Casey’s General Stores (CASY) Q2 2025 Financial Results Summary
QuoteReporter
Casey’s General Stores, Inc. (CASY) Q2 2025 Financial Results Summary
Ankeny, IA, December 9, 2025 – Casey’s General Stores, Inc. (“Casey’s” or the “Company”) announced its financial results for the three and six months ended October 31, 2025. Below is a summary of the key highlights from the report.
Financial Highlights
- Net Income:
- Q2 2025: $206.3 million
- Q2 2024: $180.9 million
-
Growth: 14.0% year-over-year
-
Diluted EPS:
- Q2 2025: $5.53
- Q2 2024: $4.85
-
Growth: 14.0% year-over-year
-
EBITDA:
- Q2 2025: $410.1 million
- Q2 2024: $348.9 million
-
Growth: 17.5% year-over-year
-
Total Revenue:
- Q2 2025: $4.51 billion
- Q2 2024: $3.95 billion
-
Growth: 14.0% year-over-year
-
Inside Same-Store Sales:
- Growth: 3.3% compared to Q2 2024
- Two-year stack basis growth: 7.5%
-
Inside Margin: 42.4%
-
Total Inside Gross Profit:
- Q2 2025: $703.4 million
- Q2 2024: $619.7 million
-
Growth: 13.5% year-over-year
-
Same-Store Fuel Gallons Sold:
- Growth: 0.8% compared to Q2 2024
-
Fuel Margin per Gallon: 41.6 cents
-
Total Fuel Gross Profit:
- Q2 2025: $377.4 million
- Q2 2024: $312.3 million
- Growth: 20.9% year-over-year
Operational Highlights
- Store Count:
- As of October 31, 2025: 2,921 stores
-
Increase of 9% compared to previous year
-
Operating Expenses:
- Q2 2025: $711.6 million
- Q2 2024: $609.7 million
-
Growth: 16.7% year-over-year
-
Same-Store Operating Expenses (excluding credit card fees):
- Q2 2025: Increased by 4.5%
- Q2 2024: Increased by 2.3%
Shareholder Information
- Share Repurchase:
- During Q2 2025, the Company repurchased approximately $31 million worth of shares.
-
Remaining under existing share repurchase authorization: $233 million.
-
Dividend Declaration:
- The Board of Directors approved a quarterly dividend of $0.57 per share, payable on February 13, 2026, to shareholders of record on February 1, 2026.
Fiscal 2026 Outlook
- EBITDA Growth: Projected increase of 15% to 17% for fiscal 2026.
- Inside Same-Store Sales Increase: Expected growth of 3% to 4%.
- Inside Margin Target: 41% to 42%.
- Fuel Gallons Sold: Expected to range from negative 1% to positive 1%.
- Operating Expenses Increase: Expected growth of approximately 8% to 10%.
- Store Openings: Expected to open at least 80 stores in fiscal 2026, contributing to a target of approximately 500 new stores over three years.
Liquidity Position
- As of October 31, 2025, Casey’s reported approximately $1.4 billion in available liquidity, consisting of around $492 million in cash and cash equivalents and $900 million in available borrowing capacity.
In summary, Casey’s demonstrates a robust financial and operational performance in Q2 2025, reflected by significant growth across key metrics, effective management of expenses despite operating a larger single-store count, and strategic initiatives towards expansion and shareholder returns.
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | |
| Total revenue | $4,506,084 | $3,946,771 | $9,073,190 | $8,044,508 |
| Cost of goods sold | 3,384,398 | 2,988,212 | 6,839,058 | 6,130,693 |
| Operating expenses | 711,587 | 609,679 | 1,409,763 | 1,219,153 |
| Depreciation and amortization | 111,416 | 96,592 | 220,379 | 191,001 |
| Interest, net | 24,690 | 12,553 | 51,540 | 26,620 |
| Income before income taxes | 273,993 | 239,735 | 552,450 | 477,041 |
| Federal and state income taxes | 67,657 | 58,817 | 130,759 | 115,925 |
| Net income | $206,336 | $180,918 | $421,691 | $361,116 |
| Net income per common share | ||||
| Basic | $5.56 | $4.87 | $11.35 | $9.73 |
| Diluted | $5.53 | $4.85 | $11.29 | $9.68 |
| Basic weighted average shares | 37,132,365 | 37,124,541 | 37,140,668 | 37,105,886 |
| Plus dilutive effect of share-based compensation | 152,768 | 186,938 | 195,313 | 202,392 |
| Diluted weighted average shares | 37,285,133 | 37,311,479 | 37,335,981 | 37,308,278 |
| October 31, 2025 | April 30, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $492,016 | $326,662 |
| Receivables | 192,504 | 180,746 |
| Inventories | 452,063 | 480,034 |
| Prepaid and other current assets | 47,381 | 24,641 |
| Income taxes receivable | 7,309 | 770 |
| Total current assets | 1,191,273 | 1,012,853 |
| Operating lease right-of-use assets, net | 438,198 | 417,046 |
| Other assets, net of amortization | 122,219 | 120,082 |
| Goodwill | 1,266,489 | 1,244,893 |
| Property and equipment, net of accumulated depreciation of $3,295,478 at October 31, 2025 and $3,122,203 at April 30, 2025 | 5,566,988 | 5,413,244 |
| Total assets | $8,585,167 | $8,208,118 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities | ||
| Current maturities of long-term debt and finance lease obligations | $101,265 | $94,925 |
| Accounts payable | 666,091 | 620,447 |
| Accrued expenses and current portion of operating lease liabilities | 367,705 | 386,321 |
| Total current liabilities | 1,135,061 | 1,101,693 |
| Long-term debt and finance lease obligations, net of current maturities | 2,352,032 | 2,413,620 |
| Deferred income taxes | 716,030 | 646,905 |
| Operating lease liabilities, net of current portion | 464,326 | 434,707 |
| Insurance accruals, net of current portion | 35,512 | 33,143 |
| Other long-term liabilities | 72,678 | 69,380 |
| Total liabilities | 4,775,639 | 4,699,448 |
| Total shareholders’ equity | 3,809,528 | 3,508,670 |
| Total liabilities and shareholders’ equity | $8,585,167 | $8,208,118 |