Caseys General Stores Inc

Company facts

Industry

Retail-Auto Dealers & Gasoline Stations

Headquarters

Ankeny, Iowa

Most recent report

10-Q, filed Sep 8, 2026

Incorporated

Iowa

Filings on record

1,000+ filings

On EDGAR

CIK 726958

Fiscal year ends

April

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 27 sections worth reading, with 7 positive, 9 notable, and 3 negative flags.

• Business (Item 1)

  Quantified fuel margin and volume growth, new captive, store count up; company-specific substance.
  Notable

  • Wholesale fuel revenue grew to ~3% of total revenue in FY2026 from ~2% in FY2025 after Fikes deal.
  • Formed CARES Captive Insurance Company in FY2026 to handle captive insurance program.
  • Bone-in and boneless wings now in ~850 stores; company plans to expand to remainder.
  • EV charging stations now at 64 stores (new disclosure), up from none mentioned last year.
  • Rewards program membership topped 10 million in FY2026, up from 9 million in FY2025.

• Market for the Stock (Item 5)

  Dividend raised 14% to $2.28; buyback program expanded to $1.0B post-year-end.
  Positive

  • Dividends increased 14% to $2.28 per share in fiscal 2026 from $2.00 in fiscal 2025; quarterly dividend raised to $0.65.
  • Post-year-end, board expanded repurchase program from $400M to $1.0B total authorization, signaling strong capital return.

• Management's Discussion (Item 7)

  Detailed financial results, store metrics, debt structure, strategic plan wrap-up.
  Positive

  • Fuel margin per gallon rose to 42.6 cents from 38.7 cents, described as historically high.
  • Net income rose 30.7% to $714.4M for FY2026, fueled by higher inside and fuel profitability.
  • EBITDA reached $1,483.6M, up 23.6% from $1,200.0M, driven by broad profit improvement.
  • Operating cash flow increased $286.7M to $1,377.5M, supporting capital spending and debt service.
  Notable

  • Battery charging stations grew to 282 at 64 stores across 14 states, up from 230 at 47 stores.
  • Share repurchases increased net cash used by $199.8M in FY2026, using operating cash flow.
  Negative

  • Impairment charges more than doubled to $9.8M from $4.1M in FY2025, partly from store underperformance.

• Financial Statements (Item 8)

  Full audited FY2026 results: net income +31%, cash flow strong, buyback expanded.
  Positive

  • Board authorized Expanded Repurchase Program increased total authorization to $1,000,000 post year-end.
  Notable

  • Acquired 40 stores for $141,583k in FY2026; closed/divested 10 CEFCO stores from Fikes.
  • FLSA lawsuits settled in FY2026; settlement recorded as not material, approved post year-end.
  Negative

  • Impairment charges: $9,818k in FY2026 vs $4,080k in FY2025, more than doubled.
  • Derivative loss on futures contracts: $28,159 loss in FY2026 vs $792 gain in FY2025.

What changed: FY2026 vs. FY2025

About 11% of CASY's FY2026 10-K is new information. 54 paragraphs were added, 218 changed, and 100 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 69
• Management's Discussion (Item 7) 42
• Exhibits (Item 15) 36
• Business (Item 1) 34
• Risk Factors (Item 1A) 20
• Form 10-K Summary (Item 16) 15
• Market for the Stock (Item 5) 6
• Controls and Procedures (Item 9A) 4
• Market Risk (Item 7A) 2