Financial Analysis

CQUISITIONS Current Period Acquisitions During the year ended April 30, 2026, the Company acquired 40 stores through a variety of transactions, pursuant to the terms and conditions of the related asset purchase agreements. These acquisitions meet the criteria to be considered business combinations. Total payments for the acquisitions of businesses were $141,583, which were made in cash upon closing using available cash on hand. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, and liabilities assumed, based on their estimated fair values at the acquisition date. Fair values were determined using primarily Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. Goodwill of $23,793 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. The majority of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Prior Periods Acquisitions On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, and Group Petroleum Services (collectively Fikes) through an equity purchase agreement. As part of the acqu …

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BENEFIT PLAN The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan w ere $20,368, $17,294, and $14,262 for the years ended April 30, 2026, 2025, and 2024, respectively. On April 30, 2026 and 2025, 601,287 and 660,680 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share.

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"FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market-based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Companys financial instruments follows. Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest. Long-term debt: The fair value of the Companys long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs. The fair value of the Companys long-term debt was approximately $2,226,000 and $2,285,000 at April 30, 2026 and 2025, respectively. The fair value calculated excludes finance lease obligations of $115,197 and $108 …

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INCOME TAXES Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2026 2025 2024 Current tax expense: Federal $ 100,710 $ 85,207 $ 78,542 State 27,093 20,764 22,394 Total current tax expense 127,803 105,971 100,936 Deferred tax expense Federal 85,505 56,112 52,917 State 9,267 3,846 335 Total deferred tax expense 94,772 59,958 53,252 Total income tax expense $ 222,575 $ 165,929 $ 154,188 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2026 2025 Deferred tax assets: Accrued liabilities and reserves $ 12,976 $ 8,996 Deferred revenue 18,177 17,845 Accrued bonus compensation 15,203 10,023 Insurance accruals 14,752 13,013 Operating and finance lease obligations 150,725 144,997 Asset retirement obligations 13,506 12,921 Deferred compensation 3,617 3,151 Share-based compensation 10,177 8,944 State net operating losses and tax credits 3,842 2,500 Other 10,749 8,197 Total gross deferred tax assets 253,724 230,587 Less valuation allowance 550 550 Total net deferred tax assets 253,174 230,037 Deferred tax liabilities: Property and equipment and operating lease right-of-use assets (901,117) (799,404) Goodwill (85,834) (66,754) Other (6,066) (10,784) Total gross deferred tax liabilities (993,017) (876,942) Net deferred tax liability $ (739,843) $ (646,905) At April 30, 2026, the Company had net operating loss carryforwa …

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LEASES The Company records operating lease liabilities within its own financial statement caption, broken out between current and long-term, and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. Lease right-of-use assets outstanding as of April 30, 2026 and 2025 consisted of the following: Years ended April 30, Classification 2026 2025 Finance lease right-of-use assets Net property and equipment $ 96,310 $ 89,909 Operating lease right-of-use assets Operating lease right-of-use assets, net 432,640 417,046 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2026 2025 2024 Operating lease cost $ 41,842 $ 26,309 $ 10,174 Finance lease cost: Amortization of right-of-use assets $ 11,739 $ 10,275 $ 10,417 Interest expense on lease liabilities 5,213 4,969 4,491 The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below: Years ended April 30, 2026 2025 2024 Operating cash flows required by operating leases $ 40,869 $ 28,992 $ 8,693 Operating cash flows required by finance leases 5,213 4,969 4,491 Financing cash flows required by finance leases 10, …

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Recent accounting pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective beginning in the current filing. These new disclosure requirements are applied retrospectively to all prior periods included in the financial statements. Refer to Note 6 for the new required disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires new financial statement disclosures regarding specified information about certain costs and expenses. The new standard is effective for the Company's annual periods beginning May 1, 2027, and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine its impact on our disclosures. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The standard establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The new standard is effective for the Company's annual and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently …

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SEGMENT REPORTING As of April 30, 2026, we operated 2,944 stores in 19 states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. Caseys chief operating decision maker (CODM) is the President and Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources and capital based on profitability metrics, such as net income, that is reported on the consolidated statements of income. The CODM considers actual-to-forecast variances on a monthly, quarterly and annual basis for this profit measure when making decisions about resource allocation and assessing company per …

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"SIGNIFICANT ACCOUNTING POLICIES Operations: The Company operates 2,944 convenience stores in 19 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000. Principles of consolidation: The consolidated financial statements include the financial statements of Caseys General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Amounts in the prior year related to share-based compensation and tax withholdings on employee share-based awards on the consolidated statements of shareholders equity have been reclassified to conform to the current year presentation. This reclassification had no impact to the consolidated balance sheets, consolidated statements of income, or the consolidated statements of cash flows. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles (""U.S. GAAP"") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash …

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"Compensation Related Costs and Share-Based Payments The 2025 Stock Incentive Plan (the 2025 Plan) was approved by the Companys shareholders on September 3, 2025, at the Companys annual shareholders meeting (the 2025 Plan Effective Date). There were 1,650,000 shares available for issuance under the 2025 Plan as of the 2025 Plan Effective Date. The 2025 Plan replaces the 2018 Stock Incentive Plan (the ""2018 Plan""), under which no new awards were allowed to be granted as of the 2025 Plan Effective Date. Outstanding awards under the 2018 Plan continue to be governed by the terms thereof and the award agreements made pursuant thereto, including any such terms that are intended to survive the termination of the 2018 Plan or the settlement of such awards. Shares subject to awards under the 2018 Plan that expire, are forfeited, cancelled, or settled in cash will be added back to the shares available for issuance under the 2025 Plan. Awards under the 2025 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards, each of which, upon issuance, is counted as one share against the 2025 Plan share reserve. At January 31, 2026, there were 1,644,899 shares that remain available for grant under the 2025 Plan. We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common s …

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"Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure The fair value of the Companys long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances which are considered Level 2 inputs within the fair value hierarchy. The fair value of the Companys long-term debt was approximately $2,244,000 and $2,285,000 at January 31, 2026 and April 30, 2025, respectively. The fair value calculated excludes finance lease obligations of $106,495 and $108,920 outstanding at January 31, 2026 and April 30, 2025, respectively, which are included with long-term debt on the condensed consolidated balance sheets. Interest, net on the condensed consolidated statements of income is net of interest income of $3,688 and $10,470, for the three and nine months ended January 31, 2026, and $3,365 and $9,543, for the three and nine months ended January 31, 2025. Interest, net is also net of interest capitalized of $895 and $2,147, for the three and nine months ended January 31, 2026, and $564 and $1,472, for the three and nine months ended January 31, 2025. Revolving Facility The Company has a credit agreement that provides for an $850,000 unsecured revolving credit facility (Revolving Facility). Amounts borrowed under the Revolving Facility, bear interest at variable rates based upon, at the Companys option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (wi …

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Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $12,782 and $10,773 at January 31, 2026 and April 30, 2025, respectively. If this unrecognized tax benefit were ultimately recognized, $10,097 is the amount that would impact our effective tax rate. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $432 at January 31, 2026, and $266 at April 30, 2025. Net interest and penalties included in income tax expense for the nine months ended January 31, 2026 and 2025 was a net expense of $166 and $175, respectively. The State of Illinois is currently examining tax years 2020 and 2021. The Company has no other ongoing federal or state income tax examinations. The federal statute of limitations remains open for the tax years 2022 and forward. Tax years 2020 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

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Revenue and Cost of Goods Sold The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income. A portion of revenue from sales that include points under our Caseys Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of January 31, 2026 and April 30, 2025, the Company recognized a contract liability of $70,099 and $64,077, respectively, primarily related to the Casey's Rewards program, which is included in accrued expenses and current portion of operating lease liabilities on the condensed consolidated balance sheets. The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reducti …

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Segment Reporting As of January 31, 2026, we operated 2,924 stores in 19 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories. Caseys chief operating decision maker (CODM) is the President and Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources and capital based on profitability metrics, such as net income, that is reported on the condensed consolidated statements of income. The CODM considers actual-to-forecast variances on a monthly, quarterly and annual basis for this profit measure when making decisions about resource allocation a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing