CASEYS GENERAL STORES INC (CASY)

Casey's General Stores, Inc. operates convenience stores, primarily under the "Casey's" and "Casey's General Store" names, along with a limited number of stores under the "GoodStop (by Casey's)" and "CEFCO" brands. As of April 30, 2026, it had 2,944 stores in 19 states, about half of them in Iowa, Missouri and Illinois. Revenue comes mainly from the retail sale of fuel and the products sold inside its stores. Sales have historically been strongest in the May through October period, when warmer weather lifts fuel and certain convenience item purchases.

Retail fuel is the largest revenue line, accounting for 60.4% of total revenue in fiscal 2026, with about 3.5 billion gallons sold and an average retail price of $3.02 per gallon. All but six stores sell self-service fuel, and 64 stores have electric vehicle charging. Inside the stores, prepared food and dispensed beverages, grocery and general merchandise together made up about 36% of revenue over the last three fiscal years but about 63% of revenue less cost of goods sold. Pizza, sold since 1984, is the flagship prepared food item, alongside sandwiches, salads, wraps, fries, bakery items and chicken wings (offered in about 850 stores). Dispensed beverages include fountain drinks, coffee and frozen drinks. Each store typically carries over 3,000 items, including private label and national and regional brands, such as beverages, alcohol, packaged foods, tobacco and nicotine products, frozen foods, health and beauty aids, automotive items, and services such as ATMs and lottery. 241 stores have car washes. The Company also manages a wholesale fuel network supplying dealer sites it does not operate, which was about 3% of fiscal 2026 revenue. The Casey's Rewards program, delivered through a mobile app, had over 10 million members.

Casey's serves consumers in the communities around its stores. About 71% of stores are in areas with populations under 20,000, many of which are not served by national-chain convenience stores. The Company also serves larger communities with the same offerings. Stores are mostly freestanding, open at least sixteen hours a day, seven days a week, and sited based on local population and highway traffic. The Company competes on location, extended hours, product offerings, price and quality of service. In smaller towns, competitors include local grocery and convenience stores, dollar stores, and restaurants. In larger communities they include grocery and drug chains, quick service restaurants, supermarkets, expanded fuel stations and traditional convenience stores.

The Company is headquartered at its Store Support Center in Ankeny, Iowa, and was incorporated in Iowa in 1967. It operates three distribution centers, in Ankeny, Terre Haute, Indiana and Joplin, Missouri. A fleet of over 500 tractors supplies grocery, general merchandise, prepared food and beverage items to most stores. A third-party partner supplies some stores outside the distribution radius, such as in Florida. It also owns a fuel terminal in Waco, Texas, and self-distributes most of its fuel. Most food and non-food items are bought directly from manufacturers, without long-term supply contracts, while fuel purchase agreements are indexed to market prices. The Company owns most of its real estate, including substantially all stores. It had 23,490 full-time and 26,358 part-time Team Members as of April 30, 2026, none under collective bargaining agreements. Operations are subject to underground storage tank regulation and to licensing rules for age-restricted products and lottery sales.