Casey's
CASY Nasdaq Food Retail Financials FY2017–FY2026
Casey's revenue rose 10.2% to $17.6 billion in fiscal 2026. Its net margin was 4.1%, up from 3.4% a year earlier. Free cash flow was $722 million, up 23.4%. It paid out $284 million in dividends and buybacks, 39% of free cash flow. The diluted share count fell 0.2%.
What Casey's does
Casey's runs convenience stores that sell gasoline, prepared food, drinks, groceries and other items. At the end of April 2026 it operated 2,944 stores in 19 states, about half of them in Iowa, Missouri and Illinois. Approximately 71% of its stores were opened in towns with fewer than 20,000 people, where national convenience chains are often absent. Almost all stores have a full kitchen that makes pizza, sandwiches, donuts and other hot food, and nearly all sell fuel.
It earns most of its revenue from retail fuel and from the products sold inside its stores. Over the last three fiscal years, prepared food, drinks, groceries and general merchandise brought in about 36% of total revenue but about 63% of revenue less cost of goods sold, so the inside sales matter more to profit than their share of revenue suggests. A small wholesale fuel business supplies dealer sites and made up approximately 3% of fiscal 2026 revenue.
Casey's runs three distribution centers that supply most stores and also delivers most of its own fuel. It had about 23,490 full-time and 26,358 part-time employees, and over 10 million members in its Rewards program. It competes with local grocery and convenience stores, dollar stores, restaurants and other fuel sellers.
- Legal name
- CASEY’S GENERAL STORES, INC.
- Fiscal year ends
- April 30, 2026
- Latest annual report
- 10-K · Jun 22, 2026
- Accession · CIK
- 0000726958-26-000046
0000726958
Revenue and margins
Casey's had $17.6B of revenue in fiscal 2026, up 10.2% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 17.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $722M in fiscal 2026, 4.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Casey's returned $284M to shareholders in fiscal 2026, 39% of free cash flow. The diluted share count fell 0.2%.
Value Casey's yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.9B and divides by 37.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.7x · peers 30.8x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Casey's can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $159M | $379M | $207M | $327M | $523M |
| Debt incl. finance leases | $1.7B | $1.7B | $1.6B | $2.5B | $2.4B |
| Net debt / EBITDA | 1.9x | 1.4x | 1.4x | 1.8x | 1.3x |
| Debt / equity | 0.8x | 0.6x | 0.5x | 0.7x | 0.6x |
| Interest coverage | 8.7x | 12.3x | 13.3x | 9.5x | 10.7x |
| Current ratio | 0.8x | 1.0x | 0.9x | 0.9x | 1.0x |
| Quick ratio | 0.4x | 0.6x | 0.4x | 0.5x | 0.6x |
| Total assets | $5.5B | $5.9B | $6.3B | $8.2B | $8.9B |
| Total liabilities | $3.3B | $3.3B | $3.3B | $4.7B | $5.0B |
| Shareholders' equity | $2.2B | $2.7B | $3.0B | $3.5B | $4.0B |
| Net debt (− = net cash) | $1.5B | $1.3B | $1.4B | $2.2B | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.6M
2 insiders
Sold, 12 months
$29.2M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 9, 2026 | Williams Ena KoschelChief Operating Officer | Sold | 2,800 | $833.69 | $2.3M | Form 4 |
| Jul 8, 2026 | Allison M. WingDirector | Sold | 530 | $837.58 | $0.4M | Form 4 |
| Jul 8, 2026 | Stephen P Bramlage JRChief Financial Officer | Sold | 5,700 | $838.16 | $4.8M | Form 4 |
| Jul 7, 2026 | Darren M RebelezPresident and CEO, Director | Sold | 19,000 | $801.46 | $15.2M | Form 4 |
| Jul 1, 2026 | Williams Ena KoschelChief Operating Officer | Sold | 3,000 | $785.20 | $2.4M | Form 4 |
| Jun 30, 2026 | Chad Michael FrazellChief HR Officer | Sold | 3,013 | $787.49 | $2.4M | Form 4 |
| Jun 29, 2026 | Katrina S LindseyChief Legal Officer | Sold | 2,000 | $800.00 | $1.6M | Form 4 |
| Jun 26, 2026 | Mike SpanosDirector | Bought | 256 | $778.81 | $0.2M | Form 4 |
| Mar 13, 2026 | Mike SpanosDirector | Bought | 300 | $665.43 | $0.2M | Form 4 |
| Mar 11, 2026 | Katrina S LindseyChief Legal Officer | Sold | 200 | $683.04 | $0.1M | Form 4 |
| Jan 5, 2026 | Moats Maria CastanonDirector | Bought | 300 | $554.66 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 6 / 8 | 7 / 8 | 7 / 8 |
| Accruals ratio | −6.4% | −7.5% | −7.7% |
| Altman Z'' | 3.11 | 2.74 | 3.06 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Casey's CASY | $25.9B | 10.2% | — | 4.1% | 13.6% | 33.7x | 7 | |
| United Natural Foods UNFI | $2.9B | −2.0% | 0.7% | 1.0% | 5.3% | 35.0x | 6 | Compare → |
| Sprouts Farmers Market SFM | $6.3B | 14.1% | 7.8% | 5.3% | 46.9% | 12.7x | 7 | Compare → |
| Grocery Outlet GO | $1.3B | 7.3% | −4.7% | 0.5% | −11.6% | — | 5 | Compare → |
| Maplebear CART | $14.0B | 10.8% | 13.3% | 24.3% | 22.5% | 30.8x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.5B | $8.4B | $9.4B | $9.2B | $8.7B | $13.0B | $15.1B | $14.9B | $15.9B | $17.6B |
| Gross profit | $1.7B | $1.8B | $2.0B | $2.1B | — | — | — | — | — | — |
| Interest expense | $41.5M | $50.9M | $55.7M | $53.4M | $46.7M | $57.0M | $51.8M | $53.4M | $84.0M | $96.6M |
| Pretax income | $270M | $214M | $263M | $342M | $407M | $441M | $588M | $656M | $712M | $937M |
| Income tax | $92.2M | −$104M | $59.5M | $78.2M | $94.5M | $101M | $141M | $154M | $166M | $223M |
| Net income | $178M | $318M | $204M | $264M | $313M | $340M | $447M | $502M | $547M | $714M |
| Diluted EPS | $4.48 | $8.34 | $5.51 | $7.10 | $8.38 | $9.10 | $11.91 | $13.43 | $14.64 | $19.16 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $459M | $420M | $531M | $504M | $804M | $789M | $882M | $893M | $1.1B | $1.4B |
| Capital expenditure | $433M | $577M | $395M | $439M | $441M | $327M | $477M | $522M | $506M | $656M |
| Free cash flow | $25.9M | −$158M | $136M | $65.3M | $363M | $462M | $405M | $371M | $585M | $722M |
| Depreciation and amortization | $198M | $221M | $244M | $251M | $265M | $304M | $313M | $350M | $404M | $450M |
| Stock-based compensation | $10.7M | $18.8M | $16.4M | $18.1M | $32.0M | $38.0M | $47.0M | $41.4M | $47.7M | $63.4M |
| Acquisitions | $25.5M | $37.2M | $68.2M | $32.7M | $9.4M | $902M | $85.6M | $330M | $1.2B | $142M |
| Share buybacks | $47.9M | $215M | $37.5M | $0.0M | $0.0M | $0.0M | $0.0M | $105M | $0.7M | $201M |
| Dividends paid | $36.8M | $38.8M | $41.4M | $46.0M | $48.0M | $51.2M | $55.6M | $62.9M | $72.3M | $83.1M |
| Dividends and buybacks | $84.7M | $253M | $78.9M | $46.0M | $48.0M | $51.2M | $55.6M | $168M | $73.0M | $284M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $76.7M | $53.7M | $63.3M | $78.3M | $337M | $159M | $379M | $207M | $327M | $523M |
| Total debt | $923M | $1.3B | $1.3B | $1.3B | $1.4B | $1.6B | $1.6B | $1.5B | $2.4B | $2.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $16.7M | $14.1M | $74.2M | $95.1M | $102M | $109M | $115M |
| Current assets | $351M | $397M | $411M | $387M | $724M | $725M | $921M | $830M | $1.0B | $1.4B |
| Current liabilities | $427M | $508M | $591M | $1.1B | $613M | $905M | $927M | $954M | $1.1B | $1.4B |
| Inventory | $202M | $242M | $273M | $236M | $287M | $396M | $376M | $429M | $480M | $557M |
| Property and equipment, net | $2.5B | $2.9B | $3.1B | $3.3B | $3.5B | $4.0B | $4.2B | $4.7B | $5.4B | $5.7B |
| Total assets | $3.0B | $3.5B | $3.7B | $3.9B | $4.5B | $5.5B | $5.9B | $6.3B | $8.2B | $8.9B |
| Total liabilities | $1.8B | $2.2B | $2.3B | $2.3B | $2.5B | $3.3B | $3.3B | $3.3B | $4.7B | $5.0B |
| Shareholders' equity | $1.2B | $1.3B | $1.4B | $1.6B | $1.9B | $2.2B | $2.7B | $3.0B | $3.5B | $4.0B |
| Margins | ||||||||||
| Gross margin | 22.4% | 21.1% | 20.9% | 23.4% | — | — | — | — | — | — |
| EBITDA margin | 6.8% | 5.8% | 6.0% | 7.1% | 8.3% | 6.2% | 6.3% | 7.1% | 7.5% | 8.5% |
| Net margin | 2.4% | 3.8% | 2.2% | 2.9% | 3.6% | 2.6% | 3.0% | 3.4% | 3.4% | 4.1% |
| FCF margin | 0.3% | −1.9% | 1.5% | 0.7% | 4.2% | 3.6% | 2.7% | 2.5% | 3.7% | 4.1% |
| Returns | ||||||||||
| Return on capital | 10.6% | 11.6% | 9.6% | 11.1% | 12.0% | 11.4% | 12.6% | 12.9% | 12.1% | 13.6% |
| Return on capital employed | 12.6% | 9.6% | 10.5% | 13.1% | 13.5% | 11.8% | 13.3% | 13.6% | 12.7% | 14.1% |
| Return on equity | 15.6% | 25.8% | 15.2% | 17.3% | 17.5% | 16.3% | 18.2% | 17.7% | 16.8% | 19.2% |
| Return on assets | 6.2% | 9.8% | 5.7% | 6.9% | 7.5% | 6.8% | 7.8% | 8.2% | 7.5% | 8.3% |
| Growth | ||||||||||
| Revenue growth | 5.4% | 11.8% | 11.5% | −1.9% | −5.1% | 48.8% | 16.5% | −1.5% | 7.3% | 10.2% |
| Net income growth | −21.5% | 79.1% | −35.9% | 29.4% | 18.6% | 8.6% | 31.5% | 12.4% | 8.9% | 30.7% |
| EPS growth | −21.8% | 86.2% | −33.9% | 28.9% | 18.0% | 8.6% | 30.9% | 12.8% | 9.0% | 30.9% |
| FCF growth | −67.5% | −709.0% | — | −51.9% | 455.3% | 27.4% | −12.3% | −8.5% | 57.6% | 23.4% |
| Share count change | 0.4% | −3.7% | −3.0% | 0.6% | 0.5% | 0.0% | 0.4% | −0.4% | −0.1% | −0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.7x | 2.6x | 2.2x | 1.9x | 1.4x | 1.9x | 1.4x | 1.4x | 1.8x | 1.3x |
| Debt / equity | 0.8x | 1.0x | 0.9x | 0.8x | 0.7x | 0.8x | 0.6x | 0.5x | 0.7x | 0.6x |
| Interest coverage | 7.5x | 5.2x | 5.7x | 7.4x | 9.7x | 8.7x | 12.3x | 13.3x | 9.5x | 10.7x |
| Current ratio | 0.8x | 0.8x | 0.7x | 0.4x | 1.2x | 0.8x | 1.0x | 0.9x | 0.9x | 1.0x |
| Quick ratio | 0.4x | 0.3x | 0.2x | 0.1x | 0.7x | 0.4x | 0.6x | 0.4x | 0.5x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.8% | 6.9% | 4.2% | 4.8% | 5.1% | 2.5% | 3.2% | 3.5% | 3.2% | 3.7% |
| Stock comp / revenue | 0.1% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% |
| Payouts / FCF | 327.1% | — | 58.1% | 70.3% | 13.2% | 11.1% | 13.7% | 45.2% | 12.5% | 39.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 6.0 | 5.0 | 6.0 | 6.0 | 4.0 | 6.0 | 6.0 | 7.0 | 7.0 |
| Altman Z'' | 2.5 | 2.1 | 2.1 | 1.6 | 3.0 | 2.4 | 3.0 | 3.1 | 2.7 | 3.1 |
| Accruals ratio | −9.8% | −3.1% | −9.1% | −6.3% | −11.7% | −9.0% | −7.6% | −6.4% | −7.5% | −7.7% |
Source: SEC EDGAR XBRL filings (CIK 0000726958). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.