What changed in this filing

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Item 1. Business

2026-06-22 compared with 2025-06-23 · 61 added, 80 removed, 115 unchanged (55% of the section changed)

As of April 30, 2026, 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 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.

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 (by Casey's)" or "CEFCO", referred to as "Casey's" or the "Company") throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois.

As of April 30, 2026, there were 2,944 stores in operation.

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

The Company competes on the basis of price, as well as on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, and quality of service.

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 (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.

The Company competes on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, price and quality of service.

All stores carry a broad selection of food items (which at most stores includes, but is not limited to, 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, 2026, 241 store locations offered car washes.

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.

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.

In addition, all but six store locations offer fuel.

In addition to the "Casey's" and "Casey's General Stores" brands, the Company also operates a limited number of stores under the additional brands of "GoodStop (by Casey's)" or "CEFCO".

These locations offer fuel for sale, and a broad selection of snacks, beverages, tobacco and nicotine products, and other essentials.

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

When the Company acquires stores, the locations are typically re-branded as "Casey’s" as soon as the store is remodeled to include a full-service kitchen.

If the store’s layout or location does not allow for a full-service kitchen, the store typically will be operated as “GoodStop (by Casey’s)” or the acquired brand.

The Company operates a wholesale network where Casey’s manages wholesale fuel 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.

Approximately 3% of total revenue for the year-ended April 30, 2026 relates to the wholesale fuel 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.

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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 approximately 500 tractors used for distribution as of April 30, 2025.

Additionally, the Company owns and operates a fuel terminal in Waco, Texas.

The Company self-distributes the majority of fuel to our stores.

The Company had a fleet of over 500 tractors used for distribution as of April 30, 2026.

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

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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.

The Company derives its revenue primarily from the retail sale of fuel and the products offered inside 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).

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CGS Stores, LLC was organized as an Iowa limited liability company in April 2019.

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

CMC, CSC, and CRC are wholly-owned subsidiaries of Casey’s General Stores, Inc., 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 corporate and 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 wholesale operations, including all three distribution centers and management of the wholesale fuel network.

CMC owns and/or operates stores in Alabama, Arkansas, Florida, 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.

At the end of the fiscal year, the Company formed CARES Captive Insurance Company, LLC, an Iowa limited liability company, which is a wholly-owned subsidiary of Casey's General Stores, Inc., to facilitate its captive insurance program.

Store Operations

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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 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.

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 private label offerings, described below.

To facilitate the prepared food offering, we have installed full-service kitchens in almost all stores.

For stores acquired without full-service kitchens, we typically add a full kitchen as part of the conversion or remodel process, at which point they are also converted to the Casey's brand.

The Company’s flagship prepared food product is its pizza, which it began selling in 1984 and is available in almost all stores as of April 30, 2026.

The Company serves both grab‑and‑go slices and made‑to‑order whole pies.

In addition to pizza, the Company’s prepared food offering features hot sandwiches, made‑to‑order sandwiches, salads and wraps;

and bakery items, including donuts and cookies.

The Company also recently expanded its bone-in and boneless chicken wing offerings, available in a variety of flavors, which as of April 30, 2026, were available in approximately 850 stores.

The Company plans to expand the wings offering across the remainder of its stores in the coming fiscal years.

The Company also offers a variety of dispensed beverages, including traditional fountain beverages, bean‑to‑cup coffee, and frozen dispensed beverages.

The growth in our prepared food and dispensed beverage program reflects the Company’s strategy to promote high-gross 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 36% of our total revenue, but they have resulted in approximately 63% of our revenue less cost of goods sold (excluding depreciation and amortization).

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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:

Our assortment includes, but is not limited to, products across the following categories:

• non-alcoholic beverages (soft drinks, energy, water, sports drinks, juices, coffee, tea and dairy)

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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.

At almost all stores, gasoline and diesel fuel are sold under the Casey’s name (or other brands discussed previously).

The Company also has charging stations for electric vehicles at 64 stores.

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

As part of this program, guests can earn points from online, in-store, or at-the-pump purchases.

Points earned can be redeemed for donations to a local school of the guest's choice, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores.

Points earned can be redeemed for donations to Casey's Cash for Classrooms program, fuel discounts, or Casey's Cash, which can be used on many products sold in our stores.

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 has over 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 had over 10 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, CEFCO, GoodStop, Bucky's, or Lone Star Food Store name and trade/service marks.

Nearly all locations feature a bright sign which displays the stores brand name and trade/service marks.

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

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The Company historically has located many of its stores in smaller towns not served by national-chain convenience stores.

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 emphasizes the population of the immediate area and daily highway traffic volume.

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Retail fuel sales are an important part of our revenue and earnings.

The following table summarizes (dollars and gallons in thousands) retail fuel sales for the last three fiscal years ended April 30:

The following table summarizes retail fuel sales for the last three fiscal years ended April 30 (dollars and gallons in thousands):

Year ended April 30,

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Average retail prices of fuel during the year decreased 1.3% from prior year, while the total number of gallons sold during this period increased by 10.0%.

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%.

Gallons sold were positively impacted by operating 40 more stores than the comparable period in the prior year, as well as a full-year contribution from stores added in the Fikes acquisition.

Average revenue less cost of goods sold (excluding depreciation and amortization) per gallon increased by 10.1%.

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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CMC supplies most of our 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.

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.

Certain stores outside of that radius, in Florida for example, are supplied by a third-party distribution partner.

In fiscal 2026, a majority of the food and non-food items supplied to stores through the distribution centers were purchased directly from manufacturers.

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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.

Additionally, CMC supplies fuel on a wholesale basis to dealer sites and other wholesale locations, which we do not own.

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

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Approximately 94% are store Team Members, 1% are field management and related Team Members, 1% work in and support our three distribution centers, 1% are fuel or grocery drivers and 3% work out of the Store Support Center, or perform Store Support Center functions.

We are not a party to any collective bargaining agreements with our Team Members and believe the working relationship with our Team Members is good.

Casey’s CARES about our communities and guests.

We believe our people and culture are our foundation for success.

Our core values are part of our evolution to build a culture of commitment – Casey’s CARES:

C – Commitment:

We work hard to be the best and have a good time doing it.

A – Authenticity:

We’re true to our roots by having high integrity and being low ego.

We treat people the way they want to be treated.

E – Evolving:

We’re driven to build a better future for ourselves and for our business.

We put service first and take pride in caring for our guests, our communities, and each other.

We believe these core values serve as a solid foundation for how we treat our Team Members, how they treat one another and how we operate our business as a whole.

Team Member Value Proposition ("TMVP")

We believe that the future success of the Company depends in large part on our ability to attract, train, retain, and motivate qualified Team Members.

We have a defined TMVP that is grounded in four pillars that support what Team Members value in their employment at Casey's.

• Career Growth – providing development, coaching and ultimately pathways for career growth.

• Engaging Work – simplifying work, providing skill training, transparent communications and goal alignment.

• Living Casey’s CARES Culture – clarity and alignment to mission and vision of the company, making work fun, supportive & caring leaders, and a welcoming culture.

• Well-being – fair and competitive pay, meaningful benefits & recognition, support for work-life balance.

As such, we are committed to providing market-competitive pay and benefits for all positions and offer performance-based compensation opportunities to certain of our full-time Team Members.

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.

Our core values are part of our evolution to build a culture of commitment – Casey’s CARES (Commitment, Authenticity, Respect, Evolving and Service) - these serve as a solid foundation for how we treat our Team Members, how they treat one another and how we operate our business as a whole.

We also believe that the future success of the Company depends in a large part on our ability to attract, train, retain, and motivate qualified Team Members.

We have a defined Team Member value proposition that is grounded in four pillars that support what Team Members value in their employment at Casey's - Career Growth, Engaging Work, Living Casey's CARES Culture and Well-Being.

As such, we are committed to providing market-competitive pay and benefits and offer performance-based compensation opportunities to certain of our full-time Team Members.

In addition, the Company offers a 401(k) plan to eligible Team Members, with a 6% match made in Company stock.

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.

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

The Company, including its established Learning and Development Department, which serves all levels of the organization, invests significant time and resources in educating and training Team Members by providing them with educational, development and leadership opportunities.

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

The Company also invests significant time and resources in educating and training Team Members by providing them with educational, development and leadership opportunities.

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

For example, through its virtual modules, the Company offers over 500 hours of educational opportunities through over 800 classes.

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 360 assessments.

In addition, the Company has ten internally designed and delivered formal leadership development programs 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 360 assessments.

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 our Casey's Cares 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.

We are not a party to any collective bargaining agreements with our Team Members and believe the working relationship with our Team Members is good.

Our business is highly competitive.

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In addition to our inside store products, the fuel business is also highly competitive.

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

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

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

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The Company regularly evaluates its portfolio of intellectual property and takes steps to review potential new trademarks and service marks and to renew existing marks.

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.

The names "Casey’s", "Casey’s General Store", "CEFCO" 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 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 double-wall construction, overfill protection, and electronic tank monitoring.

Since 1984, our new stores have been built with double-wall tanks, 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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Age-Restricted Products

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

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

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.

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