Published
# Casey's General Stores (CASY) - Recent Events ## Filings that contain financial statements - Form 8-K filed September 8, 2026, accession 0000726958-26-000084: Exhibit 99.1 earnings release for the first quarter ended July 31, 2026. It holds condensed consolidated statements of income and cash flows for the three months ended July 31, 2026 and 2025, the balance sheet at July 31, 2026 versus April 30, 2026, category results, and an EBITDA reconciliation. - Form 8-K filed June 9, 2026, accession 0000726958-26-000033: Exhibit 99.1 earnings release for the fourth quarter and fiscal year ended April 30, 2026, with condensed income statement, balance sheet and cash flow statement. - Form 8-K filed March 9, 2026, accession 0000726958-26-000012: Exhibit 99.1 release for the third quarter ended January 31, 2026, with condensed statements (nine-month cash flow figures). - Form 8-K filed December 9, 2025, accession 0000726958-25-000116: Exhibit 99.1 release for the second quarter ended October 31, 2025, with condensed statements (six-month cash flow figures). ## Earnings and guidance - **September 8, 2026 - first quarter fiscal 2027 results (0000726958-26-000084).** Net income was $273.7 million (up 27.1%) and diluted EPS $7.37 (up 27.7% from $5.77). EBITDA (non-GAAP) was $485.1 million, up 17.1%. Total revenue was $5.68 billion versus $4.57 billion. Inside same-store sales rose 3.2% with an inside margin of 42.2%; fuel same-store gallons fell 0.3% while fuel margin rose to 47.8 cents per gallon from 41.0, lifting fuel gross profit 19.6% to $446.9 million. Operating expenses rose 8.0%. The company said its fiscal 2027 outlook "remains unchanged" (guidance below). Store count was 2,959 at July 31, 2026, versus 2,944 at April 30: 9 new builds, 12 acquired, 6 closed or divested. Liquidity was about $1.4 billion ($524 million cash plus about $857 million of available borrowing capacity). The company repurchased about $45.6 million of shares in the quarter, with about $973 million remaining under the authorization. - **June 9, 2026 - fourth quarter and fiscal 2026 results (0000726958-26-000033).** Fiscal 2026 net income was $714.4 million (up 30.7%) with diluted EPS of $19.16 (up 30.9%) and EBITDA of about $1.48 billion (up 23.6%). Fourth-quarter diluted EPS was $4.37, up 66.2%. The company reported 2,944 stores at April 30, 2026 and about $1.4 billion of liquidity. - **Fiscal 2027 outlook (given June 9, 2026, reaffirmed September 8, 2026).** Inside same-store sales up 2% to 5% with an inside margin above 42%; same-store fuel gallons negative 1% to positive 1%; operating expenses up about 5% to 7%; EBITDA up 8% to 10%; at least 120 store openings via new builds and acquisitions; net interest expense about $95 million; depreciation and amortization about $490 million; capital expenditures about $800 million; tax rate 24% to 26%. - **Earlier guidance path for fiscal 2026.** The December 9, 2025 release (0000726958-25-000116) raised fiscal 2026 EBITDA growth guidance to 15% to 17%. The March 9, 2026 release (0000726958-26-000012) raised it again to 18% to 20%, with inside same-store sales of 3.5% to 4.5% and operating expense growth of about 10%. Actual fiscal 2026 EBITDA growth was 23.6%. ## Capital actions - **Dividend.** The June 2026 board meeting raised the quarterly dividend 14% to $0.65 per share from $0.57, the 27th consecutive annual increase (0000726958-26-000033). At the September 2026 meeting the board approved $0.65 per share, payable November 13, 2026 to holders of record November 1, 2026 (0000726958-26-000084). - **Share repurchase.** Effective June 4, 2026 the board expanded the existing $400 million repurchase authorization to a total of up to $1 billion, with no expiration date (Item 8.01, 0000726958-26-000033). ## Strategy - **June 24, 2026 - Investor Day (0001140361-26-026167, furnished under Item 7.01).** The presentation introduced a three-year plan for fiscal 2027 through fiscal 2029: EBITDA growth of 8% to 10% annually, at least 400 stores added through new builds and acquisitions, about $2 billion of cumulative free cash flow (non-GAAP), inside margin expansion, a fuel margin in the mid-40s cents per gallon (for modeling purposes), and a target payout ratio of 15% to 20%. It reported a debt-to-EBITDA ratio of 1.5x versus a long-term target of about 2.0x. It also stated that the prior three-year plan added 504 stores with a 16% EBITDA compound annual growth rate. ## Board and management - **June 4 and 8, 2026 - board change (0001140361-26-024465).** The board expanded from eleven to twelve directors and appointed Stanley J. Sutula III, Chief Financial Officer of Colgate-Palmolive, to the Audit Committee. Director Cara Heiden gave notice that she would not stand for re-election, with the board returning to eleven after the September 2, 2026 annual meeting. - **June 9, 2026 - compensation and bylaws (0000726958-26-000033).** The compensation committee approved fiscal 2026 annual incentive payouts at 161% of target (CEO $3,260,250), set fiscal 2027 base salaries (CEO $1,400,000), approved fiscal 2027 long-term equity awards (CEO target $10,150,000), and adopted new award agreement forms adding non-competition and non-solicitation terms. The board adopted Eighth Amended and Restated Bylaws allowing holders of at least 25% of voting power to call a special shareholder meeting. - **September 2, 2026 - annual meeting (0000726958-26-000084, Item 5.07).** All eleven director nominees were elected, and KPMG LLP was ratified as auditor for the fiscal year ending April 30, 2027. The say-on-pay vote passed. A shareholder proposal on special meeting rights received 11,445,252 votes for and 17,633,598 against. ## Acquisitions and financing background - **Fikes Wholesale (CEFCO) - closed.** The company announced on November 5, 2024 that it closed the acquisition on November 1, 2024 (0000950142-24-002677), adding 148 stores in Texas and 50 in Alabama, Florida and Mississippi. The same 8-K reports an October 30, 2024 amendment to the credit agreement creating an $850 million incremental term loan maturing October 30, 2029 that funded the purchase. The Investor Day deck calls this the largest acquisition in the company's history. Management said in the first quarter fiscal 2027 release that the Fikes integration is running ahead of schedule. - **Fiscal 2027 first quarter.** The only acquisition activity reported was 12 stores acquired during the quarter, with $43.9 million paid for acquisitions of businesses, net of cash acquired (0000726958-26-000084). No other acquisition was announced through the September 8, 2026 filings. ## Not found in 8-Ks No 8-K reported a restructuring, impairment, going-concern or covenant matter, or a legal or regulatory outcome in this period.