Caseys General Stores Inc (CASY) Q4 2025 Earnings Report

Revenue (Q4 2025): $3.9926 billion, up 10.9% YoY and 2.28% QoQ. Gross profit: $818.6 million, up 2.6% YoY, down 10.3% QoQ. Operating income: $155.6 million, up 22.8% YoY, up 13.4% QoQ. EBITDA: $235.1 million, up 18.3% YoY, up 20.1% QoQ. Net income: $98.3 million, up 13% YoY. EPS (GAAP) diluted: $2.63 for Q4; full-year diluted EPS: $14.64, up 9% YoY. Inside sales growth for the year: 10.9%; inside same-store sales: +2.6% (2-yr stack +7.1%). Prepared foods and dispensed beverages: +10.3% (2-yr stack +10.5%). Grocery and general merchandise: +11.2% (2-yr stack +5.8%). Inside margin: 41.5% (up 50 bps YoY). Fuel gallons sold: +13%; fuel margin: $0.387/gal (FY). Free cash flow (FY25): $585 million. Net debt: $2.631 billion; total debt: $2.957 billion; liquidity: $1.2 billion. ROIC: 11.5% for FY25. Leverage: Debt-to-EBITDA of ~1.9x at period-end. FY26 guidance: EBITDA growth of 10-12%; inside same-store sales +2% to +5%; inside margin ~41%; fuel gallons same-store -1% to +1%; OpEx +8% to +10%; capex approximately $600 million; open at least 80 stores; tax rate 24-26%; net interest expense ~ $110 million; D&A ~$450 million; capex (PP&E) ~$600 million; no EPS guidance but Fikes is EBITDA-accretive and earnings-dilutive per share in FY26.