Executive Summary
Casey’s General Stores delivered a record year in fiscal 2025, underscoring the durability of its store-centric model in a volatile macro environment. Full-year metrics showed resilient top-line growth driven by strong inside sales and a robust mix shift toward prepared foods, grocery, and nonalcoholic beverages. Inside margins expanded 50 bps to 41.5%, while fuel-related profitability remained a differentiator with gallons up 13% and a fuel margin of $0.387 per gallon for the year. The company completed the transformative Fikes Wholesale acquisition, acquiring 198 CEFCO convenience stores and adding substantial store growth (35 new builds and 235 acquired units), with EBITDA growth of approximately 13% year-over-year to about $1.2 billion and net income of $547 million. Diluted EPS rose to $14.64 for FY2025, up 9% YoY.
Key Performance Indicators
Key Insights
Revenue (Q4 2025): $3.9926 billion, up 10.9% YoY and 2.28% QoQ. Gross profit: $818.6 million, up 2.6% YoY, down 10.3% QoQ. Operating income: $155.6 million, up 22.8% YoY, up 13.4% QoQ. EBITDA: $235.1 million, up 18.3% YoY, up 20.1% QoQ. Net income: $98.3 million, up 13% YoY. EPS (GAAP) diluted: $2.63 for Q4; full-year diluted EPS: $14.64, up 9% YoY. Inside sales growth for the year: 10.9%; inside same-store sales: +2.6% (2-yr stack +7.1%). Prepared foods and dispensed beverages: +10.3% (2-yr sta...
Financial Highlights
Revenue (Q4 2025): $3.9926 billion, up 10.9% YoY and 2.28% QoQ. Gross profit: $818.6 million, up 2.6% YoY, down 10.3% QoQ. Operating income: $155.6 million, up 22.8% YoY, up 13.4% QoQ. EBITDA: $235.1 million, up 18.3% YoY, up 20.1% QoQ. Net income: $98.3 million, up 13% YoY. EPS (GAAP) diluted: $2.63 for Q4; full-year diluted EPS: $14.64, up 9% YoY. Inside sales growth for the year: 10.9%; inside same-store sales: +2.6% (2-yr stack +7.1%). Prepared foods and dispensed beverages: +10.3% (2-yr stack +10.5%). Grocery and general merchandise: +11.2% (2-yr stack +5.8%). Inside margin: 41.5% (up 50 bps YoY). Fuel gallons sold: +13%; fuel margin: $0.387/gal (FY). Free cash flow (FY25): $585 million. Net debt: $2.631 billion; total debt: $2.957 billion; liquidity: $1.2 billion. ROIC: 11.5% for FY25. Leverage: Debt-to-EBITDA of ~1.9x at period-end. FY26 guidance: EBITDA growth of 10-12%; inside same-store sales +2% to +5%; inside margin ~41%; fuel gallons same-store -1% to +1%; OpEx +8% to +10%; capex approximately $600 million; open at least 80 stores; tax rate 24-26%; net interest expense ~ $110 million; D&A ~$450 million; capex (PP&E) ~$600 million; no EPS guidance but Fikes is EBITDA-accretive and earnings-dilutive per share in FY26.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.99B |
10.91% |
2.28% |
| Gross Profit |
818.58M |
2.57% |
-10.30% |
| Operating Income |
155.57M |
22.81% |
13.42% |
| Net Income |
98.31M |
12.97% |
12.87% |
| EPS |
2.65 |
12.77% |
12.77% |
Management Commentary
Key takeaways from Casey's earnings call: 1) Strategy and unit growth: 'Fiscal 2025 was the largest store growth year in the company's history with 35 new builds and 235 units acquired' (Darren M. Rebelez). The Fikes acquisition of 198 CEFCO stores was a standout, reinforcing Casey's dual strategy of organic growth and acquisitions. 2) Margin and operations: 'Inside margin expanded 50 basis points year-over-year to 41.5%'; fuel margins remained a lever of profitability, with gallons up 13% for the year and a fuel margin of $0.387/gal. 3) Synergies and integration: management outlined four synergy buckets from Fikes—fuel pricing synergies, overhead rationalization, procurement/mix improvements, and kitchen-driven store remodeling—though represents a front-loaded effect in FY25 and a more modest FY26 contribution, with the largest pass-through from kitchens subject to remodel timing. 4) FY26 guidance and balance sheet: EBITDA expected to grow 10-12%; capex guidance of ~$600 million; 80 store openings; $125 million of share repurchases; balance sheet remains strong with liquidity of ~$1.2 billion and a debt-to-EBITDA ratio around 1.9x; Fikes is expected to be EBITDA accretive and dilutive to EPS in FY26. 5) Market conditions and consumer: Wings LTO testing (barbecue brisket pizza) shows potential menu expansion; illicit vaping pressures are acknowledged as a headwind, offset by growth in nicotine alternatives (pouch data up ~54%).
Fiscal 2025 was the largest store growth year in the company's history with 35 new builds and 235 units acquired.
— Darren M. Rebelez
The Fikes acquisition will be EBITDA accretive to EBITDA and dilutive to earnings per share, and that will be the case in each quarter as well.
— Stephen P. Bramlage
Forward Guidance
Management provides a clear forward-looking framework for FY26: EBITDA to advance 10-12%; inside same-store sales growth of 2-5%; inside margin around 41%; fuel gallons sold on a same-store basis expected to be flat to slightly negative/positive (-1% to +1%); OpEx increases 8-10%; capex of roughly $600 million; open at least 80 stores, bringing the three-year plan to roughly 500 stores. The Fikes acquisition will be EBITDA-accretive but dilutive to earnings per share in FY26, with the majority of synergies expected to accrue in FY27 and beyond as kitchens are installed and the supply chain is fully integrated. Risks to guidance include: (i) integration risk and potential delays in converting CEFCO stores to Casey’s format, (ii) fuel margin and commodity cost volatility, (iii) regulatory and competitive pressures in core markets, and (iv) macroeconomic softness impacting discretionary grocery and prepared foods purchases. Monitoring points for investors include: the pace of store remodels and kitchen installations at CEFCO stores, progress on upstream fuel procurement, the trajectory of private label tiered offerings, and the evolution of the Wings LTO program beyond the current 225-store test.