EX-99.1 2 ex991q42025pressrelease.htm EX-99.1 Document

Exhibit 99.1
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FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc.
One SE Convenience Blvd
Ankeny, IA 50021
Casey's Announces Fourth Quarter and Fiscal Year Results
Ankeny, IA, June 9, 2025 - Casey’s General Stores, Inc., ("Casey's" or the "Company") (Nasdaq symbol CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months and year ended April 30, 2025.

Fourth Quarter 2025 Key Highlights1

•Diluted EPS of $2.63, up 12.4% from the same period a year ago. Net income was $98.3 million, up 13.0%, and EBITDA2 was $263.0 million, up 20.1%, from the same period a year ago.
•Inside same-store sales up 1.7% compared to the prior year, and 7.4% on a two-year stack basis, with an inside margin of 41.2%. Total inside gross profit increased 12.5% to $582.4 million compared to the prior year.
•Fuel same-store gallons were up 0.1% compared to the prior year with a fuel margin of 37.6 cents per gallon. Total fuel gross profit increased 21.4% to $307.8 million compared to the prior year.
•In June, Casey's increased the quarterly dividend 14% to $0.57 per share, marking the 26th consecutive annual increase.

Fiscal Year 2025 Key Highlights

•Diluted EPS of $14.64 up 9.0% over the prior year. Net income was $546.5 million, up 8.9%, and EBITDA was $1.2 billion, up 13.3%, from the prior year.
•The Company built or acquired 270 stores in the fiscal year, the most in the Company's history. This included the Fikes Wholesale acquisition and its 198 CEFCO convenience stores.
•Casey's Rewards grew to over 9 million members by year-end.
•The balance sheet remains strong, finishing the year with a debt-to-EBITDA ratio3 of 1.9x.

“Casey's delivered another record fiscal year as our team continued to execute on our three-year strategic plan, reaching $546.5 million of net income and $1.2 billion in EBITDA," said Darren Rebelez, President and CEO. “Inside same-store sales outperformed the industry, up 2.6%, or 7.1% on a two-year stack basis, led by strong performance in hot sandwiches and bakery as well as alcoholic and non-alcoholic beverages. Our fuel team grew market share and produced a healthy margin, as fuel gross profit increased 10.7% from the prior year. The operations team performed exceptionally well during the year, driving strong performance, integrating the most new units in Casey's history, while reducing same-store labor hours for the twelfth consecutive quarter.”

Earnings
Three Months Ended April 30,Twelve Months Ended April 30,
2025202420252024
Net income (in thousands)$98,307 $87,020 $546,520 $501,972 
Diluted earnings per share$2.63 $2.34 $14.64 $13.43 
EBITDA (in thousands)$263,017 $219,026 $1,200,047 $1,059,398 

Fourth quarter net income, diluted EPS, and EBITDA were up versus the same period the prior year primarily due to higher inside and fuel gross profit partially offset by higher operating expense due to operating 246 additional stores.
1 During the prior year's fourth quarter Casey's had one additional operating day due to the leap year. This unfavorably impacted same-store and total results for the quarter by approximately 100 basis points; the full year impact was approximately 25 basis points.
2 EBITDA is reconciled to net income below.
3 As calculated under the covenants in the Company's credit facilities




Inside
Three Months Ended April 30,Twelve Months Ended April 30,
2025202420252024
Inside sales (in thousands)$1,413,593 $1,257,375 $5,755,649 $5,188,994 
Inside same-store sales1.7 %5.6 %2.6 %4.4 %
Grocery and general merchandise same-store sales1.8 %4.3 %2.3 %3.5 %
Prepared food and dispensed beverage same-store sales1.5 %8.8 %3.5 %6.8 %
Inside gross profit (in thousands)$582,396 $517,613 $2,389,448 $2,128,822 
Inside margin41.2 %41.2 %41.5 %41.0 %
Grocery and general merchandise margin34.8 %34.4 %35.0 %34.1 %
Prepared food and dispensed beverage margin57.8 %58.1 %58.2 %58.7 %

For the quarter, total inside sales were up 12.4% for the quarter and total inside gross profit was up 12.5%. Inside same-store sales were up 1.7%, or 7.4% on a two-year stack basis, driven by strong performance in bakery and hot and cold food in the prepared food and dispensed beverage category as well as non-alcoholic beverages in the grocery and general merchandise category. Inside margin was flat compared to the same period in the prior year.

Fuel4
Three Months Ended April 30,Twelve Months Ended April 30,
2025202420252024
Fuel gallons sold (in thousands)818,641 694,989 3,196,852 2,828,669 
Same-store gallons sold0.1 %0.9 %0.1 %0.1 %
Fuel gross profit (in thousands)$307,836 $253,612 $1,236,694 $1,116,671 
Fuel margin (cents per gallon, excluding credit card fees)37.6 ¢36.5 ¢38.7 ¢39.5 ¢

For the quarter, total fuel gallons sold increased 17.8% compared to the prior year primarily due to operating more stores, while same-store gallons sold were up 0.1% versus the prior year. Fuel gross profit was up 21.4% versus the prior year. The Company sold $4.3 million in renewable fuel credits (RINs) in the fourth quarter, while the company sold $1.0 million RINs in the same period last year.

Operating Expenses
Three Months Ended April 30,Twelve Months Ended April 30,
2025202420252024
Operating expenses (in thousands)$663,003 $579,047 $2,552,356 $2,288,513 
Credit card fees (in thousands)$63,759 $53,539 $251,077 $229,418 
Same-store operating expense excluding credit card fees1.9 %2.6 %1.7 %2.7 %

Total operating expenses increased 14.5% for the fourth quarter. Operating 246 more stores than the prior year accounted for approximately 12% of the increase, including one-time deal and integration costs of approximately $4 million from the Fikes acquisition. Insurance expense contributed approximately 3% of the increase. Same-store employee expense was approximately flat, as the increases in wage rates were substantially offset by a reduction in same-store labor hours.

4 Fuel category does not include wholesale fuel nor terminal activity, which is included in Other.


Expansion
Store Count
April 30, 20242,658 
New store construction35 
Acquisitions235
Acquisitions not opened(1)
Prior acquisitions opened1 
Closed(24)
April 30, 20252,904 

Liquidity
At April 30, 2025, the Company had approximately $1.2 billion in available liquidity, consisting of approximately $327 million in cash and cash equivalents on hand and approximately $900 million in undrawn borrowing capacity on existing lines of credit.

Share Repurchase
During the fourth quarter, the Company did not repurchase any shares. The Company has approximately $295 million remaining under its existing share repurchase authorization.

Dividend
At its June meeting, the Board of Directors voted to increase the quarterly dividend by 14% to $0.57 per share, which is the 26th consecutive year increasing the dividend. The dividend is payable August 15, 2025, to shareholders of record on August 1, 2025.

Fiscal 2026 Outlook
Casey's expects the following performance during fiscal 2026. The Company expects EBITDA to increase 10% to 12%. The Company expects inside same-store sales to increase 2% to 5% and inside margin of approximately 41%. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 8% to 10%. The Company expects to open at least 80 stores in fiscal 2026, through a mix of M&A and new store construction, bringing the three-year strategic plan period total to approximately 500 stores. Net interest expense is expected to be approximately $110 million. Depreciation and amortization is expected to be approximately $450 million and the purchase of property and equipment is expected to be approximately $600 million. The tax rate is expected to be approximately 24% to 26% for the year.






Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in thousands, except share and per share amounts)
(Unaudited)

 Three Months Ended April 30,Twelve Months Ended April 30,
 2025202420252024
Total revenue$3,992,758 $3,600,015 $15,940,899 $14,862,913 
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)3,066,738 2,801,942 12,188,496 11,515,002 
Operating expenses663,003 579,047 2,552,356 2,288,513 
Depreciation and amortization107,443 92,344 403,647 349,797 
Interest, net27,916 14,494 83,951 53,441 
Income before income taxes127,658 112,188 712,449 656,160 
Federal and state income taxes29,351 25,168 165,929 154,188 
Net income$98,307 $87,020 $546,520 $501,972 
Net income per common share
Basic$2.65 $2.35 $14.72 $13.51 
Diluted$2.63 $2.34 $14.64 $13.43 
Basic weighted average shares37,126,996 37,025,986 37,116,152 37,164,022 
Plus effect of stock compensation263,564 233,993 226,860 206,284 
Diluted weighted average shares37,390,560 37,259,979 37,343,012 37,370,306 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
April 30, 2025April 30, 2024
Assets
Current assets
Cash and cash equivalents$326,662 $206,482 
Receivables180,746 151,793 
Inventories480,034 428,722 
Prepaid and other current assets24,641 25,791 
Income taxes receivable770 17,066 
Total current assets1,012,853 829,854 
Operating lease right-of-use assets, net417,046 115,819 
Other assets, net120,082 79,740 
Goodwill1,244,893 652,663 
Property and equipment, net of accumulated depreciation of $3,122,203 at April 30, 2025 and $2,883,925 at April 30, 2024
5,413,244 4,669,357 
Total assets$8,208,118 $6,347,433 
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt and finance lease obligations$94,925 $53,181 
Accounts payable620,447 569,527 
Accrued expenses and current portion of operating lease liabilities386,321 330,758 
Total current liabilities1,101,693 953,466 
Long-term debt and finance lease obligations, net of current maturities2,413,620 1,582,758 
Deferred income taxes646,905 596,850 
Operating lease liabilities, net of current portion434,707 111,100 
       Insurance accruals, net of current portion33,143 30,046 
Other long-term liabilities69,380 57,832 
Total liabilities4,699,448 3,332,052 
Total shareholders’ equity3,508,670 3,015,381 
Total liabilities and shareholders’ equity$8,208,118 $6,347,433 


Casey’s General Stores, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)

 Twelve months ended April 30,
 20252024
Cash flows from operating activities:
Net income$546,520 $501,972 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization403,647 349,797 
Amortization of debt related costs2,312 1,111 
Change in excess replacement cost over LIFO inventory valuation11,530 12,499 
Share-based compensation47,732 41,379 
Loss on disposal of assets and impairment charges12,401 6,414 
Deferred income taxes59,958 53,252 
Changes in assets and liabilities:
Receivables(1,297)(31,246)
Inventories(7,756)(51,785)
Prepaid expenses3,658 (3,684)
Accounts payable(20,782)(8,731)
Accrued expenses21,525 14,387 
Income taxes15,460 5,112 
Other, net(4,054)2,476 
Net cash provided by operating activities1,090,854 892,953 
Cash flows from investing activities:
Purchase of property and equipment(506,224)(522,004)
Payments for acquisitions of businesses, net of cash acquired(1,239,249)(330,032)
Proceeds from sales of property and equipment18,805 26,680 
Net cash used in investing activities(1,726,668)(825,356)
Cash flows from financing activities:
Proceeds from long-term debt1,100,000 — 
Repayments of long-term debt(239,492)(53,656)
Payments of debt related costs(5,891)— 
Payments of cash dividends(72,309)(62,918)
Repurchase of common stock and payment of related excise taxes(734)(104,898)
Tax withholdings on employee share-based awards(25,580)(18,512)
Net cash provided by (used in) financing activities755,994 (239,984)
Net increase (decrease) in cash and cash equivalents120,180 (172,387)
Cash and cash equivalents at beginning of the period206,482 378,869 
Cash and cash equivalents at end of the period$326,662 $206,482 
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
 Twelve months ended April 30,
 20252024
Cash paid during the period for:
Interest, net of amount capitalized$86,598 $63,449 
Income taxes, net89,771 105,000 
Noncash investing and financing activities:
Purchased property and equipment in accounts payable46,427 45,617 


Summary by Category (Amounts in thousands)
Three months ended April 30, 2025Prepared Food
& Dispensed Beverage		Grocery & General
Merchandise		FuelOtherTotal
Revenue$391,655 $1,021,938 $2,438,937 $140,228 $3,992,758 
Gross profit$226,406 $355,990 $307,836 $35,788 $926,020 
57.8 %34.8 %12.6 %25.5 %23.2 %
Fuel gallons sold818,641 
Three months ended April 30, 2024
Revenue$356,895 $900,480 $2,276,586 $66,054 $3,600,015 
Gross profit$207,443 $310,170 $253,612 $26,848 $798,073 
58.1 %34.4 %11.1 %40.6 %22.2 %
Fuel gallons sold694,989 
 
Summary by Category (Amounts in thousands)
Twelve months ended April 30, 2025Prepared Food
& Dispensed Beverage		Grocery & General
Merchandise		FuelOtherTotal
Revenue$1,611,762 $4,143,887 $9,776,033 $409,217 $15,940,899 
Gross profit$937,440 $1,452,008 $1,236,694 $126,261 $3,752,403 
58.2 %35.0 %12.7 %30.9 %23.5 %
Fuel gallons sold3,196,852 
Twelve months ended April 30, 2024
Revenue$1,461,600 $3,727,394 $9,402,071 $271,848 $14,862,913 
Gross profit$858,295 $1,270,527 $1,116,671 $102,418 $3,347,911 
58.7 %34.1 %11.9 %37.7 %22.5 %
Fuel gallons sold2,828,669 
Prepared Food & Dispensed BeveragePrepared Food & Dispensed Beverage
Same-store SalesMargin
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20254.4 %5.2 %4.7 %1.5 %3.5 %F202558.3 %58.7 %57.8 %57.8 %58.2 %
F20245.9 6.1 7.5 8.8 6.8 F202458.2 59.0 59.6 58.1 58.7 
F20238.4 10.5 5.0 4.9 7.1 F202355.6 56.7 57.3 56.8 56.6 
Grocery & General MerchandiseGrocery & General Merchandise
Same-store SalesMargin
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20251.6 %3.6 %3.3 %1.8 %2.3 %F202535.4 %35.6 %34.2 %34.8 %35.0 %
F20245.2 1.7 2.8 4.3 3.5 F202434.1 34.0 33.9 34.4 34.1 
F20235.5 6.9 5.8 7.1 6.3 F202333.9 33.3 34.0 33.0 33.6 
Fuel GallonsFuel Margin
Same-store Sales(Cents per gallon, excluding credit card fees)
 Q1Q2Q3Q4Fiscal
Year		 Q1Q2Q3Q4Fiscal
Year
F20250.7 %(0.6)%1.8 %0.1 %0.1 %F202540.7 ¢40.2 ¢36.4 ¢37.6 ¢38.7 ¢
F20240.4 — (0.4)0.9 0.1 F202441.6 42.3 37.3 36.5 39.5 
F2023(2.3)0.3 (0.5)— (0.8)F202344.7 40.5 40.7 34.6 40.2 




RECONCILIATION OF NET INCOME TO EBITDA
We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.
Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.
The following table contains a reconciliation of net income to EBITDA for the three and twelve months ended April 30, 2025 and 2024:
(In thousands)Three Months Ended April 30,Twelve Months Ended April 30,
 2025202420252024
Net income$98,307 $87,020 $546,520 $501,972 
Interest, net27,916 14,494 83,951 53,441 
Federal and state income taxes29,351 25,168 165,929 154,188 
Depreciation and amortization107,443 92,344 403,647 349,797 
EBITDA$263,017 $219,026 $1,200,047 $1,059,398 
NOTES:
•Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization)
•Inside is defined as the combination of Grocery and General Merchandise and Prepared Food and Dispensed Beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in Ukraine or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.
Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on June 10, 2025. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-presentations. No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-presentations for one year after the call.
Investor Relations Contact:Media Relations Contact:
Brian Johnson (515) 446-6587Katie Petru (515) 446-6772