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Here are 1-3 brief analogies for Casey's General Stores:

• It's like a 7-Eleven that has significantly expanded its fresh food menu to include items like pizza and donuts, alongside fuel and typical convenience store offerings.
• Think of it as the Midwest's version of a Wawa or Sheetz, combining gas, a wide range of convenience store items, and a strong emphasis on freshly prepared foods.

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• Freshly Prepared Foods: Offers a selection of items like pizza, donuts, and sandwiches made fresh for customers.
• Motor Fuel: Provides self-service gasoline and diesel fuel for vehicles.
• Tobacco & Nicotine Products: Sells a variety of tobacco and nicotine products, including through specialized stores.
• Beverages: Features a wide selection of soft drinks, coffee, tea, dairy products, and alcoholic beverages like beer, wine, and spirits.
• Snacks & Packaged Groceries: Includes snacks, candy, packaged bakery items, ice cream, and other convenience grocery products.
• General Merchandise: Sells a range of non-food items such as health and beauty aids, automotive products, and electronic accessories.
• Convenience Services: Provides services like lotto/lottery tickets and prepaid cards.

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Casey's General Stores (CASY) primarily sells directly to individuals through its network of convenience stores. Its major customer categories include:

1. Commuters and Travelers: Individuals who stop at Casey's locations for motor fuel, quick snacks, beverages, coffee, and grab-and-go meals while on their daily commutes or longer journeys. This group values speed, convenience, and accessibility.

2. Local Residents and Households: People living in the communities served by Casey's stores who rely on them for everyday essentials, including groceries (milk, bread, etc.), freshly prepared foods (pizza, donuts, sandwiches), tobacco products, lottery tickets, and other household convenience items. This segment appreciates the proximity and extended operating hours.

3. On-the-go Consumers: This category encompasses individuals such as workers, students, or anyone seeking quick meals, snacks, coffee, or beverages throughout their day. They often utilize Casey's for its freshly prepared food options and convenient selection of drinks and treats.

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Darren Rebelez, Chairman of the Board, Chief Executive Officer and President

Darren Rebelez was appointed CEO in June 2019. Prior to joining Casey's, he served as President of IHOP Restaurants and as Executive Vice President and Chief Operating Officer at 7-Eleven. He also held various leadership roles at ExxonMobil Corporation, Thornton Oil Corp, and KFC (when it was owned by PepsiCo). Rebelez is a graduate of the U.S. Military Academy at West Point, a Gulf War veteran (Army Ranger), and holds an MBA from the University of Houston. He serves on the board of directors of Genuine Parts Company and as an advisory board member for the Children of Fallen Patriots Foundation.

Stephen P. Bramlage, Jr., Chief Financial Officer and Principal Accounting Officer

Stephen P. Bramlage, Jr. was appointed CFO in 2020. His previous roles include EVP & CFO at Aramark and SVP & CFO at Owens-Illinois. He also held various financial positions at PPG Industries, Eli-Lilly, and EY. Bramlage holds an MBA from Northwestern University and a Bachelor of Science from the University of Dayton. He also serves on the board of directors for Cracker Barrel Old Country Store, Inc.

Ena Williams, Chief Operations Officer

Ena Williams serves as the Chief Operations Officer of Casey's General Stores.

Thomas P Brennan, Chief Merchandising Officer

Thomas P Brennan is the Chief Merchandising Officer at Casey's General Stores.

Chad Michael Frazell, Chief Human Resources Officer

Chad Michael Frazell holds the position of Chief Human Resources Officer at Casey's General Stores.

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Key Risks to Casey's General Stores (CASY)

1. Dependence on Fuel Sales and the Transition to Electric Vehicles: Casey's General Stores' financial performance is significantly influenced by its fuel sales, which are subject to volatile market prices and fluctuating consumer demand. The company's reliance on fuel sales poses a risk due to external factors such as changes in oil prices and the long-term structural threat of consumers shifting towards more fuel-efficient or electric vehicles (EVs). This dependence could impact the company's overall financial stability in the face of evolving industry trends.
2. Intense Industry Competition: The convenience store industry is highly competitive, with Casey's facing competition from national chains, supermarkets, drugstores, discount stores, and non-traditional retailers. This competitive landscape impacts Casey's revenue and profitability, as various players vie for market share. Maintaining market position requires continuous innovation and adaptation regarding price, location, product offerings, and service quality.
3. Operational, Legal, and Security Risks: As a company with a vast network of stores and internal operations, Casey's faces inherent operational risks, including those associated with managing a large workforce. The company is also exposed to legal challenges, such as ongoing lawsuits related to the misclassification of Store Managers, which could result in financial liabilities and reputational damage. Furthermore, convenience stores and gas stations, like those operated by Casey's, are susceptible to significant security risks, including robberies, thefts, antisocial behavior, and potential gun violence, which can endanger employees and customers and lead to losses.

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Casey's General Stores operates within several large addressable markets across the United States for its main products and services.

The overall **U.S. convenience store industry** recorded total sales of $837.4 billion in 2024, which includes both fuel and in-store items. Within this, **in-store sales** (excluding fuel) for U.S. convenience stores reached $335.5 billion in 2024.

For specific product categories:

• Motor Fuel: Fuel sales at U.S. convenience stores amounted to $501.9 billion in 2024. Convenience stores sell an estimated 80% of the fuel purchased in the U.S.
• Foodservice (including freshly prepared foods like pizza, donuts, and sandwiches): The U.S. convenience store foodservice market is projected to reach $78.1 billion in 2026. In 2024, foodservice accounted for 27.7% of in-store sales at convenience stores.
• Tobacco and Nicotine Products: The U.S. tobacco market was valued at approximately $85.93 billion in 2024 and is projected to grow to $88.85 billion in 2025.
• Packaged Beverages (excluding beer, wine, and liquor): Sales of packaged beverages in U.S. convenience stores constituted 17.9% of in-store sales in 2024, which translates to approximately $60.03 billion (based on $335.5 billion in-store sales).
• Convenience Food (including snacks, packaged bakery, and other food items): The U.S. convenience food market was valued at $186.40 billion in 2025.

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Casey's General Stores (CASY) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Strategic Store Expansion: The company is pursuing an aggressive expansion strategy, aiming to add approximately 500 new locations by the end of fiscal year 2026. This growth will be achieved through a combination of strategic mergers and acquisitions, such as the acquisition of 198 CEFCO convenience stores in November 2024, and organic development, with plans to open at least 80 new stores in fiscal year 2026. These expansions particularly bolster Casey's presence in southern markets like Texas, Alabama, Florida, and Mississippi.
2. Growth in Prepared Foods and Dispensed Beverages: A significant driver of revenue and profitability is Casey's high-margin prepared food business. The company, recognized as the fifth-largest pizza chain in the U.S., saw its prepared food and dispensed beverages contribute 58% of inside-store gross profit in the first quarter of fiscal year 2025. Ongoing product innovation, including new menu items like thin crust pizza and an expanded lunch sandwich menu, along with the rollout of wings to over 550 stores, is expected to continue boosting sales in this category. Prepared food and dispensed beverage same-store sales increased by 4.3% in Q3 FY2026.
3. Leveraging Casey's Rewards Loyalty Program and Digital Engagement: With over 10 million members by Q3 FY2026, the Casey's Rewards loyalty program is a crucial tool for enhancing customer engagement and driving repeat business through personalized offers. The company is also focusing on strengthening its omnichannel presence and digital sales capabilities, which contributed to a 20% increase in digital sales in Q3 FY2024.
4. Sustained Inside Sales Growth: Beyond prepared foods, overall inside sales, including grocery and general merchandise, are expected to contribute to revenue growth. Casey's projects inside same-store sales to increase between 3.5% and 4.5% for fiscal year 2026. Specific categories like energy drinks and nicotine alternatives are outperforming, showing double-digit growth within grocery and general merchandise.
5. Optimizing Fuel Volume and Margin Management: While fuel revenue can be subject to market volatility, increasing fuel gallons sold and maintaining strong fuel margins are key contributors to overall gross profit. In Q3 FY2026, same-store fuel gallons sold increased by 0.4%, and the company achieved a fuel margin exceeding $0.40 per gallon. Casey's strategy includes increasing its capacity to haul fuel in its own trucks and expanding business-to-business relationships to maintain a strategic advantage.

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Share Repurchases

• Casey's General Stores repurchased approximately $76 million of shares during the third quarter of fiscal year 2026 (ended January 31, 2026).
• As of March 9, 2026, the company had approximately $157 million remaining under its existing share repurchase authorization.
• Annual share buybacks amounted to $104.898 million in fiscal year 2024 and $734,000 in fiscal year 2025.

Share Issuance

• Casey's shares outstanding saw a slight increase in fiscal year 2023 (0.44% from 2022) due to capital-preserving activity prior to the Fikes acquisition.

Outbound Investments

• The company plans to open at least 80 stores in fiscal year 2026 through a mix of mergers and acquisitions (M&A) and new store construction, aiming for approximately 500 new stores over a three-year strategic plan period.
• Casey's has acquired 394 stores in the last three years (as of March 10, 2026), significantly accelerating its M&A strategy.
• Acquisitions of businesses resulted in cash outflows of approximately $1,239.25 million, $330.03 million, $85.57 million, and $901.64 million in various periods, including the Fikes and CEFCO acquisitions.

Capital Expenditures

• Capital expenditures averaged $454.5 million annually from fiscal years 2021 to 2025.
• Actual capital expenditures were $441.3 million in fiscal year 2021, $326.5 million in fiscal year 2022, $476.6 million in fiscal year 2023, $522.0 million in fiscal year 2024, and $506.2 million in fiscal year 2025.
• Expected capital expenditures for fiscal year 2026 (purchase of property and equipment) are approximately $600 million, primarily focused on store base expansion, prepared foods innovation, and growing the wings platform.