Casey`s General Stores, Inc.

Record full-year performance (and strong quarter) - FY ended Apr 30, 2026: diluted EPS $19.16 (+31% YoY) and net income $714m (+31%); EBITDA nearly $1.5b (+23%). - Q4: diluted EPS $4.37 (+66% YoY); net income $162.7m (+65.5%); EBITDA $350.3m (+33.2%). - Inside sales growth was a key driver: FY inside sales +10.2%, Q4 +7.4% to >$1.5b; FY inside same-store +4.2% (or +7% on a 2-year stack). - Inside margin expansion: FY +70 bps to 42.2%; Q4 inside margin 42.4% with prepared food margin up +170 bps YoY.

Inside-the-store “flywheel” strength (pizza/wings + grocery mix tailwinds) - Prepared food / dispensed beverage: FY sales +10.2%; FY prepared food same-store +5.2% (or +8.8% on a 2-year stack). - Q4 prepared food drivers: improved waste and lower LIFO charge; cheese down to ~$2/lb (−$0.06 YoY) helped margins (company cited ~15 bps benefit). - Grocery drivers: Q4 grocery GM same-store +5.1% with margin +90 bps to 35.7%; major mix tailwind is nicotine alternatives replacing combustible cigarettes, and continued strength in energy drinks/nonalcoholic beverages. - Opportunity: company sees continued structural benefits in grocery (mix shift + assortment advantages); prepared food is more commodity-sensitive but still improving via self-help (waste) and new products.

Fuel business: record CPG margins despite volatility; relationship with oil costs isn’t as “smooth” - FY fuel: fuel gross profit +21%, fuel gallons +10%, fuel margin averaged $0.426/gal. - Q4 fuel: gallons +1.5%, fuel margin $0.469/gal (up ~ $0.093/gal YoY); retail fuel sales + $446m driven largely by higher retail prices (avg $2.98 → $3.40; +14.1%) and +3.6% gallons. - Insight/changing dynamic (surprising/important): Darren said the oil-to-fuel-margin linkage isn’t “broken,” but recent volatility made pricing behavior choppier—Casey’s sometimes benefited by holding retail prices while wholesale costs moved, briefly widening margins.