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10-Q2026-03-09· merged:deepseek-v4-flash

CASY · Casey's General Stores, Inc.

0000726958-26-000010

SEC filing

Summary

Single operating segment; $465M cash, $2.43B debt, $0.57 quarterly dividend; $464.8M capex YTD.

Key takeaways

Full analysis

Notes & Operating Detail

Balance Sheet & Liquidity

As of January 31, 2026, Casey's held $465.0M in cash and equivalents, with total debt of $2,433.2M (including current maturities of $101.5M and long-term debt of $2,331.7M). Shareholders' equity stood at $3,853.5M. Inventory was $440.8M, and the company had a contract liability of $70.1M related to the Casey's Rewards program. The debt net of cash yields a net debt position of approximately $1.97B.

Commitments & Contractual Obligations

No material purchase commitments, supply agreements, or capital commitments were disclosed in the Notes. The only contingencies noted involve two FLSA lawsuits that were settled for an immaterial amount, pending court approval. Unrecognized tax benefits totaled $12.8M, with $10.1M potentially impacting the effective tax rate.

Capital Allocation

  • Share Repurchases: $137.3M spent on repurchases during the nine months ended January 31, 2026, reducing shares outstanding by ~126,769 net (after share issuances). No new buyback authorization was announced.
  • Dividends: Quarterly dividend increased to $0.57 per share ($0.50 in prior year), a 14% increase. Total dividends paid were $62.0M.
  • Debt Management: Net debt decreased by $75.3M from April 30, 2025. No new debt issued; $81.6M in repayments made. The company has $850M undrawn revolving credit facility and $50M bank line.
  • Capital Expenditures: $464.8M spent on property and equipment (3.6% of revenue), primarily for store maintenance and growth.

Segment / Geographic Mix

The company operates as a single reportable segment with 2,924 stores across 19 Midwestern states. The CODM uses net income as the primary profitability measure. Disaggregated revenue and cost of goods sold are provided for three categories: prepared food & dispensed beverage, grocery & general merchandise, and fuel. For the three months ended January 31, 2026, total revenue was $3,916.1M, cost of goods sold was $2,909.6M, and operating expenses were $697.6M. Net income was $130.1M. No geographic revenue breakdown is given beyond store count.