ANKENY, Iowa — Casey’s General Stores reported a strong second quarter, fueled by sustained growth in inside sales and disciplined execution of its expansion strategy.
For the three months ending Oct. 31, 2025, the Ankeny-based convenience retailer reported diluted earnings per share of $5.53, a 14% increase year over year. Net income grew 14% to $206.3 million, while EBITDA rose 17.5% to $410.1 million, driven by higher gross profit and ongoing store expansion.
Inside same-store sales grew by 3.3%, reaching 7.5% on a two-year stacked basis. Total inside gross profit increased by 13.5% to $703.4 million, supported by an inside margin of 42.4%, about 20 basis points higher than the same quarter last year.
Prepared food and dispensed beverages once again led the performance, with same-store sales increasing by 4.8%, driven by strong demand for whole pizzas, hot sandwiches, and drinks. Grocery and general merchandise same-store sales grew 2.7%, while margins across both categories remained stable or slightly higher, supported by a favorable product mix.
“Casey’s delivered a great second quarter highlighted by strong sales and traffic growth across the entire store,” said Darren Rebelez, chairman, president and CEO. “Our inside same-store sales continued the strong momentum, as our prepared foods offering and value proposition are resonating with guests, while our team is executing against the strategic plan.”
Operating expenses rose year over year, mainly due to the opening of 236 new stores, higher labor costs, and incentive pay tied to strong financial results.
As of October 31, Casey’s operated 2,921 stores, up from 2,904 at the beginning of the fiscal year. During the quarter, the company opened 16 new stores and completed 26 acquisitions, partially offset by closures and divestitures.
Given its year-to-date results, Casey’s has raised its fiscal 2026 outlook to 15% to 17% EBITDA growth. The company also reaffirmed its expectation for inside same-store sales growth of 3% to 4% and an inside margin of 41% to 42% for the year. Casey’s continues to aim for opening at least 80 stores in fiscal 2026 as part of its three-year plan to add approximately 500 locations.
During the quarter, the retailer repurchased about $31 million of shares and ended the period with approximately $1.4 billion in available liquidity. The board also approved a quarterly dividend of $0.57 per share, payable on Feb. 13, 2026.
Casey’s results highlight the growing significance of in-store execution, foodservice strength, and scale-driven expansion as the main factors driving performance in the convenience channel.
