On this page of StockholderLetter.com we present the latest annual shareholder letter from CASEYS GENERAL STORES INC — ticker symbol CASY. Reading current and past CASY letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT

TABLE OF CONTENTS 2 TO OUR SHAREHOLDERS 10 BOARD OF DIRECTORS FINANCIAL HIGHLIGHTS 2024 2023 $14,862,913 $15,094,475 Cash Flow from Operations (in Thousands) $892,953 $881,951 Total Revenue (in Thousands) Net Income (in Thousands) EBITDA* (in Thousands) EPS (Diluted) 11 INVESTOR INFORMATION Number of Stores $501,972 $446,691 $1,059,398 $952,464 $13.43 $11.91 2,658 2,521 *EBITDA is a non-GAAP measure which we de ne as net income before net interest expense, income taxes, depreciations and amortization. See page 23 of the Form 10-K, as included, for a reconciliation of EBITDA to net income.
DARREN REBELEZ Board Chair, President & Chief Executive Officer
TO OUR SHAREHOLDERS Fiscal year 2024 was another record year for Casey s a testament to the strength of our business model and the performance of our team. The company delivered exceptional results in the rst year of our three-year strategic plan, and our team continues to focus on executing the plan at a high level and delivering great results to our shareholders. Net income and EBITDA grew at 12% and 11% respectively, with EBITDA eclipsing the $1 billion mark for the rst time in company history. We accelerated the food business with new and refreshed menu items, including thin crust pizza and a crispy chicken sandwich line-up. Leveraging the expertise from our guest insights team, coupled with engaging our almost 8 million Casey s Rewards members, we were able to offer the right products at the right price to our guests. This showed up in the nancial results, with inside same-store sales up 4.4%, paced by prepared food and dispensed beverage same-store sales up 6.8%. Grocery and general merchandise also performed well during the year, with same-store sales up 3.5%, highlighted by non-alcoholic and alcoholic beverages. Our robust private label portfolio provided incremental value and a quality offering to our guests. 3
 • shareholder letter icon 7/17/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/26/2023 CASY Stockholder Letter
 • stockholder letter icon More "Grocery & Drug Stores" Category Stockholder Letters
 • Benford's Law Stocks icon CASY Benford's Law Stock Score = 75


CASY Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT


TABLE OF CONTENTS
2
TO OUR SHAREHOLDERS
10
BOARD OF DIRECTORS
FINANCIAL HIGHLIGHTS
2024
2023
$14,862,913
$15,094,475
Cash Flow from Operations (in Thousands) $892,953
$881,951
Total Revenue (in Thousands)
Net Income (in Thousands)
EBITDA* (in Thousands)
EPS (Diluted)
11
INVESTOR INFORMATION
Number of Stores
$501,972
$446,691
$1,059,398
$952,464
$13.43
$11.91
2,658
2,521
*EBITDA is a non-GAAP measure which we de   ne as net income before net interest expense,
income taxes, depreciations and amortization. See page 23 of the Form 10-K, as included, for a
reconciliation of EBITDA to net income.

DARREN REBELEZ
Board Chair, President &
Chief Executive Officer

TO OUR SHAREHOLDERS
Fiscal year 2024 was another record year for
Casey   s     a testament to the strength of our
business model and the performance of our team.
The company delivered exceptional results in the
   rst year of our three-year strategic plan, and our
team continues to focus on executing the plan
at a high level and delivering great results to
our shareholders. Net income and EBITDA
grew at 12% and 11% respectively, with EBITDA
eclipsing the $1 billion mark for the    rst time
in company history.
We accelerated the food business with new and
refreshed menu items, including thin crust pizza
and a crispy chicken sandwich line-up. Leveraging
the expertise from our guest insights team,
coupled with engaging our almost 8 million Casey   s
Rewards members, we were able to offer the right
products at the right price to our guests. This
showed up in the    nancial results, with inside
same-store sales up 4.4%, paced by prepared
food and dispensed beverage same-store sales
up 6.8%. Grocery and general merchandise also
performed well during the year, with same-store
sales up 3.5%, highlighted by non-alcoholic and
alcoholic beverages. Our robust private label
portfolio provided incremental value and a
quality offering to our guests.
3



shareholder letter icon 7/17/2024 Letter Continued (Full PDF)
 

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