For the three months ended July 31, 2025, Casey’s General Stores Inc. reported net income of $215.4 million, up 19.5% from $180.2 million for the same period last year.
“Casey’s delivered an excellent first quarter highlighted by strong sales growth both inside and outside the store,” said Darren Rebelez, chairman, president and CEO. “Overall, robust same-store sales combined with operating over 200 more stores than the prior year has led to outstanding financial results across the business.”
The chain reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $414.3 million for the quarter, up 19.8%, from $345.8 million for the same period last year.
Net income and EBITDA were up because of higher inside and fuel gross profit, partially offset by higher operating expenses, primarily due to operating 221 additional stores.
Casey’s expects EBITDA to increase 10% to 12% for fiscal 2026.
Inside sales
Total inside sales for the quarter were up 14.2% 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 bakery 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, benefiting from a favorable product mix shift.
Inside same-store sales increased 4.3% compared to prior year, and 6.7% on a two-year stack basis, with an inside margin of 41.9%. Total inside gross profit increased 14.8% to $705.5 million compared to the prior year.
“Our inside same-store sales were driven by positive traffic growth due to our summer merchandising plan as well as our team’s outstanding execution, demonstrating our ability to serve our guests efficiently at a high level,” Rebelez said.
For fiscal 2026, the company expects inside same-store sales to increase 2% to 5% with inside margin of approximately 41%.
Fuel
For the quarter, total fuel gallons sold increased 18% compared to the prior year due to the store count increase as well as same-store gallons, which were up versus the prior year. The company’s total fuel gross profit was up 18.8% versus the prior year, with an increase in gallons sold as well as fuel margin.
Same-store fuel gallons were up 1.7% compared to prior year with a fuel margin of 41 cents per gallon (CPG). Total fuel gross profit increased 18.8% to $373.6 million compared to the prior year.
“Our fuel team did a tremendous job achieving same-store gallon growth while maintaining a healthy fuel margin,” said Rebelez.
The company sold $6.7 million in renewable fuel credits (RINs) in the quarter, an increase of $1.9 million from the same quarter in the prior year.
Casey’s expects same-store fuel gallons sold to be negative 1% to positive 1% for fiscal 2026.
Operating Expenses
Operating expenses increased 14.6% during the first quarter. Operating 221 more stores than prior year accounted for approximately 10% of the increase, said the company. Same-store employee expense contributed to approximately 1.5% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours. Same-store operating expenses excluding credit card fees were up 3%, favorably impacted by a 1% reduction in same-store labor hours.
For fiscal 2026, the company expects operating expenses to increase approximately 8% to 10%.
Expansion
As of July 31, 2025, Casey’s owned a total of 2,895 convenience stores, down from 2,904 as of April 30, 2025. The net decrease included five new builds, two acquisitions, one prior acquisitions opened and 17 closed or divested stores.
Casey’s expects to open at least 80 new c-stores in fiscal 2026, through a mix of acquisitions and new construction, bringing the three-year strategic plan period total to approximately 500 stores.
- Casey’s General Stores Inc. is No. 3 on CSP’s 2025 Top 202 ranking of convenience-store chains by store count.
Ankeny, Iowa-based Casey’s has approximately 2,900 convenience stores in 20 states. It is the third-largest c-store retailer and the fifth-largest pizza chain in the United States.
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