Casey's General Stores Inc. 2025 Annual Report: A Year of Strategic Expansion and Growth

As of April 30, 2025, Casey's operates under various brand names, including "Casey's," "GoodStop," "CEFCO," "Bucky's," and "Lone Star Food Store," boasting a total of 2,904 stores across 20 states. The company's presence is particularly strong in Iowa, Missouri, and Illinois, where approximately 71% of its locations serve populations of fewer than 20,000. In a significant move, Casey's acquired Fikes Wholesale and Group Petroleum Services, adding 198 stores and marking its entry into Texas, Alabama, Florida, and Mississippi. This acquisition also included the company's first fuel terminal in Waco, Texas.

The year 2025 marked a pivotal point for Casey's, with the construction or acquisition of 270 additional stores, the largest annual growth in the company's history. This expansion aligns with the company's long-term strategic plan initiated in June 2023, aimed at increasing store count, accelerating the food business, and enhancing operational efficiency.

Casey's reported total revenue of $1,077,986 for fiscal 2025, reflecting a 7.3% increase from the previous year. This growth was largely driven by the Fikes acquisition, which contributed approximately $952,018 to total revenue. Notably, revenue from prepared food and dispensed beverages rose by 10.3%, bolstered by a 3.5% increase in same-store sales.

The income statement illustrates this robust performance:

Net income for fiscal 2025 climbed to $546,520, an 8.9% increase compared to the prior year, showcasing the company's ability to enhance profitability despite rising operating expenses.

Operating expenses surged by 11.5% to $2,552,356, a consequence of operating 246 more stores than in the previous year. The company also faced increased depreciation and amortization expenses (up 15.4%) and heightened interest costs due to additional debt incurred during the Fikes acquisition.

Casey's balance sheet reflects a strong financial position, with total assets increasing to $8.20 billion in 2025, up from $6.34 billion in 2024. The company's liabilities rose to $4.69 billion, while total equity grew to $3.50 billion.

This healthy balance sheet underlines Casey's commitment to sustainable growth and operational efficiency.

The cash flow statement illustrates a net change in cash of $120.1 million for fiscal 2025, a significant turnaround from a negative cash change in the previous year. Operating activities generated $1.09 billion, highlighting strong operational efficiency.

However, investing activities reflected substantial outflows of $1.72 billion, primarily due to the acquisition of businesses and productive assets.

Casey’s has actively engaged with the community through various initiatives, including its “It’s Not Crazy, It’s Casey’s” marketing campaign aimed at promoting contemporary convenience and craveable food offerings. The company also demonstrated its commitment to local communities by awarding $1 million to K-12 schools and providing grants to educational programs.

In line with evolving consumer preferences, Casey's has embraced sustainability by expanding its electric vehicle (EV) charging stations, installing 230 charging stations across 47 stores in 13 states. The company also offers renewable fuel options, with nearly all stores providing fuel with at least 10% blended ethanol.

Casey’s General Stores, Inc. showcased impressive growth and strategic advancements in fiscal 2025, underpinned by the successful acquisition of Fikes and a robust expansion strategy. The company's focus on adapting to market trends, enhancing operational efficiency, and addressing evolving consumer preferences positions it well for continued success in the convenience retail sector. As Casey's embraces the future, it remains committed to delivering quality products and services to its communities while navigating the challenges of a dynamic market landscape.