Casey’s delivered a solid start to FY2025 with 5.9% revenue growth and meaningful margin expansion across key inside categories, driven by stronger prepared foods, grocery and general merchandise cost management, and favorable operating leverage from higher store counts. Net income rose 6.5% YoY to $180.2 million and diluted EPS reached $4.83, up 7% YoY. The quarter featured a disciplined capital allocation stance: free cash flow of $180.8 million, operating cash flow of $281.4 million, and a leverage ratio of 1.5x, supported by liquidity of approximately $1.2 billion. Management underscored progress on the three-year strategic plan (store growth, accelerated food differential, and efficiency enhancements) and reiterated the pending Fikes acquisition with 198 CEFCO stores, targeting ~270 store growth for FY2025 and a path to ~2.0x leverage within 12 months post-close. The near-term headwinds include elevated cheese costs and integration-related One-time costs associated with the Fikes transaction, alongside ongoing macro consumer dynamics. Overall, Casey’s appears positioned to execute its growth and margin-acceleration agenda while maintaining strong cash generation and a prudent balance sheet.