$CASY · CASEYS GENERAL STORES INC

Casey's General Stores filed its 10-Q for Q1 FY2027 (ended July 31, 2026). Revenue grew 24.3% YoY to $5.678B, driven largely by fuel revenue. Net income reached $273.7M ($7.37 diluted EPS), up from $215.4M ($5.77) in the prior-year quarter. Operating expenses rose to $754.1M from $698.2M, with same-store employee expense up $35.7M and credit card fees up $19.4M. The company operates 2,959 stores across 19 states. Cash from operations was $384.1M, and the company repurchased $45.6M in common stock during the quarter.

Stock fell 2.99% in the regular session to $733.49 despite strong earnings, suggesting the market may have priced in even higher expectations or is concerned about rising operating expenses. After-hours session is now underway.

Casey's delivered a 27% earnings jump on 24% revenue growth, but the stock sold off, signaling the market wanted more — particularly on inside-store margin performance.

Casey's 24.3% revenue growth far outpaces typical convenience-store peers, though the surge is heavily fuel-driven. Inside-store gross profit remains the key differentiator for the chain's valuation premium in the c-store sector.

Rising same-store operating expenses — employee costs up $35.7M and credit card fees up $19.4M YoY — could erode margin gains from fuel revenue growth. Fuel gross margin sensitivity remains a persistent risk given volatile commodity prices.