CASEYS GENERAL STORES INC

Casey’s General Stores, Inc.

What the company does

• Operates convenience stores under the Casey’s and Casey’s General Store brands, with a subset branded GoodStop (by Casey’s) or CEFCO.
• Stores sell prepared foods (including pizza), beverages, groceries, tobacco and nicotine products, health and beauty aids, automotive items, and other essentials.
• Nearly all stores sell fuel (all but six). The company self-distributes most of its fuel, operates a wholesale fuel network, and 241 locations offer car washes.
• Maintains a three-facility distribution network, owns a fuel terminal in Waco, Texas, and operates a Store Support Center in Ankeny, Iowa.
• Revenue sources include in-store retail (fuel and non-fuel), with a focus on higher-margin prepared foods and dispensed beverages, and sales through its wholesale fuel network.

Stores and geographic footprint

• Total stores: 2,944 (as of April 30, 2026).
• Presence in 19 states; about half of stores are in Iowa, Missouri, and Illinois.
• Approximately 71% of stores are in areas with populations under 20,000.
• Store design is predominantly freestanding with a standardized layout to encourage guest traffic flow. Most locations operate at least 16 hours per day, seven days a week.
• Car washes at 241 locations.
• Fuel available at all but six locations; typical storage capacity ranges from 44,000 to 70,000 gallons per site.

Product and service mix

• Prepared foods and dispensed beverages: pizza (flagship product since 1984, available in nearly all stores as grab-and-go slices and made-to-order pies), hot sandwiches, salads and wraps, fries, bakery items (donuts, cookies), bone-in and boneless chicken wings (available in ~850 stores as of 4/30/2026), coffee, and other beverages.
• Mix of private-label and national/regional brands across non-alcoholic and alcoholic beverages, packaged foods, snacks, tobacco/nicotine products, frozen foods, and non-food items (health and beauty aids, automotive, electronics, housewares).
• Services include ATM, lotto, and prepaid cards.
• Digital engagement: Casey’s Rewards mobile app with earn-and-redeem points, classroom donation option (Casey’s Cash for Classrooms), and fuel discounts. Over 10 million members enrolled at the end of fiscal 2026.

Fuel operations and performance

• Fuel is a major revenue driver.
• Fuel gallons sold (thousands): 3,515,197 (2026); 3,196,852 (2025); 2,828,669 (2024).
• Average price per gallon (2026): $3.02.
• Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) (2026): $0.4257.
• Fuel retail revenue (2026): $10,615,407 thousand, representing 60.4% of total revenue.
• Fuel gross margin (revenue less COGS, excluding D&A) for 2026: $1,496,591 thousand (compared with $1,236,694 thousand in 2025 and $1,116,671 thousand in 2024).
• Average gallons per fuel store (stores operating at least one full year in the period): 1,217 gallons per store (2026).
• Wholesale fuel network accounted for approximately 3% of total revenue in 2026.

Distribution and wholesale

• Distribution centers: Ankeny, IA; Terre Haute, IN; Joplin, MO.
• Fuel terminal: Waco, TX (acquired with the Fikes acquisition).
• Delivery model: self-distribution for most fuel and several product categories; company-operated fleet delivers from distribution centers to stores.
• Majority of food and non-food items sourced directly from manufacturers; long-term contracts exist but are not the default for most suppliers.

Customers and people

• Team Members (as of 4/30/2026): 23,490 full-time and 26,358 part-time (total 49,848).
  • 94% of Team Members are store-based.
  • 3% work at the Store Support Center and in related roles.
• Culture and programs: Casey’s CARES values (Commitment, Authenticity, Respect, Evolving, Service) and a Team Member value proposition emphasizing growth, engagement, well-being, and a 401(k) plan with a 6% match in Company stock.
• Training and development: extensive onboarding and leadership development, more than 500 hours of virtual education across 800+ classes, and 10 internally developed leadership programs.
• Employee welfare: Casey’s Team Member Support Fund for financial hardship.

Intellectual property and branding

• Trademarks and service marks include Casey’s, Casey’s General Store, CEFCO, GoodStop (by Casey’s), Casey’s design logos, the weathervane, and related private-label names.
• Rights and branding are actively managed and renewed as part of corporate strategy.

Financial and regulatory context

• Revenue mix: prepared foods, dispensed beverages, and grocery/general merchandise collectively contribute a sizable share of revenue and gross profit. Prepared foods and dispensed beverages represented about 36% of total revenue and about 63% of revenue less COGS (excluding depreciation and amortization) over the last three fiscal years.
• Credit card fees: $279 million in fiscal 2026.
• Risk and compliance: exposure across environmental, food safety, tobacco, data security, labor, and financing regulations; the company maintains insurance and a captive insurer (CARES Captive Insurance Company, LLC).
• Capital structure and governance: the company has debt covenants under senior notes and a credit facility; Iowa law and corporate charter provisions affect governance and takeover dynamics.

Notes

• Figures reflect Casey’s disclosed results for the year ended April 30, 2026, with comparable figures for 2025 and 2024 where provided.