After the market close on December 9 EST, Casey's General Stores announced its financial results for the three and six months ended October 31, 2025.
Highlights of the Second Quarter
Diluted earnings per share were $5.53, an increase of 14.0% year-over-year; net income was $206.3 million, an increase of 14.0% year-over-year; EBITDA was $410.1 million, an increase of 17.5% year-over-year.
Same-store sales inside the store grew by 3.3% compared to the prior year, with a two-year cumulative growth of 7.5%, and the in-store profit margin was 42.4%; total in-store gross profit increased by 13.5% year-over-year to $703.4 million.
Same-store fuel volume increased by 0.8% compared to the prior year, with a fuel profit margin of 41.6 cents per gallon; total fuel gross profit increased by 20.9% year-over-year to $377.4 million.In light of the strong financial performance to date, the company updated certain metrics in its fiscal year 2026 outlook.
"Casey's delivered an outstanding second quarter with robust growth in overall store sales and customer traffic," said Darren Rebelez, the company’s Chairman, President, and Chief Executive Officer. "The company's prepared food offerings and value proposition continued to resonate with customers, driving strong same-store sales momentum inside the store while the team steadily advanced strategic initiatives. On the fuel side, the team achieved same-store volume growth while expanding fuel margins, demonstrating exceptional performance. Overall, the excellent financial results reflect strong same-store performance and solid store expansion — the number of stores currently in operation has increased by nearly 9% compared to the prior year."
Revenue
This quarter, net income, diluted earnings per share, and EBITDA all increased compared to the same period last year due to higher in-store and fuel gross profits, partially offset by higher operating expenses primarily driven by the addition of 236 operational stores.
Liquidity
As of October 31, 2025, the company's available liquidity is approximately USD 1.4 billion, including around USD 492 million in cash and cash equivalents and approximately USD 900 million in available borrowing capacity under its existing credit facilities.
Share repurchase
During this quarter, the company repurchased approximately USD 31 million worth of shares. There remains approximately USD 233 million available under the company’s current share repurchase authorization.
dividend.
At the December meeting, the board approved a quarterly dividend of USD 0.57 per share. The dividend will be paid on February 13, 2026, to shareholders of record as of February 1, 2026.
Fiscal Year 2026 Outlook
Due to strong financial performance year-to-date, EBITDA for fiscal year 2026 is projected to increase by 15% to 17%. The company currently anticipates same-store sales growth of 3% to 4%, with an in-store profit margin of 41% to 42%. The effective tax rate for this fiscal year is expected to be between 24% and 25%.
The company has not updated its outlook for the following metrics: same-store fuel sales volume is expected to range from -1% to +1%; total operating expenses are projected to increase by approximately 8% to 10%; the company plans to open at least 80 new stores in fiscal year 2026 through a combination of acquisitions and new store construction, bringing the total number of new stores added during the three-year strategic plan period to approximately 500; net interest expense is estimated at around USD 110 million; depreciation and amortization is forecasted at approximately USD 450 million; and purchases of property and equipment are expected to be approximately USD 600 million.
