# EDGAR Filing Document

**Accession Number:** 0000726958
**File Stem:** 0000726958-25-000032
**Filing Date:** 2025-6
**Character Count:** 37933
**Document Hash:** 94e3c27d87de9610ad0c5c62af980443
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000726958-25-000032.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0000726958-25-000032

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250604

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

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**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:** 251034621

**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-20250604

**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): June 4, 2025**

**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 June 9, 2025, the Company issued a press release announcing its financial results for the fourth quarter and year ended April 30, 2025. A copy of the Company's press release is attached as Exhibit 99.1 and is incorporated herein by reference.

**Item 5.02. <u>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</u>**

*2025 Fiscal Year Annual Incentive Payouts*

On June 4, 2025, the Compensation and Human Capital Committee (the "Committee") of the Company's Board of Directors (the "Board") authorized payment to the Company's NEOs under the 2025 fiscal year Annual Incentive Plan. Based on the Company's performance in its 2025 fiscal year, the payouts equal 109% of the "target" for each NEO (which "target" is represented by a percentage of their 2025 fiscal year base salary), resulting in the following payments: (i) Darren M. Rebelez, President/CEO, $1,962,000; (ii) Stephen P. Bramlage, Jr., CFO, $850,200; (iii) Ena Williams, COO, $850,200; (iv) Thomas P. Brennan, CMO, $486,413; and (v) Chad M. Frazell, CHRO, $457,800.

*2026 Fiscal Year Long-Term Equity Incentive Awards*

On June 4, 2025, the Committee (and June 5, 2025, the Board, for Mr. Rebelez) approved annual long-term equity incentive awards to the NEOs. The awards, made under the terms of the Company's 2018 Stock Incentive Plan, are based on a percentage of 2026 fiscal year base salary (or for Mr. Rebelez, a target amount) (Mr. Rebelez, $9,275,000; Mr. Bramlage, 325%; Ms. Williams, 350%; Mr. Brennan, 275%; and Mr. Frazell, 275%) and consist of (i) time-based restricted stock units ("RSUs"), comprising 25% of the award amount, (ii) performance-based restricted stock units ("PSUs") subject to return on invested capital ("ROIC") performance goals, comprising 37.5% of the award amount, and (iii) PSUs subject to EBITDA performance goals, comprising 37.5% of the award amount. The PSUs granted represent a "target" amount, with the number of shares awarded based on the Company's achievement of threshold (50% awarded), target (100% awarded) and maximum (200% awarded) performance goals over a three-year performance period (fiscal years 2026, 2027 and 2028) (the "Performance Period").

Additionally, following the determination of the Company's achievement of the ROIC and EBITDA goals for the Performance Period, the PSUs actually awarded will be subject to a positive or negative adjustment based upon a comparison of the Company's total shareholder return ("TSR") relative to a comparator group for the Performance Period (the "TSR Modifier"). If the Company ranks in the bottom quartile of the group, the number of PSUs actually awarded will be reduced by 25%; if the Company ranks in the top quartile of the group, the number of PSUs actually awarded will be increased by 25% (which, based on maximum performance goals achieved, could result in a payment of up to 250% of "target" for the PSUs).

The RSUs will vest in equal installments on June 15, 2026, June 15, 2027, and June 15, 2028, and the PSUs will vest in full on June 15, 2028, subject to satisfaction of the applicable performance goals and application of the TSR Modifier, with each generally subject to continued employment through the vesting date, except as otherwise set forth in the applicable award agreement.

*2026 Fiscal Year Annual Incentive Plan Awards*

On June 4, 2025, the Committee (and June 5, 2025, the Board, for Mr. Rebelez), approved the Annual Incentive Plan for the 2026 fiscal year (the "2026 Annual Plan") for the NEOs. The 2026 Annual Plan will be based on EBITDA (60%) and same-store sales growth in the inside sales category (40%). The payout at "target" is based on a percentage of 2026 fiscal year base salary (Mr. Rebelez, 150%; Mr. Bramlage, 100%; Ms. Williams, 100%; Mr. Brennan, 75%; and Mr. Frazell, 75%), with an overall payout range from 0% to 200% of "target" depending on performance. All bonuses earned under the 2026 Annual Plan will be paid in cash.

*2026 Fiscal Year NEO Base Salaries*

On June 4, 2025, the Committee approved base salaries for the following NEOs for the 2026 fiscal year: (i) Mr. Bramlage, $810,000; (iii) Ms. Williams, $810,000; (iv) Mr. Brennan, $620,000; and (v) Mr. Frazell, $580,000.

------

**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 June 9, 2025](ex991q42025pressrelease.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: June 9, 2025 | 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 Fourth Quarter and Fiscal Year Results**

**Ankeny, IA, June 9, 2025 -** Casey's General Stores, Inc., ("Casey's" or the "Company") (Nasdaq symbol CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months and year ended April 30, 2025.

**Fourth Quarter 2025 Key Highlights**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS of $2.63, up 12.4% from the same period a year ago. Net income was $98.3 million, up 13.0%, and EBITDA<sup>2</sup> was $263.0 million, up 20.1%, from the same period a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inside same-store sales up 1.7% compared to the prior year, and 7.4% on a two-year stack basis, with an inside margin of 41.2%. Total inside gross profit increased 12.5% to $582.4 million compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fuel same-store gallons were up 0.1% compared to the prior year with a fuel margin of 37.6 cents per gallon. Total fuel gross profit increased 21.4% to $307.8 million compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In June, Casey's increased the quarterly dividend 14% to $0.57 per share, marking the 26th consecutive annual increase.

**Fiscal Year 2025 Key Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS of $14.64 up 9.0% over the prior year. Net income was $546.5 million, up 8.9%, and EBITDA was $1.2 billion, up 13.3%, from the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company built or acquired 270 stores in the fiscal year, the most in the Company's history. This included the Fikes Wholesale acquisition and its 198 CEFCO convenience stores.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Casey's Rewards grew to over 9 million members by year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The balance sheet remains strong, finishing the year with a debt-to-EBITDA ratio<sup>3</sup> of 1.9x.

"Casey's delivered another record fiscal year as our team continued to execute on our three-year strategic plan, reaching $546.5 million of net income and $1.2 billion in EBITDA," said Darren Rebelez, President and CEO. "Inside same-store sales outperformed the industry, up 2.6%, or 7.1% on a two-year stack basis, led by strong performance in hot sandwiches and bakery as well as alcoholic and non-alcoholic beverages. Our fuel team grew market share and produced a healthy margin, as fuel gross profit increased 10.7% from the prior year. The operations team performed exceptionally well during the year, driving strong performance, integrating the most new units in Casey's history, while reducing same-store labor hours for the twelfth consecutive quarter."

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
| | **2025** | 2024 | **2025** | 2024 |
| Net income (in thousands) | $**98307** | $87020 | $**546520** | $501972 |
| Diluted earnings per share | $**2.63** | $2.34 | $**14.64** | $13.43 |
| EBITDA (in thousands) | $**263017** | $219026 | $**1200047** | $1059398 |

---

Fourth quarter net income, diluted EPS, and EBITDA were up versus the same period the prior year primarily due to higher inside and fuel gross profit partially offset by higher operating expense due to operating 246 additional stores.

<sup>1</sup> During the prior year's fourth quarter Casey's had one additional operating day due to the leap year. This unfavorably impacted same-store and total results for the quarter by approximately 100 basis points; the full year impact was approximately 25 basis points.

<sup>2</sup> EBITDA is reconciled to net income below.

<sup>3</sup> As calculated under the covenants in the Company's credit facilities

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
| | **2025** | 2024 | **2025** | 2024 |
| Inside sales (in thousands) | $**1413593** | $1257375 | $**5755649** | $5188994 |
| Inside same-store sales | **1.7%** | 5.6% | **2.6%** | 4.4% |
| Grocery and general merchandise same-store sales | **1.8%** | 4.3% | **2.3%** | 3.5% |
| Prepared food and dispensed beverage same-store sales | **1.5%** | 8.8% | **3.5%** | 6.8% |
| Inside gross profit (in thousands) | $**582396** | $517613 | $**2389448** | $2128822 |
| Inside margin | **41.2%** | 41.2% | **41.5%** | 41.0% |
| Grocery and general merchandise margin | **34.8%** | 34.4% | **35.0%** | 34.1% |
| Prepared food and dispensed beverage margin | **57.8%** | 58.1% | **58.2%** | 58.7% |

---

For the quarter, total inside sales were up 12.4% for the quarter and total inside gross profit was up 12.5%. Inside same-store sales were up 1.7%, or 7.4% on a two-year stack basis, driven by strong performance in bakery and hot and cold food in the prepared food and dispensed beverage category as well as non-alcoholic beverages in the grocery and general merchandise category. Inside margin was flat compared to the same period in the prior year.

**<u>Fuel</u>**<sup>4</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended April 30, | Three Months Ended April 30, | Three Months Ended April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
| | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| Fuel gallons sold (in thousands) | **818641** |  | 694989 |  | **3196852** |  | 2828669 |  |
| Same-store gallons sold | **0.1** | **%** | 0.9 | % | **0.1** | **%** | 0.1 | % |
| Fuel gross profit (in thousands) | $**307836** |  | $253612 |  | $**1236694** |  | $1116671 |  |
| Fuel margin (cents per gallon, excluding credit card fees) | **37.6** | **¢** | 36.5 | ¢ | **38.7** | **¢** | 39.5 | ¢ |

---

For the quarter, total fuel gallons sold increased 17.8% compared to the prior year primarily due to operating more stores, while same-store gallons sold were up 0.1% versus the prior year. Fuel gross profit was up 21.4% versus the prior year. The Company sold $4.3 million in renewable fuel credits (RINs) in the fourth quarter, while the company sold $1.0 million RINs in the same period last year.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
| | **2025** | 2024 | **2025** | 2024 |
| Operating expenses (in thousands) | $**663003** | $579047 | $**2552356** | $2288513 |
| Credit card fees (in thousands) | $**63759** | $53539 | $**251077** | $229418 |
| Same-store operating expense excluding credit card fees | **1.9%** | 2.6% | **1.7%** | 2.7% |

---

Total operating expenses increased 14.5% for the fourth quarter. Operating 246 more stores than the prior year accounted for approximately 12% of the increase, including one-time deal and integration costs of approximately $4 million from the Fikes acquisition. Insurance expense contributed approximately 3% of the increase. Same-store employee expense was approximately flat, as the increases in wage rates were substantially offset by a reduction in same-store labor hours.

<sup>4</sup> Fuel category does not include wholesale fuel nor terminal activity, which is included in Other.

------

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

---

| | |
|:---|:---|
| | **Store Count** |
| **April 30, 2024** | 2658 |
| New store construction | 35 |
| Acquisitions | 235 |
| Acquisitions not opened | (1) |
| Prior acquisitions opened | 1 |
| Closed | (24) |
| **April 30, 2025** | 2904 |

---

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

At April 30, 2025, the Company had approximately $1.2 billion in available liquidity, consisting of approximately $327 million in cash and cash equivalents on hand and approximately $900 million in undrawn borrowing capacity on existing lines of credit.

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

During the fourth quarter, the Company did not repurchase any shares. The Company has approximately $295 million remaining under its existing share repurchase authorization.

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

At its June meeting, the Board of Directors voted to increase the quarterly dividend by 14% to $0.57 per share, which is the 26th consecutive year increasing the dividend. The dividend is payable August 15, 2025, to shareholders of record on August 1, 2025.

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

Casey's expects the following performance during fiscal 2026. The Company expects EBITDA to increase 10% to 12%. The Company expects inside same-store sales to increase 2% to 5% and inside margin of approximately 41%. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 8% to 10%. 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. Net interest expense is expected to be approximately $110 million. Depreciation and amortization is expected to be approximately $450 million and the purchase of property and equipment is expected to be approximately $600 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 April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
| | **2025** | 2024 | **2025** | 2024 |
| Total revenue | $**3992758** | $3600015 | $**15940899** | $14862913 |
| Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | **3066738** | 2801942 | **12188496** | 11515002 |
| Operating expenses | **663003** | 579047 | **2552356** | 2288513 |
| Depreciation and amortization | **107443** | 92344 | **403647** | 349797 |
| Interest, net | **27916** | 14494 | **83951** | 53441 |
| Income before income taxes | **127658** | 112188 | **712449** | 656160 |
| Federal and state income taxes | **29351** | 25168 | **165929** | 154188 |
| Net income | $**98307** | $87020 | $**546520** | $501972 |
| Net income per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**2.65** | $2.35 | $**14.72** | $13.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**2.63** | $2.34 | $**14.64** | $13.43 |
| Basic weighted average shares | **37126996** | 37025986 | **37116152** | 37164022 |
| Plus effect of stock compensation | **263564** | 233993 | **226860** | 206284 |
| Diluted weighted average shares | **37390560** | 37259979 | **37343012** | 37370306 |

---

------

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

**Condensed Consolidated Balance Sheets**

(Dollars in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **April 30, 2025** | April 30, 2024 |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**326662** | $206482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | **180746** | 151793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **480034** | 428722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | **24641** | 25791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **770** | 17066 |
| *Total current assets* | **1012853** | 829854 |
| Operating lease right-of-use assets, net | **417046** | 115819 |
| Other assets, net | **120082** | 79740 |
| Goodwill | **1244893** | 652663 |
| Property and equipment, net of accumulated depreciation of $3,122,203 at April 30, 2025 and $2,883,925 at April 30, 2024 | **5413244** | 4669357 |
| *Total assets* | $**8208118** | $6347433 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt and finance lease obligations | $**94925** | $53181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **620447** | 569527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and current portion of operating lease liabilities | **386321** | 330758 |
| *Total current liabilities* | **1101693** | 953466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance lease obligations, net of current maturities | **2413620** | 1582758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **646905** | 596850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | **434707** | 111100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance accruals, net of current portion | **33143** | 30046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | **69380** | 57832 |
| *Total liabilities* | **4699448** | 3332052 |
| Total shareholders' equity | **3508670** | 3015381 |
| *Total liabilities and shareholders' equity* | $**8208118** | $6347433 |

---

------

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

**Condensed Consolidated Statements of Cash Flows**

(Dollars in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | Twelve months ended April 30, | Twelve months ended April 30, |
| | **2025** | 2024 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $**546520** | $501972 |
| &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 | **403647** | 349797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt related costs | **2312** | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in excess replacement cost over LIFO inventory valuation | **11530** | 12499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **47732** | 41379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets and impairment charges | **12401** | 6414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **59958** | 53252 |
| &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 | **(1297)** | (31246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(7756)** | (51785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **3658** | (3684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(20782)** | (8731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | **21525** | 14387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | **15460** | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(4054)** | 2476 |
| Net cash provided by operating activities | **1090854** | 892953 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | **(506224)** | (522004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for acquisitions of businesses, net of cash acquired | **(1239249)** | (330032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of property and equipment | **18805** | 26680 |
| Net cash used in investing activities | **(1726668)** | (825356) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | **1100000** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt | **(239492)** | (53656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt related costs | **(5891)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of cash dividends | **(72309)** | (62918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock and payment of related excise taxes | **(734)** | (104898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings on employee share-based awards | **(25580)** | (18512) |
| Net cash provided by (used in) financing activities | **755994** | (239984) |

---

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| | | |
|:---|:---|:---|
| Net increase (decrease) in cash and cash equivalents | **120180** | (172387) |
| Cash and cash equivalents at beginning of the period | **206482** | 378869 |
| Cash and cash equivalents at end of the period | $**326662** | $206482 |

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**SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION**

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| | | |
|:---|:---|:---|
| | Twelve months ended April 30, | Twelve months ended April 30, |
| | **2025** | 2024 |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amount capitalized | $**86598** | $63449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net | **89771** | 105000 |
| Noncash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased property and equipment in accounts payable | **46427** | 45617 |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 April 30, 2025** | **Prepared Food<br>& Dispensed Beverage** | **Grocery & General<br>Merchandise** | **Fuel** | **Other** | **Total** |
| **Revenue** | $**391655** | $**1021938** | $**2438937** | $**140228** | $**3992758** |
| **Gross profit** | $**226406** | $**355990** | $**307836** | $**35788** | $**926020** |
|  | **57.8%** | **34.8%** | **12.6%** | **25.5%** | **23.2%** |
| **Fuel gallons sold** |  |  | **818641** |  |  |
| Three months ended April 30, 2024 |  |  |  |  |  |
| Revenue | $356895 | $900480 | $2276586 | $66054 | $3600015 |
| Gross profit | $207443 | $310170 | $253612 | $26848 | $798073 |
|  | 58.1% | 34.4% | 11.1% | 40.6% | 22.2% |
| Fuel gallons sold |  |  | 694989 |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| **Twelve months ended April 30, 2025** | **Prepared Food<br>& Dispensed Beverage** | **Grocery & General<br>Merchandise** | **Fuel** | **Other** | **Total** |
| **Revenue** | $**1611762** | $**4143887** | $**9776033** | $**409217** | $**15940899** |
| **Gross profit** | $**937440** | $**1452008** | $**1236694** | $**126261** | $**3752403** |
|  | **58.2%** | **35.0%** | **12.7%** | **30.9%** | **23.5%** |
| **Fuel gallons sold** |  |  | **3196852** |  |  |
| Twelve months ended April 30, 2024 |  |  |  |  |  |
| Revenue | $1461600 | $3727394 | $9402071 | $271848 | $14862913 |
| Gross profit | $858295 | $1270527 | $1116671 | $102418 | $3347911 |
|  | 58.7% | 34.1% | 11.9% | 37.7% | 22.5% |
| Fuel gallons sold |  |  | 2828669 |  |  |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |
| **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 |
| F2023 | 8.4 | 10.5 | 5.0 | 4.9 | 7.1 | F2023 | 55.6 | 56.7 | 57.3 | 56.8 | 56.6 |

---

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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 |
| **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 |
| F2023 | 5.5 | 6.9 | 5.8 | 7.1 | 6.3 | F2023 | 33.9 | 33.3 | 34.0 | 33.0 | 33.6 |

---

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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 |
| **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 |  |
| F2023 | (2.3) | 0.3 | (0.5) |  | (0.8) | F2023 | 44.7 |  | 40.5 |  | 40.7 |  | 34.6 |  | 40.2 |  |

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------

**RECONCILIATION OF NET INCOME TO EBITDA**

We define EBITDA as net income before net interest expense, income taxes, 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 substitutes 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 such calculations 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 and twelve months ended April 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | Three Months Ended April 30, | Three Months Ended April 30, | Twelve Months Ended April 30, | Twelve Months Ended April 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Net income | $**98307** | $87020 | $**546520** | $501972 |
| Interest, net | **27916** | 14494 | **83951** | 53441 |
| Federal and state income taxes | **29351** | 25168 | **165929** | 154188 |
| Depreciation and amortization | **107443** | 92344 | **403647** | 349797 |
| EBITDA | $**263017** | $219026 | $**1200047** | $1059398 |

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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, 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 the conflict in Ukraine 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 June 10, 2025. 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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