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CASYCasey's

Consumer staples · Auto Dealers · Nasdaq
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Earnings releases

Latest results release: Sep 8, 2026

8-K item 2.02, exhibit 99
Latest releaseRead ↓
Sep 8, 2026
Casey’s General Stores, Inc.
Releases kept
13
13 documents, oldest Dec 11, 2023

What CASY's management wrote with each quarter's results: the press release and, when the company files them, its prepared remarks or the call transcript. The call itself is not filed with SEC, so most quarters have the release only.

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Press release Sep 8, 2026 · EX-99.1

Casey’s General Stores, Inc.

Open on SEC ↗

FOR IMMEDIATE RELEASE Casey’s General Stores, Inc. One SE Convenience Blvd Ankeny, IA 50021

Casey’s General Stores, Inc. ("Casey's" or the "Company") (Nasdaq: CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months ended July 31, 2026.

• Diluted EPS of $7.37 up 27.7% from the same period a year ago. Net income was $273.7 million, up 27.1% from the prior year, and EBITDA 1 was $485.1 million, up 17.1%, from the same period a year ago.

• Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 6.3% to $749.8 million compared to the prior year.

• Fuel same-store gallons sold were down 0.3% compared to prior year, and positive 1.4% on a two-year stack basis, with a fuel margin of 47.8 cents per gallon. Total fuel gross profit increased 19.6% to $446.9 million compared to the prior year.

"We are off to a great start on our three-year strategic plan, highlighted by a nearly 28% increase in diluted EPS,” said Darren Rebelez, Chairman, President and CEO. “Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies. On the fuel side, our team's robust capabilities helped us navigate a volatile environment and produced strong results. The operations team delivered an exceptional guest experience during our busiest quarter of the year. We accomplished all of this while running ahead of schedule on our integration of the Fikes acquisition."

For the quarter, net income, diluted EPS, and EBITDA increased compared to the same period a year ago due to higher inside and fuel gross profit, partially offset by higher operating expenses.

Total inside sales for the quarter were up 5.6% compared to the prior year. Prepared food and dispensed beverage same-store sales was driven primarily by positive traffic, led by whole pizzas, while grocery and general merchandise same-store sales had excellent performance in non-alcoholic beverages. Inside margin was up approximately 30 basis points compared to the same quarter a year ago, benefitting primarily from favorable mix shift and cost of goods management.

Three Months Ended July 31, 2026 2025 Fuel gallons sold 934,212 911,780 (in thousands) Same-store gallons -0.3 % 1.7 % sold Fuel gross profit $ 446,929 $ 373,554 (in thousands) Fuel margin (cents per gallon, 47.8 ¢ 41.0 ¢ excluding credit card fees)

For the quarter, total fuel gallons sold increased 2.5% compared to the prior year due to the store count increase, slightly offset by a modest decrease in same-store gallons sold. The Company’s total fuel gross profit was up 19.6% versus the prior year, due to an increase in gallons sold as well as fuel margin.

Operating expenses increased 8.0% during the first quarter. Operating 64 more stores than prior year accounted for approximately 2% of the increase. Same- store credit card fees added approximately 1.5% of the increase. Same-store employee expense contributed to approximately 1% of the increase, primarily due to increases in labor rates, while same-store labor hours were nearly flat. Insurance was responsible for approximately 1% of the increase.

2 Fuel category does not include wholesale fuel or terminal activity, which is included in Other.

Store Count Stores at April 30, 2026 2,944 New store construction 9 Acquisitions 12 Closed or divested -6 Stores at July 31, 2026 2,959

At July 31, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $524 million in cash and cash equivalents on hand and approximately $857 million in available borrowing capacity on existing lines of credit.

During the quarter, the Company repurchased approximately $45.6 million of shares. The Company has approximately $973 million remaining under its existing share repurchase authorization.

At its September meeting, the Board of Directors approved a quarterly dividend of $0.65 per share. The dividend is payable November 13, 2026, to shareholders of record on November 1, 2026.

The Company's fiscal 2027 outlook previously disclosed remains unchanged. Casey's expects the following performance during fiscal 2027. The Company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 5% to 7%. The Company expects EBITDA to increase 8% to 10%, which would imply 35% on a two-year stack basis at the midpoint of the range.

The Company expects to open at least 120 stores in fiscal 2027 through a mix of M&A and new store construction. Net interest expense is expected to be approximately $95 million. Depreciation and amortization is expected to be approximately $490 million and the purchase of property and equipment is expected to be approximately $800 million. The tax rate is expected to be approximately 24% to 26% for the year.

July 31, 2026 April 30, 2026 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash equivalents $ 524,059 $ 522,991 Receivables 245,837 243,502 Inventories 557,968 557,151 Prepaid and other current assets 60,997 29,783 Income taxes receivable — 10,585 Total current assets 1,388,861 1,364,012 Operating lease right-of-use 430,740 432,640 assets, net Other assets, net of amortization 137,685 121,249 Goodwill 1,284,216 1,268,686 Property and equipment, net of accumulated depreciation of $3,546,531 5,879,761 5,749,468 at July 31, 2026 and $3,444,442 at April 30, 2026 Total assets $ 9,121,263 $ 8,936,055 Liabilities and Shareholders’ Equity Current liabilities Current maturities of long-term debt and $ 104,323 $ 101,357 finance lease obligations Accounts payable 853,659 823,804 Accrued expenses and current portion of 377,013 425,445 operating lease liabilities Income taxes payable 28,618 — Total current liabilities 1,363,613 1,350,606 Long-term debt and finance lease obligations, net of current 2,326,200 2,330,237 maturities Deferred income taxes 772,640 739,843 Operating lease liabilities, net of 457,625 459,284 current portion Insurance accruals, net of current 32,167 32,140 portion Other long-term liabilities 75,105 72,226 Total liabilities 5,027,350 4,984,336 Total shareholders’ equity 4,093,913 3,951,719 Total liabilities and shareholders’ $ 9,121,263 $ 8,936,055 equity

Three months ended Cash flows from July 31, operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 273,720 $ 215,355 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 115,994 108,963 amortization Amortization of debt 516 516 issuance costs Change in excess replacement cost over 1,094 8,327 LIFO inventory valuation Share-based 16,930 15,221 compensation Loss on disposal of assets and 2,222 561 impairment charges Deferred income taxes 32,797 47,457 Changes in assets and liabilities: Receivables -7,304 -15,873 Inventories -577 -6,868 Prepaid and other -31,214 -20,040 current assets Accounts payable 6,381 35,019 Accrued expenses -50,257 -25,729 Income taxes 39,761 5,595 Other, net -15,991 3,913 Net cash provided by operating 384,072 372,417 activities Cash flows from investing activities: Purchase of property -194,395 -110,046 and equipment Payments for acquisition of -43,904 -9,495 businesses, net of cash acquired Proceeds from sales of 3,578 17,499 assets Net cash used in -234,721 -102,042 investing activities Cash flows from financing activities: Proceeds from 42,625 — long-term debt Payments of long-term debt and finance -45,207 -42,163 lease obligations Payments of cash -22,283 -19,655 dividends Repurchase of common stock and payment -44,856 -31,251 of related excise taxes Tax withholdings on employee share-based -78,562 -45,895 awards Net cash used in -148,283 -138,964 financing activities

Three months ended July Cash paid during the 31, period for: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Interest, net of amount $ 22,498 $ 26,896 capitalized Income taxes, net 751 10,050 Noncash activities: Purchased property and equipment in 114,088 64,905 accounts payable Right-of-use assets obtained in exchange 1,188 4,448 for new finance lease liabilities Right-of-use assets obtained in exchange 4,133 — for new operating lease liabilities

We define EBITDA as net income before net interest expense, income taxes, and depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as 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.

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 the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.

Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.

The following table contains a reconciliation of net income to EBITDA for the three months ended July 31, 2026 and 2025:

• Gross profit is defined as revenue less cost of goods sold (excluding depreciation and amortization)

• Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of conflicts in oil producing regions or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward- looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.

Corporate information is available at this website: https://www.caseys.com . Earnings will be reported during a conference call on September 9, 2026. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-presentations. No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-presentations for one year after the call.

Full text with the tables
                                                                                
  Exhibit 99.1                                                                  
                                                                                
                                
  FOR IMMEDIATE RELEASE         
  Casey’s General Stores, Inc.  
  One SE Convenience Blvd       
  Ankeny, IA 50021              
                                
                                                                                
                    Casey's Announces First Quarter Results                     
                                                                                
                                                                                
  Ankeny, IA, September 8, 2026 -                                               
                                                                                
Casey’s General Stores, Inc. ("Casey's" or the "Company") (Nasdaq: CASY) one of
the leading convenience store chains in the United States, today announced
financial results for the three months ended July 31, 2026.
                                                                                
  First Quarter Key Highlights                                                  
                                                                                
• Diluted EPS of $7.37 up 27.7% from the same period a year ago. Net income was
$273.7 million, up 27.1% from the prior year, and EBITDA 1 was $485.1 million,
up 17.1%, from the same period a year ago.

• Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a
two-year stack basis, with an inside margin of 42.2%. Total inside gross profit
increased 6.3% to $749.8 million compared to the prior year.

• Fuel same-store gallons sold were down 0.3% compared to prior year, and
positive 1.4% on a two-year stack basis, with a fuel margin of 47.8 cents per
gallon. Total fuel gross profit increased 19.6% to $446.9 million compared to
the prior year.

• Casey's released its new three-year strategic plan in June.

"We are off to a great start on our three-year strategic plan, highlighted by a
nearly 28% increase in diluted EPS,” said Darren Rebelez, Chairman, President
and CEO. “Guests are responding well to our compelling value proposition on our
high-quality prepared food, especially in whole pies. On the fuel side, our
team's robust capabilities helped us navigate a volatile environment and
produced strong results. The operations team delivered an exceptional guest
experience during our busiest quarter of the year. We accomplished all of this
while running ahead of schedule on our integration of the Fikes acquisition."
                                                                                
  Earnings                                                                      
                                                                                
                                                                                
                                Three Months Ended July                         
                                31,                         2026          2025  
 ────────────────────────────────────────────────────────────────────────────── 
  Net income (in thousands)     $                        273,720    $  215,355  
  Diluted earnings per share    $                           7.37    $     5.77  
  EBITDA (in thousands)         $                        485,083    $  414,270  
                                                                                
For the quarter, net income, diluted EPS, and EBITDA increased compared to the
same period a year ago due to higher inside and fuel gross profit, partially
offset by higher operating expenses.

1 EBITDA is reconciled to net income below.
                                                                                
  Inside                                                                        
                                                                                
                                                                                
                           Three Months Ended                                   
                           July 31,                 2026               2025     
 ────────────────────────────────────────────────────────────────────────────── 
  Inside sales (in         $                   1,777,541       $  1,683,817     
  thousands)                                                                    
  Inside same-store                                  3.2  %             4.3  %  
  sales                                                                         
  Grocery and general                                                           
  merchandise                                        2.7  %             3.8  %  
  same-store sales                                                              
  Prepared food and                                                             
  dispensed beverage                                 4.8  %             5.6  %  
  same-store sales                                                              
  Inside gross profit      $                     749,809       $    705,466     
  (in thousands)                                                                
  Inside margin                                     42.2  %            41.9  %  
  Grocery and general                               35.6  %            35.9  %  
  merchandise margin                                                            
  Prepared food and                                                             
  dispensed beverage                                59.3  %            58.0  %  
  margin                                                                        
                                                                                
Total inside sales for the quarter were up 5.6% compared to the prior year.
Prepared food and dispensed beverage same-store sales was driven primarily by
positive traffic, led by whole pizzas, while grocery and general merchandise
same-store sales had excellent performance in non-alcoholic beverages. Inside
margin was up approximately 30 basis points compared to the same quarter a year
ago, benefitting primarily from favorable mix shift and cost of goods
management.
                                                                                
  Fuel                                                                          
                                                                                
                                                                                
  2                                                                             
                                                                                
                                                                                
                            Three Months Ended                                  
                                      July 31,                                  
                                          2026                2025              
  Fuel gallons sold                             934,212             911,780     
  (in thousands)                                                                
  Same-store gallons                               -0.3  %              1.7  %  
  sold                                                                          
  Fuel gross profit                          $  446,929          $  373,554     
  (in thousands)                                                                
  Fuel margin (cents                                                            
  per gallon,                                      47.8  ¢             41.0  ¢  
  excluding                                                                     
  credit card fees)                                                             
                                                                                
For the quarter, total fuel gallons sold increased 2.5% compared to the prior
year due to the store count increase, slightly offset by a modest decrease in
same-store gallons sold. The Company’s total fuel gross profit was up 19.6%
versus the prior year, due to an increase in gallons sold as well as fuel
margin.
                                                                                
  Operating Expenses                                                            
                                                                                
                                                                                
                               Three Months Ended                               
                               July 31,               2026             2025     
 ────────────────────────────────────────────────────────────────────────────── 
  Operating expenses (in       $                   754,111       $  698,176     
  thousands)                                                                    
  Credit card fees (in         $                    85,709       $   71,704     
  thousands)                                                                    
  Same-store operating                                                          
  expenses excluding                                   5.0  %           3.0  %  
  credit card fees                                                              
                                                                                
Operating expenses increased 8.0% during the first quarter. Operating 64 more
stores than prior year accounted for approximately 2% of the increase. Same-
store credit card fees added approximately 1.5% of the increase. Same-store
employee expense contributed to approximately 1% of the increase, primarily due
to increases in labor rates, while same-store labor hours were nearly flat.
Insurance was responsible for approximately 1% of the increase.

2 Fuel category does not include wholesale fuel or terminal activity, which is
included in Other.
                                                                                
  Expansion                                                                     
                                                                                
                                                  
                              Store Count         
  Stores at April 30, 2026                 2,944  
  New store construction                       9  
  Acquisitions                                12  
  Closed or divested                          -6  
  Stores at July 31, 2026                  2,959  
                                                  
                                                                                
  Liquidity                                                                     
                                                                                
At July 31, 2026, the Company had approximately $1.4 billion in available
liquidity, consisting of approximately $524 million in cash and cash equivalents
on hand and approximately $857 million in available borrowing capacity on
existing lines of credit.
                                                                                
  Share Repurchase                                                              
                                                                                
During the quarter, the Company repurchased approximately $45.6 million of
shares. The Company has approximately $973 million remaining under its existing
share repurchase authorization.
                                                                                
  Dividend                                                                      
                                                                                
At its September meeting, the Board of Directors approved a quarterly dividend
of $0.65 per share. The dividend is payable November 13, 2026, to shareholders
of record on November 1, 2026.
                                                                                
  Fiscal 2027 Outlook                                                           
                                                                                
The Company's fiscal 2027 outlook previously disclosed remains unchanged.
Casey's expects the following performance during fiscal 2027. The Company
expects inside same-store sales to increase 2% to 5% with an inside margin above
42%. The Company expects same-store fuel gallons sold to be negative 1% to
positive 1%. Total operating expenses are expected to increase approximately 5%
to 7%. The Company expects EBITDA to increase 8% to 10%, which would imply 35%
on a two-year stack basis at the midpoint of the range.

The Company expects to open at least 120 stores in fiscal 2027 through a mix of
M&A and new store construction. Net interest expense is expected to be
approximately $95 million. Depreciation and amortization is expected to be
approximately $490 million and the purchase of property and equipment is
expected to be approximately $800 million. The tax rate is expected to be
approximately 24% to 26% for the year.
                                                                                
                 Casey’s General Stores, Inc. and Subsidiaries                  
                                                                                
                                                                                
                  Condensed Consolidated Statements of Income                   
                                                                                
           (Amounts in thousands, except share and per share amounts)           
                                                                                
                                  (Unaudited)                                   
                                                                                
                               Three Months Ended                               
                               July 31,                  2026             2025  
 ────────────────────────────────────────────────────────────────────────────── 
  Total revenue                $                    5,678,336    $   4,567,106  
  Cost of goods sold                                                            
  (excluding                                                                    
  depreciation and                                  4,439,142        3,454,660  
  amortization, shown                                                           
  separately below)                                                             
  Operating expenses                                  754,111          698,176  
  Depreciation and                                    115,994          108,963  
  amortization                                                                  
  Interest, net                                        22,059           26,850  
  Income before income                                347,030          278,457  
  taxes                                                                         
  Federal and state income                             73,310           63,102  
  taxes                                                                         
  Net income                   $                      273,720    $     215,355  
  Net income per common                                                         
  share                                                                         
  Basic                        $                         7.40    $        5.80  
  Diluted                      $                         7.37    $        5.77  
  Basic weighted average                           36,965,113       37,148,383  
  shares                                                                        
  Plus dilutive effect of                                                       
  share-based                                         177,144          203,697  
  compensation                                                                  
  Diluted weighted average                         37,142,257       37,352,080  
  shares                                                                        
                                                                                
                                                                                
                 Casey’s General Stores, Inc. and Subsidiaries                  
                                                                                
                                                                                
                     Condensed Consolidated Balance Sheets                      
                                                                                
                             (Dollars in thousands)                             
                                                                                
                                  (Unaudited)                                   
                                                                                
                                            July 31, 2026       April 30, 2026  
 ────────────────────────────────────────────────────────────────────────────── 
  Assets                                                                        
  Current assets                                                                
  Cash and cash equivalents              $        524,059    $         522,991  
  Receivables                                     245,837              243,502  
  Inventories                                     557,968              557,151  
  Prepaid and other current assets                 60,997               29,783  
  Income taxes receivable                               —               10,585  
  Total current assets                          1,388,861            1,364,012  
  Operating lease right-of-use                    430,740              432,640  
  assets, net                                                                   
  Other assets, net of amortization               137,685              121,249  
  Goodwill                                      1,284,216            1,268,686  
  Property and equipment, net of                                                
  accumulated depreciation of                                                   
  $3,546,531                                    5,879,761            5,749,468  
  at July 31, 2026 and $3,444,442 at                                            
  April                                                                         
  30, 2026                                                                      
  Total assets                           $      9,121,263    $       8,936,055  
  Liabilities and Shareholders’                                                 
  Equity                                                                        
  Current liabilities                                                           
  Current maturities of long-term                                               
  debt and                               $        104,323    $         101,357  
  finance lease obligations                                                     
  Accounts payable                                853,659              823,804  
  Accrued expenses and current                                                  
  portion of                                      377,013              425,445  
  operating lease liabilities                                                   
  Income taxes payable                             28,618                    —  
  Total current liabilities                     1,363,613            1,350,606  
  Long-term debt and finance lease                                              
  obligations, net of current                   2,326,200            2,330,237  
  maturities                                                                    
  Deferred income taxes                           772,640              739,843  
  Operating lease liabilities, net of             457,625              459,284  
  current portion                                                               
  Insurance accruals, net of current               32,167               32,140  
  portion                                                                       
  Other long-term liabilities                      75,105               72,226  
  Total liabilities                             5,027,350            4,984,336  
  Total shareholders’ equity                    4,093,913            3,951,719  
  Total liabilities and shareholders’    $      9,121,263    $       8,936,055  
  equity                                                                        
                                                                                
                                                                                
                 Casey’s General Stores, Inc. and Subsidiaries                  
                                                                                
                                                                                
                Condensed Consolidated Statements of Cash Flows                 
                                                                                
                             (Dollars in thousands)                             
                                                                                
                                  (Unaudited)                                   
                                                                                
                            Three months ended                                  
  Cash flows from           July 31,                                            
  operating activities:     2026                                2025            
 ────────────────────────────────────────────────────────────────────────────── 
  Net income                $                        273,720    $      215,355  
  Adjustments to                                                                
  reconcile net income                                                          
  to                                                                            
  net cash provided by                                                          
  operating                                                                     
  activities:                                                                   
  Depreciation and                                   115,994           108,963  
  amortization                                                                  
  Amortization of debt                                   516               516  
  issuance costs                                                                
  Change in excess                                                              
  replacement cost over                                1,094             8,327  
  LIFO inventory                                                                
  valuation                                                                     
  Share-based                                         16,930            15,221  
  compensation                                                                  
  Loss on disposal of                                                           
  assets and                                           2,222               561  
  impairment charges                                                            
  Deferred income taxes                               32,797            47,457  
  Changes in assets and                                                         
  liabilities:                                                                  
  Receivables                                         -7,304           -15,873  
  Inventories                                           -577            -6,868  
  Prepaid and other                                  -31,214           -20,040  
  current assets                                                                
  Accounts payable                                     6,381            35,019  
  Accrued expenses                                   -50,257           -25,729  
  Income taxes                                        39,761             5,595  
  Other, net                                         -15,991             3,913  
  Net cash provided by                                                          
  operating                                          384,072           372,417  
  activities                                                                    
  Cash flows from                                                               
  investing activities:                                                         
  Purchase of property                              -194,395          -110,046  
  and equipment                                                                 
  Payments for                                                                  
  acquisition of                                     -43,904            -9,495  
  businesses,                                                                   
  net of cash acquired                                                          
  Proceeds from sales of                               3,578            17,499  
  assets                                                                        
  Net cash used in                                  -234,721          -102,042  
  investing activities                                                          
  Cash flows from                                                               
  financing activities:                                                         
  Proceeds from                                       42,625                 —  
  long-term debt                                                                
  Payments of long-term                                                         
  debt and finance                                   -45,207           -42,163  
  lease obligations                                                             
  Payments of cash                                   -22,283           -19,655  
  dividends                                                                     
  Repurchase of common                                                          
  stock and payment                                  -44,856           -31,251  
  of related excise                                                             
  taxes                                                                         
  Tax withholdings on                                                           
  employee share-based                               -78,562           -45,895  
  awards                                                                        
  Net cash used in                                  -148,283          -138,964  
  financing activities                                                          
                                                                                
                                                                                
  Net increase in cash and cash equivalents                                     
  Cash and cash equivalents at beginning of the            1,068       131,411  
  period                                                 522,991       326,662  
 ────────────────────────────────────────────────────────────────────────────── 
  Cash and cash equivalents at end of the             $  524,059    $  458,073  
  period                                                                        
                                                                                
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
                                                                                
                             Three months ended July                            
  Cash paid during the       31,                                                
  period for:                2026                                 2025          
 ────────────────────────────────────────────────────────────────────────────── 
  Interest, net of amount    $                          22,498    $     26,896  
  capitalized                                                                   
  Income taxes, net                                        751          10,050  
  Noncash activities:                                                           
  Purchased property and                                                        
  equipment in                                         114,088          64,905  
  accounts payable                                                              
  Right-of-use assets                                                           
  obtained in exchange                                   1,188           4,448  
  for new finance lease                                                         
  liabilities                                                                   
  Right-of-use assets                                                           
  obtained in exchange                                   4,133               —  
  for new operating lease                                                       
  liabilities                                                                   
                                                                                
                                                                                
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 ────────────────────────────────────────────────────────────────────────────── 
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  G…    $    29…       $    45…       $    44…       $    42…       $   1,…     
  p…                                                                            
             59…  %         35…  %         12…  %         24…  %        21…  %  
  F…                                                                            
  g…                                       93…                                  
  s…                                                                            
  T…                                                                            
  M…                                                                            
  E…                                                                            
  J…                                                                            
  3…                                                                            
  2…                                                                            
  R…    $    45…       $    1,…       $    2,…       $    14…       $   4,…     
  G…    $    26…       $    43…       $    37…       $    33…       $   1,…     
  p…                                                                            
             58…  %         35…  %         13…  %         22…  %        24…  %  
  F…                                                                            
  g…                                       91…                                  
  s…                                                                            
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
   RECONCILIATION OF NET INCOME TO EBITDA                                       
                                                                                
We define EBITDA as net income before net interest expense, income taxes, and
depreciation and amortization. EBITDA is not considered to be a GAAP measure,
and should not be considered as a substitute for net income, cash flows from
operating activities or other income or cash flow statement data. This measure
has limitations as an analytical tool, and should not be considered in isolation
or as 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.

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 the Company for internal purposes including our capital
budgeting process, evaluating acquisition targets, assessing performance, and
awarding incentive compensation.

Because non-GAAP financial measures are not standardized, EBITDA, as defined by
us, may not be comparable to similarly titled measures reported by other
companies. It therefore may not be possible to compare our use of this non-GAAP
financial measure with those used by other companies.

The following table contains a reconciliation of net income to EBITDA for the
three months ended July 31, 2026 and 2025:
                                                                               
                                    Three Months Ended                         
  (in thousands)                    July 31,               2026          2025  
 ───────────────────────────────────────────────────────────────────────────── 
  Net income                        $                   273,720    $  215,355  
  Interest, net                                          22,059        26,850  
  Federal and state income taxes                         73,310        63,102  
  Depreciation and amortization                         115,994       108,963  
  EBITDA                            $                   485,083    $  414,270  
                                                                               
NOTES:

• Gross profit is defined as revenue less cost of goods sold (excluding
depreciation and amortization)

• Inside is defined as the combination of grocery and general merchandise and
prepared food and dispensed beverage

This release contains statements that may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
including those related to expectations for future periods, possible or assumed
future results of operations, financial conditions, liquidity and related
sources or needs, business and/or integration strategies, plans and synergies,
supply chain, growth opportunities, and performance at our stores. There are a
number of known and unknown risks, uncertainties, and other factors that may
cause our actual results to differ materially from any results expressed or
implied by these forward-looking statements, including but not limited to the
execution of our strategic plan, the integration and financial performance of
acquired stores, wholesale fuel, inventory and ingredient costs, distribution
challenges and disruptions, the impact and duration of conflicts in oil
producing regions or other geopolitical disruptions, as well as other risks,
uncertainties and factors which are described in the Company’s most recent
annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the
Securities and Exchange Commission and available on our website. Any forward-
looking statements contained in this release represent our current views as of
the date of this release with respect to future events, and Casey’s disclaims
any intention or obligation to update or revise any forward-looking statements
in the release whether as a result of new information, future events, or
otherwise.

Corporate information is available at this website: https://www.caseys.com .
Earnings will be reported during a conference call on September 9, 2026. The
call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the
call, go to the Events and Presentations section of our website at
https://investor.caseys.com/events-presentations. No access code is required. A
webcast replay of the call will remain available in an archived format on the
Events and Presentations section of our website at
https://investor.caseys.com/events-presentations for one year after the call.
                                                             
  Investor Relations Contact:    Media Relations Contact:    
  Sam James (515) 446-6506       Katie Petru (515) 446-6772  
                                                             
                                                                                
  CASY-IR                                                                       
                                                                                
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