Like a 7-Eleven, but with a significant focus on prepared foods such as pizza, made-to-order sandwiches, and baked goods.

Similar to Wawa or Sheetz, it's a regional convenience store chain known for its extensive and well-regarded prepared food program alongside fuel and groceries.

• Motor Fuel: Sale of gasoline and diesel for vehicles.
• Grocery and General Merchandise: Sale of convenience items such as snacks, beverages, tobacco products, and household goods.
• Prepared Food and Dispensed Beverages: Sale of freshly prepared foods like pizza, donuts, and sandwiches, alongside coffee and fountain drinks.

Casey's General Stores (CASY)

Casey's General Stores primarily sells directly to individual consumers rather than to other businesses. As a convenience store chain, its major customers are everyday individuals seeking fuel, food, and other convenience items.

The company serves the following categories of individual customers:

• Daily Commuters and Travelers: Individuals on the go who stop for fuel, snacks, beverages, coffee, and quick meals (such as breakfast items or grab-and-go lunch options) during their daily routines, commutes, or longer road trips.
• Local Residents and Neighborhood Patrons: Individuals and families residing in the communities where Casey's stores are located. They utilize the stores for convenient grocery items, prepared foods (such as their famous pizza for dinner), household essentials, and fuel for their everyday needs.
• Workforce and Lunch Customers: Individuals working in the vicinity of Casey's locations who frequent the stores for quick lunch options (especially prepared foods like pizza slices, sandwiches, or subs), coffee breaks, or snack purchases during their workday.

• McLane Company, Inc. (a division of Berkshire Hathaway Inc. - BRK.A, BRK.B)

Darren Rebelez, President, Chief Executive Officer and Director

Darren Rebelez was appointed CEO of Casey's General Stores in June 2019. Prior to joining Casey's, he served as President of IHOP Restaurants from 2015 to 2019. Before IHOP, he was Executive Vice President and Chief Operating Officer at 7-Eleven Inc. from 2007 to 2014. He also held various management roles at ExxonMobil and began his career as an Army Ranger.

Stephen P. Bramlage, Chief Financial Officer

Stephen P. Bramlage became Chief Financial Officer of Casey's General Stores in June 2020. He previously served as Executive Vice President and Chief Financial Officer at Aramark from 2015 to 2020. Before Aramark, he was Senior Vice President and Chief Financial Officer at Owens-Illinois Inc. from 2012 to 2015, and held financial leadership roles at PPG Industries, Eli-Lilly, and Ernst & Young.

Ena Williams, Chief Operating Officer

Ena Williams has served as the Chief Operating Officer of Casey's General Stores since 2020. Prior to Casey's, she was the Chief Executive Officer at National HME Inc. from 2019 to 2020. She also held various senior leadership positions at 7-Eleven Inc. from 2008 to 2018, including Senior Vice President and Head of International.

Katrina S. Lindsey, Chief Legal Officer

Katrina S. Lindsey has been the Chief Legal Officer of Casey's General Stores since 2022. Her previous roles include Senior Vice President, Deputy General Counsel, Chief Compliance Officer and Assistant Corporate Secretary at Office Depot Inc. from 2017 to 2021, and Senior Vice President, Division General Counsel at Darden Restaurants from 2011 to 2017.

Chad M. Frazell, Chief Human Resources Officer

Chad M. Frazell has been the Chief Human Resources Officer of Casey's General Stores since 2020. Before joining Casey's, he served as the Senior Vice President of Human Resources at Tractor Supply Company from 2014 to 2020.

Key Business Risks for Casey's General Stores (CASY)

1. Dependence on Fuel Sales and Price Volatility: Casey's General Stores' financial performance is significantly influenced by fuel sales, which have historically accounted for a substantial portion of its total revenue. The volatility of wholesale petroleum costs directly impacts fuel margins, making it challenging to predict future operating results. Additionally, changing consumer preferences, such as a shift towards more fuel-efficient or electric vehicles, pose a long-term structural threat to fuel demand.
2. Intense Competition: The convenience store industry is highly competitive, with Casey's facing rivalry from national chains like 7-Eleven and Circle K, regional players, supermarkets, drugstores, and discount stores. This intense competition can pressure margins and impact market share. The entry of non-traditional retailers into the fuel market and the increasing prevalence of electric vehicle charging stations further intensify the competitive landscape.
3. Economic Downturns and Regulatory Changes: Economic downturns can lead to reduced consumer spending, particularly on discretionary items sold inside stores, which would adversely affect Casey's sales and profitability. Furthermore, the company is subject to extensive governmental regulations, and changes in areas such as minimum wage laws, environmental standards, or other operational requirements could result in higher operating costs. The company also faces operational risks and legal challenges, including ongoing lawsuits, which could result in financial liabilities and reputational damage.

Accelerated Electric Vehicle (EV) adoption poses a clear emerging threat. Casey's business model relies heavily on fuel sales to drive in-store traffic, where customers often purchase prepared food and merchandise. As EV penetration increases, a significant portion of the customer base will no longer need to stop at traditional gas stations for fuel. While Casey's can adapt by installing EV charging stations, the charging behavior (longer dwell times, potential for charging at home, work, or dedicated charging hubs) fundamentally differs from a quick gas fill-up, potentially reducing the frequency and likelihood of impulse purchases inside the store.

Intensified competition in the convenient prepared food and beverage market is another clear emerging threat. Casey's has successfully differentiated itself through its prepared food offerings, particularly pizza. However, the landscape for convenient food is rapidly evolving and becoming more crowded. This includes traditional Quick Service Restaurants (QSRs) investing heavily in drive-thrus, mobile ordering, and delivery, as well as grocery stores expanding their prepared food sections and meal solutions. Additionally, the rise of delivery-focused virtual restaurants and ghost kitchens, along with sophisticated food delivery platforms, provides consumers with an ever-increasing array of convenient food options, potentially eroding Casey's unique market position for grab-and-go and prepared meals.

• Fuel: The total revenue from motor fuel sales at convenience stores in the United States was approximately $501.9 billion in 2024. Convenience stores are a dominant channel for fuel sales, accounting for an estimated 80% of all fuel purchased in the country.
• Prepared Food & Dispensed Beverages (Foodservice): The U.S. convenience store foodservice market is projected to reach $72.5 billion in 2025. This category encompasses prepared food, commissary items, and hot, cold, and frozen dispensed beverages. Prepared food alone constituted 72.6% of convenience store foodservice sales in 2024.
• Grocery & General Merchandise: Total in-store sales at U.S. convenience stores reached $335.5 billion in 2024. Given that foodservice sales accounted for 27.7% of these in-store sales in 2024, the addressable market for grocery and general merchandise (excluding fuel and foodservice) within convenience stores can be estimated at approximately $242.6 billion (72.3% of $335.5 billion). This category includes essential grocery items, snacks, beverages, tobacco products, and health and beauty aids.

Casey's General Stores (CASY) is anticipated to drive future revenue growth over the next two to three years through a combination of strategic initiatives focused on expansion, in-store sales, and operational optimization.

Here are the key expected drivers:

1. Increased Store Count through Organic Growth and Acquisitions: Casey's General Stores has a strategic plan to significantly expand its footprint. The company is targeting the addition of approximately 500 stores over its three-year strategic plan period, with plans to open at least 80 new stores in fiscal year 2026 through a mix of new construction and acquisitions.

2. Growth in Inside Same-Store Sales: Casey's expects its inside same-store sales to increase by 2% to 5% in fiscal year 2026. This growth is anticipated to be driven by positive customer traffic and effective merchandising strategies.

3. Acceleration of the Food Business: A core component of Casey's strategy is to elevate its convenient food offerings. This includes continued innovation in prepared foods, such as hot sandwiches, bakery items, and whole pizzas, which have already shown strong performance. The company also plans to expand its private label offerings, building on its existing portfolio of over 300 snack and beverage options.

4. Optimization of Fuel Business (Volume and Margin Management): While the focus is on higher-margin inside sales, Casey's continues to strategically manage its fuel business. The company aims to balance fuel volume with margin, with same-store fuel gallons sold projected to fluctuate between a 1% decrease and a 1% increase. This disciplined approach contributes to overall gross profit.

Share Repurchases

• Casey's General Stores repurchased approximately $31 million of shares during the quarter ended July 31, 2025.
• The company repurchased $105 million of shares in fiscal year 2024.
• As of April 30, 2025, $295.1 million remained available under the existing share repurchase authorization for future purchases.

Outbound Investments

• In fiscal year 2025, Casey's completed its largest transaction in company history with the Fikes Wholesale acquisition, adding 198 CEFCO convenience stores. The Fikes acquisition was valued at $1.14 billion.
• During fiscal year 2025, Casey's also acquired seven convenience stores, one travel center, and four liquor stores from Wow! Foodmart LLC in central Kentucky.
• In fiscal year 2023, the company acquired 22 Lone Star Food Stores in Texas.

Capital Expenditures

• Capital expenditures were $506.2 million in fiscal year 2025 and peaked at $522 million in fiscal year 2024.
• For fiscal year 2026, the company expects capital expenditures for the purchase of property and equipment to be approximately $600 million.
• The primary focus of capital expenditures includes new store construction, remodeling existing stores, and integrating acquired locations to enhance operational efficiency and expand food offerings.