10-K – 2026-06-22 – casy-20260430.htm

3. 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 Company’s 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 Company’s 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 Company’s 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 $ 108,920 outstanding at April 30, 2026 and 2025, respectively, which are grouped with long-term debt on the consolidated balance sheets.
Credit Agreement
The Company is party to a credit agreement, dated as of April 21, 2023 (the “Original Credit Agreement”) for (a) a $ 250,000 unsecured term loan (the “Original Term Loan”) and (b) an $ 850,000 unsecured revolving credit facility (the “Revolving Facility” and together with the Original Term Loan, the “Original Credit Facilities”). The Revolving Facility is available for working capital and other general corporate purposes of the Company and its subsidiaries.
The outstanding principal balance on the Original Term Loan is required to be repaid in equal quarterly installments in an amount equal to 1.25 % of the original principal amount, on the last day of each March, June, September, and December, with the balance of the Original Credit Facilities due on April 21, 2028. Principal payments on the Original Term Loan have been prepaid through March 31, 2027, and quarterly installments will resume on June 30, 2027. The Original Credit Agreement contains an expansion option permitting the Company to request an increase of either of the Original Credit Facilities from time to time not to exceed the greater of (a) $ 900,000 and (b) 100 % of Consolidated EBITDA (as defined in the Original Credit Agreement) of the Company for the four most recently completed fiscal quarters, from the lenders or other financial institutions acceptable to the Company and the administrative agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase. The Company had $ 200,000 outstanding on the Original Term Loan at April 30, 2026 and 2025. Additionally, the Company had $ 0 outstanding under the Revolving Facility at April 30, 2026 and 2025.
In the prior fiscal year, the Company entered into an amendment to the Original Credit Agreement (the “Amendment” and, together with the Original Credit Agreement, the “Credit Agreement”), pursuant to which the Company incurred an incremental term loan in an aggregate principal amount of $ 850,000 (the “Incremental Term Loan”). The outstanding principal balance of the Incremental Term Loan is required to be repaid in equal quarterly installments of $ 10,625 on the last business day of each March, June, September, and December, which commenced on March 31, 2025, with the remaining balance due on October 30, 2029. The Company had $ 796,875 and $ 839,375 outstanding on the Incremental Term Loan at April 30, 2026 and 2025, respectively.
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Amounts borrowed under the Credit Agreement, including the Term Loan, Incremental Term Loan and the Revolving Facility, bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10 % (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10 % to 1.70 % or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00 %, each plus an applicable margin ranging from 0.10 % to 0.70 % and each with a floor of 1.00 %. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the Credit Agreement.
Bank Line
The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $ 50,000 . The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $ 0 outstanding under the Bank Line at April 30, 2026 and 2025. The Bank Line is due upon demand.
The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:  

  As of April 30,
  2026 2025
Finance lease liabilities (Note 7 )
$ 115,197   $ 108,920  
3.67 % Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028
63,000   87,000  
3.75 % Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028
21,000   29,000  
3.65 % Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031
45,000   50,000  
3.72 % Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031
45,000   50,000  
3.77 % Senior Notes (Series F) due August 22, 2028
250,000   250,000  
2.85 % Senior Notes (Series G) due August 7, 2030
325,000   325,000  
2.96 % Senior Notes (Series H) due August 6, 2032
325,000   325,000  
5.23 % Senior notes (Series I) due November 2, 2031
150,000   150,000  
5.43 % Senior notes (Series J) due November 2, 2034
100,000   100,000  
Variable rate term loan facility, requiring quarterly installments beginning June 30, 2027 and ending April 21, 2028 200,000   200,000  
Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029 796,875   839,375  
Debt issuance costs ( 4,478 ) ( 5,750 )
$ 2,431,594   $ 2,508,545  
Less current maturities 101,357   94,925  
$ 2,330,237   $ 2,413,620  

Interest, net on the consolidated statements of income is net of interest income of $ 14,104 , $ 13,102 , and $ 11,736 for the years ended April 30, 2026, 2025, and 2024, respectively. Interest, net is also net of interest capitalized of $ 3,189 , $ 2,305 , and $ 3,363 during the years ended April 30, 2026, 2025, and 2024, respectively.
The agreements relating to the above long-term debt contain certain financial and non-financial covenants. At April 30, 2026, the Company was in compliance with all such operating and financial covenants.
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Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2026 and thereafter:
 
Years ended April 30,
2027 $ 90,500  
2028 290,500  
2029 328,500  
2030 685,375  
2031 341,000  
Thereafter 585,000  
$ 2,320,875  

4. PREFERRED AND COMMON STOCK
Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued.
Common stock: The Company currently has 120,000,000 authorized shares of common stock.
Stock incentive plans: The 2025 Stock Incentive Plan (the “2025 Plan”) was approved by the Company’s shareholders on September 3, 2025, at the Company’s 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 April 30, 2026, there were 1,644,574 shares that remain available for grant under the 2025 Plan.
The following table presents a summary of our restricted stock unit activity during the three-year period ended April 30, 2026. At April 30, 2026, there were no stock options, stock appreciation rights or other equity-based awards outstanding.

Weighted-Average
Grant Date Fair
Shares Value per Share
Unvested at April 30, 2023
550,840  
Granted 142,865   $ 238  
Vested ( 219,752 )
Forfeited ( 17,534 )
Performance Award Adjustments 35,443  
Unvested at April 30, 2024
491,862  
Granted 113,009   345  
Vested ( 179,536 )
Forfeited ( 9,540 )
Performance Award Adjustments 83,448  
Unvested at April 30, 2025
499,243   262  
Granted 103,421   465  
Vested ( 234,612 ) 236  
Forfeited ( 6,335 ) 299  
Performance Award Adjustments 112,666   361  
Unvested at April 30, 2026
474,383 $ 342  

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Total share-based compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2026, 2025 and 2024 were $ 63,407 , $ 47,732 , and $ 41,379 , respectively. As of April 30, 2026, there was $ 56,055 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2029, with a weighted average remaining term of 0.9 year. The fair value of restricted stock unit awards vested for the years ended April 30, 2026, 2025 and 2024 were $ 117,246 , $ 65,947 , and, $ 49,631 , respectively, as of the applicable vest date.
On, and effective as of, March 3, 2022, the Board authorized the Original Repurchase Program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $ 400,000 , exclusive of fees, commissions, excise taxes, or other costs. During the year, we repurchased and retired 355,107 shares of our common stock under the Original Repurchase Program for a total of $ 200,498 , excluding fees, commissions, excise taxes, and other costs. As of April 30, 2026, $ 94,612 remained available thereunder. Subsequent to the end of the fiscal year, on, and effective as of, June 4, 2026, the Board authorized the Expanded Repurchase Program, which increased the amount of the Original Repurchase Program to a total aggregate amount of up to $ 1,000,000 , exclusive of fees, commissions, excise taxes, or other costs. The Expanded Repurchase Program has no set expiration date and the timing and number of repurchase transactions thereunder depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Expanded Repurchase Program can be suspended or discontinued at any time.

5. NET INCOME PER COMMON SHARE
Computations for basic and diluted earnings per common share are presented below:

  Years ended April 30,
  2026 2025 2024
Basic
Net income $ 714,448   $ 546,520   $ 501,972  
Weighted average shares outstanding-basic 37,065,319   37,116,152   37,164,022  
Basic earnings per common share $ 19.28   $ 14.72   $ 13.51  
Diluted
Net income $ 714,448   $ 546,520   $ 501,972  
Weighted-average shares outstanding-basic 37,065,319   37,116,152   37,164,022  
Plus dilutive effect of share-based compensation 216,334   226,860   206,284  
Weighted-average shares outstanding-diluted 37,281,653   37,343,012   37,370,306  
Diluted earnings per common share $ 19.16   $ 14.64   $ 13.43  

6. 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  

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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 carryforwards for state income tax purposes of $ 176,909 , which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2031. In addition, the Company had state tax credit carryforwards of $ 1,945 , which begin to expire in 2027.
The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2026 and 2025 was $ 550 . In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment.
Total reported tax expense applicable to the Company’s continuing operations varies from the tax that would have resulted from applying the statutory U.S. federal income tax rates to income before income taxes.
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  Years ended April 30,
  2026 2025 2024
Amount Percent Amount Percent Amount Percent
U.S. federal statutory tax rate $ 196,775   21.0   % $ 149,614   21.0   % $ 137,794   21.0   %
State and local income taxes, net of federal income tax effect
State and local income taxes, net of federal income tax effect (a) 29,724   3.2   % 24,496   3.4   % 24,461   3.7   %
Effect of changes in tax laws or rates enacted in the current period 139   —   % ( 578 ) ( 0.1 ) % ( 6,306 ) ( 1.0 ) %
Other ( 1,139 ) ( 0.1 ) % ( 4,476 ) ( 0.6 ) % ( 199 ) —   %
Tax credits ( 5,349 ) ( 0.6 ) % ( 6,966 ) ( 1.0 ) % ( 6,737 ) ( 1.0 ) %
Nontaxable or nondeductible items
Share-based payment awards ( 6,373 ) ( 0.6 ) % ( 2,442 ) ( 0.3 ) % ( 723 ) ( 0.1 ) %
Nondeductible executive compensation 8,559   0.9   % 5,847   0.8   % 5,706   0.9   %
Other 865   0.1   % 498   0.1   % 394   —   %
Changes in unrecognized tax benefits ( 626 ) ( 0.1 ) % ( 64 ) —   % ( 202 ) —   %
Effective tax rate $ 222,575   23.8   % $ 165,929   23.3   % $ 154,188   23.5   %

(a) State taxes in Illinois and Minnesota made up the majority (greater than 50 percent) of the tax effect in this category in fiscal 2026, 2025 and 2024.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $ 10,071 and $ 10,773 in gross unrecognized tax benefits at April 30, 2026 and 2025, respectively, which is recorded in other long-term liabilities in the consolidated balance sheets. Of this amount, $ 7,956 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $ 702 during the twelve months ended April 30, 2026, due primarily to the expiration of certain statute of limitation exceeding the increase associated with income tax filing positions for the current year. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Years ended April 30,
2026 2025
Beginning balance $ 10,773   $ 10,747  
Additions based on tax positions related to current year 2,251   2,382  

Reductions due to lapse of applicable statute of limitations ( 2,953 ) ( 2,356 )

Ending balance $ 10,071   $ 10,773  

The total net amount of accrued interest and penalties for such unrecognized tax benefits was $ 195 and $ 266 at April 30, 2026 and 2025, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2026 and 2025 was a decrease in tax expense of $ 71 and $ 84 , 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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Cash paid for income taxes, net of refunds, for each of the three years were as follows:

  Years ended April 30,
  2026 2025 2024
Cash paid for income taxes:
Federal $ 115,000   $ 72,500   $ 81,500  
Illinois 13,800   10,000   12,750  
Other, net 9,218   7,271   10,750  
Total cash paid for income taxes, net $ 138,018   $ 89,771   $ 105,000  

7. 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 10,416   9,367   9,156  

Right-of-use assets obtained in exchange for new finance lease liabilities $ 20,980   $ 16,715   $ 17,626  
Right-of-use assets obtained in exchange for new operating lease liabilities 43,564   316,762   14,646  

Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows:

April 30,
2026 2025
Weighted-average remaining lease-term - finance lease 14.7 15.5
Weighted-average remaining lease-term - operating lease 19.7 19.8

Weighted-average discount rate - finance lease 4.89   % 4.92   %
Weighted-average discount rate - operating lease 5.95   % 5.89   %

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Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2026:

Years ended April 30, Finance leases Operating leases
2027 $ 15,124   $ 38,175  
2028 15,713   40,012  
2029 14,685   40,053  
2030 13,118   40,271  
2031 7,410   40,324  
Thereafter 100,031   622,058  
Total minimum lease payments $ 166,081   $ 820,893  
Less amount representing interest 50,884   347,412  
Present value of net minimum lease payments $ 115,197   $ 473,481  

In fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $ 51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance. We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds.

8. 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.

9. COMMITMENTS
The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation. The Company also has entered into change of control agreements with its Chief Executive Officer and 34 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein.

10. CONTINGENCIES
Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs.
The Company currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2026 and 2025 of approximately $ 465 and $ 385 , respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. The Company believes we have no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures.
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Legal matters: From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material impact on our consolidated financial position and results of operations.
The Company is named as a defendant in two lawsuits alleging that it misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA) - White (f/k/a McColley) v. Casey’s General Stores, Inc. in the United States District Court for the Northern District of Indiana and Kessler v. Casey’s Marketing Company, et al. in the Southern District of Illinois. During the year, the parties agreed to a settlement of all claims in both matters, which has been recorded in other accrued expenses on our consolidated balance sheet at April 30, 2026. The amount is not material to the Company's consolidated financial statements. Subsequent to year end, the settlement was approved by the applicable court(s). The Company continues to maintain that its Store Managers are properly classified as exempt employees under the FLSA and does not admit any wrongdoing as a result of the settlement.
At April 30, 2026, the Company was primarily self-insured for workers’ compensation claims in all but three states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state-managed fund for all workers compensation claims. In Texas, the Company maintains a Work Injury Benefit Plan in lieu of workers’ compensation insurance for all Texas-based Team Members other than Group Petroleum Services drivers. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $ 2,000 for auto liability and $ 1,000 for both general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2026 and 2025, the Company had $ 67,240 and $ 74,471 , respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined.

11. 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.
Casey’s 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 performance. Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented below.

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The following table provides information on revenue, significant expenses, and net income related to the single reportable segment:

Years ended April 30,
2026 2025 2024
Revenue $ 17,561,101   $ 15,940,899   $ 14,862,913  

Cost of goods sold (excluding depreciation and amortization)
Prepared food & dispensed beverage 735,885   674,322   603,305  
Grocery & general merchandise 2,928,209   2,691,879   2,456,867  
Fuel 9,118,816   8,539,339   8,285,400  
Other (1) 457,150   282,956   169,430  
Total cost of goods sold (excluding depreciation and amortization) 13,240,060   12,188,496   11,515,002  

Operating expenses
Same-store employee expense 1,065,844   975,186   940,560  
Same-store other expense 529,640   480,378   454,480  
Same-store credit card fees expense 232,399   212,399   211,681  
Non same-store operating expense 347,188   305,604   170,420  
Other (2) 662,355   578,789   511,372  
Total operating expenses 2,837,426   2,552,356   2,288,513  

Depreciation & amortization 449,958   403,647   349,797  
Interest, net 96,634   83,951   53,441  
Income before income taxes 937,023   712,449   656,160  
Federal and state income taxes 222,575   165,929   154,188  
Net income $ 714,448   $ 546,520   $ 501,972  

(1) Other included in total cost of goods sold (excluding depreciation and amortization) primarily includes activity related to wholesale fuel.
(2) Other included in operating expenses includes expenses for information technology, operations, merchandising, finance, human resources, legal, acquisitions, field operations and service excellence.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

(a)      Evaluation of disclosure controls and procedures.
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 240.13a-15(e)). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures were effective as of April 30, 2026.
For purposes of Rule 13a-15(e), the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (l5 U.S.C. 78a et seq.) is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)     Management's Report on Internal Control over Financial Reporting .
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control system was designed to provide reasonable assurance to the Company's management and Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of April 30, 2026. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013).
On the basis of the prescribed criteria, management concluded that the Company's internal control over financial reporting was effective as of April 30, 2026.
KPMG LLP, as the Company's independent registered public accounting firm, has issued a report on its assessment of the effectiveness of the Company's internal control over financial reporting. This report appears on page 31 .
(c)     Changes in Internal Control over Financial Reporting .
There have been no changes in the Company’s internal control over financial reporting during the quarter ended April 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

Not applicable .

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.
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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Those portions of the Company’s definitive Proxy Statement appearing under the captions “Election of Directors,” “Governance of the Company,” "Information about our Executive Officers", “Executive Compensation”, and "The Board of Directors and Its Committees", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, 2026, and used in connection with the Company’s 2026 Annual Meeting of Shareholders are hereby incorporated by reference.
The Company has adopted a Financial Code of Ethics applicable to its Chief Executive Officer and other senior financial officers. In addition, the Company has adopted a general code of business conduct (known as the Code of Conduct and Ethics) for its directors, officers, and all Team Members. The Financial Code of Ethics, the Code of Conduct and Ethics, and other Company governance materials are available under the Investor Relations-Governance link of the Company website located at www.caseys.com. In the event of any amendments to, or waivers of, the Financial Code of Ethics or the Code of Conduct and Ethics, any required disclosure will be posted to our website. To date, there have been no waivers of the Financial Code of Ethics or the Code of Conduct and Ethics. Shareholders may obtain copies of any of these corporate governance documents free of charge by downloading from the Web site or by writing to the Corporate Secretary at the address on the cover of this Form 10-K.
The Company has adopted insider trading policies and procedures applicable to its directors, officers, and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable Nasdaq listing standard. The Company's Insider Trading Policy and Procedures is filed as Exhibit 19.1 to this Form 10-K. In addition, it is our policy to comply with applicable securities and state laws, including insider trading laws, when engaging in transactions in the Company's securities.

ITEM 11. EXECUTIVE COMPENSATION

That portion of the Company’s definitive Proxy Statement appearing under the caption "Compensation Discussion and Analysis", "The Board of Directors and Its Committees”, “Compensation Committee Report", “Compensation Committee Interlocks and Insider Participation in Compensation Decisions”, “Executive Compensation,” “CEO Pay Ratio”, "Potential Payments Upon Termination or Change of Control", "Director Compensation", and "Certain Relationships and Related Party Transactions", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, 2026, and used in connection with the Company’s 2026 Annual Meeting of Shareholders is hereby incorporated by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Those portions of the Company’s definitive Proxy Statement appearing under the captions “Beneficial Ownership of Shares of Common Stock by Directors and Executive Officers”, "Principal Shareholders" and "Equity Compensation Plan Information", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, 2026, and used in connection with the Company’s 2026 Annual Meeting of Shareholders are hereby incorporated by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

That portion of the Company’s definitive Proxy Statement appearing under the captions “Certain Relationships and Related Transactions”, “Governance of the Company” and "The Board of Directors and its Committees", as filed with the Commission pursuant to Regulation 14A within 120 days after April 30, 2026, and used in connection with the Company’s 2026 Annual Meeting of Shareholders is hereby incorporated by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

That portion of the Company’s definitive Proxy Statement appearing under the caption “Ratification of Appointment of Independent Registered Public Accounting Firm” as filed with the Commission within 120 days after April 30, 2026, and used in connection with the Company’s 2026 Annual Meeting of Shareholders is hereby incorporated by reference.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Documents filed as a part of this report on Form 10-K:

a. The following financial statements are included herewith:
Reports of Independent Registered Public Accounting Firm ( KPMG LLP , Minneapolis, MN , PCAOB ID 185 )
Consolidated Balance Sheets, April 30, 2026 and 2025
Consolidated Statements of Income, Three Years Ended April 30, 2026
Consolidated Statements of Shareholders’ Equity, Three Years Ended April 30, 2026
Consolidated Statements of Cash Flows, Three Years Ended April 30, 2026
Notes to Consolidated Financial Statements
 
(2) No schedules are included because the required information is inapplicable or is presented in the consolidated financial statements or related notes thereto.

(3) The following exhibits are filed as a part of this report:

Exhibit
Number
Description of Exhibits

3.1 Second Restatement of the Restated and Amended Articles of Incorporation, as amended September 5, 2018, June 28, 2019 and September 4, 2019 (incorporated by reference to Exhibit 3.1 to Form 10-Q as filed September 9, 2019)

3.2 Eighth Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed June 9, 2026)

4.1 Note Purchase Agreement dated August 9, 2010 among the Company and the purchasers of the 5.22% Senior Notes (incorporated by reference to Exhibit 4.1 to Form 8-K as filed August 10, 2010)

4.2 Note Purchase Agreement dated June 17, 2013 among the Company and the purchasers of the 3.67% Series A Notes and 3.75% Series B Notes (incorporated by reference to Exhibit 4.10 to Form 8-K as filed June 18, 2013)

4.3 First Amendment to the 2013 Note Purchase Agreement, dated June 30, 2020 (incorporated by reference to Exhibit 4.2 to Form 8-K as filed July 7, 2020)

4.4 Second Amendment to the 2013 Note Purchase Agreement, dated October 4, 2024 (incorporated by reference to Exhibit 4.2 to Form 8-K as filed October 9, 2024)

4.5 Note Purchase Agreement dated May 2, 2016 among the Company and the purchasers of the 3.65% Series C Notes and 3.72% Series D Notes (incorporated by reference to Exhibit 4.11 to Form 8-K as filed May 3, 2016)

4.6 First Amendment to the 2016 Note Purchase Agreement, dated June 30, 2020 (incorporated by reference to Exhibit 4.3 to Form 8-K as filed July 7, 2020)

4.7 Second Amendment to the 2016 Note Purchase Agreement, dated October 4, 2024 (incorporated by reference to Exhibit 4.3 to Form 8-K as filed October 9, 2024)

4.8 Note Purchase Agreement dated June 13, 2017 among the Company and the purchasers of the 3.51% Series E Notes and 3.77% Series F Notes (incorporated by reference to Exhibit 4.12 to Form 8-K as filed June 15, 2017)

4.9 First Amendment to the 2017 Note Purchase Agreement, dated June 30, 2020 (incorporated by reference to Exhibit 4.4 to Form 8-K as filed July 7, 2020)

4.10 Second Amendment to the 2017 Note Purchase Agreement, dated October 4, 2024 (incorporated by reference to Exhibit 4.4 to Form 8-K as filed October 9, 2024)

4.11 Note Purchase Agreement dated June 30, 2020 among the Company and the purchasers of the 2.85% Series G Notes and 2.96% Series H Notes (incorporated by reference to Exhibit 4.1 to Form 8-K as filed July 7, 2020)

4.12 First Amendment to the 2020 Note Purchase Agreement, dated October 4, 2024 (incorporated by reference to Exhibit 4.5 to Form 8-K as filed October 9, 2024)

4.13 Note Purchase Agreement dated October 4, 2024 among the Company and the purchasers of the 5.23% Series I Notes and 5.43% Series J Notes (incorporated by reference to Exhibit 4.1 to Form 8-K as filed October 9, 2024)

4.14 Description of Securities Registered Under Section 12 of the Exchange Act

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10.1 Promissory Note delivered to UMB Bank, n.a. and related Negative Pledge Agreement dated June 1, 2023 (incorporated by reference to exhibit 10.1 to Form 8-K as filed June 6, 2023)

10.2 Credit Agreement, dated as of April 21, 2023, by and among Casey’s General Stores, Inc. Wells Fargo Bank, National Association, as administrative agent, and the lenders and issuing banks from time to time party thereto (incorporated by reference to Exhibit 10.1 to Form 8-K as filed April 26, 2023)

10.3 First Amendment to Credit Agreement and Incremental Amendment, dated as of October 30, 2024, among Casey’s General Stores, Inc., the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to Form 8-K as filed November 5, 2024)

10.4* Form of Change of Control Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K as filed December 19, 2019)

10.5* Executive Nonqualified Excess Plan Document and related Adoption Agreement dated September 25, 2015 (incorporated by reference to Exhibit 10.7 to Form 10-K as filed June 26, 2020)

10.6* Employment Agreement, dated May 31, 2019, between the Company and Darren M. Rebelez (with the Change of Control Agreement attached as an exhibit thereto) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed June 6, 2019)

10.7* Amended and Restated Employment Agreement, dated July 25, 2022, between the Company and Darren M. Rebelez (incorporated by reference to Exhibit 10.1 to Form 8-K as filed July 29, 2022)

10.8* Amendment to Employment Agreement, dated December 5, 2024, between the Company and Darren M. Rebelez (incorporated by reference to Exhibit 10.1 to Form 8-K as filed December 9, 2024)

10.9* Employment Agreement, dated May 12, 2020, between the Company and Stephen P. Bramlage, Jr. (with the Change of Control Agreement attached as an exhibit thereto) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed May 13, 2020)

10.10* Employment Agreement, dated May 8, 2020, between the Company and Ena Williams Koschel (with the Change of Control Agreement attached as an exhibit thereto) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed May 13, 2020)

10.11* Casey's General Stores, Inc. 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.43 to Form 8-K as filed September 10, 2018)

10.12* Casey’s General Stores, Inc. 2025 Stock Incentive Plan (incorporated by reference to Appendix B to the Definitive Proxy Statement on Schedule 14A as filed July 23, 2025)

10.13* Form of Restricted Stock Units Agreement for Non-Employee Directors under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 99.1 to Form 8-K as filed September 10, 2018)

10.14* Form of Restricted Stock Units Agreement for Non-Employee Directors under 2025 Stock Incentive Plan

10.15* Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under 2018 Stock Incentive Plan (FY24 Awards) (incorporated by reference to Exhibit 10.32 to Form 10-Q as filed September 8, 2020)

10.16* Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under 2018 Stock Incentive Plan (FY24 Awards for Darren M. Rebelez) (incorporated by reference to Exhibit 10.18 to Form 10-K as filed June 23, 2023)

10.17* Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan (FY25-FY26 Awards) (incorporated by reference to Exhibit 10.13 to Form 10-K as filed June 24, 2024)

10.18* Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan (FY25-FY26 Awards for Darren M. Rebelez) (incorporated by reference to Exhibit 10.14 to Form 10-K as filed June 24, 2024)

10.19* Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs [EBITDA]) under 2018 Stock Incentive Plan (FY25-FY26 Awards) (incorporated by reference to Exhibit 10.15 to Form 10-K as filed June 24, 2024)

10.20* Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs [ROIC]) under 2018 Stock Incentive Plan (FY25-FY26 Awards) (incorporated by reference to Exhibit 10.16 to Form 10-K as filed June 24, 2024)

10.21* Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive Plan (FY24 Awards) (incorporated by reference to Exhibit 10.33 to Form 10-Q as filed September 8, 2020)

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10.22* Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive Plan (FY25 Awards) (incorporated by reference to Exhibit 10.18 to Form 10-K as filed June 24, 2024)

10.23* Form of Restricted Stock Units Agreement (Special Performance Award) under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.19 to Form 10-K as filed June 24, 2024)

10.24* Form of Restricted Stock Units Agreement (Special Performance Award) under 2025 Stock Incentive Plan

10.25* Form of Restricted Stock Units Agreement (LTI Awards to Officers - Time-Based RSUs) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed June 9, 2026)

10.26* Form of Restricted Stock Units Agreement (LTI Awards to Officers - Time-Based RSUs) under 2025 Stock Incentive Plan (FY27 Awards for Darren M. Rebelez)

10.27* Form of Restricted Stock Units Agreement (LTI Awards to Officers - Performance-Based RSUs [ROIC]) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.2 to Form 8-K as filed June 9, 2026)

10.28* Form of Restricted Stock Units Agreement (LTI Awards to Officers - Performance-Based RSUs [EBITDA]) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.3 to Form 8-K as filed June 9, 2026)

10.29* Casey's General Stores, Inc. Officer Severance Plan (incorporated by reference to Exhibit 10.1 to Form 8-K as filed September 9, 2019)

19.1 Casey's General Stores, Inc. Insider Trading Policy and Procedures (incorporated by reference to Exhibit 19.1 to Form 10-K as filed June 23, 2025)

21.1 Subsidiaries of Casey’s General Stores, Inc.

23.1 Consent of Independent Registered Public Accounting Firm

31.1 Certificate of Darren M. Rebelez under Section 302 of Sarbanes-Oxley Act of 2002

31.2 Certificate of Stephen P. Bramlage Jr. under Section 302 of Sarbanes-Oxley Act of 2002

32.1 Certificate of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of 2002

32.2 Certificate of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of 2002

97.1 Casey’s General Stores, Inc. Clawback Policy (incorporated by reference to Exhibit 97.1 to Form 10-K as filed June 24, 2024)

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

* Indicates management contract or compensatory plan or arrangement.

ITEM 16. FORM 10-K SUMMARY

Not applicable

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

CASEY’S GENERAL STORES, INC.
(Registrant)

Date: June 22, 2026 By /s/ Darren M. Rebelez
Darren M. Rebelez
President and Chief Executive Officer
(Principal Executive Officer and Director)

Date: June 22, 2026 By /s/ Stephen P. Bramlage Jr.
Stephen P. Bramlage Jr.
Chief Financial Officer
(Authorized Officer and Principal Financial and Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 

Date: June 22, 2026 By /s/ Darren M. Rebelez
Darren M. Rebelez
President, Chief Executive Officer and
Board Chair

Date: June 22, 2026 By /s/ Stephen P. Bramlage Jr.
Stephen P. Bramlage Jr.
Chief Financial Officer

Date: June 22, 2026 By /s/ Judy A. Schmeling
Judy A. Schmeling
Lead Independent Director

Date: June 22, 2026 By /s/ Cara K. Heiden
Cara K. Heiden
Director

Date: June 22, 2026 By /s/ Donald E. Frieson
Donald E. Frieson
Director

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Date: June 22, 2026 By /s/ David K. Lenhardt
David K. Lenhardt
Director

Date: June 22, 2026 By /s/ Allison M. Wing
Allison M. Wing
Director

Date: June 22, 2026 By /s/ Larree M. Renda
Larree M. Renda
Director

Date: June 22, 2026 By /s/ Gregory A. Trojan
Gregory A. Trojan
Director

Date: June 22, 2026 By /s/ Michael Spanos
Michael Spanos
Director

Date: June 22, 2026 By /s/ Sri Donthi
Sri Donthi
Director

Date: June 22, 2026 By /s/ Maria Castañón Moats
Maria Castañón Moats
Director

Date: June 22, 2026 By /s/ Stanley J. Sutula III
Stanley J. Sutula III
Director

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