758 37,126,996 37,065,319 37,116,152 
Plus dilutive effect of share-based compensation247,865 263,564 216,334 226,860 
Diluted weighted average shares37,190,623 37,390,560 37,281,653 37,343,012 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
April 30, 2026April 30, 2025
Assets
Current assets
Cash and cash equivalents$522,991 $326,662 
Receivables243,502 180,746 
Inventories557,151 480,034 
Prepaid and other current assets29,783 24,641 
Income taxes receivable10,585 770 
Total current assets1,364,012 1,012,853 
Operating lease right-of-use assets, net432,640 417,046 
Other assets, net121,249 120,082 
Goodwill1,268,686 1,244,893 
Property and equipment, net of accumulated depreciation of $3,444,442 at April 30, 2026 and $3,122,203 at April 30, 2025
5,749,468 5,413,244 
Total assets$8,936,055 $8,208,118 
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt and finance lease obligations$101,357 $94,925 
Accounts payable823,804 620,447 
Accrued expenses and current portion of operating lease liabilities425,445 386,321 
Total current liabilities1,350,606 1,101,693 
Long-term debt and finance lease obligations, net of current maturities2,330,237 2,413,620 
Deferred income taxes739,843 646,905 
Operating lease liabilities, net of current portion459,284 434,707 
       Insurance accruals, net of current portion32,140 33,143 
Other long-term liabilities72,226 69,380 
Total liabilities4,984,336 4,699,448 
Total shareholders’ equity3,951,719 3,508,670 
Total liabilities and shareholders’ equity$8,936,055 $8,208,118 


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

 Twelve months ended April 30,
 20262025
Cash flows from operating activities:
Net income$714,448 $546,520 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization449,958 403,647 
Amortization of debt related costs2,065 2,312 
Change in excess replacement cost over LIFO inventory valuation17,455 11,530 
Share-based compensation63,407 47,732 
Loss on disposal of assets and impairment charges13,517 12,401 
Deferred income taxes94,772 59,958 
Changes in assets and liabilities:
Receivables(60,075)(1,297)
Inventories(90,084)(7,756)
Prepaid and other current assets(5,142)3,658 
Accounts payable159,172 (20,782)
Accrued expenses35,609 21,525 
Income taxes(11,444)15,460 
Other, net(6,118)(4,054)
Net cash provided by operating activities1,377,540 1,090,854 
Cash flows from investing activities:
Purchase of property and equipment(655,920)(506,224)
Payments for acquisitions of businesses, net of cash acquired(141,583)(1,239,249)
Proceeds from sales of assets42,072 18,805 
Net cash used in investing activities(755,431)(1,726,668)
Cash flows from financing activities:
Proceeds from long-term debt— 1,100,000 
Repayments of long-term debt(94,895)(239,492)
Payments of debt related costs— (5,891)
Payments of cash dividends(83,136)(72,309)
Repurchase of common stock and payment of related excise taxes(200,505)(734)
Tax withholdings on employee share-based awards(47,244)(25,580)
Net cash (used in) provided by financing activities(425,780)755,994 
Net increase in cash and cash equivalents196,329 120,180 
Cash and cash equivalents at beginning of the period326,662 206,482 
Cash and cash equivalents at end of the period$522,991 $326,662 
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
 Twelve months ended April 30,
 20262025
Cash paid during the period for:
Interest, net of amount capitalized$110,546 $86,598 
Income taxes, net138,018 89,771 
Noncash investing and financing activities:
Purchased property and equipment in accounts payable90,612 46,427 


Summary by Category (Amounts in thousands)
Three months ended April 30, 2026Prepared Food
& Dispensed Beverage		Grocery & General
Merchandise		FuelOtherTotal
Revenue$427,620 $1,090,363 $2,884,752 $169,044 $4,571,779 
Gross profit$254,233 $389,192 $397,445 $39,487 $1,080,357 
59.5 %35.7 %13.8 %23.4 %23.6 %
Fuel gallons sold848,331 
Three months ended April 30, 2025
Revenue$391,655 $1,021,938 $2,438,937 $140,228 $3,992,758 
Gross profit$226,406 $355,990 $307,836 $35,788 $926,020 
57.8 %34.8 %12.6 %25.5 %23.2 %
Fuel gallons sold818,641 
 
Summary by Category (Amounts in thousands)
Twelve months ended April 30, 2026Prepared Food
& Dispensed Beverage		Grocery & General
Merchandise		FuelOtherTotal
Revenue$1,776,828 $4,563,614 $10,615,407 $605,252 $17,561,101 
Gross profit$1,040,943 $1,635,405 $1,496,591 $148,102 $4,321,041 
58.6 %35.8 %14.1 %24.5 %24.6 %
Fuel gallons sold3,515,197 
Twelve months ended April 30, 2025
Revenue$1,611,762 $4,143,887 $9,776,033 $409,217 $15,940,899 
Gross profit$937,440 $1,452,008 $1,236,694 $126,261 $3,752,403 
58.2 %35.0 %12.7 %30.9 %23.5 %
Fuel gallons sold3,196,852 
Prepared Food & Dispensed BeveragePrepared Food & Dispensed Beverage
Same-store SalesMargin
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
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 
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 %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 
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 %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 
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 such calculations 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 and twelve months ended April 30, 2026 and 2025:
(In thousands)Three Months Ended April 30,Twelve Months Ended April 30,
 2026202520262025
Net income$162,684 $98,307 $714,448 $546,520 
Interest, net21,713 27,916 96,634 83,951 
Federal and state income taxes50,442 29,351 222,575 165,929 
Depreciation and amortization115,495 107,443 449,958 403,647 
EBITDA$350,334 $263,017 $1,483,615 $1,200,047 
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 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 June 10, 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:
Brian Johnson (515) 446-6587Katie Petru (515) 446-6772

CASY-IR