casy-20260131

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-34700

CASEY’S GENERAL STORES, INC.

(Exact name of registrant as specified in its charter)


Iowa						42-0935283
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

One SE Convenience Blvd., Ankeny, Iowa

(Address of principal executive offices)

50021

(Zip Code)

(515) 965-6100

(Registrant’s telephone number, including area code)

Securities Registered pursuant to Section 12(b) of the Act


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value per share	CASY	The NASDAQ Global Select Market

Securities Registered pursuant to Section 12(g) of the Act

NONE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at March 5, 2026
Common stock, no par value per share						36,959,030 shares


			Page
PART I	FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed consolidated balance sheets---as of January 31, 202 6 and April 30, 2025 (unaudited)	4
		Condensed consolidated statements of income---three and nine months ended January 31, 2026 and 202 5 (unaudited)	5
		Condensed consolidated statements of shareholders' equity---nine months ended January 31, 2026 and 2025 (unaudited)	6
		Condensed consolidated statements of cash flows---nine months ended January 31, 2026 and 202 5 (unaudited)	7
		Notes to unaudited condensed consolidated financial statements	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
	Item 4.	Controls and Procedures	23
PART II	OTHER INFORMATION
	Item 1.	Legal Proceedings	24
	Item 1A.	Risk Factors	24
	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 6.	Exhibits	25
SIGNATURE			26


	January 31, 2026		April 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	465,019	$	326,662
Receivables	186,756		180,746
Inventories	440,832		480,034
Prepaid and other current assets	36,291		24,641

Income taxes receivable	19,105		770
Total current assets	1,148,003		1,012,853
Operating lease right-of-use assets, net	436,140		417,046
Other assets, net of amortization	121,692		120,082
Goodwill	1,266,489		1,244,893
Property and equipment, net of accumulated depreciation of $3,386,937 at January 31, 2026 and $3,122,203 at April 30, 2025	5,613,426		5,413,244
Total assets	$	8,585,750	$	8,208,118



Liabilities and Shareholders' Equity
Current liabilities:

Current maturities of long-term debt and finance lease obligations	$	101,455	$	94,925
Accounts payable	603,347		620,447
Accrued expenses and current portion of operating lease liabilities	396,893		386,321

Total current liabilities	1,101,695		1,101,693
Long-term debt and finance lease obligations, net of current maturities	2,331,744		2,413,620
Deferred income taxes	729,206		646,905
Operating lease liabilities, net of current portion	462,522		434,707
Insurance accruals, net of current portion	33,669		33,143
Other long-term liabilities	73,429		69,380
Total liabilities	4,732,265		4,699,448
Shareholders’ equity:
Preferred stock, no par value	—		—
Common stock, no par value	—		49,605
Retained earnings	3,853,485		3,459,065
Total shareholders’ equity	3,853,485		3,508,670
Total liabilities and shareholders' equity	$	8,585,750	$	8,208,118


	Three Months Ended January 31,				Nine Months Ended January 31,
	2026		2025		2026		2025
Total revenue	$	3,916,132	$	3,903,633	$	12,989,322	$	11,948,141
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	2,909,580		2,991,065		9,748,638		9,121,758

Operating expenses	697,640		670,200		2,107,403		1,889,353
Depreciation and amortization	114,084		105,203		334,463		296,204
Interest, net	23,381		29,415		74,921		56,035
Income before income taxes	171,447		107,750		723,897		584,791
Federal and state income taxes	41,374		20,653		172,133		136,578
Net income	$	130,073	$	87,097	$	551,764	$	448,213

Net income per common share
Basic	$	3.51	$	2.35	$	14.87	$	12.08
Diluted	$	3.49	$	2.33	$	14.79	$	12.01
Basic weighted average shares outstanding	37,034,207		37,125,570		37,105,202		37,112,506
Plus dilutive effect of share-based compensation	206,830		236,486		205,264		213,474
Diluted weighted average shares outstanding	37,241,037		37,362,056		37,310,466		37,325,980


	Shares Outstanding	Common Stock		Retained Earnings		Shareholders' Equity
Balance at April 30, 2025	37,119,083	$	49,605	$	3,459,065	$	3,508,670
Net income	—	—		215,355		215,355
Dividends declared (57 cents per share)	—	—		(21,422)		(21,422)
Repurchase of common stock	(69,687)	(18,931)		(12,320)		(31,251)
Share-based compensation	223,589	15,221		—		15,221
Tax withholdings on employee share-based awards	(92,000)	(45,895)		—		(45,895)
Balance at July 31, 2025	37,180,985	—		3,640,678		3,640,678
Net income	—	—		206,336		206,336
Dividends declared (57 cents per share)	—	—		(21,420)		(21,420)
Repurchase of common stock	(61,535)	(15,185)		(16,066)		(31,251)
Share-based compensation	5,996	15,438		—		15,438
Tax withholdings on employee share-based awards	(492)	(253)		—		(253)
Balance at October 31, 2025	37,124,954	—		3,809,528		3,809,528
Net income	—	—		130,073		130,073
Dividends declared (57 cents per share)	—	—		(21,308)		(21,308)
Repurchase of common stock	(134,608)	(11,693)		(64,808)		(76,501)
Share-based compensation	3,094	12,332		—		12,332
Tax withholdings on employee share-based awards	(1,126)	(639)		—		(639)
Balance at January 31, 2026	36,992,314	$	—	$	3,853,485	$	3,853,485




Net increase in cash and cash equivalents	138,357		188,333
Cash and cash equivalents at beginning of the period	326,662		206,482
Cash and cash equivalents at end of the period	$	465,019	$	394,815


	Nine months ended January 31,
	2026		2025
Cash paid during the period for:
Interest, net of amount capitalized	$	82,186	$	52,565
Income taxes, net	104,753		84,506

Noncash activities:
Purchased property and equipment in accounts payable	78,080		69,299
Right-of-use assets obtained in exchange for new finance lease liabilities	6,992		12,590
Right-of-use assets obtained in exchange for new operating lease liabilities	43,026		315,124



	Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at April 30, 2025	499,243	$	262
Granted	102,767	464
Vested	(232,679)	236
Forfeited	(6,006)	295
Performance Award Adjustments	27,659	355
Unvested at January 31, 2026	390,984	$	337


			Store Count
Total stores at April 30, 2025			2,904
New store construction			27
Acquisitions			27
Acquisitions not opened			(1)
Prior acquisitions opened			1
Closed or divested			(34)
Total stores at January 31, 2026			2,924


Three Months Ended January 31, 2026	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	422,975		$	1,057,228		$	2,309,707		$	126,222		$	3,916,132
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	246,483		$	377,551		$	348,226		$	34,292		$	1,006,552
	58.3		%	35.7		%	15.1		%	27.2		%	25.7		%
Fuel gallons sold							848,434

Three Months Ended January 31, 2025	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	397,151		$	1,003,274		$	2,366,822		$	136,386		$	3,903,633
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	229,535		$	343,544		$	302,058		$	37,431		$	912,568
	57.8		%	34.2		%	12.8		%	27.4		%	23.4		%
Fuel gallons sold							829,761


Finance lease liabilities	$	106,495
3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028	63,000
3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028	21,000
3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031	45,000
3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031	45,000
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	807,500
Less debt issuance costs	(4,796)
	2,433,199
Less current maturities	(101,455)
	$	2,331,744


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
Third Quarter
November 1 - November 30, 2025	51,316	$	540.92	51,316	$	204,853,047
December 1 - December 31, 2025	57,698	558.80		57,698	172,611,205
January 1- January 31, 2026	25,594	617.61		25,594	156,804,015
Total	134,608	$	563.17	134,608	$	156,804,015


		CASEY’S GENERAL STORES, INC.

Date: March 9, 2026	By:	/s/ Stephen P. Bramlage Jr.
		Stephen P. Bramlage Jr.
	Its:	Chief Financial Officer
		(Authorized Officer and Principal Financial and Accounting Officer)


Nine Months Ended January 31, 2026	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	1,349,208		$	3,473,251		$	7,730,655		$	436,208		$	12,989,322
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	786,710		$	1,246,213		$	1,099,146		$	108,615		$	3,240,684
	58.3		%	35.9		%	14.2		%	24.9		%	24.9		%
Fuel gallons sold							2,666,866

Nine Months Ended January 31, 2025	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	1,220,107		$	3,121,949		$	7,337,096		$	268,989		$	11,948,141
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	711,034		$	1,096,018		$	928,858		$	90,473		$	2,826,383
	58.3		%	35.1		%	12.7		%	33.6		%	23.7		%
Fuel gallons sold							2,378,211


	Three months ended				Nine months ended
	January 31, 2026		January 31, 2025		January 31, 2026		January 31, 2025
Net income	$	130,073	$	87,097	$	551,764	$	448,213
Interest, net	23,381		29,415		74,921		56,035
Federal and state income taxes	41,374		20,653		172,133		136,578
Depreciation and amortization	114,084		105,203		334,463		296,204
EBITDA	$	308,912	$	242,368	$	1,133,281	$	937,030


Exhibit No.			Description






3.1			Second Restatement of the Restated and Amended Articles of Incorporation, as amended September 5, 2018, June 28, 2019 and September 4, 2019 (incorporated by reference to Exhibit 3.1 to Form 10-Q filed September 9, 2019)
3.2			Seventh Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed March 7, 2023)
31.1*			Certification of Darren M. Rebelez under Section 302 of the Sarbanes Oxley Act of 2002
31.2*			Certification of Stephen P. Bramlage Jr. under Section 302 of the Sarbanes Oxley Act of 2002
32.1*			Certification of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of 2002
32.2*			Certification of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of 2002
101.INS			XBRL Instance Document
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
101. DEF			XBRL Taxonomy Extension Definition Linkbase Document

SEC Form 10-Q filed by Casey's General Stores Inc.