Casey's General Stores (NASDAQ: CASY) is a convenience store and fuel retail company that operates a chain of stores across a 20-state footprint, concentrated in the Midwest. The company makes money through three primary revenue streams: retail fuel sales, prepared food and dispensed beverages, and grocery and general merchandise. Fuel is the largest segment by revenue, generating $9.78B in FY2025 (year ended April 30, 2025), equal to 61.3% of total revenue, though it contributes only 12.7% of revenue less cost of goods sold. Prepared food and grocery items, by contrast, generated roughly 34% of total revenue in the three fiscal years ended April 30, 2025 but contributed approximately 63% of revenue less cost of goods sold over that period, with prepared food margins averaging roughly 58%. As of April 30, 2025, the company operated stores under the Casey's, GoodStop, Lone Star Food Store, Bucky's, and CEFCO brands, with 260 locations offering car washes and 230 EV charging stations at 47 stores across 13 states.

Revenue model

Transactional retail revenue from three segments: (1) retail fuel sales, $9.78B in FY2025, 61.3% of total revenue, at an average retail price of $3.06 per gallon and margin of 38.68 cents per gallon; (2) prepared food, dispensed beverages, grocery, and general merchandise, roughly 34% of total revenue but ~63% of revenue less cost of goods sold over the three fiscal years ended April 30, 2025; (3) a wholesale fuel business added via the Fikes acquisition, where Casey's manages supply agreements for dealer and wholesale locations.

Products and services

Retail fuel (self-serve gasoline, ethanol blends at nearly all stores, biodiesel at 41% of stores as of April 30, 2025); freshly prepared foods including pizza, breakfast items, donuts, and sandwiches; dispensed and packaged beverages; tobacco and nicotine products; packaged snacks, candy, and grocery items; alcoholic beverages; frozen foods; health and beauty aids; automotive products; ATM and lottery services; car washes at 260 locations; EV charging at 230 stations across 47 stores. Each store typically carries over 3,000 packaged items, including private label and national or regional brands.

Customers and end markets

Retail consumers seeking fuel, convenience food, and everyday essentials. End markets skew toward rural and small-town Midwest communities. No disclosed customer concentration. The Fikes acquisition added wholesale fuel customers including dealer sites and other wholesale locations.

Value-chain role

Vertically integrated convenience retailer and fuel reseller. Casey's operates its own distribution network, including distribution centers and company drivers, supplying stores directly. The company also relies on third-party vendors and direct store delivery partners for certain products, with some categories sourced from a single or limited number of suppliers.

Geographic exposure

20-state footprint as of April 30, 2025, concentrated in the Midwest. The Fikes acquisition expanded the store count and introduced the CEFCO brand, broadening geographic presence. EV charging stations deployed across 13 states as of April 30, 2025.

Source: SEC 10-K, filed 2025-06-23

Industry: Retail-Auto Dealers & Gasoline Stations Peers: Albertsons Companies Inc Blue Apron Holdings, Inc. Grocery Outlet Holding Corp. Ingles Markets Inc Kroger Co Natural Grocers by Vitamin Cottage Inc Sprouts Farmers Market Inc Village Super Market Inc Weis Markets Inc