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.
ANNUAL REPORT 2025

FINANCIAL HIGHLIGHTS 2024 2025 $14,862,913 $15,940,899 Cash Flow from Operations (in Thousands) $892,953 $1,090,854 Total Revenue (in Thousands) Net Income (in Thousands) EBITDA* (in Thousands) EPS (Diluted) Number of Stores $501,972 $546,520 $1,059,398 $1,200,047 $13.43 $14.64 2,658 2,904 *EBITDA is a non-GAAP measure which we de ne as net income before net interest expense, income taxes, depreciations and amortization. See pages 22-23 of the Form 10-K, as included, for a reconciliation of EBITDA to net income.
TO OUR SHAREHOLDERS Fiscal year 2025 was another exciting chapter for Casey s. We recently completed year two of our current three-year strategic plan. The Company continues to over deliver on our 8-10% EBITDA growth commitment and has generated signi cant shareholder value as we enter into the nal year of the plan. One of the pillars of the strategic plan is to grow the number of stores. In scal 2025, we executed the largest transaction in the Company s history with the acquisition of Fikes Wholesale and its 198 CEFCO stores. This acquisition expanded our footprint in Texas, while also expanding into other areas in the south. With this transaction, we raised our goal from 350 to 500 new units over the strategic plan period, and we are excited about the growth opportunities that lie ahead for Casey s. This acquisition highlights our ability to operate the business at a high level while also integrating a signi cant acquisition. Inside the store we remain focused on accelerating the food business. We now have over 9 million Casey s Rewards members, and those guests gravitate towards our made-from-scratch pizza. We also upgraded our coffee program with our Darn Good Coffee blends. In the Des Moines market, we are piloting chicken wings and fries. We remain very focused on product innovation and
DARREN REBELEZ Board Chair, President & Chief Executive Officer 3
 • shareholder letter icon 7/23/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/26/2023 CASY Stockholder Letter
 • stockholder letter icon 7/17/2024 CASY Stockholder Letter
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 • Benford's Law Stocks icon CASY Benford's Law Stock Score = 83


CASY Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2025


FINANCIAL
HIGHLIGHTS
2024
2025
$14,862,913
$15,940,899
Cash Flow from Operations (in Thousands) $892,953
$1,090,854
Total Revenue (in Thousands)
Net Income (in Thousands)
EBITDA* (in Thousands)
EPS (Diluted)
Number of Stores
$501,972
$546,520
$1,059,398
$1,200,047
$13.43
$14.64
2,658
2,904
*EBITDA is a non-GAAP measure which we de   ne as net income before net interest expense,
income taxes, depreciations and amortization. See pages 22-23 of the Form 10-K, as included,
for a reconciliation of EBITDA to net income.

TO OUR
SHAREHOLDERS
Fiscal year 2025 was another exciting chapter for
Casey   s. We recently completed year two of our
current three-year strategic plan. The Company
continues to over deliver on our 8-10% EBITDA
growth commitment and has generated signi   cant
shareholder value as we enter into the    nal year of
the plan.
One of the pillars of the strategic plan is to grow
the number of stores. In    scal 2025, we executed
the largest transaction in the Company   s history
with the acquisition of Fikes Wholesale and its 198
CEFCO stores. This acquisition expanded our
footprint in Texas, while also expanding into other
areas in the south. With this transaction, we raised
our goal from 350 to 500 new units over the
strategic plan period, and we are excited about the
growth opportunities that lie ahead for Casey   s.
This acquisition highlights our ability to operate the
business at a high level while also integrating a
signi   cant acquisition.
Inside the store we remain focused on accelerating
the food business. We now have over 9 million
Casey   s Rewards members, and those guests
gravitate towards our made-from-scratch pizza.
We also upgraded our coffee program with our
Darn Good Coffee blends. In the Des Moines
market, we are piloting chicken wings and fries.
We remain very focused on product innovation and

DARREN REBELEZ
Board Chair, President &
Chief Executive Officer
3



shareholder letter icon 7/23/2025 Letter Continued (Full PDF)
 

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