Casey's General Stores (CASY) Q2 FY2026 earnings: revenue $4.5 billion, up 14.2% on the year

Casey's General Stores, Inc. (CASY) reported revenue of $4.5 billion for Q2 FY2026, the quarter ended 31 October 2025, up 14.2% on the same quarter a year earlier. Net income was $206 million, up 14.0% on the year, and diluted earnings per share $5.53. The figures are the company's own, from the 10-Q it filed with the SEC on 9 December 2025.

Revenue

$4.5 billion

+14.2% on the year · -1.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

9.1%

8.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$206 million

+14.0% on the year · -4.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$5.53

+14.0% on the year · -4.2% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed, 6 kept.

Diluted EPS rose 14.0%: Diluted EPS was $5.53 against $4.85. Net income was $206.3 million and EBITDA was $410.1 million, up 17.5%. The company credited higher inside and fuel gross profit, partly offset by higher operating expenses.
Inside same-store sales up 3.3%: Inside same-store sales rose 3.3% against 4.0% a year earlier, and 7.5% on a two-year stack. Total inside sales rose 13.0%, and inside gross profit rose 13.5% to $703.4 million.
Prepared food led same-store gains: Prepared food and dispensed beverage same-store sales rose 4.8%, and grocery and general merchandise rose 2.7%. Management named whole pizzas, hot sandwiches and non-alcoholic beverages as drivers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,506	4,567	3,947	-1.3%	+14.2%
Cost of revenue	3,384	3,455	2,988	-2.0%	+13.3%
Gross profit	1,122	1,112	959	+0.8%	+17.0%
Gross margin	24.9%	24.4%	24.3%
Operating income	410	414	349	-1.0%	+17.5%
Operating margin	9.1%	9.1%	8.8%
Interest expense	24.7	26.9	12.6	-8.0%	+96.7%
Pre-tax income	274	278	240	-1.6%	+14.3%
Income tax	67.7	63.1	58.8	+7.2%	+15.0%
Effective tax rate	24.7%	22.7%	24.5%
Net income	206	215	181	-4.2%	+14.0%
Net margin	4.6%	4.7%	4.6%
Diluted EPS	$5.53	$5.77	$4.85	-4.2%	+14.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	347	372	271	-6.8%	+28.2%
Capital expenditure	171	110	111	+55.4%	+54.6%
Free cash flow	176	262	160	-32.9%	+10.0%
Free cash flow margin	3.9%	5.7%	4.1%
Cash from investing	-242	-102	-134
Cash from financing	-70.9	-139	1,070
Depreciation and amortisation	111	109	96.6	+2.3%	+15.3%
Share-based compensation	15.4	15.2	12.6	+1.4%	+22.4%
Buybacks	31.3	31.3	0.7	0.0%	+4,157.6%
Dividends paid	21.2	19.7	18.6	+7.9%	+14.2%
Diluted shares, weighted	37m	37m	37m	-0.2%	-0.1%
Shares outstanding at period end	37m	37m	37m	-0.3%	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,810	3,641	3,337	+4.6%	+14.1%
Debt	2,453	2,471	2,707	-0.7%	-9.4%
Operating lease liabilities	464	420	n/a	+10.6%
Other liabilities	1,858	1,840	1,681	+1.0%	+10.6%
Total liabilities and equity	8,585	8,371	7,726	+2.6%	+11.1%
Fixed assets	5,567	5,429	4,737	+2.5%	+17.5%
Goodwill	1,266	1,246	658	+1.6%	+92.6%
Cash and equivalents	492	458	352	+7.4%	+39.9%
Receivables	193	195	156	-1.5%	+23.1%
Inventory	452	479	432	-5.6%	+4.6%
Other assets	615	564	1,391	+9.1%	-55.8%
Total assets	8,585	8,371	7,726	+2.6%	+11.1%

Questions

What was Casey's General Stores' revenue in Q2 FY2026?

Casey's General Stores (CASY) reported revenue of $4.5 billion for Q2 FY2026, the quarter ended 31 October 2025, up 14.2% on the same quarter a year earlier.

How much did Casey's General Stores earn in Q2 FY2026?

Net income for Q2 FY2026 was $206 million, up 14.0% on the year, and diluted earnings per share $5.53.

When did Casey's General Stores report Q2 FY2026 results?

Casey's General Stores filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 9 December 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	3,263	3,049	3,459	4,455	3,979	3,333	3,329	3,869	4,064	3,329	3,600	4,098	3,947	3,904	3,993	4,567	4,506	3,916	4,572	5,678
Cost of revenue	2,545	2,384	2,802	3,618	3,168	2,595	2,641	2,991	3,179	2,543	2,802	3,142	2,988	2,991	3,067	3,455	3,384	2,910	3,491	4,439
Gross profit	718	664	657	836	811	737	688	878	886	787	798	955	959	913	926	1,112	1,122	1,007	1,080	1,239
Gross margin	22%	22%	19%	19%	20%	22%	21%	23%	22%	24%	22%	23%	24%	23%	23%	24%	25%	26%	24%	22%
Operating income	217	173	166	293	272	222	166	317	306	218	219	346	349	242	263	414	410	309	350	485
Operating margin	7%	6%	5%	7%	7%	7%	5%	8%	8%	7%	6%	8%	9%	6%	7%	9%	9%	8%	8%	9%
Interest expense	13.5	14.4	15.3	13.8	13.5	11.7	12.8	12.5	12.3	14.1	14.5	14.1	12.6	29.4	27.9	26.9	24.7	23.4	21.7	22.1
Pre-tax income	129	83.5	n/a	203	180	132	n/a	221	208	115	n/a	237	240	108	n/a	278	274	171	n/a	347
Tax rate	25%	23%	n/a	25%	24%	24%	n/a	24%	24%	24%	n/a	24%	25%	19%	n/a	23%	25%	24%	n/a	21%
Net income	96.8	64.0	59.8	153	138	100	56.1	169	159	86.9	87.0	180	181	87.1	98.3	215	206	130	163	274
Net margin	3%	2%	2%	3%	3%	3%	2%	4%	4%	3%	2%	4%	5%	2%	2%	5%	5%	3%	4%	5%
Diluted EPS	$2.59	$1.71	$1.61	$4.09	$3.67	$2.67	$1.49	$4.52	$4.24	$2.33	$2.34	$4.83	$4.85	$2.33	$2.63	$5.77	$5.53	$3.49	$4.37	$7.37
Operating cash flow	214	81.2	252	276	210	150	245	229	253	123	288	281	271	205	334	372	347	260	399	384
Capital expenditure	78.5	105	98.3	82.1	95.3	124	175	68.9	107	150	196	101	111	114	181	110	171	184	191	194
Free cash flow	135	-23.5	154	194	115	26.5	70.1	160	146	-27.0	92.1	181	160	90.7	153	262	176	75.8	207	190
Buybacks	n/a	n/a	n/a	0.0	0.0	0.0	0.0	29.9	29.6	30.3	15.1	0.0	0.7	0.0	0.0	31.3	31.3	74.8	63.2	44.9
Dividends paid	12.6	13.0	13.0	13.1	14.2	14.2	14.2	14.9	16.0	16.0	15.9	16.6	18.6	18.6	18.6	19.7	21.2	21.2	21.1	22.3
Shares outstanding	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m	37m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 October 2025, filed 9 December 2025: the filing.