SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~January~~July 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-34700

CASEY’S GENERAL STORES, INC.

(Exact name of registrant as specified in its charter)


Iowa						42-0935283
(State or other jurisdiction of incorporation or organization)						(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)

Securities Registered pursuant to Section 12(b) of the Act


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

Securities Registered pursuant to Section 12(g) of the Act

NONE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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 ☐

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at ~~March~~September 63, 2025
Common stock, no par value per share						37,~~119~~181,~~004~~263 shares

Table of Contents

CASEY’S GENERAL STORES, INC.

INDEX

			Page
PART I	FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed consolidated balance sheets---as of January 31, 2025 and April 30, 2024 (unaudited)	4
		Condensed consolidated balance sheets---as of July 31, 2025 and April 30, 2025 (unaudited)	4
		Condensed consolidated statements of income---three and nine months ended January 31, 2025 and 2024 (unaudited)	5
		Condensed consolidated statements of income---three months ended July 31, 2025 and 2024 (unaudited)	5
		Condensed consolidated statement of shareholders' equity---nine months ended January 31, 2025 and 2024 (unaudited)	6
		Condensed consolidated statements of shareholders' equity---three months ended July 31, 2025 and 2024 (unaudited)	6
		Condensed consolidated statements of cash flows--- nine months ended January 31, 2025 and 2024 (unaudited)	7
		Condensed consolidated statements of cash flows---three months ended July 31, 2025 and 2024 (unaudited)	7
		Notes to unaudited condensed consolidated financial statements	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1514
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	2421
	Item 4.	Controls and Procedures	2421
PART II	OTHER INFORMATION
	Item 1.	Legal Proceedings	2421
	Item 1A.	Risk Factors	2421
	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	2522
	Item 6.	Exhibits	2623
SIGNATURE			2724

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(DOLLARS IN THOUSANDS)

	January 31,2025		April 30,2024
	July 31,2025		April 30,2025
Assets
Current assets:
Cash and cash equivalents	$	~~394~~458,~~815~~073	$	~~206~~326,~~482~~662
Receivables	~~166~~195,~~231~~485		~~151~~180,~~793~~746
Inventories	~~482~~478,~~101~~880		~~428~~480,~~722~~034
Prepaid and other current assets	3944,~~585~~681		2524,~~791~~641
Income taxes receivable	~~16,924~~—		~~17,066~~770
Total current assets	1,~~099~~177,~~656~~119		~~829~~1,~~854~~012,853
Operating lease right-of-use assets, net	~~420~~400,~~069~~712		~~115~~417,~~819~~046
Other assets, net of amortization	118,~~962~~569		79120,~~740~~082
Goodwill	1,~~240~~245,~~598~~976		~~652~~1,~~663~~244,893
Property and equipment, net of accumulated depreciation of $3,062,910 at January 31, 2025 and $2,883,925 at April 30, 2024	5,340,893		4,669,357
Property and equipment, net of accumulated depreciation of $3,212,598 at July 31, 2025 and $3,122,203 at April 30, 2025	5,428,633		5,413,244
Total assets	$	8,~~220~~371,~~178~~009	$	68,~~347~~208,~~433~~118

Liabilities and Shareholders' Equity
Current liabilities:
Current maturities of long-term debt and finance lease obligations	$	~~243~~98,~~755~~089	$	5394,~~181~~925
Accounts payable	~~585~~673,~~865~~944		~~569~~620,~~527~~447
Accrued expenses and current portion of operating lease liabilities	~~366~~361,~~018~~268		~~330~~386,~~758~~321
Total current liabilities	1,195,638		953,466
Income taxes payable	4,746		—
Long-term debt and finance lease obligations, net of current maturities	2,439,038		1,582,758
Total current liabilities	1,138,047		1,101,693
Deferred income taxes	638,197		596,850
Long-term debt and finance lease obligations, net of current maturities	2,373,058		2,413,620
Operating lease liabilities, net of current portion	437,155		111,100
Deferred income taxes	694,362		646,905
Insurance accruals, net of current portion	31,240		30,046
Operating lease liabilities, net of current portion	419,670		434,707
Other long-term liabilities	61,594		57,832
Insurance accruals, net of current portion	33,887		33,143
Total liabilities	4,802,862		3,332,052
Other long-term liabilities	71,307		69,380
Total liabilities	4,730,331		4,699,448
Shareholders’ equity:
Preferred stock, no par value	—		—
Common stock, no par value	~~37,568~~—		2749,~~453~~605
Retained earnings	3,~~379~~640,~~748~~678		23,~~987~~459,~~928~~065
Total shareholders’ equity	3,~~417~~640,~~316~~678		3,~~015~~508,~~381~~670
Total liabilities and shareholders' equity	$	8,~~220~~371,~~178~~009	$	68,~~347~~208,~~433~~118

See notes to unaudited condensed consolidated financial statements.

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Three Months EndedJanuary 31,

Nine Months EndedJanuary 31,

Three Months EndedJuly 31,

2025

2024

~~2025~~

~~2024~~

Total revenue

34,~~903~~567,~~633~~106

34,~~329~~097,~~247~~737

~~11,948,141~~

~~11,262,898~~

Cost of goods sold (exclusive of depreciation and amortization, shown separately below)

23,~~991~~454,~~065~~660

23,~~542~~142,~~724~~481

~~9,121,758~~

~~8,713,060~~

Operating expenses

~~670~~698,~~200~~176

~~568~~609,~~908~~474

~~1,889,353~~

~~1,709,466~~

Depreciation and amortization

~~105~~108,~~203~~963

8894,~~950~~409

~~296,204~~

~~257,453~~

Interest, net

2926,~~415~~850

14,~~146~~067

~~56,035~~

~~38,947~~

Income before income taxes

~~107~~278,~~750~~457

~~114~~237,~~519~~306

~~584,791~~

~~543,972~~

Federal and state income taxes

2063,~~653~~102

2757,~~586~~108

~~136,578~~

~~129,020~~

Net income

87215,~~097~~355

86180,~~933~~198

~~448,213~~

~~414,952~~

Net income per common share

Basic

25.3580

24.3486

~~12.08~~

~~11.15~~

Diluted

25.3377

24.3383

~~12.01~~

~~11.09~~

Basic weighted average shares outstanding

37,~~125~~148,~~570~~383

37,~~100~~087,~~143~~231

~~37,112,506~~

~~37,210,007~~

Plus effect of stock compensation

236,486

235,940

213,474

199,531

Plus dilutive effect of share-based compensation

203,697

190,463

Diluted weighted average shares outstanding

37,~~362~~352,~~056~~080

37,~~336~~277,~~083~~694

~~37,325,980~~

~~37,409,538~~

See notes to unaudited condensed consolidated financial statements.

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	Shares Outstanding	CommonStock		RetainedEarnings		Shareholders' Equity
Balance at April 30, 2024	37,008,488	$	27,453	$	2,987,928	$	3,015,381
Balance at April 30, 2025	37,119,083	$	49,605	$	3,459,065	$	3,508,670
Net income	—	—		~~180~~215,~~198~~355		~~180~~215,~~198~~355
Dividends declared (50 cents per share)	—	—		(18,763)		(18,763)
Dividends declared (57 cents per share)	—	—		(21,422)		(21,422)
Share-based compensation (net of tax withholding on employee share-based awards)	102,663	(13,896)		—		(13,896)
Repurchase of common stock	(69,687)	(18,931)		(12,320)		(31,251)
Balance at July 31, 2024	37,111,151	13,557		3,149,363		3,162,920
Share-based compensation	223,589	15,221		—		15,221
Net income	—	—		180,918		180,918
Tax withholdings on employee share-based awards	(92,000)	(45,895)		—		(45,895)
Dividends declared (50 cents per share)	—	—		(18,823)		(18,823)
Balance at July 31, 2025	37,180,985	$	—	$	3,640,678	$	3,640,678
Share-based compensation (net of tax withholding on employee share-based awards)	5,830	12,431		—		12,431
Balance at October 31, 2024	37,116,981	25,988		3,311,458		3,337,446
Net income	—	—		87,097		87,097
Dividends declared (50 cents per share)	—	—		(18,807)		(18,807)
Share-based compensation (net of tax withholding on employee share-based awards)	1,167	11,580		—		11,580
Balance at January 31, 2025	37,118,148	$	37,568	$	3,379,748	$	3,417,316

	Shares Outstanding	CommonStock		RetainedEarnings		Shareholders' Equity
Balance at April 30, 2023	37,263,248	$	110,037	$	2,550,629	$	2,660,666
Balance at April 30, 2024	37,008,488	$	27,453	$	2,987,928	$	3,015,381
Net income	—	—		~~169~~180,~~237~~198		~~169~~180,~~237~~198
Dividends declared (43 cents per share)	—	—		(16,214)		(16,214)
Dividends declared (50 cents per share)	—	—		(18,763)		(18,763)
Repurchase of common stock	(123,569)	(29,893)		—		(29,893)
Share-based compensation	169,969	11,036		—		11,036
Share-based compensation (net of tax withholding on employee share-based awards)	126,774	(7,501)		—		(7,501)
Tax withholdings on employee share-based awards	(67,306)	(24,932)		—		(24,932)
Balance at July 31, 2023	37,266,453	72,643		2,703,652		2,776,295
Balance at July 31, 2024	37,111,151	$	13,557	$	3,149,363	$	3,162,920
Net income	—	—		158,782		158,782
Dividends declared (43 cents per share)	—	—		(16,160)		(16,160)
Repurchase of common stock	(110,481)	(30,391)		—		(30,391)
Share-based compensation (net of tax withholding on employee share-based awards)	8,223	8,865		—		8,865
Balance at October 31, 2023	37,164,195	51,117		2,846,274		2,897,391
Net income	—	—		86,933		86,933
Dividends declared (43 cents per share)	—	—		(16,132)		(16,132)
Repurchase of common stock	(108,127)	(30,419)		—		(30,419)
Share-based compensation (net of tax withholding on employee share-based awards)	1,156	9,688		—		9,688
Balance at January 31, 2024	37,057,224	$	30,386	$	2,917,075	$	2,947,461

See notes to unaudited condensed consolidated financial statements.

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(DOLLARS IN THOUSANDS)

	Nine months ended January 31,
	Three Months EndedJuly 31,
	2025		2024
Cash flows from operating activities:
Net income	$	~~448~~215,~~213~~355	$	~~414~~180,~~952~~198
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	~~296~~108,~~204~~963		~~257~~94,~~453~~409
Amortization of debt issuance costs	~~1,132~~516		~~833~~278
Change in excess replacement cost over LIFO inventory valuation	98,~~358~~327		72,~~786~~431
Share-based compensation	3515,~~489~~221		2911,~~349~~036
Loss on disposal of assets and impairment charges	~~8,993~~561		~~892~~2,475
Deferred income taxes	5147,~~204~~457		487,~~213~~114
Changes in assets and liabilities:
Receivables	12(15,~~067~~873)		(1513,~~146~~133)
Inventories	(86,~~129~~868)		(3325,~~762~~378)
Prepaid and other current assets	(1120,~~287~~040)		(7,~~839~~280)
Accounts payable	~~(78~~35,~~246)~~019		~~(93~~17,~~480)~~431
Accrued expenses	(525,~~617~~729)		(1038,~~905~~750)
Income taxes	~~276~~5,595		249,~~335~~994
Other, net	(23,~~661)~~913		~~3,919~~529
Net cash provided by operating activities	~~756~~372,~~996~~417		~~604~~281,~~600~~354
Cash flows from investing activities:
Purchase of property and equipment	(~~325~~110,~~499~~046)		(~~325~~100,~~726~~564)
Payments for acquisition of businesses, net of cash acquired	(19,~~211,567~~495)		(~~296~~18,~~809~~113)
Proceeds from sales of assets	1417,~~529~~499		206,~~351~~688
Net cash used in investing activities	(1102,~~522,537~~042)		(~~602~~111,~~184~~989)
Cash flows from financing activities:
Proceeds from long-term debt	1,100,000		—
Payments of long-term debt and finance lease obligations	(42,163)		(29,316)
Payments of long-term debt and finance lease obligations	(60,981)		(48,364)
Payments of cash dividends	(19,655)		(16,611)
Payments of debt issuance costs	(5,292)		—
Repurchase of common stock and payment of related excise taxes	(31,251)		—
Payments of cash dividends	(53,745)		(46,975)
Tax withholdings on employee share-based awards	(45,895)		(24,932)
Repurchase of common stock and payment of related excise taxes	(734)		(89,768)
Net cash used in financing activities	(138,964)		(70,859)
Tax withholdings on employee share-based awards	(25,374)		(18,297)
Net cash provided by (used in) financing activities	953,874		(203,404)

Net increase (decrease) in cash and cash equivalents	188,333		(200,988)
Net increase in cash and cash equivalents	131,411		98,506
Cash and cash equivalents at beginning of the period	~~206~~326,~~482~~662		~~378~~206,~~869~~482
Cash and cash equivalents at end of the period	$	~~394~~458,~~815~~073	$	~~177~~304,~~881~~988

Table of Contents

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Continued)

(DOLLARS IN THOUSANDS)

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

	Nine months ended January 31,
	Three months ended July 31,
	2025		2024
Cash paid during the period for:
Interest, net of amount capitalized	$	5226,~~565~~896	$	4311,~~316~~845
Income taxes, net	8410,~~506~~050		~~72,037~~—
Noncash activities:
Purchased property and equipment in accounts payable	6964,~~299~~905		8255,~~785~~768
Right-of-use assets obtained in exchange for new finance lease liabilities	124,~~590~~448		~~14,035~~221
Right-of-use assets obtained in exchange for new operating lease liabilities	315,124		12,613

See notes to unaudited condensed consolidated financial statements.

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Dollars in Thousands, Except Share and Per Share Amounts)

1. Presentation of Financial Statements

As of ~~January~~July 31, 2025, Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,~~893~~895 convenience stores in 2019 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000.

The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

2. Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of ~~January~~July 31, 2025 and April 30, ~~2024~~2025, the results of operations for the three ~~and nine~~ months ended ~~January~~July 31, 2025 and 2024, and shareholders' equity and cash flows for the ~~nine~~three months ended ~~January~~July 31, 2025 and 2024. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the most recent audited financial statements for our consideration of new accounting pronouncements issued prior to this fiscal year.

Certain amounts in the prior year have been reclassified to conform to the current year presentation.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires new financial statement disclosures regarding specified information about certain costs and expenses. The new standard is effective for the Company's annual periods beginning May 1, 2027, and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine its impact on our disclosures.

3. Revenue and Cost of Goods Sold

The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income.

A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of ~~January~~July 31, 2025 and April 30, ~~2024~~2025, the Company recognized a contract liability of $6166,~~810~~254 and $5264,~~934~~077, respectively, primarily related to the Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets.

~~Gift~~The ~~card~~Company ~~related~~often ~~revenue~~receives isvendor ~~recognized~~allowances ason the ~~gift~~basis ~~cards~~of ~~are~~quantitative ~~used~~contract byterms ~~the~~that ~~guest.~~vary ~~Gift~~by ~~card~~product ~~breakage~~and ~~revenue~~vendor isor ~~recognized~~directly ~~based~~ on the ~~estimated~~basis ~~gift~~of ~~card~~purchases ~~breakage~~made. ~~rate~~Vendor ~~over~~allowances ~~the~~include ~~pro~~rebates ~~rata~~and ~~usage~~other offunds ~~the~~received ~~card.~~from Asvendors ofto ~~January 31,~~promote ~~2025~~their ~~and~~products. ~~April 30,~~These ~~2024,~~amounts ~~the~~are ~~Company~~ recognized ain ~~liability~~the ofperiod ~~$20,363~~earned ~~and~~based ~~$17,985,~~on ~~respectively,~~the ~~related~~applicable torebate ~~outstanding~~agreement. ~~gift~~Reimbursements ~~cards,~~of ~~which~~an isoperating ~~included~~expense in(e.g., ~~accrued~~advertising) ~~expenses~~are onrecorded ~~the~~as ~~condensed~~reductions ~~consolidated~~of ~~balance~~the ~~sheets~~related expense.

Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no specified cost to the Company.

Table of Contents

The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.

The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income.

4. Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure

The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $2,~~454~~267,000 and $12,~~375~~285,000 at ~~January~~July 31, 2025 and April 30, ~~2024~~2025, respectively. The fair value calculated excludes finance lease obligations of $~~107~~110,~~301~~829 and $~~101~~108,~~818~~920 outstanding at ~~January~~July 31, 2025 and April 30, ~~2024~~2025, respectively, which are included with long-term debt on the condensed consolidated balance sheets.

Interest, net on the condensed consolidated statements of income is net of interest income of $32,~~365 and $9~~977,~~543,~~ for the three ~~and nine~~ months ended ~~January~~July 31, 2025, and $2,~~238 and $10~~385,~~290,~~ for the three ~~and nine~~ months ended ~~January~~July 31, 2024. Interest, net is also net of interest capitalized of $~~564 and $1~~495,~~472,~~ for the three ~~and nine~~ months ended ~~January~~July 31, 2025, and $~~901 and $2~~419,~~381,~~ for the three ~~and nine~~ months ended ~~January~~July 31, 2024~~, respectively~~.

Series I and J Senior Notes

On October 4, 2024, the Company entered into a note purchase agreement with respect to the issuance of $250,000 aggregate principal amount of senior notes, consisting of: (i) $150,000 aggregate principal amount of 5.23% Senior Notes, Series I, due November 2, 2031; and (ii) $100,000 aggregate principal amount of 5.43% Senior Notes, Series J, due November 2, 2034 (collectively, the “Notes”). The Notes were issued on October 30, 2024. Interest on the Notes is payable semi-annually on May 2 and November 2 of each year. The Company used the proceeds of the Notes to partially fund the Fikes Wholesale acquisition. For additional information on the Fikes Wholesale acquisition, please refer to Note 6. As of January 31, 2025, there was $250,000 outstanding on the Notes.

Amended Credit Agreement

The Company is party to a credit agreement, dated as of April 21, 2023 (the “Existing Credit Agreement”). On October 30, 2024, the Company entered into an amendment to the Existing Credit Agreement (the “Amendment” and, together with the Existing Credit Agreement, the “Credit Agreement”), pursuant to which the Company incurred an incremental term loan in an aggregate principal amount of $850,000 (the “Incremental Term Loan”). The outstanding principal balance of the Incremental Term Loan is required to be repaid in equal quarterly installments of $10,625 on the last business day of each March, June, September, and December, commencing March 31, 2025, with the remaining balance due on October 30, 2029. The proceeds of the Incremental Term Loan were used to partially fund the Fikes Wholesale acquisition (see further discussion of the Fikes Wholesale acquisition in Note 6). As of January 31, 2025, there was $850,000 outstanding on the Incremental Term Loan.

Amounts borrowed under the Credit Agreement, including the Incremental Term Loan and the Revolving Facility discussed immediately below, bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the Credit Agreement.

Revolving Facility

The ~~Credit~~Company ~~Agreement~~has ~~also~~a credit agreement that provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). Amounts borrowed under the Revolving Facility, bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. The Company had $0 outstanding under the Revolving Facility at ~~January~~July 31, 2025 and April 30, ~~2024~~2025.

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Bank Line

The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of ~~January~~July 31, 2025, the availability under the Bank Line is encumbered by letters of credit totaling $~~308~~274. The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at ~~January~~July 31, 2025 and April 30, ~~2024~~2025. The Bank Line is due upon demand.

5. Compensation Related Costs and Share-Based Payments

The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the ~~maximum limit under the~~ 2018 Plan share reserve, and each share issued pursuant to an award of restricted stock or restricted stock units (i.e., a "full-value award") is counted as two shares against the ~~maximum~~share ~~limit~~reserve. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At ~~January~~July 31, 2025, there were ~~954~~560,~~086~~838 shares available for grant under the 2018 Plan.

The 2025 Stock Incentive Plan (the “2025 Plan”) was approved by the Board in July and by the Company’s shareholders on September 3, 2025, at the Company’s annual shareholders meeting (the “2025 Plan Effective Date”). The 2025 Plan replaces the 2018 Plan, under which no new awards are allowed to be granted as of the 2025 Plan Effective Date. Outstanding awards under the 2018 Plan continue to be governed by the terms thereof and the award agreements made pursuant thereto, including any such terms that are intended to survive the termination of the 2018 Plan or the settlement of such awards. Shares subject to awards under the 2018 Plan that expire, are forfeited, cancelled, or settled in cash will be added back to the shares available for issuance under the 2025 Plan. There were 1,650,000 shares available for issuance under the 2025 Plan as of the 2025 Plan Effective Date, pursuant to the same form of equity awards as permitted under the 2018 Plan, described above; provided however, each full-value award issued under the 2025 Plan is now counted as one share against 2025 Plan share reserve, instead of two shares, as described above.

We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. Forfeitures are recognized as they occur.

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The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of the awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards.

We recognize these amounts as an operating expense in our condensed consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee.

Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table. NoAt July 31, 2025, there were no stock ~~option~~options, ~~awards~~stock ~~have~~appreciation ~~been~~rights ~~granted~~or ~~under~~other ~~the~~equity-based ~~2018~~awards ~~Plan~~outstanding.

	Shares	Weighted-AverageGrant Date FairValue per Share
Unvested at April 30, 2024	491,862	$	229
Unvested at April 30, 2025	499,243	$	262
Granted	~~109~~96,~~754~~808	~~343~~461
Vested	(~~178~~223,~~096~~589)	~~223~~232
Forfeited	(85,~~709~~148)	~~253~~282
Performance Award Adjustments	3513,~~443~~829	~~246~~355
Unvested at January 31, 2025	450,254	$	261
Unvested at July 31, 2025	381,143	$	333

Total share-based compensation costs recorded for employees and non-employee directors for the ~~nine~~three months ended ~~January~~July 31, 2025 and 2024 were $3515,~~489~~221 and $2911,~~349~~036, respectively, related entirely to restricted stock unit awards. As of ~~January~~July 31, 2025, there was $4774,~~578~~141 of unrecognized compensation costs related to restricted stock units which are expected to be recognized through fiscal ~~2028~~2029, with a weighted average remaining term of 1.15 years. The fair value of restricted stock unit awards vested ~~for~~during the ~~nine~~three months ended ~~January~~July 31, 2025 was $65111,~~361~~177 as of the applicable vest date.

6. ~~Acquisitions~~Commitments and Contingencies

OnFrom ~~November~~time 1to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, ~~2024~~including, ~~the~~but ~~Company~~not ~~closed~~limited onto, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the ~~acquisition~~sale of ~~Fikes~~products ~~Wholesale~~pursuant to licenses and permits issued by those authorities; and, ~~owner~~other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of ~~CEFCO~~such ~~Convenience~~litigation, ~~Stores~~proceedings, ~~and~~investigations, ~~Group~~or ~~Petroleum~~claims ~~Services~~is ~~(collectively~~never ~~“Fikes”)~~certain, ~~through~~it anis ~~equity~~our ~~purchase~~opinion, ~~agreement.~~after Astaking ~~part~~into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations.

The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc., in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015, to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approximately 1,400 current and/or former Store Managers remain opted-in to participate in the McColley lawsuit. The Company is also named in a related lawsuit filed in the Southern District of Illinois, titled Kessler v. Casey’s Marketing Company, et al., with substantially the same allegations and seeking the same relief, but instead for the plaintiff and all similarly situated Store Managers located in the state of Illinois from December 19, 2019, to the present. On October 13, 2023, the Court approved conditional certification, and to-date, approximately 550 current and/or former Store Managers remain opted-in to participate in the Kessler lawsuit. Discovery in the McColley case is currently underway. The Company believes that adequate provisions have been made for probable losses related to these matters, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend these matters.

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~~acquisition, the Company acquired 100% of the equity of Fikes~~7. Unrecognized ~~The~~Tax transaction includes 198 retail locations and a fuel terminal, commissary, and wholesale network, where the Company will manage fuel wholesale supply agreements to certain locations. A combination of the land and/or building at 101 retail locations are subject to lease agreements. The acquisition brought 148 additional stores to Texas, as well as 50 stores in Alabama, Florida, and Mississippi. This acquisition met the criteria to be considered a business combination. Benefits

The ~~acquisition~~total ~~was~~amount ~~recorded~~of ingross ~~the~~unrecognized ~~financial~~tax ~~statements~~benefits bywas ~~allocating~~$11,659 ~~the~~and ~~purchase~~$10,773 ~~price~~at ~~to the assets acquired~~July 31, ~~including~~2025 ~~intangible~~and ~~assets~~April 30, ~~and liabilities assumed~~2025, ~~based~~respectively. onIf ~~their~~this ~~estimated~~unrecognized ~~fair~~tax ~~values~~benefit ~~at the acquisition date. Fair values~~ were ~~determined~~ultimately ~~using~~recognized, ~~Level 3 inputs~~$9,211 ~~which~~is ~~are~~the ~~unobservable~~amount ~~inputs~~ that ~~are~~would ~~not~~impact ~~corroborated~~our byeffective ~~market~~tax ~~data~~rate. The ~~excess~~total ~~of the cost of the acquisition over the~~ net ~~amounts~~amount ~~assigned to the fair value~~ of ~~the~~accrued ~~assets~~interest ~~acquired~~ and ~~the~~penalties ~~liabilities~~for ~~assumed~~such isunrecognized ~~recorded~~tax asbenefits ~~goodwill.~~was ~~Goodwill~~$317 ofat ~~$574~~July 31,~~207~~ ~~was~~2025, ~~recognized~~and as$266 ~~the~~at ~~result~~April 30, of2025. ~~the~~Net ~~acquisition~~interest and ispenalties ~~primarily~~included ~~attributable~~in toincome ~~the~~tax ~~location~~expense offor the ~~stores~~three inmonths ~~relation~~ended toJuly 31, ~~our~~2025 ~~footprint~~ and ~~expected~~2024 ~~synergies.~~was ~~Almost~~a ~~all~~net expense of ~~the~~$51 ~~goodwill~~and ~~associated~~$62, ~~with this transaction will be deductible for income tax purposes over 15 years~~respectively.

The ~~aggregate~~State ~~purchase~~of ~~price~~Illinois ~~for~~is ~~the~~currently ~~acquisition~~examining ~~totaled~~tax ~~$1,165,752,~~years ~~which~~2020 ~~is gross of cash~~ and ~~cash~~2021. ~~equivalents~~The ~~acquired~~Company ~~and~~has ~~includes~~no another ~~amount~~ongoing ~~accrued~~federal ~~for~~or ~~final~~state ~~settlement~~income oftax ~~$6,912,~~examinations. ~~which~~The isfederal ~~included~~statute inof ~~accrued~~limitations ~~expenses~~remains onopen for the ~~condensed~~tax ~~consolidated~~years ~~balance~~2021 ~~sheets~~and ~~as of January 31, 2025~~forward. ~~Upon~~Tax ~~closing,~~years ~~$1,158,840~~2020 ~~was~~and ~~paid~~forward inare ~~cash~~subject ~~using~~to ~~available~~audit ~~cash~~by onstate ~~hand~~tax ~~and~~authorities ~~proceeds~~depending ~~from~~on ~~the~~open ~~Incremental~~statute ~~Term~~of ~~Loan,~~limitations waivers and the ~~issuance~~tax code of ~~the~~each ~~Notes~~state. ~~For further information, see Note 4.~~

~~The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date~~8. Segment We utilized a third-party valuation specialist to assist in valuing the customer relationships, trade name, leases, and property and equipment acquired. The valuation is still in process and, as a result, amounts related to goodwill, customer relationships, trade name, leases, property and equipment, and deferred income taxes are provisional measurements and are subject to change. Additionally, the accounting related to contingent liabilities and the working capital adjustment is considered provisional and subject to change.Reporting

Assets acquired:
Cash and cash equivalents	$	60,212
Receivables	25,368
Inventories	50,928
Prepaid and other current assets	2,509
Deferred income taxes	9,857
Property and equipment	533,040
Operating lease right-of-use assets	314,364
Other assets	940
Customer relationships and trade name	38,000
Goodwill	574,207
Total assets	1,609,425
Liabilities assumed:
Accounts payable	70,892
Accrued expenses and other long-term liabilities	21,972
Operating lease liabilities	350,809
Total liabilities	443,673
Net assets acquired and total purchase price	$	1,165,752

As of July 31, 2025, we operated 2,895 stores in 19 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

~~Customer~~Casey’s ~~relationships~~chief ~~and~~operating ~~trade~~decision ~~name~~maker ~~will~~(“CODM”) beis ~~amortized~~the ~~over~~President ~~their~~and ~~respective~~Chief ~~useful~~Executive ~~lives~~Officer. ofThe 15CODM ~~years~~assesses performance for the segment and 4decides ~~years,~~how to allocate resources and ~~are~~capital ~~included~~based ~~within~~on ~~other~~profitability ~~assets~~metrics, such as net ofincome, ~~amortization~~that inis reported on the condensed consolidated ~~balance~~statements ~~sheets~~of asincome. ofThe ~~January 31~~CODM considers actual-to-forecast variances on a monthly, ~~2025.~~quarterly ~~These~~and ~~assets~~annual ~~were~~basis ~~valued~~for ~~using~~this ~~the~~profit ~~multi-period~~measure ~~excess~~when ~~earnings~~making ~~method,~~decisions about resource allocation and ~~relief~~assessing ~~from~~company ~~royalty~~performance. ~~method~~Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing performance or allocating resources and, ~~respectively.~~as a result, such information has not been presented below.

Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $13,482 and $22,227 for the three and nine months ended January 31, 2025, respectively, for the Fikes acquisition, which are recorded within operating expenses on the consolidated statements of income.

The Company recognized approximately $459,422 of revenue related to the acquired locations in the condensed consolidated statements of income for the three and nine months ended January 31, 2025. The impact to net income related to the acquired locations was not material for the three and nine months ended January 31, 2025.

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~~During~~The ~~the~~following ~~nine~~table ~~months~~provides ~~ended~~information ~~January 31,~~on ~~2025~~revenue, ~~the~~significant ~~Company acquired a further 30 stores through a variety of transactions~~expenses, ~~pursuant to the terms~~ and ~~conditions~~net ofincome ~~the~~related ~~individual asset purchase agreements. The majority of these acquisitions meet the criteria~~ to ~~be considered business combinations, and have been recorded in~~ the ~~financial~~single ~~statements~~reportable ~~in line with the methods discussed above. The impact of these acquisitions is not considered to be material.~~segment:

Pro Forma Information


	Three Months Ended July 31,
	2025		2024
Total revenue	$	4,567,106	$	4,097,737

Cost of goods sold (exclusive of depreciation and amortization)
Prepared food & dispensed beverage	192,451		169,088
Grocery & general merchandise	785,900		690,697
Fuel	2,360,105		2,241,094
Other (1)	116,204		41,602
Total cost of goods sold (exclusive of depreciation and amortization)	3,454,660		3,142,481

Operating expenses
Same-store employee expense	276,234		252,259
Same-store other expense	134,658		124,093
Same-store credit card fees expense	62,562		58,779
Non same-store operating expense	69,243		40,725
Other (2)	155,479		133,618
Total operating expenses	698,176		609,474

Depreciation & amortization	108,963		94,409
Interest, net	26,850		14,067
Income before income taxes	278,457		237,306
Federal and state income taxes	63,102		57,108
Net income	$	215,355	$	180,198

~~The~~(1)Other ~~following~~included ~~unaudited~~in ~~pro~~total ~~forma~~cost ~~information presents a summary~~ of ~~our~~goods ~~consolidated~~sold ~~results~~(exclusive of ~~operations~~depreciation asand ifamortization) ~~the~~primarily ~~acquisition~~includes ofactivity ~~Fikes~~related ~~occurred~~to atwholesale ~~the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):~~fuel.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
Total revenue	$	3,903,633	$	3,825,442	$	13,018,515	$	12,935,739
Net income	$	95,890	$	71,445	$	448,799	$	372,624
Net income per common share
Basic	$	2.58	$	1.93	$	12.09	$	10.01
Diluted	$	2.57	$	1.91	$	12.02	$	9.96

(2)Other included in operating expenses includes expenses for information technology, operations, merchandising, finance, human resources, legal, acquisitions, field operations and service excellence.

7. Commitments and Contingencies

From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations.

8. Unrecognized Tax Benefits

The total amount of gross unrecognized tax benefits was $12,737 and $10,747 at January 31, 2025 and April 30, 2024, respectively. If this unrecognized tax benefit were ultimately recognized, $10,062 is the amount that would impact our effective tax rate. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $525 at January 31, 2025, and $350 at April 30, 2024. Net interest and penalties included in income tax expense for the nine months ended January 31, 2025 and 2024 was a net expense of $175 and $212, respectively.

A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of

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unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The State of Illinois is currently examining tax years 2020 and 2021. The Company has no other ongoing federal or state income tax examinations. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,000 during the next twelve months mainly due to the expiration of certain statute of limitations.

The federal statute of limitations remains open for the tax years 2021 and forward. Tax years 2019 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

9. Segment Reporting

As of January 31, 2025, we operated 2,893 stores in 20 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

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Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands).

Overview

As of ~~January~~July 31, 2025, Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", "CEFCO", "Bucky's", or "Lone Star Food Store", referred to as "Casey's" or the "Company") throughout 2019 states, approximately half of which are located in Iowa, Missouri and Illinois. On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey's has operated in these states.

~~Approximately~~During ~~71%~~the third quarter of ~~all~~the ~~stores~~prior ~~were~~fiscal ~~opened~~year, inthe ~~areas~~Company ~~with~~closed ~~populations~~on ofthe ~~fewer~~acquisition ~~than~~of ~~20,000~~Fikes ~~persons.~~Wholesale ~~The~~and ~~Company~~Group ~~competes~~Petroleum onServices ~~the~~(collectively ~~basis~~"Fikes"), owner of ~~price,~~CEFCO asConvenience ~~well~~Stores, aswhich onadded ~~the~~198 ~~basis~~total ofstores, ~~traditional~~including ~~features~~148 ofadditional ~~convenience~~stores ~~store~~in ~~operations~~Texas, ~~such~~as well as ~~location,~~50 ~~extended~~stores ~~hours~~in Alabama, ~~product offerings~~Florida, and ~~quality of service~~Mississippi. AsDuring ofthe ~~January 31~~quarter, ~~2025,~~the ~~there~~Company ~~were~~closed aor ~~total~~divested ofall ~~2,893~~ten CEFCO stores acquired in ~~operation~~Mississippi.

~~All~~As ~~convenience stores carry a broad selection~~ of ~~food~~July 31, ~~items (which at most stores includes~~2025, ~~but~~there iswere ~~not~~a ~~limited~~total toof 2,895 ~~freshly~~stores ~~prepared~~in ~~foods~~operation. ~~such~~Approximately as71% ~~regular~~of ~~and~~all ~~breakfast~~stores ~~pizza,~~were ~~donuts,~~opened ~~hot~~in ~~breakfast~~areas ~~items,~~with ~~and~~populations ~~hot~~of ~~and~~fewer ~~cold~~than ~~sandwiches)~~20,000 ~~beverages,~~persons. ~~tobacco~~The ~~and~~Company ~~nicotine~~competes ~~products,~~on ~~health~~the ~~and~~basis ~~beauty~~of ~~aids~~price, ~~automotive~~as ~~products,~~well ~~and~~as ~~other~~on ~~nonfood~~the ~~items.~~basis As of ~~January 31,~~traditional ~~2025,~~features ~~260~~of convenience store ~~locations~~operations ~~offered~~such ~~car~~as ~~washes.~~location, Inextended ~~addition~~hours, ~~all~~product ~~but~~offerings, ~~six~~and ~~store~~quality ~~locations~~of ~~offer fuel for sale on a self-~~service ~~basis~~.

~~The~~All ~~Company~~convenience ~~had~~stores 63carry ~~stores~~a ~~operating~~broad ~~under~~selection ~~the~~of ~~"GoodStop~~food items (bywhich ~~Casey’s)"~~at ~~brand~~most ~~and~~stores 12includes, ~~stores~~but ~~operating~~is ~~under~~not ~~the~~limited ~~"Lone~~to, ~~Star~~freshly ~~Food~~prepared ~~Store"~~foods ~~brand~~such as ofregular ~~January 31,~~and ~~2025.~~breakfast ~~Additionally~~pizza, ~~the~~donuts, ~~majority~~hot ofbreakfast ~~the~~items, ~~stores~~and ~~acquired~~hot ~~from~~and ~~Fikes~~cold ~~are~~sandwiches), ~~currently~~beverages, ~~operating~~tobacco ~~under~~and ~~the~~nicotine ~~"CEFCO" brand. Similar to most of our store footprint~~products, ~~the "GoodStop"~~groceries, ~~"Lone~~health ~~Star Food Store"~~ and ~~"CEFCO"~~beauty ~~locations~~aids, ~~offer~~automotive ~~fuel for sale on a self-serve basis~~products, and aother ~~broad~~non-food ~~selection~~items. As of ~~snacks~~July 31, ~~beverages~~2025, ~~tobacco~~252 ~~products,~~store ~~and~~locations ~~other~~offered ~~essentials~~car washes. ~~However~~In addition, ~~some~~all ofbut ~~these~~six store locations dooffer ~~not~~fuel ~~have~~for asale ~~kitchen~~on ~~and~~a ~~have~~self-service ~~limited prepared food offerings~~basis.

The Company ishad 64 stores operating under the "GoodStop (by Casey’s)" brand, 11 stores operating under the "Lone Star Food Store" brand, and was also temporarily operating certain locations under the name "Bucky's" ~~and~~as isof inJuly 31, 2025. Additionally, the ~~process~~majority of ~~transitioning~~the ~~most~~remaining ofstores acquired from Fikes are currently operating under the "~~Bucky's~~CEFCO" ~~locations~~brand. Similar to ~~either~~most of our store footprint, the "~~Casey~~GoodStop", "Lone Star Food Store", "Bucky's", orand "~~GoodStop~~CEFCO" ~~brand~~locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. ~~These~~However, some of these locations ~~typically~~do not have ~~similar~~a ~~offerings~~kitchen toand ~~the~~have ~~"Casey’s"~~limited orprepared ~~"GoodStop"~~food ~~branded stores~~offerings.

AsThe ~~part of the Fikes transaction, the~~ Company ~~expanded~~operates ~~our~~a wholesale network where Casey’s manages fuel wholesale supply agreements to certain dealer sites and other wholesale locations. During the prior year, the Company expanded its fuel wholesale network through the acquisition of Fikes. The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count in the table below. Approximately 3% ~~and 2%~~ of total revenue for the three ~~and nine~~-months ended ~~January~~July 31, 2025, ~~respectively,~~ relates to ~~this~~the fuel wholesale network.

The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to most of our stores. One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center ~~facility~~ in Ankeny, Iowa. The other two distribution centers are located in Terre Haute, Indiana and Joplin, Missouri. The Company also self-distributes the majority of fuel to our stores.

The Company’s business is seasonal, and generally experiences higher sales and profitability during the first and second fiscal quarters (May-October), when guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks and ice.

The Company reported diluted earnings per common share of $25.3377 for the ~~third~~first quarter of fiscal ~~2025~~2026. For the same quarter a year-ago, diluted earnings per common share was ~~also~~ $24.3383.

The following table represents the roll forward of store ~~growth~~count through the ~~third~~first quarter of fiscal ~~2025~~2026:

			Store Count
Total stores at April 30, 2024			2,658
Total stores at April 30, 2025			2,904
New store construction			215
Acquisitions			~~228~~2
Acquisitions not opened			(1)
Prior acquisitions opened			1
Closed			(14)
Closed or divested			(17)
Total stores at January 31, 2025			2,893
Total stores at July 31, 2025			2,895

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Fuel ~~Volatility~~Profitability

~~Since~~The ~~early calendar 2020~~Company, and the ~~price~~retail offuel ~~crude oil~~industry, ~~and~~has inexperienced ~~turn~~historically ~~the~~high ~~wholesale~~average revenue less cost of ~~refined~~goods ~~fuel~~sold ~~products,~~per ~~has~~gallon ~~been~~(exclusive ~~volatile~~of ~~compared~~depreciation toand ~~historical averages~~amortization). ~~Initially,~~Although atthis ~~the~~has ~~outset~~remained ofrelatively ~~the~~consistent, ~~COVID~~on a longer-19term ~~pandemic~~basis, ~~oil~~this ~~and~~metric ~~fuel~~can ~~prices~~fluctuate ~~fell~~significantly, ~~dramatically;~~and ~~however~~sometimes unpredictably, asin the ~~economy~~short-term. inWhile ~~general~~the ~~began~~Company tobelieves ~~emerge~~that ~~from~~its ~~the~~average ~~pandemic,~~revenue ~~prices~~less ~~began~~cost toof ~~modestly~~goods ~~increase~~sold ~~over~~per ~~time.~~gallon ~~Oil~~(exclusive of depreciation and ~~fuel~~amortization) ~~prices~~will ~~continued~~remain toelevated befrom ~~impacted~~historical ~~throughout~~levels ~~fiscal~~for ~~2024~~the ~~and~~foreseeable ~~through~~future, ~~the~~it ~~third~~is ~~quarter~~possible ofthat ~~fiscal~~increased ~~2025~~oil asand afuel ~~result~~prices, ofhigher ~~geopolitical~~interest ~~issues~~rates, macroeconomic conditions and/or ~~localized~~continuing ~~supply~~conflicts or disruptions involving oil producing countries may materially impact the performance of this metric.

In addition, during the past four calendar years, the Company, and the retail fuel industry, has experienced historically high average revenue less cost of goods sold per gallon (exclusive of depreciation and amortization). Although this has remained relatively consistent since that time, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term. While the Company believes that its average revenue less cost of goods sold per gallon (exclusive of depreciation and amortization) may remain elevated from historical levels for the foreseeable future, it is possible that increased oil and fuel prices, higher interest rates, macroeconomic conditions and/or continuing conflicts or disruptions involving oil producing countries may materially impact the performance of this metric.

Electric Vehicles and Renewable Fuels

Casey's continues its process of implementing an electric vehicle ("EV") strategy and our management team remains committed to understanding if and how the increased demand for, and usage of, EVs impacts consumer behavior across our store footprint and beyond. As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our 2019-state footprint. As of ~~January~~July 31, 2025, the Company has 230 charging stations at 47 stores, across 13 states. Our EV growth strategy is currently designed to selectively increase our charging stations at locations within our region where we see higher levels of consumer EV buying trends and demand for EV charging. To date, consumer EV demand within our Midwest footprint has been comparatively lower than the levels along the coasts. As EV demand from our guests increases, we are prepared to strategically integrate charging ~~stations~~station options at select stores.

The Company also remains committed to offering renewable fuel options at our stores and continues to expand its alternative fuel options in response to evolving guest needs and as part of its environmental stewardship efforts. Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and 43approximately 42% of our stores offer biodiesel. Every newly built store has the capability to sell renewable fuels, and we aim to continue growing sales of renewable fuels throughout our footprint.

Same-Store Sales

Same-store sales is a common metric used in the convenience store industry. We define same-store sales as the total sales increase (or decrease) for stores open during the full time of both periods being presented. When comparing data, the store must be open for each entire fiscal period being compared. Remodeled stores that remained open or were closed for just a very brief period of time (i.e., less than a week) during the period being compared remain in the same-store sales comparison. If a store is replaced, either at the same location (i.e., razed and rebuilt) or relocated to a new location, it is removed from the comparison until the new store has been open for each entire period being compared. Newly constructed and acquired stores do not enter the calculation until they are open for each entire period being compared.

Same-store sales of prepared food and dispensed beverage increased 45.76% and grocery and general merchandise increased 3.38% during the quarter. The increase in prepared food and dispensed beverage same-store sales was attributable to strong sales of ~~hot~~whole ~~sandwiches~~pizzas and bakery. The increase in grocery and general merchandise same-store sales was primarily due to sales of non-alcoholic beverages. Additionally, the ~~third~~first quarter results reflected a 1.87% increase in same-store fuel gallons sold.

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Three Months Ended ~~January~~July 31, 2025 Compared to

Three Months Ended ~~January~~July 31, 2024

(Dollars and Amounts in Thousands)

Three Months Ended January 31, 2025	Prepared Food & Dispensed Beverage			Grocery & GeneralMerchandise			Fuel			Other			Total
Three Months Ended July 31, 2025	Prepared Food & Dispensed Beverage			Grocery & GeneralMerchandise			Fuel			Other			Total
Revenue	$	~~397~~458,~~151~~434		$	1,~~003~~225,~~274~~383		$	2,~~366~~733,~~822~~659		$	~~136~~149,~~386~~630		$	34,~~903~~567,~~633~~106
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	~~229~~265,~~535~~983		$	~~343~~439,~~544~~483		$	~~302~~373,~~058~~554		$	3733,~~431~~426		$	~~912~~1,~~568~~112,446
	57.8		%	34.2		%	12.8		%	27.4		%	23.4		%
	58.0		%	35.9		%	13.7		%	22.3		%	24.4		%
Fuel gallons sold							~~829~~911,~~761~~780
Three Months Ended January 31, 2024	Prepared Food & Dispensed Beverage			Grocery & GeneralMerchandise			Fuel			Other			Total
Three Months Ended July 31, 2024	Prepared Food & Dispensed Beverage			Grocery & GeneralMerchandise			Fuel			Other			Total
Revenue	$	~~349~~405,~~411~~129		$	~~865~~1,~~548~~068,978		$	2,~~051~~555,~~674~~642		$	6267,~~614~~988		$	34,~~329~~097,~~247~~737
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	~~208~~236,~~327~~041		$	~~293~~378,~~184~~281		$	~~257~~314,~~246~~548		$	2726,~~766~~386		$	~~786~~955,~~523~~256
	59.6		%	33.9		%	12.5		%	44.3		%	23.6		%
	58.3		%	35.4		%	12.3		%	38.8		%	23.3		%
Fuel gallons sold							~~689~~772,~~251~~536

Total revenue for the ~~third~~first quarter of fiscal ~~2025~~2026 increased by $~~574~~469,~~386~~369 (1711.35%) over the comparable period in fiscal ~~2024~~2025, primarily driven by $~~459~~522,~~422~~334 of additional revenue from the Fikes acquisition, which included 198 additional convenience stores and a wholesale fuel network. Prepared food and dispensed beverage revenue increased by $4753,~~740~~305 (13.72%), due to an increase in same-store sales of 45.76% driven by strong sales of ~~hot~~whole ~~sandwiches~~pizzas and bakery, as well as an increase of approximately 97.06% related to store growth, due to operating 221 more stores than a year ago. Grocery and general merchandise revenue increased by $~~137~~156,~~726~~405 (1514.96%), due to an increase in same-store sales of 3.38% driven by sales of non-alcoholic beverages, as well as an increase of approximately 1210.68% related to store growth. Retail fuel revenue increased by $~~315~~178,~~148~~017 (157.40%) due to an increase in the number of gallons sold of ~~140~~139,~~510~~244 (2018.40%). This was partially offset by a decrease in the average retail price per gallon of 49.24%.

The other revenue category primarily consists of activity related to wholesale fuel and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs. Other revenue increased $7381,~~772~~642 (~~117~~120.81%) for the ~~third~~first quarter of fiscal ~~2025~~2026 compared to the prior year, driven primarily by an increase in wholesale fuel revenue, as a result of the Fikes acquisition ~~in the current period~~.

Total revenue less cost of goods sold (exclusive of depreciation and amortization) was 2324.4% of revenue for the ~~third~~first quarter of fiscal ~~2025~~2026, compared to 23.63% for the comparable period in the prior year. Prepared food and dispensed beverage revenue less related cost of goods sold (exclusive of depreciation and amortization) decreased to 5758.80% of prepared food and dispensed beverage revenue for the ~~third~~first quarter of fiscal ~~2025~~2026, compared to 5958.63% for the comparable period in the prior year driven primarily by the acquisition of Fikes, as the ~~current~~CEFCO ~~offerings at these acquired~~ stores ~~have~~contribute a lower percentage than a typical Casey's store. Grocery and general merchandise revenue less related cost of goods sold (exclusive of depreciation and amortization) ~~was~~increased ~~relatively~~to ~~consistent at 34~~35.29% of grocery and general merchandise revenue for the first quarter of fiscal 2026, compared to 3335.94% of grocery and general merchandise revenue for the comparable period in the prior year driven primarily by product mix.

Fuel revenue less related cost of goods sold (exclusive of depreciation and amortization) was 1213.87% of fuel revenue during the ~~third~~first quarter of fiscal ~~2025~~2026, compared to 12.53% for the comparable period in the prior year. Revenue per gallon less cost of goods sold (exclusive of depreciation and amortization) per gallon ~~decreased~~increased to 3641.40 cents in the ~~third~~first quarter of fiscal ~~2025~~2026, compared to 3740.37 cents for the comparable period in the prior year. The Company sold 46.01 million RINs (renewable identification numbers) for $26,~~557~~742 during the quarter, compared to the sale of 48.25 million RINs in the ~~third~~first quarter of the prior year, which generated $34,~~379~~834 (see Note 3, above, for a further description of RINs and how they are generated).

~~Other~~Operating ~~revenue~~expenses ~~less~~increased ~~related~~$88,702 ~~cost~~(14.6%) ofto ~~goods~~$698,176 ~~sold~~in ~~(exclusive~~the offirst ~~depreciation~~quarter ~~and~~of ~~amortization)~~fiscal ~~decreased~~2026. toApproximately ~~27.4~~10% of ~~other revenue for~~ the ~~third~~increase ~~quarter~~is ofdue ~~fiscal~~to ~~2025,~~operating ~~compared~~221 tomore ~~44.3%~~stores ~~for~~than the comparable period in the prior year. ~~driven~~Same-store ~~primarily~~employee byexpense ~~increased~~contributed ~~activity~~to ~~within~~approximately ~~the wholesale network~~1.5% ~~The wholesale network, which is presented gross~~ of ~~applicable~~the ~~costs~~increase, ~~contributes a lower percentage of revenue than other categories, that are presented net of costs, and~~ as ~~a result, decreases~~ the ~~combined~~increases ~~percentage~~in oflabor ~~other~~rates ~~revenue.~~were ~~While~~partially ~~the~~offset ~~other~~by ~~revenue less related cost of goods sold (exclusive of depreciation and amortization) as~~ a ~~percentage~~reduction ofin ~~revenue~~same-store ~~decreased,~~labor ~~the total dollar amount increased from $27,766 to $37,431 (34~~hours.8%

17Depreciation and amortization expense increased $14,554 (15.4%) to $108,963 in the first quarter of fiscal 2026, primarily due to operating 221 more stores than a year ago.

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~~increase). Approximately~~Interest, net increased $12,783 (90.89%) ofto ~~this~~$26,850 ~~increase~~in ~~was~~the ~~related~~first toquarter anof ~~increase~~fiscal ~~in wholesale fuel activity~~2026, primarily due to ~~the~~issuing ~~acquisition~~incremental debt of ~~Fikes.~~$1,100,000 ~~The~~in ~~remaining~~the ~~increase~~prior isyear ~~primarily due~~ to anpartially ~~increase~~fund ~~in store count from~~ the ~~prior~~acquisition ~~year~~of Fikes.

~~Operating~~The ~~expenses~~effective ~~increased~~tax ~~$101,292~~rate ~~(17.8%)~~decreased to ~~$670,200~~22.7% in the ~~third~~first quarter of fiscal ~~2025.~~2026 ~~Approximately~~compared ~~14% of the increase is due~~ to ~~operating~~24.1% ~~254~~in ~~more stores than~~ the ~~comparable~~same period inof ~~the~~fiscal ~~prior year~~2025. ~~This~~The ~~increase~~decrease ~~includes~~in ~~one-time deal and integration costs of $13,482 incurred as part of~~ the ~~Fikes~~effective ~~acquisition.~~tax ~~Same-store~~rate ~~employee~~was ~~expense~~primarily ~~contributed~~due to ~~approximately~~an ~~1% of the~~ increase, ~~as the increases~~ in ~~labor~~excess ~~rates~~tax ~~were~~benefits ~~partially~~recognized ~~offset~~on ~~by a reduction in same~~share-~~store~~based ~~labor hours~~awards.

~~Depreciation~~Net ~~and~~income ~~amortization expense~~ increased $1635,~~253~~157 (1819.35%) to $~~105~~215,~~203~~355 compared to $180,198 in the ~~third~~comparable ~~quarter~~period. ofThe ~~fiscal~~increase ~~2025,~~in net income was primarily ~~due~~attributable to higher profitability both inside the store and in fuel, partially offset by increases in operating ~~254~~expenses, ~~more~~depreciation ~~stores~~and ~~than~~amortization, aand ~~year~~interest ~~ago~~expense. See discussion in the paragraphs above for the primary drivers for each of these changes.

Interest, net increased $15,269 (107.9%) to $29,415 in the third quarter of fiscal 2025. This was primarily attributable to an increase in interest expense as a result of the issuance of the Incremental Term Loan and the Series I and J Notes. The Company used the proceeds to partially fund the Fikes acquisition. For further information, see Note 4.

The effective tax rate decreased to 19.2% in the third quarter of fiscal 2025 compared to 24.1% in the same period of fiscal 2024. The decrease in the effective tax rate was primarily due to a one-time benefit to update the state deferred tax rate following the Fikes acquisition.

Net income was relatively consistent in the third quarter of fiscal 2025 at $87,097 compared to $86,933 in the comparable period as increases in revenue less cost of goods sold (exclusive of depreciation and amortization), were offset by increases in operating expenses, depreciation and amortization, and interest expense. See discussion in the paragraphs above for the primary drivers for each of these changes.

Nine Months Ended January 31, 2025 Compared to

Nine Months Ended January 31, 2024

(Dollars and Amounts in Thousands)

Nine Months Ended January 31, 2025	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	1,220,107		$	3,121,949		$	7,337,096		$	268,989		$	11,948,141
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	711,034		$	1,096,018		$	928,858		$	90,473		$	2,826,383
	58.3		%	35.1		%	12.7		%	33.6		%	23.7		%
Fuel gallons sold							2,378,211
Nine Months Ended January 31, 2024	Prepared Food & Dispensed Beverage			Grocery & General Merchandise			Fuel			Other			Total
Revenue	$	1,104,705		$	2,826,914		$	7,125,485		$	205,794		$	11,262,898
Revenue less cost of goods sold (exclusive of depreciation and amortization)	$	650,852		$	960,357		$	863,059		$	75,570		$	2,549,838
	58.9		%	34.0		%	12.1		%	36.7		%	22.6		%
Fuel gallons sold							2,133,680

Total revenue for the first nine months of fiscal 2025 increased by $685,243 (6.1%) over the comparable period in fiscal 2024 primarily driven by $459,422 of additional revenue from the Fikes acquisition, which included 198 additional convenience stores and a wholesale fuel network. Prepared food and dispensed beverage revenue increased by $115,402 (10.4%) due to an increase in same-store sales of 4.4% driven by improved sales of hot sandwiches, bakery, and dispensed beverages, as well as an increase of approximately 6.0% related to store growth. Grocery and general merchandise revenue increased by $295,035 (10.4%) due to an increase of approximately 7.8% related to store growth, as well as an increase in same-store sales of 2.6% driven by strong sales of non-alcoholic and alcoholic beverages. Retail fuel revenue increased by $211,611 (3.0%) due to an increase in the number of gallons sold of 244,531 (11.5%), partially offset by the average retail price per gallon decreasing 7.6%.

The other revenue category primarily consists of activity related to wholesale fuel and car wash revenue, which are both presented gross of applicable costs, as well as lottery, which is presented net of applicable costs. Other revenue increased $63,195 (30.7%) for the first nine months of fiscal 2025 compared to the prior year, driven primarily by an increase in wholesale fuel revenue, as a result of the Fikes acquisition in the current period.

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Revenue less cost of goods sold (exclusive of depreciation and amortization) was 23.7% of revenue for the first nine months of fiscal 2025, compared to 22.6% for the comparable period in the prior year. Prepared food and dispensed beverage revenue less related cost of goods sold (exclusive of depreciation and amortization) decreased to 58.3% of prepared food and dispensed beverage revenue, compared to 58.9% for the comparable period in the prior year driven primarily by the acquisition of Fikes, as the current offerings at these acquired stores have a lower percentage than a Casey's store. Grocery and general merchandise revenue less related cost of goods sold (exclusive of depreciation and amortization) increased to 35.1% of grocery and general merchandise revenue, compared to 34.0% in the prior year. The current year percentage was positively impacted by product mix.

Fuel revenue less related cost of goods sold (exclusive of depreciation and amortization) was 12.7% of fuel revenue for the first nine months of fiscal 2025, compared to 12.1% for the first nine months of the prior year. Revenue per gallon less cost of goods sold (exclusive of depreciation and amortization) per gallon was 39.1 cents for the first nine months of fiscal 2025 compared to 40.4 cents in the prior year. The Company sold 18.8 million RINs (renewable identification numbers) for $12,315 during the nine months of fiscal 2025, compared to the sale of 23.9 million RINs in the prior year, which generated $32,005 (see Note 3, above, for a further description of RINs and how they are generated).

Other revenue less related cost of goods sold (exclusive of depreciation and amortization) decreased to 33.6% of other revenue for the third quarter of fiscal 2025, compared to 36.7% for the comparable period in the prior year driven primarily by increased activity within the wholesale network. The wholesale network, which is presented gross of applicable costs, contributes a lower percentage of revenue than other categories, that are presented net of costs, and as a result, decreases the combined percentage of other revenue. While the other revenue less related cost of goods sold (exclusive of depreciation and amortization) as a percentage of revenue decreased, the total dollar amount increased from $75,570 to $90,473 (19.7% increase), primarily due to an increase in store count from the prior year. Other revenue less related cost of goods sold (exclusive of depreciation and amortization) was also favorably impacted by an increase in wholesale fuel activity (approximately 3.9%) in the current year.

Operating expenses increased by $179,887 (10.5%) in the first nine months of fiscal 2025 from the comparable period in the prior year. Approximately 8% of the increase is due to operating 254 more stores than the comparable period in the prior year. This increase includes one-time deal and integration costs of $22,227 incurred as part of the Fikes acquisition. Same-store employee expense contributed to approximately 1% of the increase.

Depreciation and amortization expense increased $38,751 (15.1%) to $296,204 for the first nine months of fiscal 2025 from $257,453 for the comparable period in the prior year, primarily due to operating 254 more stores than a year ago.

Interest, net increased by $17,088 (43.9%) to $56,035 for the first nine months of fiscal 2025 from $38,947. This was primarily attributable to an increase in interest expense as a result of the issuance of the Incremental Term Loan and the Series I and J Notes. The Company used the proceeds to partially fund the Fikes acquisition. For further information, see Note 4.

The effective tax rate decreased to 23.4% in the first nine months of the fiscal year compared to 23.7% in the same period of the prior fiscal year. The decrease in the effective tax rate was primarily due to a one-time benefit to update the state deferred tax rate following the Fikes acquisition (0.9%) and an increase in excess tax benefits recognized on share-based awards (0.3%). The effect of these favorable items was partially offset by a one-time benefit in the prior year from adjusting the Company’s deferred tax assets and liabilities for state law changes enacted during the year (0.9%).

Net income increased by $33,261 (8.0%) to $448,213 from $414,952 in the prior year. The increase in net income was primarily attributable to higher profitability both inside the store and in fuel, partially offset by increases in operating expenses, depreciation and amortization and interest expense. See discussion in the paragraphs above for the primary drivers for each of these changes.

Use of Non-GAAP Measures

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.

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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~~July 31, 2025 and 2024:

Three months ended

~~Nine months ended~~

January 31, 2025

January 31, 2024

January 31, 2025

January 31, 2024

July 31, 2025

July 31, 2024

Net income

87215,~~097~~355

86180,~~933~~198

~~448,213~~

~~414,952~~

Interest, net

2926,~~415~~850

14,~~146~~067

~~56,035~~

~~38,947~~

Federal and state income taxes

2063,~~653~~102

2757,~~586~~108

~~136,578~~

~~129,020~~

Depreciation and amortization

~~105~~108,~~203~~963

8894,~~950~~409

~~296,204~~

~~257,453~~

EBITDA

~~242~~414,~~368~~270

~~217~~345,~~615~~782

~~937,030~~

~~840,372~~

For the three ~~and nine~~ months ended ~~January~~July 31, 2025, EBITDA increased by 1119.48% ~~and 11.5%~~, ~~respectively,~~ when compared to the same period a year ago. The increase was primarily attributable to higher profitability both inside the store and in fuel, partially offset by higher operating expenses. See discussion in the preceding sections for the primary drivers for each of these individual changes.

Critical Accounting Policies

Critical accounting policies are those accounting policies that management believes are important to the portrayal of the Company’s financial condition and results of operations. The Company's critical accounting policies are described in the Form 10-K for the year ended April 30, ~~2024~~2025, and such discussion is incorporated herein by reference. There have been no changes to these policies in the ~~nine~~three months ended ~~January~~July 31, 2025.

Liquidity and Capital Resources

Due to the nature of the Company’s business, cash provided by operations is the Company’s primary source of liquidity. The Company finances its inventory purchases primarily from normal trade credit aided by the relatively rapid turnover of inventory. This turnover allows the Company to conduct its operations without large amounts of cash and working capital. As of ~~January~~July 31, 2025, the Company’s ratio of current assets to current liabilities was 01.9203 to 1. The ratio at ~~January~~July 31, 2024 and April 30, ~~2024~~2025 was 0.8984 to 1 and 0.8792 to 1, respectively. The increase in the ratio is primarily attributable to an increase in cash

Management believes that the net availability under the Bank Line of approximately $49,692 and the Revolving Facility of $850,000, combined with the current cash and cash equivalents and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.17

Net cash provided by operating activities was $756,996 for the nine months ended January 31, 2025, compared to $604,600 for the comparable period in the prior year, an increase of $152,396. Our primary source of operating cash flows is from sales to guests at our stores. The primary uses of operating cash flows are payments to our team members and suppliers, as well as payments for taxes and interest. Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (exclusive of depreciation and amortization) of $276,545, offset by an increase in operating expenses of $179,887. Refer to "Nine Months Ended January 31, 2025 Compared to Nine Months Ended January 31, 2024" starting on page 18 for further details on the primary drivers for the changes in revenue, cost of goods sold, and operating expenses. Cash flows from operations can also be impacted by variability in the timing of payments and receipts for certain assets and liabilities, such as wage related accruals, accounts payable, and receivables from credit card companies or our vendors. The increase in operating cash flows, compared to the prior year, was also favorably impacted by an increase in operating cash flows of $25,633 due to the timing of inventory purchases, as well as an increase of $27,213 related to receivables, due to the timing of receipts from vendors.

Cash used in investing activities increased $920,353. During the first nine months of fiscal 2025, the Company expended $1,537,066 for purchases of property and equipment and payments for acquisitions compared to $622,535 for the comparable period in the prior year. The increase in cash used in investing activities was attributable to an increase in acquisition related activity in the current period, with the Fikes acquisition closing during the quarter. For additional information, please refer to Note 6. Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.

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~~Cash~~and ~~provided~~cash byequivalents ~~financing~~during ~~increased $1,157,278, from~~ the ~~comparable period of the prior year, primarily due to the proceeds from long-term debt of $1,100,000, to partially fund the Fikes acquisition~~quarter. For ~~additional~~further information, ~~please~~ refer to ~~Note~~discussions 4on ~~and~~the ~~Note~~changes 6.in ~~Additionally,~~the ~~cash~~sections ~~provided~~of bythe ~~financing~~statement ~~was~~of ~~positively~~cash ~~impacted~~flow ~~by a decrease in share repurchase related activity of $89,034~~below.

21Management believes that the net availability under the Bank Line of approximately $49,726 and the Revolving Facility of $850,000, combined with the current cash and cash equivalents and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.

Net cash provided by operating activities was $372,417 for the three months ended July 31, 2025, compared to $281,354 for the comparable period in the prior year, an increase of $91,063. Our primary source of operating cash flows is from sales to guests at our stores. The primary uses of operating cash flows are payments to our team members and suppliers, as well as payments for taxes and interest. Cash flow from operations was favorably impacted by improved revenue less cost of goods sold (exclusive of depreciation and amortization) of $157,190, offset by an increase in operating expenses of $88,702 and an increase in cash paid for interest of approximately $15,051. Refer to "Three Months Ended July 31, 2025 Compared to Three Months Ended July 31, 2024" starting on page 16 for further details on the primary drivers for the changes in revenue, cost of goods sold, operating expenses, and interest. Cash flows from operations can also be impacted by variability in the timing of payments and receipts for certain assets and liabilities, such as wage related accruals, accounts payable, and receivables from credit card companies or our vendors. Operating cash flows were also favorably impacted by an increase of $18,510 due to the timing of inventory purchases, as well as an increase of $17,588 related to accounts payable, due to the timing of payments.

Cash used in investing activities decreased by $9,947. The decrease is primarily attributable to increased proceeds from the sale of assets of $10,811, due to an increase in store divestitures compared to the prior year. During the first three months of fiscal 2026, the Company expended $119,541 for purchases of property and equipment and payments for acquisitions compared to $118,677 for the comparable period in the prior year. Purchases of property and equipment and payments for acquisitions of businesses typically represent the single largest use of excess Company funds. Management believes that by acquiring, building, and reinvesting in stores, the Company will be better able to drive long-term shareholder value.

Cash used in financing activities increased $68,105, from the comparable period of the prior year. The increase was, primarily due to the repurchase and retirement of common stock under our share repurchase program of approximately $31,251, and an increase in payments for tax withholdings on employee shared-based awards of $20,963, due to an increase in the fair value of restricted stock units vested during the quarter.

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As of ~~January~~July 31, 2025, the Company had long-term debt consisting of:

Finance lease liabilities	$	~~107~~110,~~301~~829
3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028	8763,000
3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028	29,000
3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031	5045,000
3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031	50,000
3.51% Senior notes (Series E) due June 13, 2025	150,000
3.77% Senior notes (Series F) due August 22, 2028	250,000
2.85% Senior notes (Series G) due August 7, 2030	325,000
2.96% Senior notes (Series H) due August 6, 2032	325,000
5.23% Senior notes (Series I) due November 2, 2031	150,000
5.43% Senior notes (Series J) due November 2, 2034	100,000
Variable rate term loan facility, requiring quarterly installments ending April 21, 2028	~~215~~200,~~625~~000
Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029	~~850~~828,~~000~~750
Less debt issuance costs	(65,~~133~~432)
	2,682,793
	2,471,147
Less current maturities	(~~243~~98,~~755~~089)
	$	2,~~439~~373,~~038~~058

The Company has funded purchases of property and equipment and payments for acquisitions of businesses primarily from the issuance of debt, existing cash, and funds generated from operations. Future capital needs required to finance operations, improvements and the anticipated growth in the number of stores are expected to be met from cash generated by operations, the Revolving Facility, the Bank Line, and additional long-term debt or other securities as circumstances may dictate, and are not expected to adversely affect liquidity.

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Cautionary Statements

This Form 10-Q, including but not limited to the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” "should," “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “continue,” and similar expressions are used to identify forward-looking statements. Forward-looking statements represent the Company’s current expectations or beliefs concerning future events and trends that we believe may affect our financial condition, liquidity and related sources and needs, supply chain, results of operations and performance at our stores, business strategy, strategic plans, growth opportunities, integration of acquisitions, acquisition synergies, short-term and long-term business operations and objectives including our long-term strategic plan, wholesale fuel, inventory and ingredient costs and the potential effects of the ~~conflict~~conflicts in ~~Ukraine~~oil producing regions and other geopolitical disruptions on our business. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following risk factors described more completely in the Company’s Form 10-K for the fiscal year ended April 30, ~~2024~~2025:

Business Operations; Our business and our reputation could be adversely affected by a cyber or data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy; food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation; we may be adversely impacted by increases in the cost of food ingredients and other related costs; a significant disruption to our distribution network, to the capacity of the distribution centers, or timely receipt of inventory could adversely impact our sales or increase our transaction costs, which could have a material adverse effect on our business; we could be adversely affected if we experience difficulties in, or are unable to recruit, hire or retain, members of our leadership team and other distribution, field and store Team Members; any failure to anticipate and respond to changes in consumer preferences, or to introduce and promote innovative technology for guest interaction, could adversely affect our financial results; we rely on our information technology systems, and a number of third-party software providers, to manage numerous aspects of our business, and a disruption of these systems could adversely affect our business; increased credit card expenses could lead to higher operating expenses and other costs for the Company; our operations present hazards and risks which may not be fully covered by insurance, if insured; the dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities; consumer or other litigation could adversely affect our financial condition and results of operations; pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results; and, covenants in our Senior Notes and credit facility agreements require us to comply with certain covenants and meet financial maintenance tests and the failure to comply with these requirements could have a material impact to us.

Governmental Actions, Regulations, and Oversight: Compliance with and changes in tax laws could adversely affect our performance; we are subject to extensive governmental regulations; governmental action and campaigns to discourage tobacco and nicotine use and other tobacco products may have a material adverse effect on our revenues and gross profit; and, wholesale cost and tax increases relating to tobacco and nicotine products could affect our operating results.

Industry: General economic and political conditions that are largely out of the Company’s control may adversely affect the Company’s financial condition and results of operations; developments related to fuel efficiency, fuel conservation practices, climate change, and changing consumer preferences may decrease the demand for motor fuel; unfavorable weather conditions can adversely affect our business; the volatility of wholesale petroleum costs could adversely affect our operating results; and, the convenience store industry is highly competitive.

Growth Strategies: We may not be able to identify, acquire, and integrate new properties and stores, which could adversely affect our ability to grow our business.

Common Stock: The market price for our common stock has been and may in the future be volatile, which could cause the value of your investment to decline; any issuance of shares of our common stock in the future could have a dilutive effect on your investment; and, Iowa law and provisions in our charter documents may have the effect of preventing or hindering a change in control and adversely affecting the market price of our common stock.

We further caution you that other factors we have not identified may in the future prove to be important in affecting our business and results of operations. We ask you not to place undue reliance on any forward-looking statements because they speak only of our views as of the statement dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and floating rate long-term debt obligations. We place our investments with high-quality credit issuers and, by policy, limit the amount of credit exposure to any one issuer. Our first priority is to attempt to reduce the risk of principal loss. Consequently, we seek to preserve our invested funds by limiting default risk, market risk, and reinvestment risk. We attempt to mitigate default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor. The portfolio includes only marketable securities with active secondary or resale markets to ensure portfolio liquidity. Based upon the outstanding balance of the Company's term loan facilities as of ~~January~~July 31, 2025, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $10.42 million on interest expense.

The Company also has exposure to market risks related to the volatility of fuel prices associated with non-store inventoried fuel (pipeline and terminal). The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store. The Company does not speculate in trading financial instruments. All hedges must be matched against recorded physical transactions, inventoried fuel in a pipeline or at a terminal. Derivative contracts outstanding were immaterial to the financial statements as of ~~January~~July 31, 2025 and for the period then ended.

We do from time to time, participate in a forward buy of certain commodities. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 240.13a-15(e)). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

Changes in Internal Controls Over Financial Reporting

We acquired Fikes Wholesale, owner of CEFCO Convenience Stores, and Group Petroleum Services (collectively “Fikes”) on November 1, 2024. We are in the process of incorporating Fikes into our internal controls over financial reporting. We will exclude Fikes' internal controls over financial reporting from the scope of management’s annual assessment of the effectiveness of the Company's controls and procedures for the period May 1, 2025 through October 31, 2025. This exclusion is in accordance with the general guidance issued by the Staff of the SEC that an assessment of a recent business combination may be omitted from management's report on internal control over financial reporting in the first year of consolidation.

There have been no other changes in the Company’s internal control over financial reporting during the quarter ended ~~January~~July 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The information required by this Item is set forth in Note 76 to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q and is incorporated herein by this reference.

Item 1A. Risk Factors

There have been no material changes in our “risk factors” from those previously disclosed in our ~~2024~~2025 Annual Report on Form 10-K.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended ~~January~~July 31, 2025:

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
Third Quarter
First Quarter
November 1 - November 30, 2024	—	$	—	—	$	295,109,710
May 1 - May 31, 2025	56,729	$	449.65	56,729	$	269,601,350
December 1- December 31, 2024	—	—		—	295,109,710
June 1- June 30, 2025	12,958	443.07		12,958	263,859,987
January 1 - January 31, 2025	—	—		—	295,109,710
July 1- July 31, 2025	—	—		—	263,859,987
Total	—69,687	$	—448.43	—69,687	$	~~295~~263,~~109~~859,~~710~~987

On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, commissions or other costs (the "Repurchase Program"). The Repurchase Program has no set expiration date. The timing and number of repurchase transactions under the Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Repurchase Program can be suspended or discontinued at any time. During the first quarter, we repurchased and retired 69,687 shares of our common stock under our share repurchase program for a total of $31.2 million, excluding fees, commissions and other costs. As of ~~January~~July 31, 2025, $~~295~~263.19 million remained available for future purchases under this share repurchase program.

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Item 6. Exhibits.

ExhibitNo.			Description
2.1^			Equity Purchase Agreement by and among Casey’s General Stores, Inc., Fikes Wholesale, Inc., Group Petroleum Services, Inc., the Representative, and certain other parties thereto, dated July 25, 2024 (incorporated by reference to Exhibit 2.1 to Form 8-K filed July 26, 2024)
2.2^			Amendment to Equity Purchase Agreement dated September 3, 2024 (incorporated by reference to Exhibit 2.2 to Form 10-Q filed September 4, 2024)
3.1			Second Restatement of the Restated and Amended Articles of Incorporation, as amended September 5, 2018, June 28, 2019 and September 4, 2019 (incorporated by reference to Exhibit 3.1 to Form 10-Q filed September 9, 2019)
3.2			Seventh Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed March 7, 2023)
4.1^			Note Purchase Agreement Dated October 4, 2024 (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 9, 2024)
10.1			Casey’s General Stores, Inc. 2025 Stock Incentive Plan (incorporated by reference to Appendix B to the Definitive Proxy Statement on Schedule 14A as filed July 23, 2025)
4.2			Second Amendment to 2013 Note Purchase Agreement (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 9, 2024)
4.3			Second Amendment to 2016 Note Purchase Agreement (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 9, 2024)
4.4			Second Amendment to 2017 Note Purchase Agreement (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 9, 2024)
4.5			First Amendment to 2020 Note Purchase Agreement (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 9, 2024)
10.1^			First Amendment to Credit Agreement and Incremental Amendment, dated as of October 30, 2024, among Casey’s General Stores, Inc., the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Form 8-K filed November 5, 2024)
10.2			Amendment to Employment Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K filed December 9, 2024)
31.1*			Certification of Darren M. Rebelez under Section 302 of the Sarbanes Oxley Act of 2002
31.2*			Certification of Stephen P. Bramlage Jr. under Section 302 of the Sarbanes Oxley Act of 2002
32.1*			Certification of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of 2002
32.2*			Certification of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of 2002
101.INS			XBRL Instance Document
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
101. DEF			XBRL Taxonomy Extension Definition Linkbase Document

* Filed herewith

^ Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain information that is material to an investment decision or that is not otherwise disclosed in the filed agreements. The Company will furnish the omitted schedules and exhibits to the SEC on a confidential basis upon request.23

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SIGNATURE

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 thereunto duly authorized.

		CASEY’S GENERAL STORES, INC.
Date: March 11, 2025	By:	/s/ Stephen P. Bramlage Jr.
Date: September 8, 2025	By:	/s/ Stephen P. Bramlage Jr.
		Stephen P. Bramlage Jr.
	Its:	Chief Financial Officer
		(Authorized Officer and PrincipalFinancial and Accounting Officer)

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