Financial Data and Key Metrics Changes - Diluted EPS finished at $5.53 per share, and net income was $206 million, both representing a 14% increase from the prior year [6][14] - The company generated $410 million in EBITDA, a 17.5% increase from the prior year [6][14] - Total revenue for the quarter was $4.51 billion, an increase of $559 million, or 14.2% from the prior year [9][14] - Gross profit was $1.12 billion, an increase of $163 million, or 17% from the prior year [10][14] Business Line Data and Key Metrics Changes - Same store sales were up 3.3% for the second quarter, or 7.5% on a two-year stack basis, with an average margin of 42.4% [7] - Same store prepared food and dispensed beverage sales increased by 4.8%, or 10.3% on a two-year stack basis, with an average margin of 58.6% [7] - Same-store grocery and general merchandise sales were up 2.7%, or 6.4% on a two-year stack basis, with an average margin of 36%, an increase of approximately 40 basis points from the prior year [8] Market Data and Key Metrics Changes - Same-store gallons sold were up 0.8%, with a fuel margin of 41.6 cents per gallon [8] - The Midcontinent region saw an approximate 2% decline in fuel gallons sold, indicating continued market share growth for the company [8] Company Strategy and Development Direction - The company is focused on balancing profitability and volume, with a strong emphasis on store execution and guest engagement [21] - The strategic plan is nearing completion, with expectations to continue gaining market share and enhancing the value proposition for customers [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to compete effectively in a challenging environment, noting that consumer behavior is becoming more discerning [72] - The company expects a sequential deceleration in EBITDA growth in the second half of the fiscal year due to higher prior year comparisons and the integration of recent acquisitions [33] Other Important Information - The board of directors voted to maintain the quarterly dividend at $0.57 per share, with share repurchases expected to total approximately $200 million for the fiscal year [15] - The company is approximately 80% hedged for cheese prices for the next four quarters, ensuring favorable pricing stability [52] Q&A Session Summary Question: Can you talk about the sustainability of fuel performance? - Management indicated that their consistent approach to balancing profitability and volume has contributed to their success, with a focus on store traffic driving fuel sales [21][22] Question: What impact will SEFCOS stores have on margins? - Management acknowledged that SEFCOS stores currently carry lower margins but expect improvements as they are rebranded and integrated into the Casey's model [27][28] Question: What are the drivers behind the updated EBITDA guidance? - Management clarified that the strong first half results will not be replicated in the second half due to higher prior year comparisons and the integration of FICOS [33] Question: How is the company addressing competition from private convenience stores? - Management expressed confidence in their competitive positioning, highlighting their differentiated offerings and strong performance in competitive markets [66][67] Question: What is the company's strategy regarding M&A? - The company remains focused on small tuck-in acquisitions while maintaining a high bar for asset quality, with no significant changes in their M&A strategy [35][36]

Company Overview - Casey's has a total enterprise value of approximately $21 billion and operates around 2,900 convenience stores across 19 states[6] - The company processes over 800 million guest transactions annually and employs roughly 50,000 team members[6] - Approximately 2/3 of Casey's stores are located in towns with populations of 20,000 or fewer, providing a stronger market position in rural areas[8,67,68] Strategic Advantages - Casey's Rewards program boasts over 9.5 million active members, driving higher transaction values and more frequent visits[8] - The company's strategic investments in digital platforms and food offerings, coupled with a reduced reliance on tobacco sales, have resulted in higher inside gross margins[21] - Casey's private label products exceed 300 SKUs, offering better quality and lower prices than national brands, resulting in larger margins[19,43] Growth and Financial Performance - Casey's aims to deliver top quintile EBITDA growth of 8-10% through FY2026[24,27,70] - The company plans to add approximately 500 additional stores through new builds and acquisitions by FY2026[27,29] - Casey's anticipates generating approximately $1.25 billion in free cash flow through FY2026[27] Operational Efficiency - Casey's is focused on enhancing operational efficiency through store simplification, streamlined kitchen operations, and inventory optimization[53] - From FY19 to FY25, Casey's OPEX CAGR was 10.6% compared to an EBITDA CAGR of 13.4%[69] - The company's Return on Invested Capital (ROIC) improved to 11.5% in FY25, up approximately 240 bps from FY19[69]

Market Overview - Market indexes remained mostly flat, with the Dow Jones Industrial Average dropping by 178 points, or 0.37%, while the S&P 500 decreased by 6 points, or 0.09%. The Nasdaq gained 31 points, or 0.13%, and the Russell 2000 increased by 5 points, or 0.20% [1] Bond Market Insights - The 10-year bond yield rose to a three-month high of 4.186%, driven by concerns that an upcoming 25 basis-point interest rate cut may weaken the Federal Reserve's ability to control inflation, which is currently closer to 3% than the target of 2% [2] Labor Market Data - The Job Openings and Labor Market Turnover Survey (JOLTS) for October reported 7.67 million job openings, significantly higher than the expected 7.2 million, following an upward revision for September to 7.66 million [3] - The number of hires decreased by 218,000 to 5.15 million, and the Job Quits Rate fell to 1.8%, the lowest since the peak of the Covid pandemic, indicating a stagnant labor market [4] Company Earnings Reports - Casey's General Stores (CASY) reported fiscal Q2 earnings of $5.53 per share, exceeding expectations of $4.92, representing a 14% year-over-year increase. However, revenues of $4.51 billion fell slightly short of estimates, with a year-over-year growth of 3.3%. Shares declined by 2.4% in late trading after a 42% year-to-date gain [5] - Cracker Barrel (CBRL) reported a negative earnings per share of -$0.74, excluding one-time items, and -$1.10 including them. Revenues of $797.2 million missed the consensus estimate of $801.1 million and decreased from $845.1 million a year ago. The company lowered its full-year revenue guidance, leading to a 10% drop in shares during late trading [6]

Core Insights - Casey's General Stores (CASY) reported $4.51 billion in revenue for the quarter ended October 2025, marking a year-over-year increase of 14.2% and an EPS of $5.53 compared to $4.85 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $4.55 billion by -1.03%, while the EPS exceeded the consensus estimate of $4.92 by +12.4% [1] Financial Performance Metrics - The number of stores at the end of the period was 2,921, slightly above the estimated 2,920 [4] - Same-store sales for Grocery & General Merchandise increased by 2.7%, below the average estimate of 3.1% [4] - Fuel gallons sold totaled 906.65 million, lower than the estimated 919.75 million [4] - Same-store sales for Fuel gallons showed a year-over-year increase of 0.8%, surpassing the estimated 0.5% [4] - Same-store sales for Prepared Food & Dispensed Beverage rose by 4.8%, exceeding the average estimate of 4% [4] - Net Sales for Fuel reached $2.69 billion, below the estimated $2.78 billion, but represented an 11.3% increase year-over-year [4] - Net Sales for Other categories were reported at $160.36 million, significantly above the estimated $131.04 million, reflecting a year-over-year change of +148.2% [4] - Net Sales for Prepared Food & Dispensed Beverage were $467.8 million, slightly above the estimated $465.04 million, with a year-over-year change of +12% [4] - Net Sales for Grocery & General Merchandise amounted to $1.19 billion, slightly above the estimated $1.18 billion, representing a +13.4% change year-over-year [4] - Gross Profit for Prepared Food & Dispensed Beverage was $274.24 million, exceeding the average estimate of $268.88 million [4] - Gross Profit for Grocery & General Merchandise reached $429.18 million, above the estimated $417.64 million [4] Stock Performance - Casey's shares have returned +6.4% over the past month, outperforming the Zacks S&P 500 composite's +1.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Casey's General Stores reported quarterly earnings of $5.53 per share, exceeding the Zacks Consensus Estimate of $4.92 per share, and showing an increase from $4.85 per share a year ago, resulting in an earnings surprise of +12.40% [1] - The company achieved revenues of $4.51 billion for the quarter ended October 2025, which was slightly below the Zacks Consensus Estimate by 1.03%, but an increase from $3.95 billion year-over-year [2] - Casey's shares have appreciated approximately 43% year-to-date, significantly outperforming the S&P 500's gain of 16.4% [3] Earnings Outlook - The future performance of Casey's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $2.71 on revenues of $4.18 billion, and for the current fiscal year, it is $16.37 on revenues of $17.46 billion [7] Industry Context - The Retail - Convenience Stores industry, to which Casey's belongs, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

The company reported earnings of $5.53 a share and revenue of $4.5 billion. ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Casey's General Stores, Inc. One SE Convenience Blvd Ankeny, IA 50021 Casey's Announces Second Quarter Results Ankeny, IA, December 9, 2025 - 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 and six months ended October 31, 2025. Second Quarter Key Highlights "Casey's delivered a great second quarter highlighted by strong sales and traff ...

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Store Operations and Growth - As of October 31, 2025, Casey's operates 2,921 stores, with approximately 71% located in areas with populations under 20,000[56] - The Fikes acquisition added 198 stores and a wholesale fuel network, contributing $511,805 to total revenue for the second quarter of fiscal 2026, which increased by $559,313 (14.2%) year-over-year[55][69] - Operating expenses increased by $101,908 (16.7%) to $711,587, with approximately 10.5% of the increase attributed to operating 236 more stores[73] - Total revenue for the first six months of fiscal 2026 increased by $1,028,682 (12.8%) compared to the same period in fiscal 2025, primarily driven by $1,034,139 from the Fikes acquisition[78] - Prepared food and dispensed beverage revenue rose by $103,277 (12.5%) due to a 5.0% increase in same-store sales and approximately 7.5% from store growth[78] - Grocery and general merchandise revenue increased by $297,348 (14.0%), with a 10.8% contribution from store growth and a 3.2% increase in same-store sales[78] - Retail fuel revenue grew by $450,674 (9.1%), supported by an increase of 269,982 gallons sold (17.4%), despite a 7.1% decrease in average retail price per gallon[78] - Other revenue surged by $177,383 (133.8%) primarily due to increased wholesale fuel revenue from the Fikes acquisition[79] - Operating expenses increased by $190,610 (15.6%), with 236 more stores accounting for approximately 10% of the increase[83] Financial Performance - Net income rose by $25,418 (14.0%) to $206,336, driven by higher profitability in-store and in fuel[77] - Net income rose by $60,575 (16.8%) to $421,691, attributed to higher profitability in stores and fuel, offset by increased operating expenses[86] - EBITDA for the first six months of fiscal 2026 increased by 18.7% to $824,369 compared to $694,662 in the prior year[89] - The effective tax rate decreased to 23.7% from 24.3% in the prior year, mainly due to increased excess tax benefits from share-based awards[85] - Net cash provided by operating activities was $719,486, an increase of $167,429 from the prior year, driven by improved revenue less cost of goods sold[94] Debt and Interest Expenses - Interest expense increased by $12,137 (96.7%) to $24,690, primarily due to incremental debt issued to fund the Fikes acquisition[76] - As of October 31, 2025, the Company had total long-term debt of $2,352,032,000 after accounting for current maturities and debt issuance costs[97] - The Company has a total of $818,125,000 in variable rate incremental term loan facilities, requiring quarterly installments until October 30, 2029[97] - The Company has issued various senior notes with interest rates ranging from 2.85% to 5.43%, with total amounts due across different maturities[97] - An immediate 100-basis-point increase in interest rates would result in an approximate annualized impact of $9.6 million on interest expense[105] Strategic Initiatives and Environmental Commitment - As of October 31, 2025, Casey's has 232 EV charging stations at 48 stores across 13 states, reflecting the company's commitment to an electric vehicle strategy[64] - Approximately 41% of stores offer biodiesel, and all newly built stores are equipped to sell renewable fuels, aligning with the company's environmental stewardship efforts[65] - The Company has a strategy focused on identifying, acquiring, and integrating new properties and stores to support business growth[102] Risks and Regulatory Environment - The Company emphasizes that its financial condition may be adversely affected by increases in food ingredient costs and disruptions in the distribution network[99] - The Company is subject to extensive governmental regulations that could materially impact revenues and gross profit, particularly in the tobacco and nicotine sectors[100] - The Company faces risks related to changes in consumer preferences and the need for innovative technology to maintain financial performance[99] Cost Management and Revenue Analysis - Total revenue less cost of goods sold (exclusive of depreciation and amortization) was 24.9% of revenue for the second quarter of fiscal 2026, compared to 24.3% in the prior year[71] - Fuel revenue less cost of goods sold (exclusive of depreciation and amortization) increased to 14.0% of fuel revenue, with revenue less cost of goods sold per gallon rising to 41.6 cents[72] - The Company utilizes futures contracts to hedge against fuel price volatility, ensuring that all hedges are matched against recorded physical transactions[106]

ANKENY, Iowa--(BUSINESS WIRE)--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 and six months ended October 31, 2025. Second Quarter Key Highlights Diluted EPS of $5.53 up 14.0% from the same period a year ago. Net income was $206.3 million, up 14.0% from the prior year, and EBITDA1 was $410.1 million, up 17.5%, from the same period a year ago. Inside same-s. ...