# EDGAR Filing Document

**Accession Number:** 0000726958
**File Stem:** 0000726958-26-000012
**Filing Date:** 2026-3
**Character Count:** 32948
**Document Hash:** 5d877f321e75c1273613003680854eb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000726958-26-000012.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0000726958-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260309

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CASEYS GENERAL STORES INC
- **CENTRAL INDEX KEY:** 0000726958
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 420935283
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34700
- **FILM NUMBER:** 26735595

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 3001
- **CITY:** ANKENY
- **STATE:** IA
- **ZIP:** 50021
- **BUSINESS PHONE:** 515-965-6100

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 3001
- **CITY:** ANKENY
- **STATE:** IA
- **ZIP:** 50021

?xml version='1.0' encoding='ASCII'? casy-20260309

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 9, 2026**

**CASEY'S GENERAL STORES, INC.** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Iowa** | **Iowa** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) |
| **001-34700** | **42-0935283** |
| (Commission File Number) | (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)

**NONE**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

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 ☐

------

Item 2.02. <u>Results of Operations and Financial Condition</u>.

On March 9, 2026, Casey's General Stores, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended January 31, 2026 (the "Press Release"). A copy of the Press Release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. <u>Financial Statements and Exhibits</u>.

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[Press Release issued by Casey's General Stores, Inc. dated March 9, 2026](q3fy2026earningspressrelea.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | CASEY'S GENERAL STORES, INC. |
| Dated: March 9, 2026 | By: | <u>/s/ Stephen P. Bramlage Jr.</u> |
|  |  | Stephen P. Bramlage Jr. |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

---

| |
|:---|
| ***FOR IMMEDIATE RELEASE*** |
| **Casey's General Stores, Inc.** |
| **One SE Convenience Blvd** |
| **Ankeny, IA 50021** |

---

**Casey's Announces Third Quarter Results**

**Ankeny, IA, March 9, 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 and nine months ended January 31, 2026.

**<u>Third Quarter Key Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS of $3.49 up 49.8% from the same period a year ago. Net income was $130.1 million, up 49.3% from the prior year, and EBITDA<sup>1</sup> was $308.9 million, up 27.5%, from the same period a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inside same-store sales increased 4.0% compared to prior year, and 7.9% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 8.9% to $624.0 million compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-store fuel gallons were up 0.4% compared to prior year with a fuel margin of 41.0 cents per gallon. Total fuel gross profit increased 15.3% to $348.2 million compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, Casey's Rewards surpassed 10 million members.

"Casey's achieved another successful quarter as strong sales and margin expansion drove performance," said Darren Rebelez, Chairman, President and CEO. "Our high quality inside offering, along with a compelling value proposition, continues to attract guests to our stores. On the fuel side, the team had another sound quarter, expanding fuel margin while reporting positive same-store gallon growth. All of this was anchored by our store level operations team, who continue to meet our guests' needs in an efficient manner."

**<u>Earnings</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
| | **2026** | 2025 | **2026** | 2025 |
| Net income (in thousands) | $**130073** | $87097 | $**551764** | $448213 |
| Diluted earnings per share | $**3.49** | $2.33 | $**14.79** | $12.01 |
| EBITDA (in thousands) | $**308912** | $242368 | $**1133281** | $937030 |

---

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.

<sup>1</sup> EBITDA is reconciled to net income below.

------

**<u>Inside</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
| | **2026** | 2025 | **2026** | 2025 |
| Inside sales (in thousands) | $**1480203** | $1400425 | $**4822459** | $4342056 |
| Inside same-store sales | **4.0%** | 3.7% | **3.8%** | 3.1% |
| Grocery and general merchandise same-store sales | **4.0%** | 3.3% | **3.4%** | 2.6% |
| Prepared food and dispensed beverage same-store sales | **4.3%** | 4.7% | **4.8%** | 4.4% |
| Inside gross profit (in thousands) | $**624034** | $573079 | $**2032923** | $1807052 |
| Inside margin | **42.2%** | 40.9% | **42.2%** | 41.6% |
| Grocery and general merchandise margin | **35.7%** | 34.2% | **35.9%** | 35.1% |
| Prepared food and dispensed beverage margin | **58.3%** | 57.8% | **58.3%** | 58.3% |

---

Total inside sales for the quarter were up 5.7% compared to the prior year. Prepared food and dispensed beverage same-store sales were led by whole pizzas and hot sandwiches while grocery and general merchandise same-store sales had excellent performance in non-alcoholic beverages. Inside margin was up approximately 130 basis points compared to the same quarter a year ago, benefitting from cost of goods management and a favorable product mix shift.

**<u>Fuel</u>**<sup>2</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended January 31, | Three Months Ended January 31, | Three Months Ended January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
| | **2026** | **2026** | 2025 | 2025 | **2026** | **2026** | 2025 | 2025 |
| Fuel gallons sold (in thousands) | **848434** |  | 829761 |  | **2666866** |  | 2378211 |  |
| Same-store gallons sold | **0.4** | **%** | 1.8 | % | **1.1** | **%** | 0.3 | % |
| Fuel gross profit (in thousands) | $**348226** |  | $302058 |  | $**1099146** |  | $928858 |  |
| Fuel margin (cents per gallon, excluding credit card fees) | **41.0** | **¢** | 36.4 | ¢ | **41.2** | **¢** | 39.1 | ¢ |

---

For the quarter, total fuel gallons sold increased 2.3% compared to the prior year due to the store count increase as well as the same-store gallons increase. The Company's total fuel gross profit was up 15.3% versus the prior year, due to an increase in gallons sold as well as fuel margin. The Company sold $6.3 million in renewable fuel credits (RINs) in the quarter, an increase of $3.7 million from the same quarter in the prior year.

**<u>Operating Expenses</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
| | **2026** | 2025 | **2026** | 2025 |
| Operating expenses (in thousands) | $**697640** | $670200 | $**2107403** | $1889353 |
| Credit card fees (in thousands) | $**63632** | $61234 | $**206830** | $187318 |
| Same-store operating expenses excluding credit card fees | **4.6%** | 3.2% | **3.9%** | 1.8% |

---

Operating expenses increased 4.1% during the third quarter. The total operating expense comparison benefitted from $13 million in one-time deal and integration costs that were incurred in the prior year, related to the acquisition of Fikes. Operating 31 more stores than prior year accounted for approximately 1% of the increase. Same-store employee expense contributed to approximately 1.5% of the increase, due to increases in labor rates, partially offset by a reduction in same-store labor hours. Snow removal due to unfavorable weather contributed approximately 1% of the increase. Approximately 1.5% of the change is related to an increase in accrued costs for variable incentive compensation and charitable contributions.

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

------

**<u>Expansion</u>**

---

| | |
|:---|:---|
| | **Store Count** |
| **April 30, 2025** | 2904 |
| New store construction | 27 |
| Acquisitions | 27 |
| Acquisitions not opened | (1) |
| Prior acquisitions opened | 1 |
| Closed or divested | (34) |
| **January 31, 2026** | 2924 |

---

**<u>Liquidity</u>** 

At January 31, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $465 million in cash and cash equivalents on hand and approximately $900 million in available borrowing capacity on existing lines of credit.

**<u>Share Repurchase</u>**

During the quarter, the Company repurchased approximately $76 million of shares. The Company has approximately $157 million remaining under its existing share repurchase authorization.

**<u>Dividend</u>**

At its March meeting, the Board of Directors approved a quarterly dividend of $0.57 per share. The dividend is payable May 15, 2026, to shareholders of record on May 1, 2026.

**<u>Fiscal 2026 Outlook</u>**

As a result of the strong financial performance year-to-date, fiscal 2026 EBITDA is expected to increase 18% to 20%. The Company now expects inside same-store sales to increase 3.5% to 4.5% and an inside margin of approximately 41.5% to 42.5%. Total operating expenses are now expected to increase approximately 10%. The tax rate is now expected to be 23.5% to 24.5% for the fiscal year. Net interest expense is expected to be approximately $100 million.

The Company is not updating its outlook for the following metrics. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. The Company expects to open at least 80 stores in fiscal 2026, through a mix of M&A and new store construction, bringing the three-year strategic plan period total to approximately 500 stores. Depreciation and amortization is expected to be approximately $450 million. The purchase of property and equipment is expected to be approximately $600 million.

------

**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 January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
| | **2026** | 2025 | **2026** | 2025 |
| Total revenue | $**3916132** | $3903633 | $**12989322** | $11948141 |
| Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | **2909580** | 2991065 | **9748638** | 9121758 |
| Operating expenses | **697640** | 670200 | **2107403** | 1889353 |
| Depreciation and amortization | **114084** | 105203 | **334463** | 296204 |
| Interest, net | **23381** | 29415 | **74921** | 56035 |
| Income before income taxes | **171447** | 107750 | **723897** | 584791 |
| Federal and state income taxes | **41374** | 20653 | **172133** | 136578 |
| Net income | $**130073** | $87097 | $**551764** | $448213 |
| Net income per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**3.51** | $2.35 | $**14.87** | $12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**3.49** | $2.33 | $**14.79** | $12.01 |
| Basic weighted average shares | **37034207** | 37125570 | **37105202** | 37112506 |
| Plus dilutive effect of share-based compensation | **206830** | 236486 | **205264** | 213474 |
| Diluted weighted average shares | **37241037** | 37362056 | **37310466** | 37325980 |

---

------

**Casey's General Stores, Inc. and Subsidiaries**

**Condensed Consolidated Balance Sheets**

(Dollars in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **January 31, 2026** | April 30, 2025 |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**465019** | $326662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **186756** | 180746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **440832** | 480034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | **36291** | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **19105** | 770 |
| *Total current assets* | **1148003** | 1012853 |
| Operating lease right-of-use assets, net | **436140** | 417046 |
| Other assets, net of amortization | **121692** | 120082 |
| Goodwill | **1266489** | 1244893 |
| Property and equipment, net of accumulated depreciation of $3,386,937 at January 31, 2026 and $3,122,203 at April 30, 2025 | **5613426** | 5413244 |
| *Total assets* | $**8585750** | $8208118 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt and finance lease obligations | $**101455** | $94925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **603347** | 620447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and current portion of operating lease liabilities | **396893** | 386321 |
| *Total current liabilities* | **1101695** | 1101693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance lease obligations, net of current maturities | **2331744** | 2413620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **729206** | 646905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | **462522** | 434707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance accruals, net of current portion | **33669** | 33143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | **73429** | 69380 |
| *Total liabilities* | **4732265** | 4699448 |
| Total shareholders' equity | **3853485** | 3508670 |
| *Total liabilities and shareholders' equity* | $**8585750** | $8208118 |

---

------

**Casey's General Stores, Inc. and Subsidiaries**

**Condensed Consolidated Statements of Cash Flows**

(Dollars in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | Nine months ended January 31, | Nine months ended January 31, |
| | **2026** | 2025 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $**551764** | $448213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **334463** | 296204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | **1549** | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in excess replacement cost over LIFO inventory valuation | **17347** | 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **42991** | 35489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets and impairment charges | **3507** | 8993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **84083** | 51204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **(7476)** | 12067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **24936** | (8129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | **(11650)** | (11287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(48751)** | (78246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | **7509** | (5617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **(17907)** | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(3335)** | (2661) |
| Net cash provided by operating activities | **979030** | 756996 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | **(464838)** | (325499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for acquisition of businesses, net of cash acquired | **(87892)** | (1211567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of assets | **39789** | 14529 |
| Net cash used in investing activities | **(512941)** | (1522537) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | **—** | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt and finance lease obligations | **(81648)** | (60981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs | **—** | (5292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of cash dividends | **(62039)** | (53745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock and payment of related excise taxes | **(137258)** | (734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings on employee share-based awards | **(46787)** | (25374) |
| Net cash (used in) provided by financing activities | **(327732)** | 953874 |

---

---

| | | |
|:---|:---|:---|
| Net increase in cash and cash equivalents | **138357** | 188333 |
| Cash and cash equivalents at beginning of the period | **326662** | 206482 |
| Cash and cash equivalents at end of the period | $**465019** | $394815 |

---

------

**SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION**

---

| | | |
|:---|:---|:---|
| | Nine months ended January 31, | Nine months ended January 31, |
| | **2026** | 2025 |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amount capitalized | $**82186** | $52565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net | **104753** | 84506 |
| Noncash activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased property and equipment in accounts payable | **78080** | 69299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets obtained in exchange for new finance lease liabilities | **6992** | 12590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets obtained in exchange for new operating lease liabilities | **43026** | 315124 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) |
| **Three Months Ended January 31, 2026** | **Prepared Food & Dispensed Beverage** | **Grocery & General<br>Merchandise** | **Fuel** | **Other** | **Total** |
| **Revenue** | $**422975** | $**1057228** | $**2309707** | $**126222** | $**3916132** |
| **Gross profit** | $**246483** | $**377551** | $**348226** | $**34292** | $**1006552** |
|  | **58.3%** | **35.7%** | **15.1%** | **27.2%** | **25.7%** |
| **Fuel gallons sold** |  |  | **848434** |  |  |
| Three Months Ended January 31, 2025 |  |  |  |  |  |
| Revenue | $397151 | $1003274 | $2366822 | $136386 | $3903633 |
| Gross profit | $229535 | $343544 | $302058 | $37431 | $912568 |
|  | 57.8% | 34.2% | 12.8% | 27.4% | 23.4% |
| Fuel gallons sold |  |  | 829761 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) | **Summary by Category** (Amounts in thousands) |
| **Nine Months Ended January 31, 2026** | **Prepared Food & Dispensed Beverage** | **Grocery & <br>General Merchandise** | **Fuel** | **Other** | **Total** |
| **Revenue** | $**1349208** | $**3473251** | $**7730655** | $**436208** | $**12989322** |
| **Gross profit** | $**786710** | $**1246213** | $**1099146** | $**108615** | $**3240684** |
|  | **58.3%** | **35.9%** | **14.2%** | **24.9%** | **24.9%** |
| **Fuel gallons sold** |  |  | **2666866** |  |  |
| Nine Months Ended January 31, 2025 |  |  |  |  |  |
| Revenue | $1220107 | $3121949 | $7337096 | $268989 | $11948141 |
| Gross profit | $711034 | $1096018 | $928858 | $90473 | $2826383 |
|  | 58.3% | 35.1% | 12.7% | 33.6% | 23.7% |
| Fuel gallons sold |  |  | 2378211 |  |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** | **Prepared Food & Dispensed Beverage** |
| **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Margin** | **Margin** | **Margin** | **Margin** | **Margin** | **Margin** |
|  | Q1 | Q2 | Q3 | Q4 | Fiscal<br>Year |  | Q1 | Q2 | Q3 | Q4 | Fiscal<br>Year |
| **F2026** | **5.6%** | **4.8%** | **4.3%** |  |  | **F2026** | **58.0%** | **58.6%** | **58.3%** |  |  |
| F2025 | 4.4 | 5.2 | 4.7% | **1.5%** | **3.5%** | F2025 | 58.3 | 58.7 | 57.8% | **57.8%** | **58.2%** |
| F2024 | 5.9 | 6.1 | 7.5 | 8.8 | 6.8 | F2024 | 58.2 | 59.0 | 59.6 | 58.1 | 58.7 |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** | **Grocery & General Merchandise** |
| **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Margin** | **Margin** | **Margin** | **Margin** | **Margin** | **Margin** |
|  | Q1 | Q2 | Q3 | Q4 | Fiscal<br>Year |  | Q1 | Q2 | Q3 | Q4 | Fiscal<br>Year |
| **F2026** | **3.8%** | **2.7%** | **4.0%** |  |  | **F2026** | **35.9%** | **36.0%** | **35.7%** |  |  |
| F2025 | 1.6 | 3.6 | 3.3% | **1.8%** | **2.3%** | F2025 | 35.4 | 35.6 | 34.2% | **34.8%** | **35.0%** |
| F2024 | 5.2 | 1.7 | 2.8 | 4.3 | 3.5 | F2024 | 34.1 | 34.0 | 33.9 | 34.4 | 34.1 |

---

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fuel Gallons** | **Fuel Gallons** | **Fuel Gallons** | **Fuel Gallons** | **Fuel Gallons** | **Fuel Gallons** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** | **Fuel Margin** |
| **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **Same-store Sales** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** | **(Cents per gallon, excluding credit card fees)** |
|  | Q1 | Q2 | Q3 | Q4 | Fiscal<br>Year |  | Q1 | Q1 | Q2 | Q2 | Q3 | Q3 | Q4 | Q4 | Fiscal<br>Year | Fiscal<br>Year |
| **F2026** | **1.7%** | **0.8%** | **0.4%** |  |  | **F2026** | **41.0** | **¢** | **41.6** | **¢** | **41.0** | **¢** |  |  |  |  |
| F2025 | 0.7 | (0.6) | 1.8% | **0.1%** | **0.1%** | F2025 | 40.7 |  | 40.2 |  | 36.4 | ¢ | **37.6** | **¢** | **38.7** | **¢** |
| F2024 | 0.4 |  | (0.4) | 0.9 | 0.1 | F2024 | 41.6 |  | 42.3 |  | 37.3 |  | 36.5 |  | 39.5 |  |

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------

**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 management 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 and nine months ended January 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | Three Months Ended January 31, | Three Months Ended January 31, | Nine Months Ended January 31, | Nine Months Ended January 31, |
|  | **2026** | 2025 | **2026** | 2025 |
| Net income | $**130073** | $87097 | $**551764** | $448213 |
| Interest, net | **23381** | 29415 | **74921** | 56035 |
| Federal and state income taxes | **41374** | 20653 | **172133** | 136578 |
| Depreciation and amortization | **114084** | 105203 | **334463** | 296204 |
| EBITDA | $**308912** | $242368 | $**1133281** | $937030 |

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**NOTES:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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: <u>https://www.caseys.com</u>. Earnings will be reported during a conference call on March 10, 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.*

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| | |
|:---|:---|
| **Investor Relations Contact:** | **Media Relations Contact:** |
| **Brian Johnson (515) 446-6587** | **Katie Petru (515) 446-6772** |

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**CASY-IR**

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