CASY US S&P 500Russell 1000 Earnings call

Casey's (CASY) · Q2 2026 results and valuation

Share price: $714.11 · 2026-11-11

Casey's operates a network of convenience stores, distribution centers, and a fuel terminal across 19 states. The company sells fuel, prepared foods, groceries, and other non-food items to customers in both small and large communities. It also manages a wholesale fuel network and provides distribution services for its retail locations. Source: 10-K annual report (2026-06-22)

Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q1 2027 · published 9 Sep 2026 and 10 Jun 2026

Net income up 68.3% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.

1 · Numbers

+68.3%

Net income vs Q1 2026

Net income 273.7M vs 162.7M

Revenue +24.2%

Against the same quarter last year (Q2 2025) it is +27.1% — part of the move on last quarter is seasonal.

Why Against the same quarter last year (+27.1%), net income rose primarily due to higher inside sales and higher retail prices of fuel, with inside margin expansion driven by prepared food and dispensed beverage mix.

2 · How management spoke

Typical

Less upbeat than 59% of company calls

Answers to analysts: cautious, in line with the script.

Similar to last call.

3 · What stood out

Casey's reported that same store sales for prepared food and dispensed beverage rose 4.8% or 10.7% on a 2-year stack basis with a gross profit margin of 59.3%.

Valuation

Is Casey's undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-04-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 5.2% growth a year (3-year revenue growth), the model's fair value is $272.60 a share — the stock trades 162% above it. Today's price assumes 16.9% growth a year.

Current price

$714.11

close of 2026-11-11

Market implies growth of i

+16.9% for 10 yrs

Fair value / share

$272.60

Buy below

$204.45

Price vs fair value

Overvalued 162%

Price vs buy-below price

Overvalued >200%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Figure

Diluted EPS finished at $7.37 per share, which is up 28% from the prior year.

Source quote
“Diluted EPS finished at $7.37 per share up 28% from the prior year.”
Figure

Net income rose 27% to $274 million, and EBITDA reached $485 million, which is 17% higher than the prior year and 40% higher on a 2-year stack basis.

Source quote
“Net income was $274 million, an increase of 27% from the prior The company generated $485 million in EBITDA, 17% higher than the prior year, and up 40% on a 2-year stack basis.”
Figure

Total revenue increased by $1.11 billion, or 24.3%, to $5.68 billion compared to the prior year due to higher inside sales and higher retail prices of fuel.

Source quote
“Our total revenue for the quarter was $5.68 billion that is an increase of $1.11 billion or 24.3% from the prior year due primarily to higher inside sales, and a higher retail price of fuel.”
Figure

Same store sales for prepared food and dispensed beverage rose 4.8% or 10.7% on a 2-year stack basis with a gross profit margin of 59.3%.

Source quote
“Prepared food and dispensed beverage led the way, as same store sales were up 4.8% or 10.7% on a 2-year stack basis with a gross profit margin of 59.3%.”
Figure

CASY maintains a presence in 850 stores and will begin rolling out the next tranche of stores later this month.

Source quote
“We are still in 850 stores. And we will start rolling out the next tranche of stores here, later this month.”

4 more

Figure

The company expects a figure of 120 this year, with half originating from new industry builds and half from small deal M&A.

Source quote
“This year, it is a 120. We go into that assuming half of that will come from new industry builds, half of that will come from the small deal M&A and that is exactly how we see it playing out this year, give or take a couple.”
Key theme

Free cash flow decreased in Q1 2027 because of increased capital expenditures for Cefco store remodels.

Source quote
“The decrease in free cash flow is due in large part to the planned increase in capital expenditures from the Cefco store remodels.”
Figure

Remodeled stores saw an average PFMDB lift of 30% compared to the same period prior to the remodel.

Source quote
“We are extremely excited about the results we are seeing, as the average PFMDB lift at the stores that were remodeled to 30% versus its results of the same period prior to remodel.”
Figure

Ready-to-drink cocktails grew over 30% in the quarter, indicating a specific area of growth for the company.

Source quote
“Ready-to-drink cocktails, in particular, were up over 30% in the quarter.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Typical (was typical)

Answers to analysts Cautious (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Approximately 2% of the total operating expense increase was due to unit growth.”

“As we discussed at our Investor Day, we expanded our continuous improvement efforts to include both store and the enterprise as a whole.”

“Casey's had total gross profit of $1.24 billion in the quarter, an increase of $127 million or 11.4% from the prior year and up 29.7% on a 2-year stack basis.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)

Metric	Q2 2026period end 2026-07-31	Q1 2026period end 2026-04-30	Change	Q2 2025	YoY
Revenue	5.68B	4.57B	+24.2%	4.57B	+24.3%
Operating income	347.0M	—		278.5M	+24.6%
Net income	273.7M	162.7M	+68.3%	215.4M	+27.1%
EPS	7.37	4.37	+68.6%	5.77	+27.7%
P/E today 33.1	42.0	42.9	−0.9	33.4	+8.6

Topics

Most discussed now

New As Casey's discussed at its Investor Day, it expanded its...
New While Casey's is off to a great start to the year, consistent with its past practice, it plans to update...
New While there is been some price action that they are taking on take home packages not taking that on immediate...
New Casey's has seen a lot of pricing price action taken from the national brands, which has put some pressure on...
Retail fuel sales were up $991 million in the quarter, as the average retail price of fuel rose 33% from...

Faded since Q1 2026

Dropped In support of hunger relief, more than 10 million meals were provided to local food banks through Casey's' Feeding America...
Dropped The planning assumption is right, Casey's goes back to normal course and incentive comp normalizes, it has kind of prefunded a...
Fading The incredible financial results for the quarter and the full year are a function of the entire organization working together...
Fading People are clearly seeing value in Casey's' rewards program and leveraging those points to take some cents off a gallon...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-09-08 Results of operations; Shareholder vote results · SEC 8-K
For the first quarter ended July 31, 2026, the company reported a diluted EPS of $7.37, up 27.7% from the prior year, and net income of $273.7 million, up 27.1% year over year.
2026-06-24 Regulation FD disclosure · SEC 8-K
The company filed a Regulation FD disclosure on June 24, 2026, regarding its Investor Day presentation and the use of non-GAAP measures like EBITDA, free cash flow, and ROIC.
2026-06-09 Results of operations; Director or officer change; Articles or bylaws amended; Other events · SEC 8-K
For the fiscal year ended April 30, 2026, the company reported net income of $714.4 million, up 30.7% from the prior year, and EBITDA of nearly $1.5 billion, up 23.6% year over year.
2026-06-08 Director or officer change; Regulation FD disclosure · SEC 8-K
Casey’s General Stores, Inc. appointed Stanley J. Sutula III to its Board of Directors and Audit Committee, increasing the number of directors from eleven to twelve.
2026-03-09 Results of operations · SEC 8-K
For the third quarter ended January 31, 2026, Casey's reported a diluted EPS of $3.49, up 49.8% from the same period a year ago, and a net income of $130.1 million, up 49.3% year over year.
2025-12-09 Results of operations · SEC 8-K
For the second quarter, the company reported a diluted EPS of $5.53, up 14.0% from the prior year, and a net income of $206.3 million, up 14.0% year over year.
2025-09-08 Results of operations; Shareholder vote results · SEC 8-K
For the first quarter ended July 31, 2025, the company reported a diluted EPS of $5.77, up 19.5% from the prior year, and a net income of $215.4 million, up 19.5% year over year.
2025-06-09 Results of operations; Director or officer change · SEC 8-K

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

throughout the fiscal year

remodel Cefco stores

Source quote
“The stores that have been already remodeled to Casey's in prior periods have performed exceptionally well, and we expect to remodel Cefco stores throughout the fiscal year.”
second quarter earnings call

update annual guidance

Source quote
“we plan to update annual guidance on our second quarter earnings call when we are through the seasonally largest time of the year.”
second quarter

operating expense increase

Source quote
“We expect the second quarter operating expense increase to be similar to the first quarter and that is partially driven by the increase in retail fuel prices.”
fiscal year

completion of initiatives

Source quote
“As the team has completed a number of initiatives with many more on track for completion during the fiscal year both at the store and throughout the organization.”
fiscal year

meeting 120 store unit goal

Source quote
“While we are busy with Cefco conversions, does not stop us from continuing to grow the store base, as we are on track to meet our 120 store unit goal for the fiscal year.”