Results
First Quarter Key Highlights
8Diluted EPS of $7.37 up 27.7% from the same period a year ago.
7Net income was $273.7 million, up 27.1% from the prior year, and EBITDA 1 was $485.1 million, up 17.1%, from the same period a year ago.
5Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a two-year stack basis, with an inside margin of 42.2%.
Total inside gross profit increased 6.3% to $749.8 million compared to the prior year.
3Fuel same-store gallons sold were down 0.3% compared to prior year, and positive 1.4% on a two-year stack basis, with a fuel margin of 47.8 cents per gallon.
Total fuel gross profit increased 19.6% to $446.9 million compared to the prior year.
Corporate events
Casey's released its new three-year strategic plan in June.
Management commentary
1"We are off to a great start on our three-year strategic plan, highlighted by a nearly 28% increase in diluted EPS,” said Darren Rebelez, Chairman, President and CEO.
“Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies.
On the fuel side, our team's robust capabilities helped us navigate a volatile environment and produced strong results.
The operations team delivered an exceptional guest experience during our busiest quarter of the year.
We accomplished all of this while running ahead of schedule on our integration of the Fikes acquisition."
Results
Earnings
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.
Inside
Total inside sales for the quarter were up 5.6% compared to the prior year.
Prepared food and dispensed beverage same-store sales was driven primarily by positive traffic, led by whole pizzas, while grocery and general merchandise same-store sales had excellent performance in non-alcoholic beverages.
4Inside margin was up approximately 30 basis points compared to the same quarter a year ago, benefitting primarily from favorable mix shift and cost of goods management.
Management commentary
Fuel 2
Results
6For the quarter, total fuel gallons sold increased 2.5% compared to the prior year due to the store count increase, slightly offset by a modest decrease in same-store gallons sold.
The Company’s total fuel gross profit was up 19.6% versus the prior year, due to an increase in gallons sold as well as fuel margin.
Operating Expenses
2Operating expenses increased 8.0% during the first quarter.
Operating 64 more stores than prior year accounted for approximately 2% of the increase.
Same-store credit card fees added approximately 1.5% of the increase.
Same-store employee expense contributed to approximately 1% of the increase, primarily due to increases in labor rates, while same-store labor hours were nearly flat.
Insurance was responsible for approximately 1% of the increase.
Management commentary
Expansion
Results
Store Count
Stores at April 30, 20262,944
New store construction9
Corporate events
Acquisitions12
Results
Closed or divested(6)
Stores at July 31, 20262,959
At July 31, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $524 million in cash and cash equivalents on hand and approximately $857 million in available borrowing capacity on existing lines of credit.
Capital return
Share Repurchase
During the quarter, the Company repurchased approximately $45.6 million of shares.
The Company has approximately $973 million remaining under its existing share repurchase authorization.
Dividend
At its September meeting, the Board of Directors approved a quarterly dividend of $0.65 per share.
The dividend is payable November 13, 2026, to shareholders of record on November 1, 2026.
Outlook
Fiscal 2027 Outlook
The Company's fiscal 2027 outlook previously disclosed remains unchanged.Guidance reaffirmed
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
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