Casey’s General Stores Reports $15.94 Billion Revenue, 7.3% Growth Driven by Fikes Acquisition

Casey’s General Stores, Inc. reported a total revenue of $15.94 billion for the fiscal year ending April 30, 2025, marking a 7.3% increase from the previous year’s revenue of $14.86 billion. The growth was primarily driven by the acquisition of Fikes Wholesale, which added 198 convenience stores and a wholesale fuel network, contributing approximately $952 million to the revenue. Net income for the year rose to $546.5 million, an 8.9% increase from $502 million in the prior fiscal year, with diluted earnings per share reaching $14.64, up from $13.43.

The company experienced significant operational changes, including the acquisition of Fikes on November 1, 2024, which expanded its footprint into Texas, Alabama, Florida, and Mississippi. This acquisition was the largest in the company's history and included the establishment of its first fuel terminal in Waco, Texas. As of April 30, 2025, Casey’s operated a total of 2,904 stores, an increase of 246 stores compared to the previous year, with 71% of these located in communities with populations under 20,000.

In terms of product offerings, Casey’s has focused on enhancing its prepared food and beverage sales, which accounted for approximately 34% of total revenue and 63% of revenue less cost of goods sold. Prepared food and dispensed beverage revenue increased by 10.3% year-over-year, driven by a 3.5% increase in same-store sales. The company also reported a 4.0% increase in retail fuel revenue, despite a decrease in average retail price per gallon by 7.8%. The Casey's Rewards program saw membership grow to over 9 million, reflecting increased customer engagement.

Looking ahead, Casey’s has outlined a strategic plan aimed at further expanding its store count, enhancing food offerings, and improving operational efficiency. The company is also adapting to changing consumer preferences by implementing an electric vehicle strategy, with 230 charging stations installed across 47 stores in 13 states. The management anticipates that the average revenue less cost of goods sold per gallon will remain elevated, although fluctuations in oil prices and macroeconomic conditions could impact future performance. The company remains committed to its growth trajectory while navigating the competitive landscape of the convenience store industry.