Casey's General Stores (CASY)
Runs smaller-town convenience stores built around fuel, merchandise, and made-to-order pizza.
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Casey's runs convenience stores across the Midwest and, more recently, the South — fuel out front, packed shelves and a pizza kitchen inside. Most of the money arrives at the pump, but most of the profit is made indoors, and the kitchen keeps more of each dollar than the shelves or the pumps do. The company keeps buying and building stores, then fitting kitchens into the ones it buys.
Item facts: FY2026 · year ended April 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 12 more below
Retail Fuel
Gasoline and diesel at the pumps of 2,944 stores: 60.4% of sales but only 34.6% of profit, at 42.6 cents kept per gallon on 3.515 billion gallons. Watch the cents kept, not the sales line.
Competes with Retail fuel (Murphy USA) · Circle K fuel (Couche-Tard) · Forecourt fuel (Kwik Trip)
In plain English
Every Casey's sits behind a row of pumps, and fuel is the reason most people pull in. The company buys gasoline and diesel wholesale and resells it, keeping roughly forty-three cents a gallon last year across three and a half billion gallons.
Because the pump price rises and falls with the oil market, the sales figure jumps around without meaning much — sales rose 24.3% in the quarter ended July 2026 almost entirely because the pump price went from three dollars a gallon to nearly four. What matters is the cents kept per gallon, and how many of those drivers walk through the door. Pricing sharply is the point: fuel fills the lot, and the shelves and the kitchen collect.
Wholesale Fuel Supply & Store Services
Fuel sold by the truckload to stations Casey's doesn't run, plus 241 car washes and fees from cash machines, lottery and prepaid cards. $605.3M of sales last year, up 47.9% as the acquired supply network landed.
Competes with Dealer fuel supply (Sunoco LP) · Wholesale fuel to dealers (ARKO/GPM) · Express car washes (Mister Car Wash)
In plain English
Odds and ends, gathered into one line. When Casey's bought the Fikes chain it inherited a supply business: it buys fuel by the truckload and passes it on to independent station owners it doesn't operate, earning a thinner slice than it does at its own pumps.
The rest is small change that adds up — car wash bays at a couple hundred sites, plus the fees Casey's collects for running cash machines, selling lottery tickets and loading prepaid cards. None of it needs new stores; it rides on the ones already standing, which is why it grew fast the year the supply contracts arrived.
Grocery & General Merchandise
Packaged drinks, snacks, beer, cigarettes and pouches: 26.0% of sales and the single biggest slice of profit at 37.8%, keeping 35.8 cents on the dollar. Nicotine alternatives and energy are growing while beer, snacks and cigarettes sag.
Competes with In-store merchandise (7-Eleven) · Circle K in-store merchandise (Couche-Tard) · Kiosk merchandise (Murphy USA)
In plain English
Picture the middle of the store: coolers of soda and energy drinks, chips, candy, beer, cigarettes and nicotine pouches, plus the odd phone charger. Shoppers grab it on the way through and pay at the same register as the fuel.
Casey's keeps about thirty-six cents of every dollar sold here, and it raises that by changing what sits on the shelf rather than by charging more — giving the growing categories more room, pushing its own cheaper store brands, and letting the drink and snack makers pay for the buy-one-get-one deals. Add it all up and this quiet aisle earns more gross profit than the pumps do.
Casey's Rewards
The app and points program, more than ten million members at year-end and still climbing. It buys repeat visits with fuel discounts, steers shoppers toward whole pizzas, and hands Casey's the shopper data behind vendor-funded deals.
Competes with Inner Circle (Circle K) · 7Rewards (7-Eleven) · Murphy Drive Rewards (Murphy USA)
In plain English
A points card, basically. You scan the app at the register, points pile up, and you spend them on cents off a fill-up or on something from inside — whole pizzas earn at a much faster rate, which is Casey's nudging you toward the thing it makes the most on.
It has no sales line of its own; the payoff is knowing who buys what. A membership past ten million tells Casey's which items to stock and how to price them, down to how different income groups shop, and gives drink and snack suppliers a reason to fund promotions aimed at those members. The cost is real too: every discounted gallon is margin handed back.
Prepared Food & Dispensed Beverage
The in-store kitchen — pizza, sandwiches, wings, donuts, fountain and coffee. A tenth of sales, nearly a quarter of the profit, keeping 58.6 cents of every dollar; sales at long-open stores rose 4.8% in the quarter ended July 2026 on traffic, not price.
Competes with Made-To-Order kitchens (Sheetz) · Hoagies (Wawa) · In-store foodservice (Kwik Trip)
In plain English
There is a kitchen at the back of nearly every full-size store, turning out pizza, made-to-order sandwiches, wings, fries and donuts, plus fountain drinks, coffee and frozen cups. It is a fast-food restaurant wearing a convenience store as a building.
The borrowed building is the whole trick. Rent, lights and much of the staffing are already paid for by the fuel and the shelves, so nearly fifty-nine cents of every food dollar is left once the food itself is paid for — well above what packaged goods keep. That is how a tenth of the company's sales turns into almost a quarter of its profit, and why management keeps promising a richer margin mix.
Casey's Pizza
The flagship of the kitchen, sold since 1984 and stocked in almost every store, priced a dollar or two under a national chain on single-topping pies. Whole-pie sales grew nearly double digits in the quarter ended July 2026; cheese prices set the margin.
Competes with Delivery pizza (Domino's) · Hot-N-Ready whole pies (Little Caesars) · Store-made pizza (Sheetz)
In plain English
Whole pies and slices, sold since 1984 and made in almost every store. A single-topping Casey's pizza runs a dollar or two under what a national chain charges, and by the number of kitchens turning out pizza the company counts itself the fifth-largest pizza chain in the country, behind the delivery names.
No one breaks out what pizza alone earns — it is folded into the kitchen's takings. But it is the product the points program deliberately steers you toward, and in a town where the nearest pizzeria is a drive away, the place that already sells you fuel and milk is the short trip. The biggest swing factor in what it earns is the price of block cheese.
Sauced Wings and Casey's Fries
Wings in five sauces and three dry rubs, plus fries, installed in nearly 850 of 2,944 stores so far. Guests who order wings on their own buy prepared food 30% more often. Management has put no sales figure on it yet.
Competes with Bone-in and boneless wings (Wingstop) · Wings ordered with pizza (Domino's) · Wings ordered with pizza (Pizza Hut)
In plain English
Fryers, and what to do with them. Casey's is fitting a fryer program store by store — wings in five sauces and three dry rubs, alongside its own fries — and has reached nearly a third of the chain.
The appeal is the visit it creates more than the wing itself: people who come in for wings alone go on to buy prepared food about a third more often than they did. Management calls this a long build and has put no sales number on it, so next to the pizza ovens it is still a rounding error — a habit being planted rather than a business being counted.
CEFCO Store Conversions (Fikes)
The 198 stores bought with Fikes in late 2024 for $1.145B, being remodelled into Casey's stores with kitchens fitted. Roughly 70 are converted; each lifts prepared-food sales more than 30% against the year before.
Competes with GetGo Café + Market integration (Couche-Tard) · Speedway integration (7-Eleven) · Bidding for regional chains (Murphy USA)
In plain English
In late 2024 Casey's paid $1.145 billion in cash for Fikes, a chain of 198 stores in Texas, Florida, Alabama and Mississippi trading as CEFCO. The prize was not the stores as they stood — it was what they could become.
A CEFCO store sells fuel and packaged goods but keeps about half as much of each food dollar as an older Casey's, largely for want of a kitchen. So crews go in, fit ovens and hang the Casey's sign, and prepared-food sales at that store then run more than thirty percent above the prior year. Roughly seventy are done; the rest fill the coming year. The work disrupts about one store in a hundred at a time, which shows up as slower sales growth.
Retail FuelGasoline and diesel at the pumps of 2,944 stores: 60.4% of sales but only 34.6% of profit, at 42.6 cents kept per gallon on 3.515 billion gallons. Watch the cents kept, not the sales line.Gasoline and diesel at the pumps of 2,944 stores: 60.4% of sales but only 34.6% of profit, at 42.6 cents kept per gallon on 3.515 billion gallons. Watch the cents kept, not the sales line.
In plain English
Every Casey's sits behind a row of pumps, and fuel is the reason most people pull in. The company buys gasoline and diesel wholesale and resells it, keeping roughly forty-three cents a gallon last year across three and a half billion gallons.
Because the pump price rises and falls with the oil market, the sales figure jumps around without meaning much — sales rose 24.3% in the quarter ended July 2026 almost entirely because the pump price went from three dollars a gallon to nearly four. What matters is the cents kept per gallon, and how many of those drivers walk through the door. Pricing sharply is the point: fuel fills the lot, and the shelves and the kitchen collect.
Competes with Retail fuel (Murphy USA) · Circle K fuel (Couche-Tard) · Forecourt fuel (Kwik Trip)
Wholesale Fuel Supply & Store ServicesFuel sold by the truckload to stations Casey's doesn't run, plus 241 car washes and fees from cash machines, lottery and prepaid cards. $605.3M of sales last year, up 47.9% as the acquired supply network landed.Fuel sold by the truckload to stations Casey's doesn't run, plus 241 car washes and fees from cash machines, lottery and prepaid cards. $605.3M of sales last year, up 47.9% as the acquired supply network landed.
In plain English
Odds and ends, gathered into one line. When Casey's bought the Fikes chain it inherited a supply business: it buys fuel by the truckload and passes it on to independent station owners it doesn't operate, earning a thinner slice than it does at its own pumps.
The rest is small change that adds up — car wash bays at a couple hundred sites, plus the fees Casey's collects for running cash machines, selling lottery tickets and loading prepaid cards. None of it needs new stores; it rides on the ones already standing, which is why it grew fast the year the supply contracts arrived.
Competes with Dealer fuel supply (Sunoco LP) · Wholesale fuel to dealers (ARKO/GPM) · Express car washes (Mister Car Wash)
Grocery & General MerchandisePackaged drinks, snacks, beer, cigarettes and pouches: 26.0% of sales and the single biggest slice of profit at 37.8%, keeping 35.8 cents on the dollar. Nicotine alternatives and energy are growing while beer, snacks and cigarettes sag.Packaged drinks, snacks, beer, cigarettes and pouches: 26.0% of sales and the single biggest slice of profit at 37.8%, keeping 35.8 cents on the dollar. Nicotine alternatives and energy are growing while beer, snacks and cigarettes sag.
In plain English
Picture the middle of the store: coolers of soda and energy drinks, chips, candy, beer, cigarettes and nicotine pouches, plus the odd phone charger. Shoppers grab it on the way through and pay at the same register as the fuel.
Casey's keeps about thirty-six cents of every dollar sold here, and it raises that by changing what sits on the shelf rather than by charging more — giving the growing categories more room, pushing its own cheaper store brands, and letting the drink and snack makers pay for the buy-one-get-one deals. Add it all up and this quiet aisle earns more gross profit than the pumps do.
Competes with In-store merchandise (7-Eleven) · Circle K in-store merchandise (Couche-Tard) · Kiosk merchandise (Murphy USA)
Casey's RewardsThe app and points program, more than ten million members at year-end and still climbing. It buys repeat visits with fuel discounts, steers shoppers toward whole pizzas, and hands Casey's the shopper data behind vendor-funded deals.The app and points program, more than ten million members at year-end and still climbing. It buys repeat visits with fuel discounts, steers shoppers toward whole pizzas, and hands Casey's the shopper data behind vendor-funded deals.
In plain English
A points card, basically. You scan the app at the register, points pile up, and you spend them on cents off a fill-up or on something from inside — whole pizzas earn at a much faster rate, which is Casey's nudging you toward the thing it makes the most on.
It has no sales line of its own; the payoff is knowing who buys what. A membership past ten million tells Casey's which items to stock and how to price them, down to how different income groups shop, and gives drink and snack suppliers a reason to fund promotions aimed at those members. The cost is real too: every discounted gallon is margin handed back.
Competes with Inner Circle (Circle K) · 7Rewards (7-Eleven) · Murphy Drive Rewards (Murphy USA)
Prepared Food & Dispensed BeverageThe in-store kitchen — pizza, sandwiches, wings, donuts, fountain and coffee. A tenth of sales, nearly a quarter of the profit, keeping 58.6 cents of every dollar; sales at long-open stores rose 4.8% in the quarter ended July 2026 on traffic, not price.The in-store kitchen — pizza, sandwiches, wings, donuts, fountain and coffee. A tenth of sales, nearly a quarter of the profit, keeping 58.6 cents of every dollar; sales at long-open stores rose 4.8% in the quarter ended July 2026 on traffic, not price.
In plain English
There is a kitchen at the back of nearly every full-size store, turning out pizza, made-to-order sandwiches, wings, fries and donuts, plus fountain drinks, coffee and frozen cups. It is a fast-food restaurant wearing a convenience store as a building.
The borrowed building is the whole trick. Rent, lights and much of the staffing are already paid for by the fuel and the shelves, so nearly fifty-nine cents of every food dollar is left once the food itself is paid for — well above what packaged goods keep. That is how a tenth of the company's sales turns into almost a quarter of its profit, and why management keeps promising a richer margin mix.
Competes with Made-To-Order kitchens (Sheetz) · Hoagies (Wawa) · In-store foodservice (Kwik Trip)
Casey's PizzaThe flagship of the kitchen, sold since 1984 and stocked in almost every store, priced a dollar or two under a national chain on single-topping pies. Whole-pie sales grew nearly double digits in the quarter ended July 2026; cheese prices set the margin.The flagship of the kitchen, sold since 1984 and stocked in almost every store, priced a dollar or two under a national chain on single-topping pies. Whole-pie sales grew nearly double digits in the quarter ended July 2026; cheese prices set the margin.
In plain English
Whole pies and slices, sold since 1984 and made in almost every store. A single-topping Casey's pizza runs a dollar or two under what a national chain charges, and by the number of kitchens turning out pizza the company counts itself the fifth-largest pizza chain in the country, behind the delivery names.
No one breaks out what pizza alone earns — it is folded into the kitchen's takings. But it is the product the points program deliberately steers you toward, and in a town where the nearest pizzeria is a drive away, the place that already sells you fuel and milk is the short trip. The biggest swing factor in what it earns is the price of block cheese.
Competes with Delivery pizza (Domino's) · Hot-N-Ready whole pies (Little Caesars) · Store-made pizza (Sheetz)
Sauced Wings and Casey's FriesWings in five sauces and three dry rubs, plus fries, installed in nearly 850 of 2,944 stores so far. Guests who order wings on their own buy prepared food 30% more often. Management has put no sales figure on it yet.Wings in five sauces and three dry rubs, plus fries, installed in nearly 850 of 2,944 stores so far. Guests who order wings on their own buy prepared food 30% more often. Management has put no sales figure on it yet.
In plain English
Fryers, and what to do with them. Casey's is fitting a fryer program store by store — wings in five sauces and three dry rubs, alongside its own fries — and has reached nearly a third of the chain.
The appeal is the visit it creates more than the wing itself: people who come in for wings alone go on to buy prepared food about a third more often than they did. Management calls this a long build and has put no sales number on it, so next to the pizza ovens it is still a rounding error — a habit being planted rather than a business being counted.
Competes with Bone-in and boneless wings (Wingstop) · Wings ordered with pizza (Domino's) · Wings ordered with pizza (Pizza Hut)
CEFCO Store Conversions (Fikes)The 198 stores bought with Fikes in late 2024 for $1.145B, being remodelled into Casey's stores with kitchens fitted. Roughly 70 are converted; each lifts prepared-food sales more than 30% against the year before.The 198 stores bought with Fikes in late 2024 for $1.145B, being remodelled into Casey's stores with kitchens fitted. Roughly 70 are converted; each lifts prepared-food sales more than 30% against the year before.
In plain English
In late 2024 Casey's paid $1.145 billion in cash for Fikes, a chain of 198 stores in Texas, Florida, Alabama and Mississippi trading as CEFCO. The prize was not the stores as they stood — it was what they could become.
A CEFCO store sells fuel and packaged goods but keeps about half as much of each food dollar as an older Casey's, largely for want of a kitchen. So crews go in, fit ovens and hang the Casey's sign, and prepared-food sales at that store then run more than thirty percent above the prior year. Roughly seventy are done; the rest fill the coming year. The work disrupts about one store in a hundred at a time, which shows up as slower sales growth.
Competes with GetGo Café + Market integration (Couche-Tard) · Speedway integration (7-Eleven) · Bidding for regional chains (Murphy USA)
Named in filings, launches and programs
- New-store construction programEcosystem40 stores built in FY2026; the plan calls for at least 120 openings in FY2027 and 400-plus added stores by FY2029, with about $2B of cash left over.
- Pak-A-Sak (24 Texas Panhandle stores)Ecosystem · AnnouncedAn agreed 24-store deal in the Texas Panhandle, announced August 2026 — price undisclosed and not yet closed.
- goodstop by Casey'sBrandA smaller-format banner running since 2021 for sites that cannot carry a full kitchen; a new one opened in Sioux Falls in July 2026.
- Private label / Casey's own brandsBrandCasey's own cheaper labels on the shelves, leaned on harder in FY2027 as shoppers reached for lower prices.
- Nicotine alternativesProduct line · RampingPouches and other tobacco-free nicotine — up 47% at long-open stores in the quarter ended July 2026, one of the few shelf categories growing fast.
- Energy drinksProduct lineUp 12% in the quarter ended July 2026, helped by a Monster flavour Casey's had nearly to itself from January to May 2026.
- CigarettesProduct lineStill a large shelf category, but soft in the quarter ended July 2026 as buyers moved toward pouches.
- Beer and alcoholProduct lineA sizeable shelf category and a stated drag on inside sales in the quarter ended July 2026.
- Darn Good Coffee and FROSTBITEProduct lineCoffee and frozen-drink platforms launched over the past three years, poured at the self-serve counter.
- Thin Crust Pizza and specialty menuProduct linePizza extensions added over the past three years to widen the menu beyond the standard pie.
- Made-to-order sandwiches, salads, wraps and bakeryProduct lineThe non-pizza half of the kitchen menu, ordered at the counter or through the app.
- Distribution centres — Ankeny, Terre Haute, JoplinEcosystemThree company warehouses supply the stores; a change in how their costs are booked shifted margin between the food and shelf lines.
New-store construction programEcosystem
40 stores built in FY2026; the plan calls for at least 120 openings in FY2027 and 400-plus added stores by FY2029, with about $2B of cash left over.
Pak-A-Sak (24 Texas Panhandle stores)Ecosystem · Announced
An agreed 24-store deal in the Texas Panhandle, announced August 2026 — price undisclosed and not yet closed.
goodstop by Casey'sBrand
A smaller-format banner running since 2021 for sites that cannot carry a full kitchen; a new one opened in Sioux Falls in July 2026.
Private label / Casey's own brandsBrand
Casey's own cheaper labels on the shelves, leaned on harder in FY2027 as shoppers reached for lower prices.
Nicotine alternativesProduct line · Ramping
Pouches and other tobacco-free nicotine — up 47% at long-open stores in the quarter ended July 2026, one of the few shelf categories growing fast.
Energy drinksProduct line
Up 12% in the quarter ended July 2026, helped by a Monster flavour Casey's had nearly to itself from January to May 2026.
CigarettesProduct line
Still a large shelf category, but soft in the quarter ended July 2026 as buyers moved toward pouches.
Beer and alcoholProduct line
A sizeable shelf category and a stated drag on inside sales in the quarter ended July 2026.
Darn Good Coffee and FROSTBITEProduct line
Coffee and frozen-drink platforms launched over the past three years, poured at the self-serve counter.
Thin Crust Pizza and specialty menuProduct line
Pizza extensions added over the past three years to widen the menu beyond the standard pie.
Made-to-order sandwiches, salads, wraps and bakeryProduct line
The non-pizza half of the kitchen menu, ordered at the counter or through the app.
Distribution centres — Ankeny, Terre Haute, JoplinEcosystem
Three company warehouses supply the stores; a change in how their costs are booked shifted margin between the food and shelf lines.