Casey's General Stores, Inc. · CASY · FY2025 Q4 · Calendar Q2 2025

Casey’s reports record results while integrating Fikes acquisition

The supplied analysis supports a constructive but qualified view: strong inside sales, food innovation, operating efficiencies, acquisitions, and unit growth provide evidence for durable earnings growth, while Fikes integration costs and fuel-margin pressure are important offsets.

Reported After market closeNASDAQConsumer Cyclical $25.47B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.63 Consensus $1.94
EPS surprise +35.6% Reported versus consensus
Reported revenue $3.99B Consensus $3.93B
Revenue surprise +1.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +11.6% Event window
SPY move +0.6% Same window
Abnormal move +11.0% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift +6.8% Up to 20 sessions
CASYSPY benchmark

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Transcript intelligence

What changed

The current analysis highlights a completed 198-store Fikes acquisition within a broader 235-store FY2025 acquisition program, continued labor-hour reductions, and FY26 plans for at least 80 new stores. It also identifies a $0.02-per-gallon CEFCO fuel-margin drag expected through FY26 and says the acquisition is EBITDA-accretive but dilutive to FY26 EPS.

Guidance delta

Management maintained guidance: 10%–12% EBITDA growth and 2%–5% same-store sales growth, while noting that the Fikes acquisition is expected to be EBITDA-accretive but dilutive to FY26 EPS.

Key takeaways

  • Management described record results, supported by strong inside sales and margin expansion.
  • The 198-store Fikes acquisition expands the unit base, but a $0.02-per-gallon CEFCO fuel-margin drag is expected through FY26.
  • Growth priorities include at least 80 new stores in FY26, food innovation, operating efficiencies, and continued capital returns.

Management priorities

  • Integrate Fikes stores and progress kitchen remodels after FY26.
  • Pursue new builds, acquisitions, Fuel 3.0, and upstream fuel procurement.
  • Develop food offerings and refresh private-label products across premium, middle, and value tiers.

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Earnings History

Estimate Beat Miss Match
CASY EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q4 '24 estimate $1.72 Q4 '24 actual $2.34, beat Q1 '25 estimate $4.52 Q1 '25 actual $4.83, beat Q4 '25 estimate $1.94 Q4 '25 actual $2.63, beat Q1 '26 estimate $5.02 Q1 '26 actual $5.77, beat Q2 '26 estimate $5.19 Q2 '26 actual $5.53, beat Q3 '26 estimate $3.00 Q3 '26 actual $3.49, beat Q4 '26 estimate $3.31 Q4 '26 actual $4.37, beat Q1 '27 estimate $6.78 Q1 '27 actual $7.37, beat Q2 '27 estimate $5.85 Q3 '27 estimate $3.97 Q4 '27 estimate $4.15 Q1 '28 estimate $7.25
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Analyst Consensus ?

ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%

Analyst 52W Price Targets

$689.22Current
$230Low
$746.47Average
$1,069High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
RBC Capital Outperform Sector PerformUpgradeOct 15, 2026
Evercore ISI Group Outperform OutperformMaintainSep 11, 2026
UBS Neutral NeutralMaintainSep 10, 2026
Raymond James Outperform Market PerformUpgradeSep 10, 2026
Keybanc Overweight OverweightMaintainSep 10, 2026
Show 21 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $689.22. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
RBC CapitalIrene Nattel$825$653.61 +19.7%Oct 15, 2026
Evercore ISIMichael Montani$775$619.14 +12.4%Sep 11, 2026
Deutsche BankKrisztina Katai$933$635.71 +35.4%Sep 10, 2026
UBSAnalyst unavailable$720$629.03 +4.5%Sep 10, 2026
StephensAnalyst unavailable$750$629.03 +8.8%Sep 10, 2026
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Company context

Snapshot as of publication

Casey's General Stores, Inc. engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items. The company was founded by Donald F. Lamberti in 1968 and is headquartered in Ankeny, IA.

Historical context

All CASY earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-17T16:20:42.141203+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T16:20:42.138494+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.