Casey's General Stores (CASY) Q3 2025 earnings summary

Executive summary

• Operated approximately 2,900 stores in 20 states as of January 31, 2025, following the Fikes acquisition, which added up to 254 stores and expanded the geographic footprint.

• Q3 revenue rose 17.3% year-over-year to $3.90 billion, driven by acquisitions, organic growth, and robust inside and fuel sales.

• Q3 EBITDA increased 11.4% to $242.4 million, while net income was flat at $87.1 million; diluted EPS remained at $2.33.

• Company is the 3rd largest US convenience store chain and 5th largest pizza chain, with a strong rural presence and high brand awareness.

• Focused on growth through new builds, acquisitions, and operational efficiency, targeting top quintile EBITDA growth.

Financial highlights

• FY24 EBITDA reached $1.06 billion, up from $952 million in FY23; Q3 EBITDA was $242.4 million, up 11.4% year-over-year.

• FY24 net income was $502 million, up from $447 million in FY23; Q3 net income was $87.1 million, flat year-over-year.

• Free cash flow for FY24 was $371 million; Q3 free cash flow was $91 million, compared to a $27 million outflow last year.

• Total inside sales grew 15.3% to $1.4 billion in Q3; prepared food and dispensed beverage sales rose 13.7%.

• Fuel gallons sold increased 20.4% year-over-year in Q3; same-store fuel gallons up 1.8%.

Outlook and guidance

• Fiscal 2025 EBITDA is expected to increase approximately 11%; property and equipment purchases projected at $500 million.

• Targeting 8–10% EBITDA CAGR through FY2026 and plans to add approximately 500 stores by FY2026.

• Same-store inside sales expected to rise 3–5% for the year; inside margin to remain comparable to prior year.

• Free cash flow projected at ~$1.25 billion through FY2026.

• Q4 and FY25 will be impacted by Fikes integration costs, with Fikes expected to be dilutive to Q4 EPS.