What changed in this filing

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Item 1. Business

2025-06-23 compared with 2024-06-24 · 62 added, 75 removed, 133 unchanged (51% of the section changed)

As of April 30, 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", "Bucky's", "Minit Mart", or "Lone Star Food Store" referred to as "Casey's" or the "Company") throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois.

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 20 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.

The acquisition also included the Company's first fuel terminal, located in Waco, Texas.

Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons.

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As of April 30, 2025, there were a total of 2,904 stores in operation.

All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items.

All convenience stores carry a broad selection of food items (which at most stores includes, but is not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items.

As of April 30, 2025, 260 store locations offered car washes.

In addition, all but eight store locations offer fuel for sale on a self-service basis.

The Company had 62 stores operating under the "GoodStop (by Casey’s)" brand and 10 stores operating under the "Lone Star Food Store" brand as of April 30, 2024.

Similar to most of our store footprint, the "GoodStop" and "Lone Star Food Store" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials.

In addition, all but six store locations offer fuel for sale on a self-service basis.

The Company had 63 stores operating under the "GoodStop (by Casey’s)" brand, 12 stores operating under the "Lone Star Food Store" brand, and was also temporarily operating certain locations under the name "Bucky's" as of April 30, 2025.

Additionally, the majority of the stores acquired from Fikes are currently operating under the "CEFCO" brand.

Similar to most of our store footprint, the "GoodStop", "Lone Star Food Store", "Bucky's" and "CEFCO" locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials.

However, some of these locations do not have a kitchen and have limited prepared food offerings.

The Company is also temporarily operating certain locations acquired from Buchanan Energy under the name "Bucky's" and certain locations acquired from Minit Mart LLC under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.

These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores.

The Company has 73 dealer locations, where Casey’s manages fuel wholesale supply agreements to these stores.

These locations are not operated by Casey's and are not included in our overall store count.

Approximately 1% of total revenue for the year-ended April 30, 2024 relates to this dealer network.

The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to our stores.

One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support Center facility in Ankeny, Iowa.

As part of the Fikes transaction, the Company expanded its wholesale network where Casey’s manages fuel wholesale supply agreements to certain dealer sites and other wholesale locations.

The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count discussed previously.

Approximately 2% of total revenue for the year-ended April 30, 2025 relates to this 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, 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 had a fleet of 421 tractors used for distribution as of April 30, 2024.

The Company had a fleet of approximately 500 tractors used for distribution as of April 30, 2025.

The Company’s internet address is www.caseys.com.

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Casey's corporate purpose is to make life better for communities and guests every day.

Many of the smaller communities in which we operate often are not served by national-chain convenience stores.

Many of the smaller communities in which we operate are often not served by national-chain convenience stores.

We have succeeded in operating stores in smaller towns by offering, at competitive prices, a broader selection of products than does a typical convenience store.

We have also succeeded in meeting the needs of residents in larger communities with these same offerings.

We currently own most of our real estate, including substantially all of our stores, all three distribution centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note 7), a construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility.

We currently own most of our real estate, including substantially all of our stores, all three distribution centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note 7 ), a fuel terminal, a construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility.

The Company derives its revenue primarily from the retail sale of fuel and the products offered in our stores.

Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth

fiscal quarters (November through April).

Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth fiscal quarters (November through April).

In warmer weather, guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks, and ice.

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CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s, while CGS Stores, LLC is a wholly-owned subsidiary of CMC.

CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most strategic functions of the enterprise.

CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for all of our wholesale operations, including all three distribution centers and management of the wholesale fuel network.

CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for wholesale operations, including all three distribution centers and management of the wholesale fuel network.

CGS Stores, LLC owns and/or operates stores in Tennessee.

CSC provides a variety of construction, maintenance and transportation services for all stores.

During the fiscal year, as part of the Fikes acquisition, CMC acquired 100% of the equity interests in CEFCO Stores, LLC and Fikes Wholesale, LLC, and CSC acquired 100% of the equity interests in Group Petroleum Services, LLC ("GPS"), each of which, upon closing, was a Texas limited liability company.

These acquired entities currently own and/or operate 198 retail convenience stores under the CEFCO brand name in Alabama, Florida, Mississippi, and Texas, provide fuel and fuel transportation to these stores, manage the acquired fuel wholesale network, and operate the fuel terminal.

Store Operations

Products Offered

The Company designs, develops and delivers value to its guests through a differentiated product assortment where the right products are optimally placed, priced and promoted to drive traffic, revenue and profit.

It is our practice to continually make additions to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below.

To facilitate many of these items, we have installed full kitchens in almost all of our stores, other than those branded as “GoodStop” and "Lone Star Food Store".

The Company's flagship product is its handmade pizza, which we began preparing and selling in 1984.

Pizza is available in almost all of our stores as of April 30, 2024.

The Company delivers value to its guests through a differentiated product assortment where the right products are optimally placed, priced and promoted to drive traffic, revenue and profit.

It is our practice to continually make additions and changes to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below.

To facilitate the prepared food offerings, we have installed full kitchens in almost all of our stores, other than those branded as "Bucky's", "GoodStop" and "Lone Star Food Store." Additionally, the majority of the CEFCO stores have kitchens and proprietary hot food programs that differ from the Casey's food offering.

The Company's flagship product is its pizza, which we began preparing and selling in 1984.

Pizza is available in almost all of our Casey's stores, and select CEFCO stores, as of April 30, 2025.

Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.

We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items which includes include donuts, cookies and brownies as well as other seasonal items.

During the fiscal year, the Company launched a new thin crust pizza line.

In addition to the new platform in pizza, the company also relaunched our lunch offering by upgrading the quality of our entire hot sandwich line, including adding a spicy chicken sandwich.

As of April 30, 2024, the Company was selling bakery items such as donuts, cookies and brownies in 2,570 (97%) of our stores.

The growth in our prepared food program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.

In the last three fiscal years, retail sales of nonfuel items have generated about 35% of our total revenue, but they have resulted in approximately 66% of our revenue less cost of goods sold (excluding depreciation and amortization).

Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food items averaged approximately 58% for the three fiscal years ended April 30, 2024.

We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery items, which currently includes donuts, cookies and brownies, as well as other seasonal items.

The growth in our prepared food and dispensed beverage program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.

In the last three fiscal years, retail sales of prepared food and dispensed beverage and grocery and general merchandise items have generated about 34% of our total revenue, but they have resulted in approximately 63% of our revenue less cost of goods sold (excluding depreciation and amortization).

Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food and dispensed beverage items averaged approximately 58% for the three fiscal years ended April 30, 2025.

Each Casey’s store typically carries over 3,000 packaged food, beverage and non-food items.

The selection is a blend of differentiated private label products (which includes over 350 items as of April 30, 2024), as well as favored national and regional brands, many of which can be found in larger format stores.

The selection is a blend of differentiated private label products, as well as favored national and regional brands.

Our assortment includes product across the following categories:

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• frozen foods (ice, ice cream, meals and appetizers)

• non-foods (health and beauty aids, automotive, electronic accessories, housewares and pet supplies)

• non-foods (health and beauty aids, automotive, electronic accessories, and housewares)

• services (ATM, lotto/lottery and prepaid cards)

All but eight stores offer retail motor fuel products for sale on a self-service basis.

Gasoline and diesel fuel are sold under the Casey’s name at the majority of our locations.

All but six stores offer retail motor fuel products for sale on a self-service basis.

Gasoline and diesel fuel are sold under the Casey’s name (or other brands discussed previously) at the majority of our locations.

The Company offers the Casey's Rewards program to bring value to guests and improve the digital guest experience.

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The Rewards program is delivered through Casey’s mobile application.

In addition to earning points, guests may

receive other program benefits such as special offers and bonus points.

At the end of the fiscal year, the Company had surpassed 7.9 million members enrolled in the program.

In addition to earning points, guests may receive other program benefits such as special offers and bonus points.

At the end of the fiscal year, the Company has over 9 million members enrolled in the program.

Casey’s constructs stores that are primarily freestanding and, with a few exceptions to accommodate local conditions, conform to standard construction specifications.

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The merchandising display follows a standard layout designed to encourage a flow of guest traffic through all sections of every store.

Nearly all locations feature a bright sign which displays the Casey’s, GoodStop or Lone Star Food Store name and trade/service marks.

Nearly all locations feature a bright sign which displays the Casey’s, CEFCO, GoodStop, Bucky's, or Lone Star Food Store name and trade/service marks.

Almost all stores remain open at least sixteen hours per day, seven days a week.

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We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales volume and competitive prices.

Our store-site selection criteria emphasize the population of the immediate area and daily highway traffic volume.

Our store-site selection criteria emphasizes the population of the immediate area and daily highway traffic volume.

Retail Fuel Operations

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Number of gallons sold 3,196,852 2,828,669 2,672,366

Total retail fuel sales $ 9,402,071 $ 10,027,310 $ 8,312,038

Total retail fuel revenue $ 9,776,033 $ 9,402,071 $ 10,027,310

Percentage of total revenue 61.3 % 63.3 % 66.4 %

Total retail fuel revenue less cost of goods sold (excluding depreciation and amortization) $ 1,236,694 $ 1,116,671 $ 1,074,913

Percentage of revenue less cost of goods sold (excluding depreciation and amortization) 12.7 % 11.9 % 10.7 %

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* Includes only those stores in operation at least one full year on April 30 of the fiscal year indicated.

Average retail prices of fuel during the year decreased 11.5% from prior year.

Fuel prices increased at the end of the 2022 fiscal year due to overall supply issues, as Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.

While prices have moderated since the highs seen at the end of the 2022 fiscal year, and start of the fiscal 2023 year, the higher costs have continued into fiscal 2024 due to the ongoing conflict between Russia and Ukraine, unrest in the Middle East and economic uncertainty in Western nations.

Regardless, we believe our centralized fuel team is well positioned to navigate any potential future fuel price volatility, as they work to maximize total profitability.

The total number of gallons sold during this period increased by 5.8%.

Average retail prices of fuel during the year decreased 7.8% from prior year, while the total number of gallons sold during this period increased by 13.0%.

Gallons sold were positively impacted by a growing store count as we operated 246 more stores than the prior year.

Average revenue less cost of goods sold (excluding depreciation and amortization) per gallon decreased by 2.0%.

Our centralized fuel team has been instrumental in sustaining higher than historically typical average revenue less cost of goods sold per gallon (excluding depreciation and amortization).

Percentage of revenue less cost of goods sold (excluding depreciation and amortization) represents the fuel revenue less cost of goods sold (excluding depreciation and amortization) divided by the gross fuel sales dollars.

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Distribution and Wholesale Arrangements

CMC supplies all stores with various groceries, food, health and beauty aids, and general merchandise from our three distribution centers.

The stores place orders for merchandise electronically to the Store Support Center, and the orders are filled with shipments in Company-operated delivery trucks from one of the distribution centers, based on route optimization for the

fleet network.

CMC supplies most of our stores with various groceries, food, health and beauty aids, and general merchandise from our three distribution centers.

the fleet network.

Most of our existing and proposed stores are within the three distribution centers' optimum efficiency range—a radius of approximately 500 miles around each distribution center.

In fiscal 2024, a majority of the food and nonfood items supplied to stores through the distribution centers were purchased directly from manufacturers.

In fiscal 2025, a majority of the food and non-food items supplied to stores through the distribution centers were purchased directly from manufacturers.

While we consider long-term contracts for potential favorability against short-term contracts, long-term supply contracts are not typically entered into with the suppliers of products sold by our stores.

We believe the practice enables us to respond to changing market conditions with minimal impact on margins.

In addition to the products discussed above, CMC supplies the majority of fuel to our stores, and supplies fuel on a wholesale basis as part of a dealer network to 73 locations.

In addition to the products discussed above, CMC supplies the majority of fuel to our stores.

Additionally, CMC, along with certain of the newly acquired Fikes entities, supply fuel on a wholesale basis to dealer sites and other wholesale locations.

We have entered into various purchase agreements related to our fuel supply, which include varying volume commitments.

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In addition, the Company offers a 401(k) plan to eligible Team Members, with a 6% match made in Company stock, and all full-time Team Members are eligible for competitive health and welfare benefits, including medical, dental, vision, disability, life insurance and other benefits.

In addition, during the 2024 fiscal year, the Company enhanced coverages for dental and vision, introduced company paid short-term disability for all full-time Team Members, and long-term disability for certain full-time Team Members, as well as increased the coverages and access for mental health services.

We also increased participation (including a Company donation of $1.0 million during the 2024 fiscal year) and utilization of Casey's Team Member Support Fund, which is designed to help Team Members facing financial hardships due to catastrophic circumstances.

Diversity and Inclusion

The Company is committed to building a diverse and inclusive workforce across the organization, which it believes is set by example with its Board of Directors and extended leadership team.

As of the end of the 2024 fiscal year, the Board consisted of ten members, four (or 40%) of which are diverse as to gender, and three (or 30%) of which are diverse to race and/or ethnicity.

Additionally, we offer the Casey's Team Member Support Fund, which is designed to help Team Members facing financial hardships due to catastrophic circumstances.

Workforce Composition

As of the end of the 2025 fiscal year, the Company's Board of Directors consisted of eleven members, five (or 45%) of which are diverse as to gender, and four (or 36%) of which are diverse to race and/or ethnicity.

The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-three members, 39% of which are diverse as to gender, race and/or ethnicity.

Across our entire Team Member base, 57% of our

Team Members are female and 17% are diverse as to race and/or ethnicity.

In addition, we have a strict Anti Harassment and Discrimination Policy of which all Team Members are trained and expected to follow and we have several mechanisms, including an Ethics and Compliance Hotline, under which Team Members and guests can report incidents confidentially or anonymously and without fear of retaliation.

We have four team member resource groups which further enhance the diversity, equity and inclusion culture at Casey's:

Women in Leadership, Veterans, Faith and LGBTQ.

The Company has also established a formal Diversity, Equity and Inclusion Committee to further promote the already strong culture of belonging and empowerment for all Team Members.

In addition, the company has expanded its learning related to unconscious bias and critical conversations through formal training.

Across our entire Team Member base, 57% of our Team Members are female and 17% are diverse as to race and/or ethnicity.

We have a robust Anti Harassment and Discrimination Policy of which all Team Members are trained and expected to follow, and we have several mechanisms, including an Ethics and Compliance Hotline, under which Team Members and guests can report a wide range of incidents confidentially or anonymously and without fear of retaliation.

Education and Training

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These opportunities are provided through a mix of formal onboarding training, safety training, in-person classes, virtual modules and “on-the-job” learning.

For example, through its virtual modules, the Company offers over 700 hours of educational opportunities through over 350 classes, for which there were almost 340,000 enrollments during the 2024 fiscal year.

In addition, the Company has a formal leadership development program with core curriculum consisting of Development programs for Kitchen Managers, Store Managers, District Managers, a Leadership Excellence Certification, a Finance for Non-Financial Managers program, and an Individualized Development Program for all Officers based on their review.

For example, through its virtual modules, the Company offers over 500 hours of educational opportunities through over 730 classes.

Our business is highly competitive.

Food, including prepared foods, and nonfood items similar or identical to those sold by the Company, are generally available from various competitors in the communities served by Casey’s and by certain online retailers.

We believe our stores located in smaller towns compete principally with other local grocery and convenience stores, similar retail outlets, and, to a lesser extent, prepared food outlets, restaurants, and expanded fuel stations offering a more limited selection of grocery and food items for sale.

Food, including prepared foods, and non-food items similar or identical to those sold by the Company, are generally available from various competitors in the communities served by Casey’s and by certain online retailers.

We believe our stores located in smaller towns compete principally with other local grocery and convenience stores, similar retail outlets, including "dollar" stores, and, to a lesser extent, prepared food outlets, restaurants, and expanded fuel stations offering a more limited selection of grocery and food items for sale.

Stores located in more heavily populated communities may compete with local and national grocery and drug store chains, quick service restaurants, expanded fuel stations, supermarkets, discount food stores, and traditional convenience stores.

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The Company competes on the basis of brand, price, and convenience of our fuel products.

We believe our locations in smaller towns are well-positioned.

Similar to inside, stores compete with larger store chains with expanded fuel offerings and increased buying power in more heavily populated communities.

Examples of convenience store chains competing in the larger towns served by Casey’s include Quik Trip, Kwik Trip/Star, Maverik/Kum & Go, and other regional chains.

These competitive factors are discussed further in Item 7 of this Form 10-K.

Trademarks and Service Marks

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The names "Casey’s", "Casey’s General Store", and "GoodStop (by Casey's)", the marks consisting of the Casey’s design logos (with the words "Casey’s" and "Casey’s General Store"), the weathervane, and certain of our private label product names, are registered trademarks and service marks under federal law.

We believe these marks are of material importance in promoting and advertising the Company’s business.

We believe these marks are important in promoting and advertising the Company’s business.

In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g.

"Casey’s Pizza", "The Official Pizza and Beer Headquarters", "Casey's Here for Good", "Casey’s Rewards", "Casey’s Cash", etc.).

As part of the acquisition of Fikes, the Company acquired the "CEFCO" trademark and other relevant registered and unregistered trademarks and service marks.

Government Regulation (dollars in thousands)

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and (v) required fuel inventory record keeping.

Since 1984, our new stores have been equipped with noncorroding fiberglass USTs, including some with double-wall construction, overfill protection, and electronic tank monitoring.

Since 1984, our new stores have been equipped with noncorroding fiberglass USTs, including double-wall construction, overfill protection, and electronic tank monitoring.

We believe that all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with the existing UST regulations have been completed.

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Almost all of our stores sell a variety of age-restricted products, which may include beer, liquor, tobacco and other nicotine products.

The sale of these products are subject to significant regulations and require the Company to procure special sales licenses from local and/or state agencies, which govern their sale.

While the costs to procure such licenses is not material, the failure to comply with the conditions of the licenses, or other age-restricted products laws, could result in the suspension or revocation of such licenses, or fines related thereto.

The sale of these products is subject to significant regulations and require the Company to procure special sales licenses from local and/or state agencies, which govern their sale.

While the costs to procure such licenses is not material,

the failure to comply with the conditions of the licenses, or other age-restricted products laws, could result in the suspension or revocation of such licenses, or fines related thereto.

In addition to these products, the Company is also subject to rules governing lottery and lotto sales as determined by state lottery commissions in each state in which we make such sales.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business