TLDR
- Q1 diluted EPS rose 19.5% to $5.77, net income hit $215.4M.
- Inside same-store sales rose 4.3%, with margins at 41.9%.
- Fuel gross profit climbed 18.8% to $373.6M with gallon growth.
- Operating expenses increased 14.6%, mainly from 221 new stores.
- Board declared $0.57 dividend; FY26 outlook remains unchanged.
Casey’s General Stores, Inc. (NASDAQ: CASY) closed at $521.50 on September 8, 2025, up 3.14% during the day, before slipping 1.44% overnight to $513.99.
Casey’s General Stores, Inc. (CASY)
The company announced financial results for the first quarter ended July 31, 2025, reporting strong growth in both earnings and sales. Diluted EPS rose 19.5% year-over-year to $5.77, net income reached $215.4 million, and EBITDA climbed to $414.3 million, an increase of 19.8%.
Inside Store Sales Performance
Inside same-store sales increased 4.3% from the prior year, with a two-year stacked growth of 6.7%. Total inside gross profit jumped 14.8% to $705.5 million, supported by a margin of 41.9%. Growth was driven by strong performance in prepared food, dispensed beverages, and non-alcoholic grocery items. The inside margin improved by 20 basis points year-over-year due to a favorable product mix shift. Total inside sales advanced 14.2% compared to the prior year.
Fuel Segment Growth
Fuel operations also delivered solid results. Same-store gallons rose 1.7% versus the prior year, while overall fuel sales increased 18.0% due to the larger store base. Fuel gross profit was up 18.8% to $373.6 million, supported by a healthy margin of 41.0 cents per gallon. Casey’s also recorded $6.7 million in renewable fuel credit sales during the quarter, an increase of $1.9 million year-over-year.
Operating Expenses and Expansion
Operating expenses grew 14.6% in Q1. The increase was largely attributed to the addition of 221 stores compared to last year, which contributed about 10% of the rise. Higher employee costs also impacted results, although reductions in same-store labor hours partially offset wage increases. Same-store operating expenses excluding credit card fees rose just 3.0%.
Liquidity, Buybacks, and Dividend
As of July 31, 2025, Casey’s had $1.4 billion in available liquidity, including $458 million in cash and equivalents and $900 million in credit availability. The company repurchased $31 million of shares during the quarter, with $264 million remaining under its authorization. The board approved a quarterly dividend of $0.57 per share, payable November 14, 2025, to shareholders of record on November 1.
Fiscal 2026 Outlook
Casey’s reaffirmed its fiscal 2026 guidance. The company expects EBITDA to rise 10% to 12%, inside same-store sales to grow 2% to 5%, and margins to hold near 41%. Same-store fuel gallons are projected between negative 1% and positive 1%. Operating expenses are expected to increase 8% to 10%, with plans to open at least 80 new stores this year. The company also guided for net interest expense of $110 million, depreciation of $450 million, and capital spending of $600 million.
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