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

Executive summary

• Operates approximately 2,900 convenience stores in 19 states, focusing on rural markets and smaller communities, with a $25B enterprise value and about 800 million 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 financial results, with diluted EPS up 49.8% to $3.49, net income up 49.3% to $130.1 million, and EBITDA up 27.5% to $308.9 million year-over-year.

• Inside sales, especially prepared food and beverages, drove performance, supported by new product innovation and value offerings.

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

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%.

• Q3 net income increased 49.3% to $130.1 million; EBITDA for Q3 was $308.9 million (up 27.5%).

• Inside sales for the quarter were $1.48 billion, up 5.7% year-over-year; prepared food and beverage sales up 6.5%; grocery and general merchandise up 5.4%.

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

• Free cash flow for the quarter was $76 million, and net cash from operations for nine months was $979 million, up from $757 million year-over-year.

Outlook and guidance

• Fiscal 2026 EBITDA expected to increase 18% to 20%.

• Inside same-store sales projected to rise 3.5% to 4.5%, with inside margin between 41.5% and 42.5%.

• Total operating expenses anticipated to increase about 10%; tax rate expected at 23.5% to 24.5%.

• At least 80 new stores expected to open in fiscal 2026.

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