Casey's General Stores (CASY) Q3 2026 earnings summary

Executive summary

• Operates approximately 2,900 convenience stores in 19 states, focusing on rural and smaller communities, with a $25B enterprise value and ~800M annual guest transactions.

• Third largest US convenience store chain, fifth largest pizza chain, and fourth in liquor licenses among US retailers.

• Q3 FY26 delivered strong results: diluted EPS up 49.8% year-over-year to $3.49, net income up 49.3% to $130.1 million, and EBITDA up 27.5% to $308.9 million.

• Store count increased by 20 net new locations since April 30, 2025, reaching 2,924 as of January 31, 2026.

• Casey’s Rewards membership surpassed 10 million.

Financial highlights

• Q3 total revenue was $3.92 billion, up 0.3% year-over-year; nine-month revenue was $12.99 billion, up 8.7%.

• Inside sales for the quarter were $1.48 billion, up 5.7% year-over-year; inside gross profit rose 8.9% to $624.0 million.

• Prepared food and dispensed beverage sales rose 6.5% to $423 million; grocery/general merchandise sales increased 5.4% to $1.06 billion.

• Fuel gross profit increased 15.3% to $348.2 million; total fuel gallons sold rose 2.3% year-over-year.

• Gross profit reached $1.01 billion, up 10.3%, with inside gross profit margin at 42.2% (+130 bps) and prepared food margin at 58.3% (+50 bps).

Outlook and guidance

• FY26 EBITDA expected to increase 18%-20%; inside same-store sales to rise 3.5%-4.5% with inside margin of 41.5%-42.5%.

• Total operating expenses projected to increase ~10%; tax rate expected at 23.5%-24.5%.

• At least 80 new stores expected to open in FY26, targeting 500 new stores by FY2026.

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

• Management expects elevated fuel margins to persist but notes potential volatility due to macroeconomic and geopolitical factors.