CASY · Casey's General Stores, Inc.

Casey's General Stores reported exceptional fourth-quarter and full-year results for fiscal 2026, marking a record finish to its three-year strategic plan. Net income for Q4 surged 65.5% to $162.7 million, while diluted EPS rose 66.2% to $4.37, and EBITDA increased 33.2% to $350.3 million. The standout driver was inside same-store sales growth of 5.5% (7.4% on a two-year stack), fueled by strong performances in prepared foods (whole pizzas, appetizers) and non-alcoholic beverages. Inside margin improved 120 basis points to 42.4%, reflecting effective cost management and mix shift. Fuel operations also impressed: same-store gallons rose 1.5%, and fuel margin expanded to 46.9 cents per gallon, boosting fuel gross profit 29.1% to $397.4 million; renewable fuel credits (RINs) contributed $15.2 million, up from $4.4 million a year ago. For the full year, diluted EPS of $19.16 was up 30.9%, net income reached $714.4 million, and EBITDA approached $1.5 billion, all records. Management highlighted a favorable operating expense trajectory, with same-store employee hours flat despite higher labor rates. Looking ahead to fiscal 2027, Casey's guided EBITDA growth of 8% to 10%, implying a 35% two-year stack at the midpoint, with inside same-store sales expected to increase 2% to 5% and inside margin remaining above 42%. Fuel gallons are forecast from -1% to +1%, and operating expenses are expected to rise 5% to 7%. The company plans to open at least 120 stores through M&A and new construction, while investing approximately $800 million in property and equipment. Capital return was enhanced: the quarterly dividend was raised 14% to $0.65 per share, and the share repurchase authorization was expanded to $1 billion remaining. With robust liquidity of $1.4 billion and strong cash flow from operations of $1.38 billion in FY2026, Casey's is well-positioned to execute its growth strategy.