Casey's General Stores (CASY) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 delivered record diluted EPS of $13.43, up 13% year-over-year, and net income of $502 million, with EBITDA surpassing $1.06 billion, driven by strong inside sales and margin improvement.

• Q4 net income rose 55% to $87 million, with diluted EPS up 57% to $2.34.

• Store base expanded by 154 units, including entry into Texas, ending the year with 2,658 locations.

• Operates over 2,600 locations in 17 states, ranking as the 3rd largest US convenience store chain and 5th largest pizza chain by kitchens.

• Strategic advantages include vertical integration, advanced digital rewards, and a strong private label program.

Financial highlights

• Q4 total revenue was $3.6 billion, with full-year revenue at $14.86 billion.

• Q4 EBITDA rose 32% to $219 million; full-year EBITDA up 11% to $1.06 billion.

• Q4 inside gross profit increased 16.2% to $517.6 million; inside margin improved to 41.2%.

• FY24 free cash flow was $371 million, down from $405 million in FY23.

• Fuel gross profit rose 4% for the year, with total gallons sold up 6% and average margin at 39.5 cents per gallon.

Outlook and guidance

• Fiscal 2025 EBITDA expected to increase at least 8%.

• Inside same-store sales projected to rise 3%-5%, with margins comparable to fiscal 2024.

• Same-store fuel gallons sold expected between -1% and +1%; operating expenses to increase 6%-8%.

• At least 100 new stores planned for fiscal 2025 via M&A and new builds.

• Targets 8–10% EBITDA CAGR and 350+ new stores by FY2026.