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Casey's General Stores (CASY) investor relations material
Casey's General Stores Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Dec, 2025
Executive summary
Operates approximately 2,900 convenience stores in 19 states, with over 800 million annual guest transactions and a strong rural presence; recent expansion includes the Fikes acquisition, adding 198 stores and a wholesale fuel network.
Diluted EPS for Q2 FY2026 was $5.53, up 14% year-over-year, with net income of $206.3 million and EBITDA of $410.1 million, both up 14% and 17.5% respectively.
Strong inside same-store sales growth of 3.3%, prepared food and dispensed beverage up 4.8%, and fuel same-store gallons up 0.8% year-over-year.
Recognized as the 5th largest pizza chain and 4th in liquor licenses among US retailers, with a focus on prepared food, private label products, and digital engagement to drive growth and margins.
Strategic plan targets 8-10% EBITDA CAGR through FY2026, with approximately 500 new stores planned.
Financial highlights
Q2 FY2026 revenue was $4.51 billion, up 14.2% year-over-year; six-month revenue reached $9.07 billion, up 12.8%.
Inside sales for the quarter were $1.66 billion, up 13%, with inside gross profit at $703.4 million and margin at 42.4%.
Prepared food and dispensed beverage sales increased 12% to $468 million; grocery and general merchandise sales rose 13.4% to $1.19 billion.
Fuel gross profit rose 20.9% to $377.4 million, with fuel margin at 41.6 cents per gallon; fuel gallons sold increased 16.8% year-over-year, driven by store count growth.
Free cash flow for FY25 was $585 million, a significant increase from $136 million in FY19.
Outlook and guidance
Fiscal 2026 EBITDA expected to increase 15%-17%, with management projecting 8-10% EBITDA CAGR through FY2026.
Inside same-store sales projected to rise 3%-4%, with inside margin of 41%-42%.
At least 80 new stores planned for fiscal 2026; total of ~500 new stores by FY2026 via new builds and acquisitions.
Free cash flow guidance of ~$1.25 billion through FY2026.
Tax rate expected at 24%-25%; Q3 operating expense expected to rise mid-single digits as FICOS acquisition is lapped.
How did RINS sales impact fuel gross profit growth?
What was the largest driver of operating expense growth?
Reconcile 9% store growth with expansion plan
CEFCO conversion impact on future margins
Future OpEx strategy beyond labor hour cuts
Wings rollout: expected impact on customer occasions
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Next Casey's General Stores earnings date
Q3 202611 Mar, 2026
Next Casey's General Stores earnings date
Q3 202611 Mar, 2026
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Frequently asked questions
The beating heart of small-town America
Casey’s General Store, doing business under the name of Casey’s, has since its foundation in 1968 grown to become a common sight in smaller rural towns all over the American Midwest. Casey’s is a retail business, providing their communities with a one-stop shop for everyday staples such as gas and basic groceries, while also offering a wide array of different prepared foods, snacks, and drinks. With their 2400 stores spread across 16 states they’ve become a part of everyday life in the American heartland.
Iowans at heart
Casey’s General Store was founded in Boone, Iowa, and in the years following the opening of the first store, expansion into the rest of Iowa was rapid. Even if Casey’s can now be found far away from Iowa’s borders, its feet remain firmly planted in their home state. The headquarters are located in Ankeny just outside of Des Moines. Although much has changed since 1968, Casey’s small-town mentality is still being preserved through an emphasis on hospitality and customer service, and 24% of its stores are located throughout Iowa. The origins of Casey’s is a classic tale of American growth and entrepreneurial spirit, closely mirroring the development of companies like Target and Walmart.
Gas sales drive retail sales and vice versa
Since its early days, Casey’s has focused on providing its nearby communities with a practical and welcoming hub for the necessities of everyday life. Combining a gas station with groceries and various fast-food options means that the revenue streams are diverse and operate with a built-in hedge against fluctuating oil prices. Casey’s is vertically integrated and runs its own distribution. The company currently employs three separate distribution centers, strategically placed around its area of operations.
Adapting for the future
Even if Casey’s locations often are a central hub in their community, steps are being taken to remain relevant for many years to come. Selling gasoline is a cornerstone of the business, but it’s a revenue stream that isn’t going to be around forever. The shift towards EVs has started and is ramping up every year. Casey’s is preparing for this by rolling out EV charging stations at their locations across the Midwest while continuing to develop their offerings of various prepared foods. A big push is being made in rolling out their expansive made-from-scratch Pizza program which now includes delivery and online ordering.
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