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What changed in CASEYS GENERAL STORES INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CASEYS GENERAL STORES INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+194 added−187 removedSource: 10-K (2025-06-23) vs 10-K (2024-06-24)

Top changes in CASEYS GENERAL STORES INC's 2025 10-K

194 paragraphs added · 187 removed · 160 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

57 edited+9 added−13 removed18 unchanged
Biggest changeIn addition, we have a strict Anti Harassment and Discrimination Policy of which all Team Members are trained and expected to follow and we have several mechanisms, including an Ethics and Compliance Hotline, under which Team Members and guests can report incidents confidentially or anonymously and without fear of retaliation.
Biggest changeWe have a robust Anti Harassment and Discrimination Policy of which all Team Members are trained and expected to follow, and we have several mechanisms, including an Ethics and Compliance Hotline, under which Team Members and guests can report a wide range of incidents confidentially or anonymously and without fear of retaliation. 7 Table of Contents Education and Training The Company, including its established Learning and Development Department, which serves all levels of the organization, invests significant time and resources in educating and training Team Members by providing them with educational, development and leadership opportunities.
Our fiscal year runs from May 1 through April 30 of each year. General Casey's corporate purpose is to make life better for communities and guests every day. Many of the smaller communities in which we operate often are not served by national-chain convenience stores.
Our fiscal year runs from May 1 through April 30 of each year. General Casey's corporate purpose is to make life better for communities and guests every day. Many of the smaller communities in which we operate are often not served by national-chain convenience stores.
The stores place orders for merchandise electronically to the Store Support Center, and the orders are filled with shipments in Company-operated delivery trucks from one of the distribution centers, based on route optimization for the 6 Table of Contents fleet network.
The stores place orders for merchandise electronically to the Store Support Center, and the orders are filled with shipments in Company-operated delivery trucks from one of the distribution centers, based on route optimization for 6 Table of Contents the fleet network.
CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for all of our wholesale operations, including all three distribution centers and management of the wholesale fuel network. CGS Stores, LLC owns and/or operates stores in Tennessee. CSC provides a variety of construction, maintenance and transportation services for all stores.
CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for wholesale operations, including all three distribution centers and management of the wholesale fuel network. CGS Stores, LLC owns and/or operates stores in Tennessee. CSC provides a variety of construction, maintenance and transportation services for all stores.
We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items which includes include donuts, cookies and brownies as well as other seasonal items.
We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items, which currently includes donuts, cookies and brownies, as well as other seasonal items.
One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center facility in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana and Joplin, Missouri. The Company also self-distributes the majority of fuel to our stores.
One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center, in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana and Joplin, Missouri. The Company also self-distributes the majority of fuel to our stores.
CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most strategic functions of the enterprise.
CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most corporate and strategic functions of the enterprise.
Similar to most of our store footprint, the "GoodStop" and "Lone Star Food Store" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. However, some of these locations do not have a kitchen and have limited prepared food offerings.
Similar to most of our store footprint, the "GoodStop", "Lone Star Food Store", "Bucky's" and "CEFCO" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. However, some of these locations do not have a kitchen and have limited prepared food offerings.
We believe our stores located in smaller towns compete principally with other local grocery and convenience stores, similar retail outlets, and, to a lesser extent, prepared food outlets, restaurants, and expanded fuel stations offering a more limited selection of grocery and food items for sale.
We believe our stores located in smaller towns compete principally with other local grocery and convenience stores, similar retail outlets, including "dollar" stores, and, to a lesser extent, prepared food outlets, restaurants, and expanded fuel stations offering a more limited selection of grocery and food items for sale.
Our assortment includes product across the following categories: • non-alcoholic beverages (soft drinks, energy, water, sports drinks, juices, coffee, tea and dairy) • alcoholic beverages (beer, wine and spirits) • packaged foods (snacks, candy, packaged bakery and other food items) • tobacco and nicotine products • frozen foods (ice, ice cream, meals and appetizers) • non-foods (health and beauty aids, automotive, electronic accessories, housewares and pet supplies) • services (ATM, lotto/lottery and prepaid cards) All but eight stores offer retail motor fuel products for sale on a self-service basis.
Our assortment includes product across the following categories: • non-alcoholic beverages (soft drinks, energy, water, sports drinks, juices, coffee, tea and dairy) • alcoholic beverages (beer, wine and spirits) • packaged foods (snacks, candy, packaged bakery and other food items) • tobacco and nicotine products • frozen foods (ice, ice cream, meals and appetizers) • non-foods (health and beauty aids, automotive, electronic accessories, and housewares) • services (ATM, lotto/lottery and prepaid cards) All but six stores offer retail motor fuel products for sale on a self-service basis.
Store Operations Products Offered The Company designs, develops and delivers value to its guests through a differentiated product assortment where the right products are optimally placed, priced and promoted to drive traffic, revenue and profit.
Store Operations Products Offered The Company delivers value to its guests through a differentiated product assortment where the right products are optimally placed, priced and promoted to drive traffic, revenue and profit.
Food, including prepared foods, and nonfood items similar or identical to those sold by the Company, are generally available from various competitors in the communities served by Casey’s and by certain online retailers.
Food, including prepared foods, and non-food items similar or identical to those sold by the Company, are generally available from various competitors in the communities served by Casey’s and by certain online retailers.
In addition, the Company has a formal leadership development program with core curriculum consisting of Development programs for Kitchen Managers, Store Managers, District Managers, a Leadership Excellence Certification, a Finance for Non-Financial Managers program, and an Individualized Development Program for all Officers based on their review. Competition Our business is highly competitive.
In addition, the Company has a formal leadership development program with core curriculum consisting of Development programs for Kitchen Managers, Store Managers, District Managers, a Leadership Excellence Certification, a Finance for Non-Financial Managers program, and an Individualized Development Program for all Officers based on their 360 assessments. Competition Our business is highly competitive.
Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food items averaged approximately 58% for the three fiscal years ended April 30, 2024. Each Casey’s store typically carries over 3,000 packaged food, beverage and non-food items.
Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food and dispensed beverage items averaged approximately 58% for the three fiscal years ended April 30, 2025. Each Casey’s store typically carries over 3,000 packaged food, beverage and non-food items.
The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-three members, 39% of which are diverse as to gender, race and/or ethnicity. Across our entire Team Member base, 57% of our 7 Table of Contents Team Members are female and 17% are diverse as to race and/or ethnicity.
The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-three members, 39% of which are diverse as to gender, race and/or ethnicity. Across our entire Team Member base, 57% of our Team Members are female and 17% are diverse as to race and/or ethnicity.
While the costs to procure such licenses is not material, the failure to comply with the conditions of the licenses, or other age-restricted products laws, could result in the suspension or revocation of such licenses, or fines related thereto.
While the costs to procure such licenses is not material, 8 Table of Contents the failure to comply with the conditions of the licenses, or other age-restricted products laws, could result in the suspension or revocation of such licenses, or fines related thereto.
Most of our existing and proposed stores are within the three distribution centers' optimum efficiency range—a radius of approximately 500 miles around each distribution center. In fiscal 2024, a majority of the food and nonfood items supplied to stores through the distribution centers were purchased directly from manufacturers.
Most of our existing and proposed stores are within the three distribution centers' optimum efficiency range—a radius of approximately 500 miles around each distribution center. In fiscal 2025, a majority of the food and non-food items supplied to stores through the distribution centers were purchased directly from manufacturers.
In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g. "Casey’s Pizza", "The Official Pizza and Beer Headquarters", "Casey's Here for Good", “Casey’s Rewards”, “Casey’s Cash”, etc.).
In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g. "Casey’s Pizza", "The Official Pizza and Beer Headquarters", "Casey's Here for Good", "Casey’s Rewards", "Casey’s Cash", etc.).
The Company's flagship product is its handmade pizza, which we began preparing and selling in 1984. Pizza is available in almost all of our stores as of April 30, 2024. Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.
The Company's flagship product is its pizza, which we began preparing and selling in 1984. Pizza is available in almost all of our Casey's stores, and select CEFCO stores, as of April 30, 2025. Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.
Gasoline and diesel fuel are sold under the Casey’s name at the majority of our locations. The Company offers the Casey's Rewards program to bring value to guests and improve the digital guest experience. As part of this program, guests can earn points from online, in-store, or at the pump purchases.
Gasoline and diesel fuel are sold under the Casey’s name (or other brands discussed previously) at the majority of our locations. 5 Table of Contents The Company offers the Casey's Rewards program to bring value to guests and improve the digital guest experience. As part of this program, guests can earn points from online, in-store, or at the pump purchases.
BUSINESS The Company As of April 30, 2024, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's", "Minit Mart", or "Lone Star Food Store" referred to as "Casey's" or the "Company") throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois.
BUSINESS The Company As of April 30, 2025, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "CEFCO", "Bucky's", or "Lone Star Food Store", referred to as "Casey's" or the "Company") throughout 20 states, approximately half of which are located in Iowa, Missouri and Illinois.
The names "Casey’s", “Casey’s General Store”, and "GoodStop (by Casey's)", the marks consisting of the Casey’s design logos (with the words “Casey’s” and “Casey’s General Store”), the weathervane, and certain of our private label product names, are registered trademarks and service marks under federal law. We believe these marks are of material importance in promoting and advertising the Company’s business.
The names "Casey’s", "Casey’s General Store", and "GoodStop (by Casey's)", the marks consisting of the Casey’s design logos (with the words "Casey’s" and "Casey’s General Store"), the weathervane, and certain of our private label product names, are registered trademarks and service marks under federal law. We believe these marks are important in promoting and advertising the Company’s business.
Since 1984, our new stores have been equipped with noncorroding fiberglass USTs, including some with double-wall construction, overfill protection, and electronic tank monitoring. We believe that all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with the existing UST regulations have been completed.
Since 1984, our new stores have been equipped with noncorroding fiberglass USTs, including double-wall construction, overfill protection, and electronic tank monitoring. We believe that all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with the existing UST regulations have been completed. Additional regulations or amendments to the existing UST regulations could result in future expenditures.
Approximately 1% of total revenue for the year-ended April 30, 2024 relates to this dealer network. The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to our stores.
Approximately 2% of total revenue for the year-ended April 30, 2025 relates to this fuel wholesale network. The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to most of our stores.
The Company had a fleet of 421 tractors used for distribution as of April 30, 2024. The Company’s internet address is www.caseys.com.
The Company had a fleet of approximately 500 tractors used for distribution as of April 30, 2025. The Company’s internet address is www.caseys.com.
The Company competes on the basis of brand, price, and convenience of our fuel products. We believe our locations in smaller towns are well-positioned. Similar to inside, stores compete with larger store chains with expanded fuel offerings and increased buying power in more heavily populated communities.
The Company competes on the basis of brand, price, and convenience of our fuel products. Similar to inside, stores compete with larger store chains with expanded fuel offerings and increased buying power in more heavily populated communities.
The following table summarizes (dollars and gallons in thousands) retail fuel sales for the last three fiscal years ended April 30: Year ended April 30, 2024 2023 2022 Number of gallons sold 2,828,669 2,672,366 2,579,179 Total retail fuel sales $ 9,402,071 $ 10,027,310 $ 8,312,038 Percentage of total revenue 63.3 % 66.4 % 64.2 % Percentage of revenue less cost of goods sold (excluding depreciation and amortization) 11.9 % 10.7 % 11.2 % Average retail price per gallon $ 3.32 $ 3.75 $ 3.22 Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) 39.48 ¢ 40.22 ¢ 36.01 ¢ Average number of gallons sold per store* 1,102 1,092 1,047 * Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated.
The following table summarizes (dollars and gallons in thousands) retail fuel sales for the last three fiscal years ended April 30: Year ended April 30, 2025 2024 2023 Number of gallons sold 3,196,852 2,828,669 2,672,366 Total retail fuel revenue $ 9,776,033 $ 9,402,071 $ 10,027,310 Percentage of total revenue 61.3 % 63.3 % 66.4 % Total retail fuel revenue less cost of goods sold (excluding depreciation and amortization) $ 1,236,694 $ 1,116,671 $ 1,074,913 Percentage of revenue less cost of goods sold (excluding depreciation and amortization) 12.7 % 11.9 % 10.7 % Average retail price per gallon $ 3.06 $ 3.32 $ 3.75 Average revenue less cost of goods sold per gallon (excluding depreciation and amortization) 38.68 ¢ 39.48 ¢ 40.22 ¢ Average number of gallons sold per store* 1,123 1,102 1,092 * Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated.
Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores. The Rewards program is delivered through Casey’s mobile application.
Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores. The Rewards program is delivered through Casey’s mobile application. In addition to earning points, guests may receive other program benefits such as special offers and bonus points.
We currently own most of our real estate, including substantially all of our stores, all three distribution centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note 7), a construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility.
We currently own most of our real estate, including substantially all of our stores, all three distribution centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note 7 ), a fuel terminal, a construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility. 4 Table of Contents The Company derives its revenue primarily from the retail sale of fuel and the products offered in our stores.
In the last three fiscal years, retail sales of nonfuel items have generated about 35% of our total revenue, but they have resulted in approximately 66% of our revenue less cost of goods sold (excluding depreciation and amortization).
In the last three fiscal years, retail sales of prepared food and dispensed beverage and grocery and general merchandise items have generated about 34% of our total revenue, but they have resulted in approximately 63% of our revenue less cost of goods sold (excluding depreciation and amortization).
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2024, 233 store locations offered car washes.
All convenience stores carry a broad selection of food items (which at most stores includes, but is not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items.
These opportunities are provided through a mix of formal onboarding training, safety training, in-person classes, virtual modules and “on-the-job” learning. For example, through its virtual modules, the Company offers over 700 hours of educational opportunities through over 350 classes, for which there were almost 340,000 enrollments during the 2024 fiscal year.
These opportunities are provided through a mix of formal onboarding training, safety training, in-person classes, virtual modules and “on-the-job” learning. For example, through its virtual modules, the Company offers over 500 hours of educational opportunities through over 730 classes.
In addition to the products discussed above, CMC supplies the majority of fuel to our stores, and supplies fuel on a wholesale basis as part of a dealer network to 73 locations. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments. Prices included in the purchase agreements are indexed to market prices.
In addition to the products discussed above, CMC supplies the majority of fuel to our stores. Additionally, CMC, along with certain of the newly acquired Fikes entities, supply fuel on a wholesale basis to dealer sites and other wholesale locations. We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments.
Nearly all locations feature a bright sign which displays the Casey’s, GoodStop or Lone Star Food Store name and trade/service marks. Almost all stores remain open at least sixteen hours per day, seven days a week. Hours of operation may be adjusted on a store-by-store basis to accommodate guest traffic patterns.
The merchandising display follows a standard layout designed to encourage a flow of guest traffic through all sections of every store. Nearly all locations feature a bright sign which displays the Casey’s, CEFCO, GoodStop, Bucky's, or Lone Star Food Store name and trade/service marks. Almost all stores remain open at least sixteen hours per day, seven days a week.
Store Locations The Company historically has located many of its stores in smaller towns not served by national-chain convenience stores. We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales volume and competitive prices.
We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales volume and competitive prices. Our store-site selection criteria emphasizes the population of the immediate area and daily highway traffic volume.
CGS Stores, LLC was organized as an Iowa limited liability company in April 2019. CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s, while CGS Stores, LLC is a wholly-owned subsidiary of CMC.
CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s, while CGS Stores, LLC is a wholly-owned subsidiary of CMC.
Human Capital Our employees, who we refer to as Team Members, are critical to our business operations and the success of the Company. As of April 30, 2024, we had 20,935 full-time, and 24,424 part-time, Team Members.
Prices included in the purchase agreements are indexed to market prices. Human Capital Our employees, who we refer to as Team Members, are critical to our business operations and the success of the Company. As of April 30, 2025, we had 23,338 full-time, and 25,934 part-time, Team Members.
As of the end of the 2024 fiscal year, the Board consisted of ten members, four (or 40%) of which are diverse as to gender, and three (or 30%) of which are diverse to race and/or ethnicity.
Workforce Composition As of the end of the 2025 fiscal year, the Company's Board of Directors consisted of eleven members, five (or 45%) of which are diverse as to gender, and four (or 36%) of which are diverse to race and/or ethnicity.
For additional information concerning the Company’s fuel operations, see Item 7, below. Distribution and Wholesale Arrangements CMC supplies all stores with various groceries, food, health and beauty aids, and general merchandise from our three distribution centers.
Distribution and Wholesale Arrangements CMC supplies most of our stores with various groceries, food, health and beauty aids, and general merchandise from our three distribution centers.
The sale of these products are subject to significant regulations and require the Company to procure special sales licenses from local and/or state agencies, which govern their sale.
Age-Restricted Products Almost all of our stores sell a variety of age-restricted products, which may include beer, liquor, tobacco and other nicotine products. The sale of these products is subject to significant regulations and require the Company to procure special sales licenses from local and/or state agencies, which govern their sale.
For the years ended April 30, 2024, 2023, and 2022, we spent approximately $966, $653, and $577, respectively, for assessments and remediation. The majority of these expenditures were submitted for reimbursement from state-sponsored trust fund programs. The payments are typically subject to statutory provisions requiring repayment of the reimbursed funds for noncompliance with upgrade provisions or other applicable laws.
The majority of these expenditures were submitted for reimbursement from state-sponsored trust fund programs. The payments are typically subject to statutory provisions requiring repayment of the reimbursed funds for noncompliance with upgrade provisions or other applicable laws. None of the reimbursements received are currently expected to be repaid by the Company to the trust fund programs.
Approximately 72% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.
The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service. As of April 30, 2025, there were a total of 2,904 stores in operation.
It is our practice to continually make additions to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below. To facilitate many of these items, we have installed full kitchens in almost all of our stores, other than those branded as “GoodStop” and "Lone Star Food Store".
It is our practice to continually make additions and changes to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below.
As of April 30, 2024, the Company was selling bakery items such as donuts, cookies and brownies in 2,570 (97%) of our stores. The growth in our prepared food program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.
The growth in our prepared food and dispensed beverage program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.
Store Design Casey’s constructs stores that are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications. We have a range of store designs differing in size and offerings. Store lots have sufficient frontage and depth to permit adequate drive-in parking facilities on one or more sides of each store.
At the end of the fiscal year, the Company has over 9 million members enrolled in the program. Store Design Casey’s constructs stores that are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications. We have a range of store designs differing in size and offerings.
The selection is a blend of differentiated private label products (which includes over 350 items as of April 30, 2024), as well as favored national and regional brands, many of which can be found in larger format stores.
The selection is a blend of differentiated private label products, as well as favored national and regional brands.
Percentage of revenue less cost of goods sold (excluding depreciation and amortization) represents the fuel revenue less cost of goods sold (excluding depreciation and amortization) divided by the gross fuel sales dollars. As retail fuel prices fluctuate in a period of consistent gross margin per gallon, the percentage will also fluctuate in an inverse relationship to fuel price.
Average revenue less cost of goods sold (excluding depreciation and amortization) per gallon decreased by 2.0%. Percentage of revenue less cost of goods sold (excluding depreciation and amortization) represents the fuel revenue less cost of goods sold (excluding depreciation and amortization) divided by the gross fuel sales dollars.
Additional regulations or amendments to the existing UST regulations could result in future expenditures. 8 Table of Contents The majority of states in which we do business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company.
The majority of states in which we do business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company. For the years ended April 30, 2025, 2024, and 2023, we spent approximately $1,253, $966, and $653, respectively, for assessments and remediation.
None of the reimbursements received are currently expected to be repaid by the Company to the trust fund programs. At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs.
At April 30, 2025 and 2024 we had an accrued liability of $385 and $299, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. We believe we have no material joint and several environmental liability with other parties.
Our store-site selection criteria emphasize the population of the immediate area and daily highway traffic volume. Retail Fuel Operations Retail fuel sales are an important part of our revenue and earnings.
Retail Fuel Operations Retail fuel sales are an important part of our revenue and earnings.
We also increased participation (including a Company donation of $1.0 million during the 2024 fiscal year) and utilization of Casey's Team Member Support Fund, which is designed to help Team Members facing financial hardships due to catastrophic circumstances.
Additionally, we offer the Casey's Team Member Support Fund, which is designed to help Team Members facing financial hardships due to catastrophic circumstances.
These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores. The Company has 73 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores. These locations are not operated by Casey's and are not included in our overall store count.
As part of the Fikes transaction, the Company expanded its wholesale network where Casey’s manages fuel wholesale supply agreements to certain dealer sites and other wholesale locations. The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count discussed previously.
In warmer weather, guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks, and ice. Corporate Subsidiaries Casey's Marketing Company ("CMC") and Casey's Services Company ("CSC") were organized as Iowa corporations in March 1995. Casey’s Retail Company ("CRC") was organized as an Iowa corporation in April 2004.
Corporate Subsidiaries Casey's Marketing Company ("CMC") and Casey's Services Company ("CSC") were organized as Iowa corporations in March 1995. Casey’s Retail Company ("CRC") was organized as an Iowa corporation in April 2004. CGS Stores, LLC was organized as an Iowa limited liability company in April 2019.
Regardless, we believe our centralized fuel team is well positioned to navigate any potential future fuel price volatility, as they work to maximize total profitability. The total number of gallons sold during this period increased by 5.8%. Gallons sold were positively impacted by a growing store count as we operated 137 more stores than the prior year.
Average retail prices of fuel during the year decreased 7.8% from prior year, while the total number of gallons sold during this period increased by 13.0%. Gallons sold were positively impacted by a growing store count as we operated 246 more stores than the prior year.
In addition, all but eight store locations offer fuel for sale on a self-service basis. The Company had 62 stores operating under the "GoodStop (by Casey’s)" brand and 10 stores operating under the "Lone Star Food Store" brand as of April 30, 2024.
As of April 30, 2025, 260 store locations offered car washes. In addition, all but six store locations offer fuel for sale on a self-service basis.
The Company derives its revenue primarily from the retail sale of fuel and the products offered in our stores. Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth 4 Table of Contents fiscal quarters (November through April).
Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth fiscal quarters (November through April). In warmer weather, guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks, and ice.
Each new store typically includes 4 to 6 islands of fuel dispensers and storage tanks with capacity for 44,000 to 70,000 gallons of fuel. The merchandising display follows a standard layout designed to encourage a flow of guest traffic through all sections of every store.
Store lots have sufficient frontage and depth to permit adequate drive-in parking facilities on one or more sides of each store. Each new store typically includes 4 to 6 islands of fuel dispensers and storage tanks with capacity for 44,000 to 70,000 gallons of fuel.
Removed
As of April 30, 2024, there were a total of 2,658 stores in operation.
Added
On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey's has operated in these states.
Removed
The Company is also temporarily operating certain locations acquired from Buchanan Energy under the name "Bucky's" and certain locations acquired from Minit Mart LLC under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.
Added
The acquisition also included the Company's first fuel terminal, located in Waco, Texas. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons.
Removed
During the fiscal year, the Company launched a new thin crust pizza line. In addition to the new platform in pizza, the company also relaunched our lunch offering by upgrading the quality of our entire hot sandwich line, including adding a spicy chicken sandwich.
Added
The Company had 63 stores operating under the "GoodStop (by Casey’s)" brand, 12 stores operating under the "Lone Star Food Store" brand, and was also temporarily operating certain locations under the name "Bucky's" as of April 30, 2025. Additionally, the majority of the stores acquired from Fikes are currently operating under the "CEFCO" brand.
Removed
In addition to earning points, guests may 5 Table of Contents receive other program benefits such as special offers and bonus points. At the end of the fiscal year, the Company had surpassed 7.9 million members enrolled in the program.
Added
During the fiscal year, as part of the Fikes acquisition, CMC acquired 100% of the equity interests in CEFCO Stores, LLC and Fikes Wholesale, LLC, and CSC acquired 100% of the equity interests in Group Petroleum Services, LLC ("GPS"), each of which, upon closing, was a Texas limited liability company.
Removed
Average retail prices of fuel during the year decreased 11.5% from prior year. Fuel prices increased at the end of the 2022 fiscal year due to overall supply issues, as Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.
Added
These acquired entities currently own and/or operate 198 retail convenience stores under the CEFCO brand name in Alabama, Florida, Mississippi, and Texas, provide fuel and fuel transportation to these stores, manage the acquired fuel wholesale network, and operate the fuel terminal.
Removed
While prices have moderated since the highs seen at the end of the 2022 fiscal year, and start of the fiscal 2023 year, the higher costs have continued into fiscal 2024 due to the ongoing conflict between Russia and Ukraine, unrest in the Middle East and economic uncertainty in Western nations.
Added
To facilitate the prepared food offerings, we have installed full kitchens in almost all of our stores, other than those branded as "Bucky's", "GoodStop" and "Lone Star Food Store." Additionally, the majority of the CEFCO stores have kitchens and proprietary hot food programs that differ from the Casey's food offering.
Removed
Average revenue less cost of goods sold (excluding depreciation and amortization) per gallon decreased by 1.8%. Our centralized fuel team has been instrumental in sustaining higher than historically typical average revenue less cost of goods sold per gallon (excluding depreciation and amortization).
Added
Hours of operation may be adjusted on a store-by-store basis to accommodate guest traffic patterns. Store Locations The Company historically has located many of its stores in smaller towns not served by national-chain convenience stores.
Removed
In addition, during the 2024 fiscal year, the Company enhanced coverages for dental and vision, introduced company paid short-term disability for all full-time Team Members, and long-term disability for certain full-time Team Members, as well as increased the coverages and access for mental health services.
Added
As retail fuel prices fluctuate in a period of consistent gross margin per gallon, the percentage will also fluctuate in an inverse relationship to fuel price. For additional information concerning the Company’s fuel operations, see Item 7 , below.
Removed
Diversity and Inclusion The Company is committed to building a diverse and inclusive workforce across the organization, which it believes is set by example with its Board of Directors and extended leadership team.
Added
As part of the acquisition of Fikes, the Company acquired the "CEFCO" trademark and other relevant registered and unregistered trademarks and service marks.
Removed
We have four team member resource groups which further enhance the diversity, equity and inclusion culture at Casey's: Women in Leadership, Veterans, Faith and LGBTQ. The Company has also established a formal Diversity, Equity and Inclusion Committee to further promote the already strong culture of belonging and empowerment for all Team Members.
Removed
In addition, the company has expanded its learning related to unconscious bias and critical conversations through formal training. Education and Training The Company, including its established Learning and Development Department, which serves all levels of the organization, invests significant time and resources in educating and training Team Members by providing them with educational, development and leadership opportunities.
Removed
Examples of convenience store chains competing in the larger towns served by Casey’s include Quik Trip, Kwik Trip/Star, Maverik/Kum & Go, and other regional chains. These competitive factors are discussed further in Item 7 of this Form 10-K.
Removed
We believe we have no material joint and several environmental liability with other parties. Age-Restricted Products Almost all of our stores sell a variety of age-restricted products, which may include beer, liquor, tobacco and other nicotine products.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn addition, the general economic and other impacts related to responsive actions taken by governments and others to mitigate the spread of pandemics or disease outbreaks, including but not limited to stay-at-home, shelter-in-place and other travel restrictions, social distancing requirements, mask mandates, limitations on certain businesses’ hours and operations, limits on public gatherings and other events, and restrictions on what, and in certain cases how, certain products can be sold and offered to our guests, have, and may continue to, result in declines in store traffic and overall demand, increased operating costs, and decreased or slower unit/store growth.
Biggest changeThese include, but are not limited to, decreased store traffic and changed guest behavior, decreased demand for our fuel, prepared food and other convenience offerings, decreased or slowed unit/store growth, issues with our supply chain including difficulties delivering products to our stores and obtaining certain items sold at our stores, issues with respect to our Team Members’ health, working hours and/or ability to perform their duties, and increased costs to the Company in response to these conditions and to protect the health and safety of our Team Members and guests. 11 Table of Contents In addition, the general economic and other impacts related to responsive actions taken by governments and others to mitigate the spread of pandemics or disease outbreaks, including but not limited to stay-at-home, shelter-in-place and other travel restrictions, social distancing requirements, mask mandates, limitations on certain businesses’ hours and operations, limits on public gatherings and other events, and restrictions on what, and in certain cases how, certain products can be sold and offered to our guests, have, and may continue to, result in declines in store traffic and overall demand, increased operating costs, and decreased or slower unit/store growth.
These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market 14 Table of Contents areas; difficulties in obtaining favorable financing for larger acquisitions or construction projects; difficulties during the acquisition process in discovering some of the liabilities of the businesses that we acquire; difficulties associated with our existing financial controls, information systems, management resources and human resources needed to support our future growth; difficulties with hiring, training and retaining skilled personnel; difficulties in adapting distribution and other operational and management systems to an expanded network of stores; difficulties in adopting, adapting to or changing the business practices, models or processes of stores or chains we acquire; difficulties in obtaining governmental and other third-party consents, permits and licenses needed to operate additional stores; difficulties in obtaining the cost savings and financial improvements we anticipate from future acquired stores; the potential diversion of our management’s attention from focusing on our core business due to an increased focus on acquisitions; and, challenges associated with the consummation and integration of any future acquisition.
These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market areas; difficulties in obtaining favorable financing for larger acquisitions or construction projects; difficulties during the acquisition process in discovering some of the liabilities of the businesses that we acquire; difficulties associated with our existing financial controls, information systems, management resources and human resources needed to support our future growth; difficulties with hiring, training and retaining skilled personnel; difficulties in adapting distribution and other operational and management systems to an expanded network of stores; difficulties in adopting, adapting to or changing the business practices, models or processes of stores or chains we acquire; difficulties in obtaining governmental and other third-party consents, permits and licenses needed to operate additional stores; difficulties in obtaining the cost savings and financial improvements we anticipate from future acquired stores; the potential diversion of our management’s attention from focusing on our core business due to an increased focus on acquisitions; and, challenges associated with the consummation and integration of any future acquisition.
A compromise or a breach in our systems, or another data security or privacy incident that results in the loss, unauthorized release, disclosure or acquisition of such data or information, or other sensitive data or information, or other internal or external cyber or data security threats, including but not limited to viruses, denial-of-service attacks, phishing attacks, ransomware attacks and other intentional or unintentional disruptions, could occur and have a material adverse effect on our operations and ability to operate, reputation, operating results and financial condition.
A compromise or a breach in our systems, or another data security or privacy incident that results in the loss, unauthorized release, disclosure or acquisition of such data or information, or other sensitive data or information, or other internal or external cyber or data security threats, including but not limited to viruses, denial-of-service attacks, phishing attacks, social engineering attacks, ransomware attacks and other intentional or unintentional disruptions, could occur and have a material adverse effect on our operations and ability to operate, reputation, operating results and financial condition.
These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and nicotine use and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes or other nicotine products, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.
These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and 12 Table of Contents nicotine use and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes or other nicotine products, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.
These factors can lead to sales declines, and in turn have an adverse impact on our business, financial condition and results of operations. Developments related to fuel efficiency, fuel conservation practices, climate change, and changing consumer preferences may decrease the demand for motor fuel.
These factors can lead to store traffic and sales declines, and in turn have an adverse impact on our business, financial condition and results of operations. Developments related to fuel efficiency, fuel conservation practices, climate change, and changing consumer preferences may decrease the demand for motor fuel.
Technological advances and consumer behavior in reducing fuel use, governmental mandates to improve fuel efficiency and consumer desire or regulations to lower carbon emissions could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of 13 Table of Contents operation.
Technological advances and consumer behavior in reducing fuel use, governmental mandates to improve fuel efficiency and consumer desire or regulations to lower carbon emissions could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of operation.
A violation or change of these laws could adversely affect our business, financial condition, and results of operations 12 Table of Contents because state and local regulatory agencies have the power to approve, revoke, suspend, or deny applications for and renewals of permits and licenses relating to the sale of certain of these products or to seek other remedies.
A violation or change of these laws could adversely affect our business, financial condition, and results of operations because state and local regulatory agencies have the power to approve, revoke, suspend, or deny applications for and renewals of permits and licenses relating to the sale of certain of these products or to seek other remedies.
In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our 9 Table of Contents products or products we sell at our stores, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.
In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our products or products we sell at our stores, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.
If we are unable to anticipate and respond to sudden challenges or changes that we may face in the marketplace, trends in the market for our products and changing 10 Table of Contents consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.
If we are unable to anticipate and respond to sudden challenges or changes that we may face in the marketplace, trends in the market for our products and changing consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.
Any disruption could cause our business and competitive position to suffer and cause our operating results to be reduced. Increased credit card expenses could lead to higher operating expenses and other costs for the Company. A significant percentage of our sales are made with credit cards.
Any disruption could cause our business and competitive position to suffer and cause our operating results to be reduced. 10 Table of Contents Increased credit card expenses could lead to higher operating expenses and other costs for the Company. A significant percentage of our sales are made with credit cards.
In addition, a shift toward electric, hybrid, hydrogen, natural gas or other alternative fuel-powered vehicles, including driverless motor vehicles, could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive pressures.
In addition, a shift toward electric, hybrid, hydrogen, natural gas or other alternative fuel-powered vehicles, could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive pressures.
General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products.
General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, construction and transportation costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products, and the costs of building, acquiring and remodeling stores.
Over the past three fiscal years, on average our fuel revenues accounted for approximately 65% of total revenue and our fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).
Over the past three fiscal years, on average our retail fuel revenues accounted for approximately 64% of total revenue and our retail fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).
Additionally, increases in labor, mileage, insurance, fuel, and other costs related to the supply and transportation of food ingredients could adversely affect the profitability of our stores.
Additionally, increases in labor, mileage, insurance, fuel, and other costs related to the supply and 9 Table of Contents transportation of food ingredients could adversely affect the profitability of our stores.
We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, club stores, fast food outlets, restaurants, coffee shops, mass merchants, and a variety of other retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and more established fuel supply arrangements.
We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, "dollar" stores, club stores, fast food outlets, restaurants, coffee shops and other small box beverage outlets, mass merchants, and a variety of other national and local retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and more established fuel supply arrangements.
Because the interchange and other fees we pay when credit cards are used to make purchases, which the Company has little control over, are based on transaction amounts, higher fuel prices at the pump, including record fuel prices that were seen in recent years, higher gallon movement and other increases in price and sales of fuel and other items we sell in our stores directly result in higher credit card expenses.
Because the interchange and other fees we pay when credit cards are used to make purchases, which the Company has little control over, are based on transaction amounts, higher fuel prices at the pump, higher gallon movement and other increases in price and sales of other items we sell in our stores directly result in higher credit card expenses.
General political conditions, threatened or actual acts of war or terrorism, instability or other changes in oil producing regions, historically in the Middle East and South America but recently in Europe with the conflict in Ukraine, and trade, economic or other disagreements between oil producing nations, can, and recently have, significantly affected crude oil supplies and wholesale petroleum costs.
General political conditions, threatened or actual acts of war or terrorism, instability or other changes in oil producing regions, including the Middle East, South America and Europe, and trade, economic or other disagreements between oil producing nations, can, and recently have, significantly affected crude oil supplies and wholesale petroleum costs.
We store fuel in storage tanks at our retail locations. Additionally, a significant portion of fuel is transported in our own trucks, instead of by third-party carriers. Our operations are subject to significant hazards and risks inherent in transporting and storing motor fuel.
We store fuel in storage tanks at our retail locations and in the fuel terminal acquired in the recent Fikes transaction. Additionally, a significant portion of fuel is transported in our own trucks, instead of by third-party carriers. Our operations are subject to significant hazards and risks inherent in transporting and storing motor fuel.
In addition, unfavorable economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and can cause guests to “trade down” to lower priced products in certain categories when these conditions exist.
In addition, unfavorable economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and can cause guests to purchase less, visit our stores less often or “trade down” to lower priced products in certain categories when these conditions exist.
In addition, we typically generate higher revenues and gross margins during warmer weather months, which fall within our first and second fiscal quarters. When weather conditions are not favorable during a particular period, our operating results and cash flow from operations could be adversely affected. The volatility of wholesale petroleum costs could adversely affect our operating results.
In addition, we typically generate higher revenues and gross margins during warmer weather months, which fall within our first 13 Table of Contents and second fiscal quarters. When weather conditions are not favorable during a particular period, our operating results and cash flow from operations could be adversely affected.
We have recently experienced inflation in the price of commodities, including food ingredients, which has increased our cost of goods sold. Cheese, representing our largest food cost, and other commodities can be subject to significant cost fluctuations due to weather, availability, global demand and other factors that are beyond our control.
We regularly experience inflation in the price of commodities, including food ingredients, which increases our cost of goods sold. Cheese, representing our largest food cost, and other commodities can be subject to significant cost fluctuations due to weather, availability, global demand and other factors that are beyond our control.
These additional fees directly increase operating expenses. Higher operating expenses that result from higher credit card fees may decrease our overall profit and have a material adverse effect on our business, financial condition and results of operations. Total credit card fees paid in fiscal 2024, 2023 and 2022 exceeded $200 million.
These additional fees directly increase operating expenses. Higher operating expenses that result from higher credit card fees may decrease our overall profit and have a material adverse effect on our business, financial condition and results of operations. Total credit card fees incurred in fiscal 2025 exceeded $250 million.
Additionally, we are occasionally exposed to industry-wide or class-action claims arising from the products we carry, industry-specific business practices or other operational matters, including accessibility, wage-and-hour and other employment 11 Table of Contents related individual and class-action claims.
Additionally, we are occasionally exposed to individual, industry-wide or class/collective-action claims arising from the products we carry, industry-specific business practices or other operational matters, including accessibility, consumer protection, wage-and-hour and other employment related individual and class/collective-action claims.
Risks Relating to Our Common Stock The market price for our common stock has been and may in the future be volatile, which could cause the value of your investment to decline. Securities markets worldwide experience significant price and volume fluctuations. This market volatility could significantly affect the market price of our common stock without regard to our operating performance.
Risks Relating to Our Common Stock 14 Table of Contents The market price for our common stock has been and may in the future be volatile, which could cause the value of your investment to decline. Securities markets worldwide experience significant price and volume fluctuations.
Our net income is significantly affected by changes in the margins we receive on our retail fuel sales.
The volatility of wholesale petroleum costs could adversely affect our operating results. Our net income is significantly affected by changes in the margins we receive on our retail fuel sales.
Retail operations, and in particular our distribution and food-related operations, carry a higher exposure to consumer litigation risk when compared to the operations of companies operating in many other industries. Consequently, we may become a party to personal injury, food safety, product liability, accessibility, data security and privacy and other legal actions in the ordinary course of our business.
Consequently, we are, and may become a party to, certain personal injury, food safety, product liability, accessibility, data security and privacy and other legal actions in the ordinary course of our business.
Removed
These include, but are not limited to, decreased store traffic and changed guest behavior, decreased demand for our fuel, prepared food and other convenience offerings, decreased or slowed unit/store growth, issues with our supply chain including difficulties delivering products to our stores and obtaining certain items sold at our stores, issues with respect to our Team Members’ health, working hours and/or ability to perform their duties, and increased costs to the Company in response to these conditions and to protect the health and safety of our Team Members and guests.
Added
Retail operations, and in particular our distribution and food-related operations, carry a higher exposure to consumer litigation risk when compared to the operations of companies operating in many other industries.
Removed
Changes in our climate, including the effects of carbon emissions in the environment, may lessen demand for fuel or lead to additional government regulation.
Added
In addition, certain of the stores acquired in the Fikes transaction are located in the South, in particular Florida, which is susceptible to hurricanes.
Added
This market volatility could significantly affect the market price of our common stock without regard to our operating performance.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Company has a Cybersecurity Incident Response Plan ("the Plan"), integrated into our enterprise crisis management and business continuity program, which provides protocols and procedures for evaluating and responding to material cybersecurity incidents, including incident handling, disclosure and reporting, notification to senior management, the Board and relevant committees, and meeting external reporting obligations.
Biggest changeThe Company has a Cybersecurity Incident Response Plan ("the Plan"), which provides protocols and procedures for evaluating and responding to material cybersecurity and other data security incidents, including incident handling, disclosure and reporting, notification to senior management, the Board and relevant committees, and meeting external reporting obligations.
Together with a third-party, the CISO and his team also operate a 24/7 Security Operations Center to monitor the cybersecurity environment and coordinate escalation and remediation of alerts, and we incorporate many other resources to maintain readiness to withstand and respond to a cyber incident including but not limited to incident response tabletop exercises, system recovery exercises, simulated phishing email exercises and security awareness training.
Together with a third-party, the CISO and his team also operate a 24/7 Security Operations Center to monitor the cybersecurity environment and coordinate escalation and remediation of alerts, and we incorporate many other resources to maintain readiness to withstand and respond to a cyber or other data security incident including but not limited to incident response tabletop exercises, system recovery exercises, simulated phishing email exercises and security awareness training.
Cybersecurity and related matters are recurring topics at Audit Committee meetings and the Company’s Chief Information Officer (“CIO”) and Chief Information Security Officer ("CISO") regularly provide the Audit Committee, and periodically the entire Board, with updates on the Company’s cybersecurity risk profile and strategy. These updates include both qualitative and quantitative information on the effectiveness of the Company’s cybersecurity controls.
Cybersecurity and related matters are recurring topics at Audit Committee meetings and the Company’s Chief Information Officer ("CIO") and Chief Information Security Officer ("CISO") regularly provide the Audit Committee, and periodically the entire Board, with updates on the Company’s cybersecurity risk profile and strategy. These updates include both qualitative and quantitative information on the effectiveness of the Company’s cybersecurity controls.
As part of the Plan, the Company has also established an Incident Response Governance Team, co-chaired by our CISO and VP, Deputy General Counsel, which is a cross-functional group comprised of relevant stakeholders throughout the organization responsible for organizing the assessment, investigation and response to any material cybersecurity event.
As part of the Plan, the Company has also established an Incident Response Governance Team, co-chaired by our CISO and VP, Deputy General Counsel, which is a cross-functional group comprised of relevant stakeholders throughout the organization responsible for organizing the assessment, investigation and response to any material cybersecurity or data security event.
Our CISO, who has over 38-years of industry experience, and his team, have relevant education and experience assessing and managing cybersecurity programs and cybersecurity risks across a mix of enterprises, including the retail industry.
Our CISO, who has over 39-years of industry experience, and his team, have relevant education and experience assessing and managing cybersecurity programs and cybersecurity risks across a mix of enterprises, including the retail industry.
As of the date of this report, no cybersecurity incidents have had, either individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.
As of the date of this report, no cybersecurity or data security incidents have had, either individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.
As part of the program, our governance, risk and compliance team conducts due diligence as a part of onboarding new vendors and maintain ongoing evaluations to ensure compliance with our security standards.
As part of the program, our IT governance, risk and compliance team conduct due diligence as a part of onboarding new vendors and maintain ongoing evaluations to ensure compliance with our security standards.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeWe also own a building near the Store Support Center where our construction and support services departments operate. In February 2016, we opened our second distribution center, located in Terre Haute, Indiana. This second distribution center has approximately 340,000 square feet of total space.
Biggest changeThe Store Support Center provides approximately 490,000 square feet of available space, including approximately 290,000 square feet related to the distribution center. We also own a building near the Store Support Center where our construction and support services departments operate. In February 2016, we opened our second distribution center, located in Terre Haute, Indiana.
The Company owns the land and building at all of our other store locations. Additionally, the Company regularly has land held for development, land under construction for new stores, and land held for sale as a result of store closures.
Additionally, the Company regularly has land held for development, land under construction for new stores, and land held for sale as a result of store closures.
In April 2021, we opened a third distribution center located in Joplin, Missouri (see Note 7 for discussion of ownership structure). The third distribution center provides approximately 300,000 square feet of total space. All three distribution centers have a fleet services maintenance center. On April 30, 2024, we leased a combination of land and/or building at 140 locations.
This second distribution center has approximately 340,000 square feet of total space. In April 2021, we opened a third distribution center located in Joplin, Missouri (see Note 7 for discussion of ownership structure). The third distribution center provides approximately 300,000 square feet of total space. All three distribution centers have a fleet services maintenance center.
ITEM 2. PROPERTIES We own the Store Support Center (built in 1990) and all three distribution centers. Located on an approximately 57-acre site in Ankeny, Iowa, the Store Support Center includes office space and our first distribution center. The Store Support Center provides approximately 490,000 square feet of available space, including approximately 290,000 square feet related to the distribution center.
ITEM 2. PROPERTIES We own the Store Support Center (built in 1990), all three distribution centers and a fuel terminal. Located on an approximately 57-acre site in Ankeny, Iowa, the Store Support Center includes office space and our first distribution center.
Most of the leases provide for the payment of a fixed rent plus property taxes, insurance, and maintenance costs. Generally, the leases are for terms of ten to twenty years with options to renew for additional periods or options to purchase the leased premises at the end of the lease period.
Generally, the leases are for terms of ten to twenty years with options to renew for additional periods or options to purchase the leased premises at the end of the lease period. The Company owns the land and building at all of our other store locations.
Added
On April 30, 2025, we leased a combination of land and/or building at 245 store locations. Most of the leases provide for the payment of a fixed rent plus property taxes, insurance, and maintenance costs.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeDuring the fourth quarter of 2024, we repurchased and retired 50,113 shares of our common stock under our share repurchase program for a total of $14.6 million, excluding fees, commissions and other costs. As of April 30, 2024, $295.1 million remained available for future purchases under this share repurchase program. ITEM 6. [Reserved] Not applicable.
Biggest changeAs of April 30, 2025, $295.1 million remained available for future purchases under this share repurchase program. ITEM 6. [Reserved] Not applicable.
The cash dividends declared during the calendar years 2022 through 2024 were as follows: Calendar 2022 Cash dividend declared Calendar 2023 Cash dividend declared Calendar 2024 Cash dividend declared Q1 $ 0.35 Q1 $ 0.38 Q1 $ 0.43 Q2 0.38 Q2 0.43 Q2 0.50 Q3 0.38 Q3 0.43 Q4 0.38 Q4 0.43 $ 1.49 $ 1.67 Issuer Purchases of Equity Securities The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, 2024: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) Fourth Quarter: February 1-29, 2024 36,341 $ 286.76 36,341 $ 299,295,981 March 1-31, 2024 13,772 303.97 13,772 295,109,710 April 1-30, 2024 — — — 295,109,710 Total 50,113 $ 291.49 50,113 $ 295,109,710 (1) On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program").
The cash dividends declared during the calendar years 2023 through 2025 were as follows: Calendar 2023 Cash dividend declared Calendar 2024 Cash dividend declared Calendar 2025 Cash dividend declared Q1 $ 0.38 Q1 $ 0.43 Q1 $ 0.50 Q2 0.43 Q2 0.50 Q2 0.57 Q3 0.43 Q3 0.50 Q4 0.43 Q4 0.50 $ 1.67 $ 1.93 Issuer Purchases of Equity Securities The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, 2025: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) Fourth Quarter: February 1-28, 2025 — $ — — $ 295,109,710 March 1-31, 2025 — — — 295,109,710 April 1-30, 2025 — — — 295,109,710 Total — $ — — $ 295,109,710 (1) On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program").
The dividends declared in fiscal 2024 totaled $1.72 per share. The dividends declared in fiscal 2023 totaled $1.52 per share. At its June meeting, the Board of Directors declared a quarterly dividend of $0.50 per share payable August 15, 2024, to shareholders of record on August 1, 2024.
The dividends declared in fiscal 2025 totaled $2.00 per share. The dividends declared in fiscal 2024 totaled $1.72 per share. At its June 2025 meeting, the Board of Directors declared a quarterly dividend of $0.57 per share payable August 15, 2025, to shareholders of record on August 1, 2025.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Casey’s common stock trades on the Nasdaq Global Select Market under the symbol CASY. The 37,008,488 shares of common stock outstanding at April 30, 2024 had a market value of approximately $11.8 billion. On that date, there were 1,441 shareholders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Casey’s common stock trades on the Nasdaq Global Select Market under the symbol CASY. The 37,119,083 shares of common stock outstanding at April 30, 2025 had a market value of approximately $17.2 billion. On that date, there were 1,355 shareholders of record.
Common Stock Market Prices Calendar 2022 High Low Calendar 2023 High Low Calendar 2024 High Low Q1 $ 202.50 $ 170.82 Q1 $ 236.45 $ 202.13 Q1 $ 324.40 $ 268.07 Q2 216.40 181.40 Q2 245.72 212.50 Q3 223.90 183.23 Q3 284.18 238.44 Q4 249.90 197.61 Q4 286.62 260.13 Dividends We began paying cash dividends during fiscal 1991.
Common Stock Market Prices Calendar 2023 High Low Calendar 2024 High Low Calendar 2025 High Low Q1 $ 236.45 $ 202.13 Q1 $ 324.40 $ 268.07 Q1 $ 445.17 $ 372.09 Q2 245.72 212.50 Q2 389.44 306.45 Q3 284.18 238.44 Q3 401.07 350.52 Q4 286.62 260.13 Q4 439.68 363.00 Dividends We began paying cash dividends during fiscal 1991.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

58 edited+19 added−12 removed37 unchanged
Biggest changePlease refer to the Form 10-K related to the fiscal year ended April 30, 2023, filed on June 23, 2023, for comparison of Fiscal 2023 to Fiscal 2022. 21 Table of Contents COMPANY TOTAL REVENUE AND REVENUE LESS COST OF GOODS SOLD (EXCLUDING DEPRECIATION AND AMORTIZATION) BY CATEGORY Years ended April 30, 2024 2023 2022 Total revenue by category Prepared food and dispensed beverage $ 1,461,600 $ 1,322,560 $ 1,204,100 Grocery and general merchandise 3,727,394 3,445,777 3,141,527 Fuel 9,402,071 10,027,310 8,312,038 Other (1) 271,848 298,828 294,929 $ 14,862,913 $ 15,094,475 $ 12,952,594 Revenue less cost of goods sold (excluding depreciation and amortization) by category Prepared food and dispensed beverage $ 858,295 $ 748,405 $ 712,352 Grocery and general merchandise 1,270,527 1,156,451 1,027,477 Fuel 1,116,671 1,074,913 928,868 Other (1) 102,418 92,637 94,017 $ 3,347,911 $ 3,072,406 $ 2,762,714 (1) The 'Other' category primarily consists of activity related to wholesale fuel revenue from the dealer network and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs.
Biggest changeCOMPANY TOTAL REVENUE AND REVENUE LESS COST OF GOODS SOLD (EXCLUDING DEPRECIATION AND AMORTIZATION) BY CATEGORY Years ended April 30, 2025 2024 2023 Total revenue by category Prepared food and dispensed beverage $ 1,611,762 $ 1,461,600 $ 1,322,560 Grocery and general merchandise 4,143,887 3,727,394 3,445,777 Fuel 9,776,033 9,402,071 10,027,310 Other (1) 409,217 271,848 298,828 $ 15,940,899 $ 14,862,913 $ 15,094,475 Revenue less cost of goods sold (excluding depreciation and amortization) by category Prepared food and dispensed beverage $ 937,440 $ 858,295 $ 748,405 Grocery and general merchandise 1,452,008 1,270,527 1,156,451 Fuel 1,236,694 1,116,671 1,074,913 Other (1) 126,261 102,418 92,637 $ 3,752,403 $ 3,347,911 $ 3,072,406 (1) The 'Other' category primarily consists of activity related to wholesale fuel and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs. 21 Table of Contents INDIVIDUAL STORE COMPARISONS (1) Years ended April 30, 2025 2024 2023 Average retail sales $ 5,556 $ 5,710 $ 6,064 Average retail inside sales (2) 2,095 2,037 1,956 Average revenue less cost of goods sold (excluding depreciation and amortization) on inside sales (2) 842 801 752 Average retail sales of fuel 3,461 3,673 4,110 Average revenue less cost of goods sold (excluding depreciation and amortization) on fuel 446 445 450 Average operating income (3) 496 473 445 Average number of gallons sold 1,123 1,102 1,092 (1) Individual store comparisons include only those stores that had been in operation for at least one full year and remained open on April 30 of the fiscal year indicated.
We may prepay the 3.51% and 3.77% Senior Notes in whole or in part at any time in an amount of not less than $2,000 at a redemption price calculated in accordance with the Note Agreement dated June 13, 2017, as amended, between the Company and the purchasers of the Senior Notes Series E and Series F.
We may prepay the 3.77% Senior Notes in whole or in part at any time in an amount of not less than $2,000 at a redemption price calculated in accordance with the Note Agreement dated June 13, 2017, as amended, between the Company and the purchasers of the Senior Notes Series F.
We ask you not to place undue reliance on any forward-looking statements because they speak only of our views as of the statement dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 28 Table of Contents
We ask you not to place undue reliance on any forward-looking statements because they speak only of our views as of the statement dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 27 Table of Contents
The increase was primarily attributable to higher profitability both inside the store and in fuel. This increase was partially offset by higher operating expenses, depreciation and amortization, and income tax expense. See discussion in the paragraphs above for the primary drivers for each of these increases.
The increase was primarily attributable to higher profitability both inside the store and in fuel. This increase was partially offset by higher operating expenses, depreciation and amortization, interest, net and income tax expense. See discussion in the paragraphs above for the primary drivers for each of these increases.
Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and 43% of our stores offer biodiesel. Every newly built store has the capability to sell renewable fuels, and we aim to continue growing sales of renewable fuels throughout our footprint.
Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and 41% of our stores offer biodiesel. Every newly built store has the capability to sell renewable fuels, and we aim to continue growing sales of renewable fuels throughout our footprint.
Amounts borrowed under the term loan facility bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%.
Amounts borrowed under the Credit Agreement bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%.
Recent Accounting Pronouncements Refer to Note 1 of the consolidated financial statements for a description of new accounting pronouncements applicable to the Company. 24 Table of Contents Liquidity and Capital Resources Due to the nature of our business, cash provided by operations is our primary source of liquidity.
Recent Accounting Pronouncements Refer to Note 1 of the consolidated financial statements for a description of new accounting pronouncements applicable to the Company. Liquidity and Capital Resources Due to the nature of our business, cash provided by operations is our primary source of liquidity.
The Company's plan was based on building on our proud heritage and distinct advantages, to become more 19 Table of Contents contemporary through new capabilities, technology, data, and processes. We believe this will best position the Company to address rapidly evolving shifts in consumer habits and other macro retail trends.
The Company's plan was based on building on our proud heritage and distinct advantages, to become more contemporary through new capabilities, technology, data, and processes. We believe this will best position the Company to address rapidly evolving shifts in consumer habits and other macro retail trends.
The acquisitions are recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The significant assets acquired include buildings, equipment, and land.
The acquisitions are recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets, and liabilities assumed, based on their estimated fair values at the acquisition date as determined by third party appraisals or internal estimates. The significant assets acquired include buildings, equipment, land, and right-of-use lease assets.
The Company finances our inventory purchases primarily from normal trade credit aided by relatively rapid inventory turnover. This turnover allows us to conduct operations without large amounts of cash and working capital. As of April 30, 2024, the Company’s ratio of current assets to current liabilities was 0.87 to 1.
The Company finances our inventory purchases primarily from normal trade credit aided by relatively rapid inventory turnover. This turnover allows us to conduct operations without large amounts of cash and working capital. As of April 30, 2025, the Company’s ratio of current assets to current liabilities was 0.92 to 1.
Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the conflict in Ukraine on our business.
Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the conflicts in oil producing regions on our business.
However, known payments of $6,669 are scheduled over the next 5 years, which includes $757 recognized in current liabilities as of April 30, 2024. 27 Table of Contents Forward-Looking Statements This Form 10-K, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
However, known payments of $4,936 are scheduled over the next 5 years, which includes $757 recognized in current liabilities as of April 30, 2025. 26 Table of Contents Forward-Looking Statements This Form 10-K, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
The Company incurred impairment charges of $4,057 in fiscal 2024, $3,500 in fiscal 2023, and $1,056 in fiscal 2022. Impairment charges are a component of operating expenses. Self-insurance The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims.
The Company incurred impairment charges of $4,080 in fiscal 2025, $4,057 in fiscal 2024, and $3,500 in fiscal 2023. Impairment charges are a component of operating expenses. Self-insurance The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims.
Some factors affecting the uncertainty of claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balances of our self-insurance reserves were $57,369 and $61,168 for the years ended April 30, 2024 and 2023, respectively.
Some factors affecting the uncertainty of claims include the development time frame, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The balances of our self-insurance reserves were $74,471 and $57,369 for the years ended April 30, 2025 and 2024, respectively.
Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.
For additional information, please refer to Note 2 . Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.
Refer to “Fiscal 2024 Compared with Fiscal 2023” starting on page 20 for further details on the primary drivers for the changes in revenue, cost of goods sold, and operating expenses.
Refer to “Fiscal 2025 Compared with Fiscal 2024” starting on page 20 for further details on the primary drivers for the changes in revenue, cost of goods sold, operating expenses, and interest.
Overview As of April 30, 2024, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "Bucky's", "Minit Mart", or "Lone Star Food Store" referred to as "Casey's" or the "Company") throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois.
Overview As of April 30, 2025, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "CEFCO", "Bucky's", or "Lone Star Food Store", referred to as "Casey's" or the "Company") throughout 20 states, approximately half of which are located in Iowa, Missouri and Illinois.
In addition, during the past four calendar years, the Company, and the retail fuel industry, has experienced historically high average revenue less cost of goods sold per gallon (excluding depreciation and amortization). Although this has remained relatively consistent since that time, on a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term.
Fuel Profitability The Company, and the retail fuel industry, has experienced historically high average revenue less cost of goods sold per gallon (excluding depreciation and amortization). Although this has remained relatively consistent, on a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term.
Future capital required to finance operations, improvements, and the anticipated growth in the number of stores is expected to come from cash generated by operations, our $850,000 committed unsecured revolving credit facility, our additional $50,000 unsecured bank line of credit, and additional long-term debt or other securities as circumstances may dictate.
Future capital required to finance operations, improvements, and the anticipated growth in the number of stores is expected to come from cash generated by operations, our $850,000 revolving credit facility, our additional $50,000 bank line of credit, and additional long-term debt or other securities as circumstances may dictate. We do not expect such capital needs to adversely affect liquidity.
We believe EBITDA and Adjusted EBITDA are 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 they are regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing store performance.
We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing store performance, and awarding incentive compensation.
Included in other long-term liabilities on our consolidated balance sheet at April 30, 2024, was a $10,895 obligation for deferred compensation.
Included in other long-term liabilities on our consolidated balance sheet at April 30, 2025, was a $11,488 obligation for deferred compensation.
As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our 17-state footprint. As of April 30, 2024, the Company has 170 charging stations at 37 stores, across 12 states.
As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our 20-state footprint. As of April 30, 2025, the Company has 230 charging stations at 47 stores, across 13 states.
Net cash provided by operating activities was $892,953 for the year ended April 30, 2024, compared to $881,951 for the year ended April 30, 2023, an increase of $11,002. Our primary source of operating cash flows is from sales to guests at our stores.
Net cash provided by operating activities was $1,090,854 for the year ended April 30, 2025, compared to $892,953 for the year ended April 30, 2024, an increase of $197,901. Our primary source of operating cash flows is from sales to guests at our stores.
We believe our current $850,000 committed unsecured revolving credit facility, our $50,000 unsecured bank line of credit, current cash and cash equivalents, and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.
The ratio at April 30, 2024 and 2023 was 0.87 to 1 and 0.99 to 1, respectively. We believe our current $850,000 committed unsecured revolving credit facility, our $50,000 unsecured bank line of credit, current cash and cash equivalents, and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.
All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. As of April 30, 2024, 233 store locations offered car washes.
All convenience stores carry a broad selection of food items (which at most stores includes, but is not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other non-food items.
Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (excluding depreciation and amortization) of $275,505, offset by an increase in operating expenses of approximately $168,571 and an increase in cash paid for taxes of approximately $14,602.
Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (excluding depreciation and amortization) of $404,492, offset by an increase in operating expenses of approximately $263,843 and an increase in cash paid for interest of approximately $23,149.
The Company sold 25.9 million RINs (renewable identification numbers) for $33,023 during fiscal 2024, compared to the sale of 18.6 million RINs fiscal 2023, which generated $31,656 (see Note 1, below, for a further description of RINs and how they are generated). Operating expenses increased $168,571 (8.0%) to $2,288,513 in fiscal 2024.
The Company sold 23.8 million RINs (renewable identification numbers) for $16,664 during fiscal 2025, compared to the sale of 25.9 million RINs fiscal 2024, which generated $33,023 (see Note 1 , below, for a further description of RINs and how they are generated). Operating expenses increased $263,843 (11.5%) to $2,552,356 in fiscal 2025.
Fuel revenue less related cost of goods sold (excluding of depreciation and amortization) was 11.9% of revenue for fiscal 2024 compared with 10.7% for the prior year. Fuel cents per gallon decreased to 39.5 cents in fiscal 2024 from 40.2 cents in fiscal 2023.
The current year percentage was positively impacted by product mix. 20 Table of Contents Fuel revenue less related cost of goods sold (excluding of depreciation and amortization) was 12.7% of revenue for fiscal 2025 compared with 11.9% for the prior year. Fuel cents per gallon decreased to 38.7 cents in fiscal 2025 from 39.5 cents in fiscal 2024.
Total same-store employee expense contributed to approximately 1% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours. Depreciation and amortization expense increased $36,666 (11.7%) to $349,797 in fiscal 2024, primarily due to operating 137 more stores than a year ago.
Total same-store employee expense contributed to approximately 1% of the increase, as the increases in wage rates were mostly offset by a reduction in same-store labor hours. Depreciation and amortization expense increased $53,850 (15.4%) to $403,647 in fiscal 2025, primarily due to operating 246 more stores than a year ago.
Interest on the 3.51% Senior Notes Series E is payable on the 13th day of each June and December, while the interest on the 3.77% Senior Notes Series F is payable on the 22nd day of each February and August.
Interest on the 3.77% Senior Notes Series F is payable on the 22nd day of each February and August. Principal on the Senior Notes Series F is payable in full on August 22, 2028 (Series F).
Please refer to the Form 10-K related to the fiscal year ended April 30, 2023, filed on June 23, 2023, for comparison of Fiscal 2023 to Fiscal 2022. 23 Table of Contents Critical Accounting Policies and Estimates Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective judgments, often because of the need to estimate the effects of inherently uncertain factors.
Critical Accounting Policies and Estimates Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective judgments, often because of the need to estimate the effects of inherently uncertain factors.
Fair value is based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3 to the consolidated financial statements).
The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other 23 Table of Contents indications of fair value, which are considered Level 3 inputs (see Note 3 to the consolidated financial statements).
During fiscal 2024, the Company expended $852,036 for purchases of property and equipment and payments for acquisitions compared to $562,137 for fiscal 2023 related to these activities. The increase in cash used in investing activities was largely attributable to an increase in acquisition related activity compared to the prior year (see Note 2 for further discussion).
Cash used in investing activities increased $901,312. During fiscal 2025, the Company expended $1,745,473 for purchases of property and equipment and payments for acquisitions compared to $852,036 for fiscal 2024 related to these activities. The increase in cash used in investing activities was attributable to an increase in acquisition related activity, with the Fikes acquisition closing during the fiscal year.
It therefore may not be possible to compare our use of these non-GAAP financial measures with those used by other companies.
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.
(3) Average operating income represents retail sales less cost of goods sold, operating expenses and depreciation and amortization attributable to a particular store; it excludes interest, federal and state income taxes, and Company operating expenses not attributable to a particular store. 22 Table of Contents SAME STORE SALES BY CATEGORY (1) Years ended April 30, 2024 2023 2022 Prepared food and dispensed beverage 6.8 % 7.1 % 7.4 % Grocery and general merchandise 3.5 % 6.3 % 6.3 % Fuel gallons 0.1 % (0.8) % 4.4 % (1) Same-store sales is a common metric used in the convenience store industry.
SAME STORE SALES BY CATEGORY (1) Years ended April 30, 2025 2024 2023 Prepared food and dispensed beverage same-store sales 3.5 % 6.8 % 7.1 % Grocery and general merchandise same-store sales 2.3 % 3.5 % 6.3 % Same-store fuel gallons sold 0.1 % 0.1 % (0.8) % (1) Same-store sales is a common metric used in the convenience store industry.
Approximately 72% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.
The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service. As of April 30, 2025, there were a total of 2,904 stores in operation.
Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) increased to 34.1% of revenue from 33.6% during fiscal 2024 20 Table of Contents compared to the prior year, an increase of 0.5%. The current year percentage was positively impacted by increased sales of private label products.
Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) increased to 35.0% of revenue from 34.1% during fiscal 2025 compared to the prior year.
The following table represents the roll forward of store growth throughout fiscal 2024: Store Count Stores at April 30, 2023 2,521 New store construction 42 Acquisitions 112 Acquisitions not opened (1) Prior acquisitions opened 6 Closed (22) Stores at April 30, 2024 2,658 For further general descriptive information on the Company’s business and operations, see Item 1, above, which is incorporated herein by reference.
The following table represents the roll forward of store growth throughout fiscal 2025: Store Count Stores at April 30, 2024 2,658 New store construction 35 Acquisitions 235 Acquisitions not opened (1) Prior acquisitions opened 1 Closed (24) Stores at April 30, 2025 2,904 For further general descriptive information on the Company’s business and operations, see Item 1 , above, which is incorporated herein by reference. 19 Table of Contents Long-Term Strategic Plan The Company announced a three-year strategic plan in June 2023 focused on three enterprise objectives: grow store count, accelerate the food business, and enhance operational efficiency, which are enabled by a strong foundation and Team Member experience.
Cash used in financing increased $123,058, primarily due to the repurchase and retirement of common stock under our share repurchase program for a total of $104,898 in fiscal 2024. 25 Table of Contents As of April 30, 2024, we had long-term debt and finance lease obligations consisting of: Finance lease liabilities (Note 7) $ 101,818 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 111,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 37,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 3.51% Senior Notes (Series E) due June 13, 2025 150,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 237,500 Debt issuance costs (1,379) $ 1,635,939 Less current maturities 53,181 $ 1,582,758 Interest on the 3.67% Senior Notes Series A and 3.75% Senior Notes Series B is payable on the 17th day of each June and December.
These increases were offset by a $185,836 increase in payments of long-term debt and finance lease obligations, due to an increase in debt principal payments, notably the full pre-payment of the Senior Notes Series E of $150,000 in the fourth quarter of fiscal 2025. 24 Table of Contents As of April 30, 2025, we had long-term debt and finance lease obligations consisting of: Finance lease liabilities (Note 7 ) $ 108,920 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 87,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 29,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 50,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 5.23% Senior notes (Series I) due November 2, 2031 150,000 5.43% Senior notes (Series J) due November 2, 2034 100,000 Variable rate term loan facility, requiring quarterly installments ending April 21, 2028 200,000 Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029 839,375 Debt issuance costs (5,750) $ 2,508,545 Less current maturities 94,925 $ 2,413,620 Interest on the 3.67% Senior Notes Series A and 3.75% Senior Notes Series B is payable on the 17th day of each June and December.
The following table contains a reconciliation of net income to EBITDA and Adjusted EBITDA for the years ended April 30, 2024, 2023, and 2022, respectively: Years ended April 30, 2024 2023 2022 Net income $ 501,972 $ 446,691 $ 339,790 Interest, net 53,441 51,815 56,972 Depreciation and amortization 349,797 313,131 303,541 Federal and state income taxes 154,188 140,827 100,938 EBITDA $ 1,059,398 $ 952,464 $ 801,241 Loss (gain) on disposal of assets and impairment charges 6,414 6,871 (1,201) Adjusted EBITDA $ 1,065,812 $ 959,335 $ 800,040 For the year ended April 30, 2024, EBITDA and Adjusted EBITDA increased 11.2% and 11.1%, respectively.
The following table contains a reconciliation of net income to EBITDA for the years ended April 30, 2025, 2024, and 2023, respectively: 22 Table of Contents Years ended April 30, 2025 2024 2023 Net income $ 546,520 $ 501,972 $ 446,691 Interest, net 83,951 53,441 51,815 Depreciation and amortization 403,647 349,797 313,131 Federal and state income taxes 165,929 154,188 140,827 EBITDA $ 1,200,047 $ 1,059,398 $ 952,464 For the year ended April 30, 2025, EBITDA increased 13.3%.
Given these estimates often are based upon unobservable inputs, the estimates require significant judgment when determining the overall value and actual results could differ from the estimates originally established.
Given these estimates often are based upon unobservable inputs, the estimates require significant judgment when determining the overall value and actual results could differ from the estimates originally established. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under ASC 842 .
The increase in same-store sales was driven by improved sales of hot sandwiches, whole pies, bakery, and dispensed beverages. Grocery and general merchandise revenue increased by $281,617 (8.2%), due to an increase in same-store sales of 3.5% and an increase of approximately 4.7% due to operating 137 more stores than a year ago.
Prepared food and dispensed beverage revenue increased by $150,162 (10.3%), due to an increase in same-store sales of 3.5% and an increase of approximately 6.8% due to store growth. The increase in same-store sales was driven by improved sales of hot sandwiches, bakery, and dispensed beverages.
We have the right at any time to prepay all or a portion of the outstanding balance without premium or penalty, other than customary “breakage” costs with respect to Term SOFR-based borrowings, with prior notice given. 26 Table of Contents To date, we have funded capital expenditures primarily through funds generated from operations, the proceeds of the sale of common stock, issuance of debt or other bank financing, and existing cash.
To date, we have funded capital expenditures primarily through funds generated from operations, the proceeds of the sale of common stock, issuance of debt or other bank financing, and existing cash.
The decrease in the effective tax rate was primarily due to one-time benefits from adjusting the Company’s deferred tax assets and liabilities for state law changes enacted during the year. Net income increased by $55,281 (12.4%) to $501,972 in fiscal 2024 from $446,691 in fiscal 2023.
The effect of these favorable items was partially offset by a one-time benefit in the prior year from adjusting the Company’s deferred tax assets and liabilities for state law changes enacted during the year (0.8%). Net income increased by $44,548 (8.9%) to $546,520 in fiscal 2025 from $501,972 in fiscal 2024.
Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) increased to 58.7% of revenue from 56.6% during fiscal 2024 compared to the prior year, an increase of 2.1%, primarily due to softening ingredient costs.
Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) decreased to 58.2% of revenue from 58.7% during fiscal 2025 compared to the prior year, driven primarily by the acquisition of Fikes, as the current food offerings at these acquired stores have a lower percentage than a Casey's store.
Principal on the Senior Notes Series E and Series F is payable in full on June 13, 2025 (Series E) and August 22, 2028 (Series F), respectively.
Principal on the Senior Notes Series I and Series J is payable in full on November 2, 2031 (Series I) and November 2, 2034 (Series J), respectively.
EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. These measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP.
Use of Non-GAAP Measures 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.
In addition, all but eight store locations offer fuel for sale on a self-service basis. The Company has 73 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores. These locations are not operated by Casey's and are not included in our overall store count.
As of April 30, 2025, 260 store locations offered car washes. In addition, all but six store locations offer fuel for sale on a self-service basis. As part of the Fikes transaction, the Company expanded its wholesale network where Casey’s manages fuel wholesale supply agreements to certain dealer sites and other wholesale locations.
Total revenue less cost of goods sold (excluding depreciation and amortization) was 22.5% of revenue for fiscal 2024 compared with 20.4% for the prior year.
Other revenue increased $137,369 (50.5%) compared to the prior year, driven primarily by an increase in total revenue related to the wholesale fuel network, as a result of the Fikes acquisition. Total revenue less cost of goods sold (excluding depreciation and amortization) was 23.5% of revenue for fiscal 2025 compared with 22.5% for the prior year.
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. Because non-GAAP financial measures are not standardized, EBITDA and Adjusted EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies.
This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute 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.
The Company made significant progress towards its strategic plan goals during the 2024 fiscal year.
The Company made significant progress towards its strategic plan goals during the 2025 fiscal year. Some of the key highlights include: • Built or acquired 270 additional stores, the largest annual growth in Company history.
Approximately 1% of total revenue for the year-ended April 30, 2024 relates to this dealer network.
The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count in the table below. Approximately 2% of total revenue for the year-ended April 30, 2025 relates to this fuel wholesale network.
The increase in operating cash flows, compared to the prior year, was partially offset by a reduction of operating cash flows of $51,644 due to the increased purchases of inventory, primarily attributable to store growth, and a reduction of operating cash flows of $18,727 primarily due to the timing of vendor rebate payments. Cash used in investing activities increased $280,322.
The increase in operating cash flows, compared to the prior year, was favorably impacted by an increase in operating cash flows of $44,029 due to the timing of inventory purchases, as well as an increase in $29,949 related to receivables, primarily due to the timing of vendor rebate payments in comparison to the prior year.
Retail fuel revenue decreased by $625,239 (6.2%) as the average retail price per gallon decreased 11.5%, partially offset by an increase in the number of gallons sold by 156,303 (5.8%) Other revenue decreased $26,980 (9.0%) compared to the prior year, driven primarily by a decrease in total revenue related to the dealer network.
The increase in the number of gallons sold of 368,183 (13.0%), was partially offset by a decrease in the average retail price per gallon of 7.8%. The increase in gallons sold was primarily attributable to store growth, as same-store gallons sold increased 0.1%.
In the prior fiscal year, a one-time benefit from the resolution of a legal matter of $15,297 reduced operating expenses by approximately 1%. Approximately 4.5% of the increase is due to operating 137 more stores than the comparable period in the prior year.
Approximately 10% of the increase is due to operating 246 more stores than the comparable period in the prior year, including transaction costs related to the Fikes acquisition. Insurance expense contributed approximately 1% of the increase.
The increase in same-store sales was driven by strong sales of non-alcoholic and alcoholic beverages, snacks, and candy.
Grocery and general merchandise revenue increased by $416,493 (11.2%), due to an increase in same-store sales of 2.3% and an increase of approximately 8.9% due to store growth. The increase in same-store sales was driven by strong sales of non-alcoholic and alcoholic beverages. Retail fuel revenue increased by $373,962 (4.0%).
The table below presents our significant contractual obligations, including interest, at April 30, 2024: Contractual obligations Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years Long-term debt (1) $ 1,757,829 $ 86,778 $ 337,269 $ 592,118 $ 741,664 Finance lease obligations 144,383 12,942 25,934 17,800 87,707 Operating lease obligations 180,543 9,297 18,341 18,176 134,729 Deferred compensation 11,652 — — — — Total $ 2,094,407 $ 109,017 $ 381,544 $ 628,094 $ 964,100 (1) The long-term debt portion of the table above excludes interest payments related to the Company's term loan facility, due to the variable nature of the required interest payments.
The table below presents our significant contractual obligations, including interest, at April 30, 2025: Contractual obligations Payments due by period Total Less than 1 year 1-3 years 3-5 years More than 5 years Long-term debt (1) $ 2,692,083 $ 133,497 $ 473,756 $ 1,086,461 $ 998,369 Finance lease obligations 159,251 14,838 29,885 14,623 99,905 Operating lease obligations 779,448 36,918 78,061 76,206 588,263 Deferred compensation 12,245 — — — — Total $ 3,643,027 $ 185,253 $ 581,702 $ 1,177,290 $ 1,686,537 (1) The long-term debt portion of the table above excludes interest payments related to the Company's term loan facility and the incremental term loan facility, due to the variable nature of the required interest payments.
Interest, net increased $1,626 (3.1%) to $53,441 in fiscal 2024, primarily due to an increase in finance lease obligations from the prior fiscal year. The effective tax rate decreased to 23.5% in fiscal 2024 from 24.0% in fiscal 2023.
Interest, net increased $30,510 (57.1%) to $83,951 in fiscal 2025, primarily due to issuing incremental debt of $1,100,000 to partially fund the acquisition of Fikes. For additional discussion, refer to Note 3 . The effective tax rate decreased to 23.3% in fiscal 2025 from 23.5% in fiscal 2024.
Removed
As of April 30, 2024, there were a total of 2,658 stores in operation.
Added
On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey's has operated in these states.
Removed
Long-Term Strategic Plan The Company announced a three-year strategic plan in June 2023 focused on three enterprise objectives: grow store count, accelerate the food business, and enhance operational efficiency, which are enabled by a strong foundation and Team Member experience.
Added
The acquisition also included the Company's first fuel terminal, located in Waco, Texas. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons.
Removed
Some of the key highlights include: • Grew store count by 154 stores through new store construction and a number of strategic acquisitions • Entered into our 17 th state of Texas • Diluted earnings per share of $13.43, up 12.8% over the prior year • Recorded strong prepared food and dispensed beverage growth driven by innovation including thin crust pizza and a refreshed lunch sandwich menu • Casey's Rewards members grew to 7.9 million at year-end Fuel Volatility Since early calendar 2020, the price of crude oil, and in turn the wholesale cost of fuel, has been volatile compared to historical averages.
Added
This included 198 retail stores through the acquisition of Fikes, the largest acquisition in Company history, • Diluted earnings per share of $14.64, representing an increase 9.0% from the prior year, • Casey's Rewards members grew to over 9 million at year-end, and • Same-store labor hours were down year over year, marking twelve consecutive quarters of reduction.
Removed
Initially, at the outset of the pandemic, oil and fuel prices fell dramatically; however, as the economy in general began to emerge from the COVID-19 pandemic, prices began to modestly increase over time.
Added
Fiscal 2025 Compared with Fiscal 2024 Total revenue for fiscal 2025 increased by $1,077,986 (7.3%) since the prior fiscal year, primarily driven by $952,018 of additional revenue from the Fikes acquisition, which included 198 additional convenience stores and a wholesale fuel network.
Removed
Oil and fuel prices continued to be impacted throughout fiscal 2024 as a result of the ongoing conflict in Ukraine, unrest in the Middle East and economic uncertainty in Western nations. The Company expects similar market volatility to remain throughout the 2025 fiscal year.
Added
The decrease in the effective tax rate was primarily due to a one-time benefit to update the state deferred tax rate following the Fikes acquisition (0.7%) and an increase in excess tax benefits recognized on share-based awards (0.3%).
Removed
Fiscal 2024 Compared with Fiscal 2023 Total revenue for fiscal 2024 decreased by $231,562 (1.5%) since the prior fiscal year. Prepared food and dispensed beverage revenue increased by $139,040 (10.5%), due to an increase in same-store sales of 6.8% and an increase of approximately 3.7% due to operating 137 more stores than a year ago.
Added
Please refer to the Form 10-K related to the fiscal year ended April 30, 2024, filed on June 24, 2024, for comparison of Fiscal 2024 to Fiscal 2023.
Removed
INDIVIDUAL STORE COMPARISONS (1) Years ended April 30, 2024 2023 2022 Average retail sales $ 5,710 $ 6,064 $ 5,206 Average retail inside sales (2) 2,037 1,956 1,840 Average revenue less cost of goods sold (excluding depreciation and amortization) on inside sales (2) 801 752 723 Average retail sales of fuel 3,673 4,110 3,366 Average revenue less cost of goods sold (excluding depreciation and amortization) on fuel 445 450 363 Average operating income (3) 473 445 367 Average number of gallons sold 1,102 1,092 1,047 (1) Individual store comparisons include only those stores that had been in operation for at least one full year and remained open on April 30 of the fiscal year indicated.
Added
(3) Average operating income represents retail sales less cost of goods sold, operating expenses and depreciation and amortization attributable to a particular store; it excludes interest, federal and state income taxes, and Company operating expenses not attributable to a particular store.
Removed
Use of Non-GAAP Measures We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets as well as impairment charges. Neither EBITDA nor Adjusted EBITDA are presented in accordance with GAAP.
Added
Please refer to the Form 10-K related to the fiscal year ended April 30, 2024, filed on June 24, 2024, for comparison of Fiscal 2024 to Fiscal 2023.
Removed
The ratio at April 30, 2023 and 2022 was 0.99 to 1 and 0.80 to 1, respectively. The decrease in the ratio from the prior year is primarily attributable to a decrease in cash and cash equivalents as a result of increased acquisition related activity, as well as share repurchases during fiscal 2024.
Added
As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset.
Removed
The increase in cash paid for taxes was primarily attributable to applying a higher outstanding income tax receivable to reduce our estimated tax payments for fiscal 2023, compared to fiscal 2024.
Added
Fair value is based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants.
Removed
The applicable margins are dependent upon the Company's quarterly Consolidated Leverage Ratio, as defined in the credit agreement dated April 21, 2023.
Added
Cash provided by financing increased $995,978, from the comparable period of the prior year, primarily due to the proceeds from long-term debt of $1,100,000, which was used to partially fund the Fikes acquisition. For additional information, please refer to Note 2 and Note 3 .

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+2 added−0 removed3 unchanged
Biggest changeBased upon the outstanding balance of the Company's term loan facilities as of April 30, 2024, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $2.3 million on interest expense. We do, from time to time, participate in a forward buy of certain commodities.
Biggest changeBased upon the outstanding balance of the Company's term loan facilities as of April 30, 2025, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $10.2 million on interest expense. The Company also has exposure to market risks related to the volatility of fuel prices associated with non-store inventoried fuel (fuel pipeline and fuel terminal).
These are not accounted for as derivatives under the normal purchase and sale exclusions under the applicable accounting guidance. 29 Table of Contents
These are not accounted for as derivatives under the normal purchase and sale exclusions under the applicable accounting guidance. 28 Table of Contents
Added
The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store. The Company does not speculate in trading financial instruments.
Added
All hedges must be matched against recorded physical transactions, inventoried fuel in a pipeline or at a terminal. Derivative contracts and related activity were immaterial to the financial statements as of April 30, 2025 and for the period then ended. We do, from time to time, participate in a forward buy of certain commodities.

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