Casey's (CASY) 10-K risk factor changes: FY2025 vs FY2024

A compromise or a breach in our systems, or another data security or privacy incident that results in the loss, unauthorized release, disclosure or acquisition of such data or information, or other sensitive data or information, or other internal or external cyber or data security threats, including but not limited to viruses, denial-of-service attacks, phishing attacks, [added: social engineering attacks,] ransomware attacks and other intentional or unintentional disruptions, could occur and have a material adverse effect on our operations and ability to operate, reputation, operating results and financial condition.

In addition, guest preferences and store traffic could be adversely impacted by food-safety issues, health concerns or negative publicity about the consumption of our [added: products or products we sell at our stores, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.]

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We [removed: have recently experienced] [added: regularly experience] inflation in the price of commodities, including food ingredients, which [removed: has increased] [added: increases] our cost of goods sold.

Additionally, increases in labor, mileage, insurance, fuel, and other costs related to the supply and [removed: transportation of food ingredients could adversely affect the profitability of our stores.]

If we are unable to anticipate and respond to sudden challenges or changes that we may face in the marketplace, trends in the market for our products and changing [added: consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.]

Because the interchange and other fees we pay when credit cards are used to make purchases, which the Company has little control over, are based on transaction amounts, higher fuel prices at the pump, [removed: including record fuel prices that were seen in recent years,] higher gallon movement and other increases in price and sales of [removed: fuel and] other items we sell in our stores directly result in higher credit card expenses.

Total credit card fees [removed: paid] [added: incurred] in fiscal [removed: 2024, 2023 and 2022] [added: 2025] exceeded [removed: $200] [added: $250] million.

We store fuel in storage tanks at our retail [removed: locations.][added: locations and in the fuel terminal acquired in the recent Fikes transaction.]

Consequently, we [added: are, and] may become a party [removed: to] [added: to, certain] personal injury, food safety, product liability, accessibility, data security and privacy and other legal actions in the ordinary course of our business.

Additionally, we are occasionally exposed to [added: individual,] industry-wide or [removed: class-action] [added: class/collective-action] claims arising from the products we carry, industry-specific business practices or other operational matters, including accessibility, [added: consumer protection,] wage-and-hour and other employment [added: related individual and class/collective-action claims.]

[added: A violation or change of these laws could adversely affect our business, financial condition, and results of operations] because state and local regulatory agencies have the power to approve, revoke, suspend, or deny applications for and renewals of permits and licenses relating to the sale of certain of these products or to seek other remedies.

[removed: These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and] nicotine use and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes or other nicotine products, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.

General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, [added: tariffs,] increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, [added: construction and transportation costs,] consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those [removed: products.][added: products, and the costs of building, acquiring and remodeling stores.]

In addition, unfavorable economic conditions, especially those affecting the agricultural industry, higher fuel prices, and unemployment levels can affect consumer confidence, spending patterns, and miles driven, and can cause guests to [added: purchase less, visit our stores less often or] “trade down” to lower priced products in certain categories when these conditions exist.

These factors can lead to [added: store traffic and] sales declines, and in turn have an adverse impact on our business, financial condition and results of operations.

Technological advances and consumer behavior in reducing fuel use, governmental mandates to improve fuel efficiency and consumer desire or regulations to lower carbon emissions could lessen the demand for our largest revenue product, petroleum-based motor fuel, which may have a material adverse effect on our business, financial condition, and results of [added: operation.]

In addition, a shift toward electric, hybrid, hydrogen, natural gas or other alternative fuel-powered vehicles, [removed: including driverless motor vehicles,] could fundamentally change the shopping and driving habits of our guests or lead to new forms of fueling destinations or new competitive pressures.

In addition, we typically generate higher revenues and gross margins during warmer weather months, which fall within our first [removed: and second fiscal quarters.]

Over the past three fiscal years, on average our [added: retail] fuel revenues accounted for approximately [removed: 65%] [added: 64%] of total revenue and our [added: retail] fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).

General political conditions, threatened or actual acts of war or terrorism, instability or other changes in oil producing regions, [removed: historically in] [added: including] the Middle [removed: East and] [added: East,] South America [removed: but recently in Europe with the conflict in Ukraine,] and [added: Europe, and] trade, economic or other disagreements between oil producing nations, can, and recently have, significantly affected crude oil supplies and wholesale petroleum costs.

We compete with many other convenience store chains, gasoline stations, supermarkets, drugstores, discount stores, [added: "dollar" stores,] club stores, fast food outlets, restaurants, coffee [removed: shops,] [added: shops and other small box beverage outlets,] mass merchants, and a variety of other [added: national and local] retail companies, including retail gasoline companies that have more extensive retail outlets, greater brand name recognition and more established fuel supply arrangements.

[added: These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market] areas; difficulties in obtaining favorable financing for larger acquisitions or construction projects; difficulties during the acquisition process in discovering some of the liabilities of the businesses that we acquire; difficulties associated with our existing financial controls, information systems, management resources and human resources needed to support our future growth; difficulties with hiring, training and retaining skilled personnel; difficulties in adapting distribution and other operational and management systems to an expanded network of stores; difficulties in adopting, adapting to or changing the business practices, models or processes of stores or chains we acquire; difficulties in obtaining governmental and other third-party consents, permits and licenses needed to operate additional stores; difficulties in obtaining the cost savings and financial improvements we anticipate from future acquired stores; the potential diversion of our management’s attention from focusing on our core business due to an increased focus on acquisitions; and, challenges associated with the consummation and integration of any future acquisition.

transportation of food ingredients could adversely affect the profitability of our stores.

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These governmental actions, as well as national, state and local campaigns and regulations to discourage tobacco and

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In addition, certain of the stores acquired in the Fikes transaction are located in the South, in particular Florida, which is susceptible to hurricanes.

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and second fiscal quarters.

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products or products we sell at our stores, which could damage our reputation and cause a decline in demand for those products and adversely impact our sales.

consumer demands and sentiment, it could have a material adverse effect on our business, financial condition and results of operations.

related individual and class-action claims.

A violation or change of these laws could adversely affect our business, financial condition, and results of operations

operation.

Changes in our climate, including the effects of carbon emissions in the environment, may lessen demand for fuel or lead to additional government regulation.

These risks include, but are not limited to, the inability to identify and acquire suitable sites at advantageous prices; competition in targeted market

Based upon the outstanding balance of the Company's term loan facilities as of April 30, [removed: 2024,] [added: 2025,] an immediate 100-basis-point move in interest rates would have an approximate annualized impact of [removed: $2.3] [added: $10.2] million on interest expense.

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The Company also has exposure to market risks related to the volatility of fuel prices associated with non-store inventoried fuel (fuel pipeline and fuel terminal).

The Company utilizes futures contracts to economically hedge the physical products while the bulk fuel is in storage at various terminals and pipelines, until such time the underlying gallons can be delivered to the store.

The Company does not speculate in trading financial instruments.

All hedges must be matched against recorded physical transactions, inventoried fuel in a pipeline or at a terminal.

Derivative contracts and related activity were immaterial to the financial statements as of April 30, 2025 and for the period then ended.

As of April 30, [removed: 2024,] [added: 2025,] Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", [added: "CEFCO",] "Bucky's", [removed: "Minit Mart",] or "Lone Star Food [removed: Store"] [added: Store",] referred to as "Casey's" or the "Company") throughout [removed: 17] [added: 20] states, [removed: over] [added: approximately] half of which are located in Iowa, [removed: Missouri,] [added: Missouri] and Illinois.

Approximately [removed: 72%] [added: 71%] of all stores were opened in areas with populations of fewer than 20,000 persons.

As of April 30, [removed: 2024,] [added: 2025,] there were a total of [removed: 2,658] [added: 2,904] stores in operation.

All convenience stores carry a broad selection of food items [removed: (including,] [added: (which at most stores includes,] but [added: is] not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, [added: groceries,] health and beauty aids, automotive products, and other [removed: nonfood] [added: non-food] items.

As of April 30, [removed: 2024, 233] [added: 2025, 260] store locations offered car washes.

In addition, all but [removed: eight] [added: six] store locations offer fuel for sale on a self-service basis.

The Company had [removed: 62] [added: 63] stores operating under the "GoodStop (by Casey’s)" [removed: brand and 10] [added: brand, 12] stores operating under the "Lone Star Food Store" [removed: brand] [added: brand, and was also temporarily operating certain locations under the name "Bucky's"] as of April 30, [removed: 2024.][added: 2025.]

Similar to most of our store footprint, the [removed: "GoodStop" and] [added: "GoodStop",] "Lone Star Food [removed: Store"] [added: Store", "Bucky's" and "CEFCO"] locations offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials.

[removed: The] [added: As part of the Fikes transaction, the] Company [removed: has 73 dealer locations,] [added: expanded its wholesale network] where Casey’s manages fuel wholesale supply agreements to [removed: these stores.][added: certain dealer sites and other wholesale locations.]

[removed: These] [added: The dealer and wholesale] locations are not operated by Casey's and are not included in our overall store [removed: count.][added: count discussed previously.]

Approximately [removed: 1%] [added: 2%] of total revenue for the year-ended April 30, [removed: 2024] [added: 2025] relates to this [removed: dealer] [added: fuel wholesale] network.

The Company operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to [added: most of] our stores.

One distribution center is adjacent to our corporate headquarters, which we refer to as the Store Support [removed: Center facility] [added: Center,] in Ankeny, Iowa.

The Company had a fleet of [removed: 421] [added: approximately 500] tractors used for distribution as of April 30, [removed: 2024.][added: 2025.]

Many of the smaller communities in which we operate [removed: often] are [added: often] not served by national-chain convenience stores.

We currently own most of our real estate, including substantially all of our stores, all three distribution centers (see discussion of ownership structure of the distribution center in Joplin, Missouri in Note [removed: 7),] [added: [7](#i33d07da5202f42e1bed977589a618a89_97)),] a [added: fuel terminal, a] construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility.

Our sales historically have been strongest during the first and second fiscal quarters (May through October) relative to the third and fourth [added: fiscal quarters (November through April).]

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CRC owns and/or operates certain stores in Illinois, Kansas, Michigan, Minnesota, Nebraska, North Dakota, and South Dakota, holds the rights to the Company's trademarks, service marks, trade names, and other intellectual property, and performs most [added: corporate and] strategic functions of the enterprise.

CMC owns and/or operates stores in Arkansas, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Wisconsin, and Texas, and is responsible for [removed: all of our] wholesale operations, including all three distribution centers and management of the wholesale fuel network.

The Company [removed: designs, develops and] delivers value to its guests through a differentiated product assortment where the right products are optimally placed, priced and promoted to drive traffic, revenue and profit.

It is our practice to continually make additions [added: and changes] to the Company’s product line, especially products with higher margins such as prepared food and our new private label offerings, described below.

To facilitate [removed: many of these items,] [added: the prepared food offerings,] we have installed full kitchens in almost all of our stores, other than those branded as [removed: “GoodStop”] [added: "Bucky's", "GoodStop"] and "Lone Star Food [removed: Store".][added: Store." Additionally, the majority of the CEFCO stores have kitchens and proprietary hot food programs that differ from the Casey's food offering.]

The Company's flagship product is its [removed: handmade] pizza, which we began preparing and selling in 1984.

Pizza is available in almost all of our [removed: stores] [added: Casey's stores, and select CEFCO stores,] as of April 30, [removed: 2024.][added: 2025.]

We have also expanded our prepared food offerings, which currently includes made to order cheesy breadsticks, sandwiches and wraps, chicken wings, chicken tenders, breakfast croissants and biscuits, breakfast pizza, breakfast burritos, hash browns, burgers, and bakery [removed: items] [added: items,] which [added: currently] includes [removed: include] donuts, cookies and [removed: brownies] [added: brownies,] as well as other seasonal items.

The growth in our prepared food [added: and dispensed beverage] program reflects the Company’s strategy to promote high-margin products that are compatible with convenience store operations.

In the last three fiscal years, retail sales of [removed: nonfuel] [added: prepared food and dispensed beverage and grocery and general merchandise] items have generated about [removed: 35%] [added: 34%] of our total revenue, but they have resulted in approximately [removed: 66%] [added: 63%] of our revenue less cost of goods sold (excluding depreciation and amortization).

Revenue less cost of goods sold (excluding depreciation and amortization) as a percentage of revenue on prepared food [added: and dispensed beverage] items averaged approximately 58% for the three fiscal years ended April 30, [removed: 2024.][added: 2025.]

The selection is a blend of differentiated private label [removed: products (which includes over 350 items as of April 30, 2024),] [added: products,] as well as favored national and regional [removed: brands, many of which can be found in larger format stores.][added: brands.]

- non-foods (health and beauty aids, automotive, electronic accessories, [removed: housewares] and [removed: pet supplies)][added: housewares)]

All but [removed: eight] [added: six] stores offer retail motor fuel products for sale on a self-service basis.

Gasoline and diesel fuel are sold under the Casey’s name [added: (or other brands discussed previously)] at the majority of our locations.

[added: In addition to earning points, guests may] receive other program benefits such as special offers and bonus points.

At the end of the fiscal year, the Company [removed: had surpassed 7.9] [added: has over 9] million members enrolled in the program.

Nearly all locations feature a bright sign which displays the Casey’s, [removed: GoodStop] [added: CEFCO, GoodStop, Bucky's,] or Lone Star Food Store name and trade/service marks.

Our store-site selection criteria [removed: emphasize] [added: emphasizes] the population of the immediate area and daily highway traffic volume.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Number of gallons sold | | | [removed: 2,828,669] [added: 3,196,852] | | | | | | [removed: 2,672,366] [added: 2,828,669] | | | | | | [removed: 2,579,179] [added: 2,672,366] | | |

| Total retail fuel [removed: sales] [added: revenue] | | | $ | [removed: 9,402,071] [added: 9,776,033] | | | | | $ | [removed: 10,027,310] [added: 9,402,071] | | | | | $ | [removed: 8,312,038] [added: 10,027,310] | |

On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey's has operated in these states.

The acquisition also included the Company's first fuel terminal, located in Waco, Texas.

Additionally, the majority of the stores acquired from Fikes are currently operating under the "CEFCO" brand.

During the fiscal year, as part of the Fikes acquisition, CMC acquired 100% of the equity interests in CEFCO Stores, LLC and Fikes Wholesale, LLC, and CSC acquired 100% of the equity interests in Group Petroleum Services, LLC ("GPS"), each of which, upon closing, was a Texas limited liability company.

These acquired entities currently own and/or operate 198 retail convenience stores under the CEFCO brand name in Alabama, Florida, Mississippi, and Texas, provide fuel and fuel transportation to these stores, manage the acquired fuel wholesale network, and operate the fuel terminal.

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| Total retail fuel revenue less cost of goods sold (excluding depreciation and amortization) | | | $ | 1,236,694 | | | | | $ | 1,116,671 | | | | | $ | 1,074,913 | |

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Additionally, CMC, along with certain of the newly acquired Fikes entities, supply fuel on a wholesale basis to dealer sites and other wholesale locations.

Workforce Composition

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

As part of the acquisition of Fikes, the Company acquired the "CEFCO" trademark and other relevant registered and unregistered trademarks and service marks.

While the costs to procure such licenses is not material,

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

The Company is also temporarily operating certain locations acquired from Buchanan Energy under the name "Bucky's" and certain locations acquired from Minit Mart LLC under the name "Minit Mart." The Company is in the process of transitioning all "Bucky's" and "Minit Mart" locations to either the "Casey's" or "GoodStop" brand.

These locations typically have similar offerings to the "Casey’s" or "GoodStop" branded stores.

fiscal quarters (November through April).

During the fiscal year, the Company launched a new thin crust pizza line.

In addition to the new platform in pizza, the company also relaunched our lunch offering by upgrading the quality of our entire hot sandwich line, including adding a spicy chicken sandwich.

As of April 30, 2024, the Company was selling bakery items such as donuts, cookies and brownies in 2,570 (97%) of our stores.

In addition to earning points, guests may

Fuel prices increased at the end of the 2022 fiscal year due to overall supply issues, as Russia's invasion of Ukraine resulted in a United States ban of Russian crude oil imports.

While prices have moderated since the highs seen at the end of the 2022 fiscal year, and start of the fiscal 2023 year, the higher costs have continued into fiscal 2024 due to the ongoing conflict between Russia and Ukraine, unrest in the Middle East and economic uncertainty in Western nations.

Regardless, we believe our centralized fuel team is well positioned to navigate any potential future fuel price volatility, as they work to maximize total profitability.

The total number of gallons sold during this period increased by 5.8%.

Our centralized fuel team has been instrumental in sustaining higher than historically typical average revenue less cost of goods sold per gallon (excluding depreciation and amortization).

In addition, during the 2024 fiscal year, the Company enhanced coverages for dental and vision, introduced company paid short-term disability for all full-time Team Members, and long-term disability for certain full-time Team Members, as well as increased the coverages and access for mental health services.

Diversity and Inclusion

The Company is committed to building a diverse and inclusive workforce across the organization, which it believes is set by example with its Board of Directors and extended leadership team.

Team Members are female and 17% are diverse as to race and/or ethnicity.

We have four team member resource groups which further enhance the diversity, equity and inclusion culture at Casey's: Women in Leadership, Veterans, Faith and LGBTQ.

The Company has also established a formal Diversity, Equity and Inclusion Committee to further promote the already strong culture of belonging and empowerment for all Team Members.

In addition, the company has expanded its learning related to unconscious bias and critical conversations through formal training.

We believe our locations in smaller towns are well-positioned.

Examples of convenience store chains competing in the larger towns served by Casey’s include Quik Trip, Kwik Trip/Star, Maverik/Kum & Go, and other regional chains.

These competitive factors are discussed further in Item 7 of this Form 10-K.

The information required to be set forth under this heading is incorporated by reference from Note [removed: 10,] [added: [10](#i33d07da5202f42e1bed977589a618a89_106),] Contingencies, to the Consolidated Financial Statements included in Part II, [removed: Item 8.][added: [Item 8](#i33d07da5202f42e1bed977589a618a89_49).]

For the Fiscal Year Ended April 30, [removed: 2024][added: 2025]

The aggregate market value of the registrant’s common stock held by non-affiliates as of October 31, [removed: 2023,] [added: 2024,] was approximately [removed: $10.1] [added: $14.6] billion based on the closing sales price [removed: ($271.91] [added: ($394.02] per share) as quoted on the NASDAQ Global Select Market.

| Class | | | | | | Outstanding at June [removed: 20, 2024] [added: 18, 2025] | | |

| Common Stock, no par value per share | | | | | | [removed: 37,111,457] [added: 37,180,985] shares | | |

Certain information called for by Items 10, 11, 12, 13 and 14 of Part III is hereby incorporated by reference from the definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 30, [removed: 2024.][added: 2025.]

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| PART I | | | ITEM 1. | | | [removed: [Business](#i7f155e18b2f74a798b6a7d1803076535_13)] [added: [Business](#i33d07da5202f42e1bed977589a618a89_13)] | | | [removed: [4](#i7f155e18b2f74a798b6a7d1803076535_13)] [added: [4](#i33d07da5202f42e1bed977589a618a89_13)] | | |

| | | | ITEM 1A. | | | [Risk [removed: Factors](#i7f155e18b2f74a798b6a7d1803076535_16)] [added: Factors](#i33d07da5202f42e1bed977589a618a89_16)] | | | [removed: [9](#i7f155e18b2f74a798b6a7d1803076535_16)] [added: [9](#i33d07da5202f42e1bed977589a618a89_16)] | | |

| | | | ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i7f155e18b2f74a798b6a7d1803076535_19)] [added: Comments](#i33d07da5202f42e1bed977589a618a89_19)] | | | [removed: [16](#i7f155e18b2f74a798b6a7d1803076535_19)] [added: [16](#i33d07da5202f42e1bed977589a618a89_19)] | | |

| | | | ITEM 1C. | | | [removed: [Cybersecurity](#i7f155e18b2f74a798b6a7d1803076535_1225)] [added: [Cybersecurity](#i33d07da5202f42e1bed977589a618a89_22)] | | | [removed: [16](#i7f155e18b2f74a798b6a7d1803076535_19)] [added: [16](#i33d07da5202f42e1bed977589a618a89_19)] | | |

| | | | ITEM 2. | | | [removed: [Properties](#i7f155e18b2f74a798b6a7d1803076535_22)] [added: [Properties](#i33d07da5202f42e1bed977589a618a89_25)] | | | [removed: [17](#i7f155e18b2f74a798b6a7d1803076535_22)] [added: [17](#i33d07da5202f42e1bed977589a618a89_25)] | | |

| | | | ITEM 3. | | | [Legal [removed: Proceedings](#i7f155e18b2f74a798b6a7d1803076535_25)] [added: Proceedings](#i33d07da5202f42e1bed977589a618a89_28)] | | | [removed: [17](#i7f155e18b2f74a798b6a7d1803076535_25)] [added: [17](#i33d07da5202f42e1bed977589a618a89_28)] | | |

| | | | ITEM 4. | | | [Mine Safety [removed: Disclosures](#i7f155e18b2f74a798b6a7d1803076535_28)] [added: Disclosures](#i33d07da5202f42e1bed977589a618a89_31)] | | | [removed: [17](#i7f155e18b2f74a798b6a7d1803076535_28)] [added: [17](#i33d07da5202f42e1bed977589a618a89_31)] | | |

| PART II | | | ITEM 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i7f155e18b2f74a798b6a7d1803076535_34)] [added: Securities](#i33d07da5202f42e1bed977589a618a89_37)] | | | [removed: [18](#i7f155e18b2f74a798b6a7d1803076535_34)] [added: [18](#i33d07da5202f42e1bed977589a618a89_37)] | | |

| | | | ITEM 6. | | | [removed: [\[Reserved\]](#i7f155e18b2f74a798b6a7d1803076535_37)] [added: [\[Reserved\]](#i33d07da5202f42e1bed977589a618a89_40)] | | | [removed: [19](#i7f155e18b2f74a798b6a7d1803076535_37)] [added: [19](#i33d07da5202f42e1bed977589a618a89_40)] | | |

| | | | ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7f155e18b2f74a798b6a7d1803076535_40)] [added: Operations](#i33d07da5202f42e1bed977589a618a89_43)] | | | [removed: [19](#i7f155e18b2f74a798b6a7d1803076535_40)] [added: [19](#i33d07da5202f42e1bed977589a618a89_43)] | | |

| | | | ITEM 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i7f155e18b2f74a798b6a7d1803076535_43)] [added: Risk](#i33d07da5202f42e1bed977589a618a89_46)] | | | [removed: [29](#i7f155e18b2f74a798b6a7d1803076535_43)] [added: [28](#i33d07da5202f42e1bed977589a618a89_46)] | | |

| | | | ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i7f155e18b2f74a798b6a7d1803076535_46)] [added: Data](#i33d07da5202f42e1bed977589a618a89_49)] | | | [removed: [30](#i7f155e18b2f74a798b6a7d1803076535_46)] [added: [29](#i33d07da5202f42e1bed977589a618a89_49)] | | |

| | | | ITEM 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7f155e18b2f74a798b6a7d1803076535_109)] [added: Disclosure](#i33d07da5202f42e1bed977589a618a89_112)] | | | [removed: [51](#i7f155e18b2f74a798b6a7d1803076535_109)] [added: [52](#i33d07da5202f42e1bed977589a618a89_112)] | | |

| | | | ITEM 9A. | | | [Controls and [removed: Procedures](#i7f155e18b2f74a798b6a7d1803076535_112)] [added: Procedures](#i33d07da5202f42e1bed977589a618a89_115)] | | | [removed: [51](#i7f155e18b2f74a798b6a7d1803076535_112)] [added: [52](#i33d07da5202f42e1bed977589a618a89_115)] | | |

| | | | ITEM 9B. | | | [Other [removed: Information](#i7f155e18b2f74a798b6a7d1803076535_115)] [added: Information](#i33d07da5202f42e1bed977589a618a89_118)] | | | [removed: [51](#i7f155e18b2f74a798b6a7d1803076535_115)] [added: [52](#i33d07da5202f42e1bed977589a618a89_118)] | | |

| | | | ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i7f155e18b2f74a798b6a7d1803076535_1236)] [added: Inspections](#i33d07da5202f42e1bed977589a618a89_121)] | | | [removed: [51](#i7f155e18b2f74a798b6a7d1803076535_115)] [added: [52](#i33d07da5202f42e1bed977589a618a89_118)] | | |

| PART III | | | ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7f155e18b2f74a798b6a7d1803076535_121)] [added: Governance](#i33d07da5202f42e1bed977589a618a89_127)] | | | [removed: [52](#i7f155e18b2f74a798b6a7d1803076535_121)] [added: [53](#i33d07da5202f42e1bed977589a618a89_127)] | | |

| | | | ITEM 11. | | | [Executive [removed: Compensation](#i7f155e18b2f74a798b6a7d1803076535_124)] [added: Compensation](#i33d07da5202f42e1bed977589a618a89_130)] | | | [removed: [52](#i7f155e18b2f74a798b6a7d1803076535_124)] [added: [53](#i33d07da5202f42e1bed977589a618a89_130)] | | |

| | | | ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7f155e18b2f74a798b6a7d1803076535_127)] [added: Matters](#i33d07da5202f42e1bed977589a618a89_133)] | | | [removed: [52](#i7f155e18b2f74a798b6a7d1803076535_127)] [added: [53](#i33d07da5202f42e1bed977589a618a89_133)] | | |

| | | | ITEM 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i7f155e18b2f74a798b6a7d1803076535_130)] [added: Independence](#i33d07da5202f42e1bed977589a618a89_136)] | | | [removed: [52](#i7f155e18b2f74a798b6a7d1803076535_130)] [added: [53](#i33d07da5202f42e1bed977589a618a89_136)] | | |

| | | | ITEM 14. | | | [Principal Accountant Fees and [removed: Services](#i7f155e18b2f74a798b6a7d1803076535_133)] [added: Services](#i33d07da5202f42e1bed977589a618a89_139)] | | | [removed: [52](#i7f155e18b2f74a798b6a7d1803076535_133)] [added: [53](#i33d07da5202f42e1bed977589a618a89_139)] | | |

| PART IV | | | ITEM 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i7f155e18b2f74a798b6a7d1803076535_139)] [added: Schedules](#i33d07da5202f42e1bed977589a618a89_145)] | | | [removed: [53](#i7f155e18b2f74a798b6a7d1803076535_139)] [added: [54](#i33d07da5202f42e1bed977589a618a89_145)] | | |

| | | | ITEM 16. | | | [Form 10-K [removed: Summary](#i7f155e18b2f74a798b6a7d1803076535_142)] [added: Summary](#i33d07da5202f42e1bed977589a618a89_148)] | | | [removed: [55](#i7f155e18b2f74a798b6a7d1803076535_142)] [added: [56](#i33d07da5202f42e1bed977589a618a89_148)] | | |

| | | | | | | [Signatures](#i33d07da5202f42e1bed977589a618a89_151) | | | [57](#i33d07da5202f42e1bed977589a618a89_151) | | |

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

| | | | | | | [Signatures](#i7f155e18b2f74a798b6a7d1803076535_145) | | | [56](#i7f155e18b2f74a798b6a7d1803076535_145) | | |

Our CISO, who has over [removed: 38-years] [added: 39-years] of industry experience, and his team, have relevant education and experience assessing and managing cybersecurity programs and cybersecurity risks across a mix of enterprises, including the retail industry.

Together with a third-party, the CISO and his team also operate a 24/7 Security Operations Center to monitor the cybersecurity environment and coordinate escalation and remediation of alerts, and we incorporate many other resources to maintain readiness to withstand and respond to a cyber [added: or other data security] incident including but not limited to incident response tabletop exercises, system recovery exercises, simulated phishing email exercises and security awareness training.

As part of the program, our [added: IT] governance, risk and compliance team [removed: conducts] [added: conduct] due diligence as a part of onboarding new vendors and maintain ongoing evaluations to ensure compliance with our security standards.

The Company has a Cybersecurity Incident Response Plan ("the Plan"), [removed: integrated into our enterprise crisis management and business continuity program,] which provides protocols and procedures for evaluating and responding to material cybersecurity [added: and other data security] incidents, including incident handling, disclosure and reporting, notification to senior management, the Board and relevant committees, and meeting external reporting obligations.

As part of the Plan, the Company has also established an Incident Response Governance Team, co-chaired by our CISO and VP, Deputy General Counsel, which is a cross-functional group comprised of relevant stakeholders throughout the organization responsible for organizing the assessment, investigation and response to any material cybersecurity [added: or data security] event.

As of the date of this report, no cybersecurity [added: or data security] incidents have had, either individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

For additional information regarding the risks to us associated with cybersecurity incidents, see [removed: Item 1A] [added: [Item 1A](#i33d07da5202f42e1bed977589a618a89_16)] entitled "Risk Factors."

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

We own the Store Support Center (built in [removed: 1990) and] [added: 1990),] all three distribution [removed: centers.][added: centers and a fuel terminal.]

In April 2021, we opened a third distribution center located in Joplin, Missouri (see Note [removed: 7] [added: [7](#i33d07da5202f42e1bed977589a618a89_97)] for discussion of ownership structure).

On April 30, [removed: 2024,] [added: 2025,] we leased a combination of land and/or building at [removed: 140] [added: 245 store] locations.

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

The [removed: 37,008,488] [added: 37,119,083] shares of common stock outstanding at April 30, [removed: 2024] [added: 2025] had a market value of approximately [removed: $11.8] [added: $17.2] billion.

On that date, there were [removed: 1,441] [added: 1,355] shareholders of record.

| Calendar [removed: 2022] [added: 2023] | | | High | | | | | | Low | | | | | | Calendar [removed: 2023] [added: 2024] | | | | | | High | | | | | | Low | | | | | | Calendar [removed: 2024] [added: 2025] | | | | | | High | | | | | | Low | | |

| Q1 | | | $ | [removed: 202.50] [added: 236.45] | | | | | $ | [removed: 170.82] [added: 202.13] | | | | | Q1 | | | | | | $ | [removed: 236.45] [added: 324.40] | | | | | $ | [removed: 202.13] [added: 268.07] | | | | | Q1 | | | | | | $ | [removed: 324.40] [added: 445.17] | | | | | $ | [removed: 268.07] [added: 372.09] | |

The dividends declared in fiscal [removed: 2023] [added: 2025] totaled [removed: $1.52] [added: $2.00] per share.

At its June [added: 2025] meeting, the Board of Directors declared a quarterly dividend of [removed: $0.50] [added: $0.57] per share payable August 15, [removed: 2024,] [added: 2025,] to shareholders of record on August 1, [removed: 2024.][added: 2025.]

The cash dividends declared during the calendar years [removed: 2022] [added: 2023] through [removed: 2024] [added: 2025] were as follows:

| Calendar [removed: 2022] [added: 2023] | | | Cash dividend declared | | | | | | Calendar [removed: 2023] [added: 2024] | | | | | | Cash dividend declared | | | | | | Calendar [removed: 2024] [added: 2025] | | | | | | Cash dividend declared | | |

| Q1 | | | $ | [removed: 0.35] [added: 0.38] | | | | | Q1 | | | | | | $ | [removed: 0.38] [added: 0.43] | | | | | Q1 | | | | | | $ | [removed: 0.43] [added: 0.50] | |

| [removed: Q2] [added: Q3] | | | [removed: 0.38] [added: 0.43] | | | | | | [removed: Q2] [added: Q3] | | | | | | [removed: 0.43] [added: 0.50] | | | | | | [removed: Q2] | | | | | | [removed: 0.50] | | |

The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, [removed: 2024:][added: 2025:]

| March 1-31, [removed: 2024] [added: 2025] | | | [removed: 13,772] [added: —] | | | | | | [removed: 303.97] [added: —] | | | | | | [removed: 13,772] [added: —] | | | | | | 295,109,710 | | |

| April 1-30, [removed: 2024] [added: 2025] | | | — | | | | | | — | | | | | | — | | | | | | 295,109,710 | | |

| Total | | | [removed: 50,113] [added: —] | | | | | | $ | [removed: 291.49] [added: —] | | | | | [removed: 50,113] [added: —] | | | | | | $ | 295,109,710 | |

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

As of April 30, [removed: 2024,] [added: 2025,] $295.1 million remained available for future purchases under this share repurchase program.

| Q2 | | | 245.72 | | | | | | 212.50 | | | | | | Q2 | | | | | | 389.44 | | | | | | 306.45 | | | | | | | | | | | | | | | | | | | | |

| Q3 | | | 284.18 | | | | | | 238.44 | | | | | | Q3 | | | | | | 401.07 | | | | | | 350.52 | | | | | | | | | | | | | | | | | | | | |

| Q4 | | | 286.62 | | | | | | 260.13 | | | | | | Q4 | | | | | | 439.68 | | | | | | 363.00 | | | | | | | | | | | | | | | | | | | | |

| Q2 | | | 0.43 | | | | | | Q2 | | | | | | 0.50 | | | | | | Q2 | | | | | | 0.57 | | |

| Q4 | | | 0.43 | | | | | | Q4 | | | | | | 0.50 | | | | | | | | | | | | | | |

| | | | $ | 1.67 | | | | | | | | | | | $ | 1.93 | | | | | | | | | | | | | |

| February 1-28, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 295,109,710 | |

| Q2 | | | 216.40 | | | | | | 181.40 | | | | | | Q2 | | | | | | 245.72 | | | | | | 212.50 | | | | | | | | | | | | | | | | | | | | |

| Q3 | | | 223.90 | | | | | | 183.23 | | | | | | Q3 | | | | | | 284.18 | | | | | | 238.44 | | | | | | | | | | | | | | | | | | | | |

| Q4 | | | 249.90 | | | | | | 197.61 | | | | | | Q4 | | | | | | 286.62 | | | | | | 260.13 | | | | | | | | | | | | | | | | | | | | |

| Q3 | | | 0.38 | | | | | | Q3 | | | | | | 0.43 | | | | | | | | | | | | | | |

| Q4 | | | 0.38 | | | | | | Q4 | | | | | | 0.43 | | | | | | | | | | | | | | |

| | | | $ | 1.49 | | | | | | | | | | | $ | 1.67 | | | | | | | | | | | | | |

| February 1-29, 2024 | | | 36,341 | | | | | | $ | 286.76 | | | | | 36,341 | | | | | | $ | 299,295,981 | |

During the fourth quarter of 2024, we repurchased and retired 50,113 shares of our common stock under our share repurchase program for a total of $14.6 million, excluding fees, commissions and other costs.

As of April 30, [removed: 2024,] [added: 2025,] Casey’s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names "Casey's" and "Casey’s General Store" (collectively, with the stores below referenced as "GoodStop", [added: "CEFCO",] "Bucky's", [removed: "Minit Mart",] or "Lone Star Food [removed: Store"] [added: Store",] referred to as "Casey's" or the "Company") throughout [removed: 17] [added: 20] states, [removed: over] [added: approximately] half of which are located in Iowa, [removed: Missouri,] [added: Missouri] and Illinois.

Approximately [removed: 72%] [added: 71%] of all stores were opened in areas with populations of fewer than 20,000 persons.

As of April 30, [removed: 2024,] [added: 2025,] there were a total of [removed: 2,658] [added: 2,904] stores in operation.

All convenience stores carry a broad selection of food items [removed: (including,] [added: (which at most stores includes,] but [added: is] not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other [removed: nonfood] [added: non-food] items.

As of April 30, [removed: 2024, 233] [added: 2025, 260] store locations offered car washes.

In addition, all but [removed: eight] [added: six] store locations offer fuel for sale on a self-service basis.

[removed: The] [added: As part of the Fikes transaction, the] Company [removed: has 73 dealer locations,] [added: expanded its wholesale network] where Casey’s manages fuel wholesale supply agreements to [removed: these stores.][added: certain dealer sites and other wholesale locations.]

[removed: These] [added: The dealer and wholesale] locations are not operated by Casey's and are not included in our overall store [removed: count.][added: count in the table below.]

Approximately [removed: 1%] [added: 2%] of total revenue for the year-ended April 30, [removed: 2024] [added: 2025] relates to this [removed: dealer] [added: fuel wholesale] network.

The following table represents the roll forward of store growth throughout fiscal [removed: 2024:][added: 2025:]

| New store construction | | | [removed: 42] [added: 35] | | |

| Prior acquisitions opened | | | [removed: 6] [added: 1] | | |

| Closed | | | [removed: (22)] [added: (24)] | | |

For further general descriptive information on the Company’s business and operations, see [removed: Item 1,] [added: [Item 1](#i33d07da5202f42e1bed977589a618a89_13),] above, which is incorporated herein by reference.

The Company's plan was based on building on our proud heritage and distinct advantages, to become more [added: contemporary through new capabilities, technology, data, and processes.]

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

The Company made significant progress towards its strategic plan goals during the [removed: 2024] [added: 2025] fiscal year.

- Diluted earnings per share of [removed: $13.43, up 12.8% over] [added: $14.64, representing an increase 9.0% from] the prior [removed: year][added: year,]

- Casey's Rewards members grew to [removed: 7.9] [added: over 9] million at [removed: year-end][added: year-end, and]

[removed: In addition, during the past four calendar years, the] [added: The] Company, and the retail fuel industry, has experienced historically high average revenue less cost of goods sold per gallon (excluding depreciation and amortization).

Although this has remained relatively [removed: consistent since that time,] [added: consistent,] on a longer-term basis, this metric can fluctuate significantly, and sometimes unpredictably, in the short-term.

As consumer demand for alternative fuel options continues to grow, Casey’s has continued to add EV charging stations across our [removed: 17-state] [added: 20-state] footprint.

As of April 30, [removed: 2024,] [added: 2025,] the Company has [removed: 170] [added: 230] charging stations at [removed: 37] [added: 47] stores, across [removed: 12] [added: 13] states.

Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and [removed: 43%] [added: 41%] of our stores offer biodiesel.

Fiscal [removed: 2024] [added: 2025] Compared with Fiscal [removed: 2023][added: 2024]

Prepared food and dispensed beverage revenue increased by [removed: $139,040 (10.5%),] [added: $150,162 (10.3%),] due to an increase in same-store sales of [removed: 6.8%] [added: 3.5%] and an increase of approximately [removed: 3.7%] [added: 6.8%] due to [removed: operating 137 more stores than a year ago.][added: store growth.]

The increase in same-store sales was driven by improved sales of hot sandwiches, [removed: whole pies,] bakery, and dispensed beverages.

Grocery and general merchandise revenue increased by [removed: $281,617 (8.2%),] [added: $416,493 (11.2%),] due to an increase in same-store sales of [removed: 3.5%] [added: 2.3%] and an increase of approximately [removed: 4.7%] [added: 8.9%] due to [removed: operating 137 more stores than a year ago.][added: store growth.]

The increase in same-store sales was driven by strong sales of non-alcoholic and alcoholic [removed: beverages, snacks, and candy.][added: beverages.]

Total revenue less cost of goods sold (excluding depreciation and amortization) was [removed: 22.5%] [added: 23.5%] of revenue for fiscal [removed: 2024] [added: 2025] compared with [removed: 20.4%] [added: 22.5%] for the prior year.

Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) [removed: increased] [added: decreased] to [removed: 58.7%] [added: 58.2%] of revenue from [removed: 56.6%] [added: 58.7%] during fiscal [removed: 2024] [added: 2025] compared to the prior year, [removed: an increase of 2.1%,] [added: driven] primarily [removed: due to softening ingredient costs.][added: by the acquisition of Fikes, as the current food offerings at these acquired stores have a lower percentage than a Casey's store.]

Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) increased to [removed: 34.1%] [added: 35.0%] of revenue from [removed: 33.6%] [added: 34.1%] during fiscal [removed: 2024][added: 2025 compared to the prior year.]

The current year percentage was positively impacted by [removed: increased sales of private label products.][added: product mix.]

Fuel revenue less related cost of goods sold (excluding of depreciation and amortization) was [removed: 11.9%] [added: 12.7%] of revenue for fiscal [removed: 2024] [added: 2025] compared with [removed: 10.7%] [added: 11.9%] for the prior year.

Fuel cents per gallon decreased to [removed: 39.5] [added: 38.7] cents in fiscal [removed: 2024] [added: 2025] from [removed: 40.2] [added: 39.5] cents in fiscal [removed: 2023.][added: 2024.]

The Company sold [removed: 25.9] [added: 23.8] million RINs (renewable identification numbers) for [removed: $33,023] [added: $16,664] during fiscal [removed: 2024,] [added: 2025,] compared to the sale of [removed: 18.6] [added: 25.9] million RINs fiscal [removed: 2023,] [added: 2024,] which generated [removed: $31,656] [added: $33,023] (see Note [removed: 1,] [added: [1](#i33d07da5202f42e1bed977589a618a89_70),] below, for a further description of RINs and how they are generated).

Approximately [removed: 4.5%] [added: 10%] of the increase is due to operating [removed: 137] [added: 246] more stores than the comparable period in the prior [removed: year.][added: year, including transaction costs related to the Fikes acquisition.]

Total same-store employee expense contributed to approximately 1% of the increase, as the increases in [removed: labor] [added: wage] rates were [removed: partially] [added: mostly] offset by a reduction in same-store labor hours.

Depreciation and amortization expense increased [removed: $36,666 (11.7%)] [added: $53,850 (15.4%)] to [removed: $349,797] [added: $403,647] in fiscal [removed: 2024,] [added: 2025,] primarily due to operating [removed: 137] [added: 246] more stores than a year ago.

The effective tax rate decreased to [removed: 23.5%] [added: 23.3%] in fiscal [removed: 2024] [added: 2025] from [removed: 24.0%] [added: 23.5%] in fiscal [removed: 2023.][added: 2024.]

On November 1, 2024, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total stores, including 148 additional stores in Texas, as well as 50 stores in Alabama, Florida, and Mississippi, which are the first stores Casey's has operated in these states.

The acquisition also included the Company's first fuel terminal, located in Waco, Texas.

| Acquisitions | | | 235 | | |

| Stores at April 30, 2025 | | | 2,904 | | |

- Built or acquired 270 additional stores, the largest annual growth in Company history.

This included 198 retail stores through the acquisition of Fikes, the largest acquisition in Company history,

- Same-store labor hours were down year over year, marking twelve consecutive quarters of reduction.

*Fuel Profitability*

Total revenue for fiscal 2025 increased by $1,077,986 (7.3%) since the prior fiscal year, primarily driven by $952,018 of additional revenue from the Fikes acquisition, which included 198 additional convenience stores and a wholesale fuel network.

Retail fuel revenue increased by $373,962 (4.0%).

The increase in the number of gallons sold of 368,183 (13.0%), was partially offset by a decrease in the average retail price per gallon of 7.8%.

The increase in gallons sold was primarily attributable to store growth, as same-store gallons sold increased 0.1%.

Other revenue increased $137,369 (50.5%) compared to the prior year, driven primarily by an increase in total revenue related to the wholesale fuel network, as a result of the Fikes acquisition.

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

Operating expenses increased $263,843 (11.5%) to $2,552,356 in fiscal 2025.

Insurance expense contributed approximately 1% of the increase.

Interest, net increased $30,510 (57.1%) to $83,951 in fiscal 2025, primarily due to issuing incremental debt of $1,100,000 to partially fund the acquisition of Fikes.

For additional discussion, refer to Note [3](#i33d07da5202f42e1bed977589a618a89_79).

The decrease in the effective tax rate was primarily due to a one-time benefit to update the state deferred tax rate following the Fikes acquisition (0.7%) and an increase in excess tax benefits recognized on share-based awards (0.3%).

Net income increased by $44,548 (8.9%) to $546,520 in fiscal 2025 from $501,972 in fiscal 2024.

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Please refer to the Form 10-K related to the fiscal year ended April 30, 2024, filed on June 24, 2024, for comparison of Fiscal 2024 to Fiscal 2023.

When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under *ASC 842*.

As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable.

Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset.

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indications of fair value, which are considered Level 3 inputs (see Note [3](#i33d07da5202f42e1bed977589a618a89_79) to the consolidated financial statements).

The increase in operating cash flows, compared to the prior year, was favorably impacted by an increase in operating cash flows of $44,029 due to the timing of inventory purchases, as well as an increase in $29,949 related to receivables, primarily due to the timing of vendor rebate payments in comparison to the prior year.

For additional information, please refer to Note [2](#i33d07da5202f42e1bed977589a618a89_76).

Cash provided by financing increased $995,978, from the comparable period of the prior year, primarily due to the proceeds from long-term debt of $1,100,000, which was used to partially fund the Fikes acquisition.

For additional information, please refer to Note [2](#i33d07da5202f42e1bed977589a618a89_76) and Note [3](#i33d07da5202f42e1bed977589a618a89_79).

Additionally, cash provided by financing was positively impacted by a decrease in share repurchase related activity of $104,164.

These increases were offset by a $185,836 increase in payments of long-term debt and finance lease obligations, due to an increase in debt principal payments, notably the full pre-payment of the Senior Notes Series E of $150,000 in the fourth quarter of fiscal 2025.

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| 5.43% Senior notes (Series J) due November 2, 2034 | | | 100,000 | | |

| Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029 | | | 839,375 | | |

| Stores at April 30, 2023 | | | 2,521 | | |

| Acquisitions | | | 112 | | |

contemporary through new capabilities, technology, data, and processes.

- Grew store count by 154 stores through new store construction and a number of strategic acquisitions

- Entered into our 17th state of Texas

- Recorded strong prepared food and dispensed beverage growth driven by innovation including thin crust pizza and a refreshed lunch sandwich menu

*Fuel Volatility*

Since early calendar 2020, the price of crude oil, and in turn the wholesale cost of fuel, has been volatile compared to historical averages.

Initially, at the outset of the pandemic, oil and fuel prices fell dramatically; however, as the economy in general began to emerge from the COVID-19 pandemic, prices began to modestly increase over time.

Oil and fuel prices continued to be impacted throughout fiscal 2024 as a result of the ongoing conflict in Ukraine, unrest in the Middle East and economic uncertainty in Western nations.

The Company expects similar market volatility to remain throughout the 2025 fiscal year.

Total revenue for fiscal 2024 decreased by $231,562 (1.5%) since the prior fiscal year.

Retail fuel revenue decreased by $625,239 (6.2%) as the average retail price per gallon decreased 11.5%, partially offset by an increase in the number of gallons sold by 156,303 (5.8%) Other revenue decreased $26,980 (9.0%) compared to the prior year, driven primarily by a decrease in total revenue related to the dealer network.

compared to the prior year, an increase of 0.5%.

Operating expenses increased $168,571 (8.0%) to $2,288,513 in fiscal 2024.

In the prior fiscal year, a one-time benefit from the resolution of a legal matter of $15,297 reduced operating expenses by approximately 1%.

Interest, net increased $1,626 (3.1%) to $53,441 in fiscal 2024, primarily due to an increase in finance lease obligations from the prior fiscal year.

Net income increased by $55,281 (12.4%) to $501,972 in fiscal 2024 from $446,691 in fiscal 2023.

Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets as well as impairment charges.

Neither EBITDA nor Adjusted EBITDA are presented in accordance with GAAP.

| Loss (gain) on disposal of assets and impairment charges | | | 6,414 | | | | | | 6,871 | | | | | | (1,201) | | |

| Adjusted EBITDA | | | $ | 1,065,812 | | | | | $ | 959,335 | | | | | $ | 800,040 | |

The decrease in the ratio from the prior year is primarily attributable to a decrease in cash and cash equivalents as a result of increased acquisition related activity, as well as share repurchases during fiscal 2024.

The increase in cash paid for taxes was primarily attributable to applying a higher outstanding income tax receivable to reduce our estimated tax payments for fiscal 2023, compared to fiscal 2024.

The increase in operating cash flows, compared to the prior year, was partially offset by a reduction of operating cash flows of $51,644 due to the increased purchases of inventory, primarily attributable to store growth, and a reduction of operating cash flows of $18,727 primarily due to the timing of vendor rebate payments.

Cash used in financing increased $123,058, primarily due to the repurchase and retirement of common stock under our share repurchase program for a total of $104,898 in fiscal 2024.

| | | | $ | 1,635,939 | |

| | | | $ | 1,582,758 | |

| Long-term debt (1) | | | $ | 1,757,829 | | | | | $ | 86,778 | | | | | $ | 337,269 | | | | | $ | 592,118 | | | | | $ | 741,664 | |

| Finance lease obligations | | | 144,383 | | | | | | 12,942 | | | | | | 25,934 | | | | | | 17,800 | | | | | | 87,707 | | |

| Operating lease obligations | | | 180,543 | | | | | | 9,297 | | | | | | 18,341 | | | | | | 18,176 | | | | | | 134,729 | | |

| Total | | | $ | 2,094,407 | | | | | $ | 109,017 | | | | | $ | 381,544 | | | | | $ | 628,094 | | | | | $ | 964,100 | |

[removed: The] [added: To The] Shareholders and Board of Directors

We have audited the accompanying consolidated balance sheets of Casey's General Stores, Inc. and subsidiaries (the Company) as of April 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of April 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated June [removed: 24, 2024] [added: 23, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

*Critical Audit [removed: Matter*][added: Matters*]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the consolidated financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) [removed: relates] [added: relate] to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [removed: a] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

As discussed in Note 1 to the consolidated financial statements, the Company held [removed: $306,783] [added: $344,304] thousand of merchandise inventory as of April 30, [removed: 2024,] [added: 2025,] the majority of which was held at [removed: 2,658] [added: 2,904] store locations.

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We have audited Casey's General Stores, Inc. and subsidiaries' (the Company) internal control over financial reporting as of April 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of April 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of April 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements), and our report dated June [removed: 24, 2024] [added: 23, 2025] expressed an unqualified opinion on those consolidated financial statements.

| | | | [removed: 2024] [added: 2025] | | | | | | [added: 2024 | | | | | |] 2023 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 206,482 | | | | | [removed: $] | 378,869 | | [added: | | | | 158,878 | | |]

| Receivables | | | [removed: 151,793] [added: 180,746] | | | | | | [removed: 120,547] [added: 151,793] | | |

| Inventories | | | [removed: 428,722] [added: 480,034] | | | | | | [removed: 376,085] [added: 428,722] | | |

| Income taxes receivable | | | [removed: 17,066] [added: 770] | | | | | | [removed: 23,347] [added: 17,066] | | |

| Total current assets | | | [removed: 829,854] [added: 1,012,853] | | | | | | [removed: 920,955] [added: 829,854] | | |

| Land | | | [removed: 1,281,408] [added: 1,429,673] | | | | | | [removed: 1,151,812] [added: 1,281,408] | | |

| [removed: Buildings] [added: Buildings, land improvements] and leasehold improvements | | | [removed: 3,003,191] [added: 3,539,550] | | | | | | [removed: 2,629,795] [added: 3,003,191] | | |

| Machinery and equipment | | | [removed: 3,052,798] [added: 3,314,403] | | | | | | [removed: 2,783,802] [added: 3,052,798] | | |

| Finance lease right-of-use assets | | | [removed: 106,837] [added: 120,670] | | | | | | [removed: 99,764] [added: 106,837] | | |

| Construction in process | | | [removed: 109,048] [added: 131,151] | | | | | | [removed: 169,796] [added: 109,048] | | |

| Less accumulated depreciation and amortization | | | [removed: 2,883,925] [added: 3,122,203] | | | | | | [removed: 2,620,149] [added: 2,883,925] | | |

| Net property and equipment | | | [removed: 4,669,357] [added: 5,413,244] | | | | | | [removed: 4,214,820] [added: 4,669,357] | | |

| Goodwill | | | [removed: 652,663] [added: 1,244,893] | | | | | | [removed: 615,342] [added: 652,663] | | |

| Total assets | | | $ | [removed: 6,347,433] [added: 8,208,118] | | | | | $ | [removed: 5,943,270] [added: 6,347,433] | |

| Current maturities of long-term debt and finance lease obligations | | | $ | [removed: 53,181] [added: 94,925] | | | | | $ | [removed: 52,861] [added: 53,181] | |

| Accounts payable | | | [removed: 569,527] [added: 620,447] | | | | | | [removed: 560,546] [added: 569,527] | | |

| Wages and related taxes | | | [removed: 95,821] [added: 80,633] | | | | | | [removed: 78,791] [added: 95,821] | | |

| Property taxes | | | [removed: 54,009] [added: 59,843] | | | | | | [removed: 51,109] [added: 54,009] | | |

| Insurance accruals | | | [removed: 27,323] [added: 41,328] | | | | | | [removed: 28,856] [added: 27,323] | | |

| Total current liabilities | | | [removed: 953,466] [added: 1,101,693] | | | | | | [removed: 927,125] [added: 953,466] | | |

| Long-term debt and finance lease obligations, net of current maturities | | | [removed: 1,582,758] [added: 2,413,620] | | | | | | [removed: 1,620,513] [added: 1,582,758] | | |

| Deferred income taxes | | | [removed: 596,850] [added: 646,905] | | | | | | [removed: 543,598] [added: 596,850] | | |

| Insurance accruals, net of current portion | | | [removed: 30,046] [added: 33,143] | | | | | | [removed: 32,312] [added: 30,046] | | |

| Other long-term liabilities | | | [removed: 168,932] [added: 69,380] | | | | | | [removed: 159,056] [added: 57,832] | | |

| Total liabilities | | | [removed: 3,332,052] [added: 4,699,448] | | | | | | [removed: 3,282,604] [added: 3,332,052] | | |

| Common stock, no par value, [removed: 37,008,488] [added: 37,119,083] and [removed: 37,263,248] [added: 37,008,488] shares issued and outstanding at April 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 27,453] [added: 49,605] | | | | | | [removed: 110,037] [added: 27,453] | | |

| Retained earnings | | | [removed: 2,987,928] [added: 3,459,065] | | | | | | [removed: 2,550,629] [added: 2,987,928] | | |

*Evaluation of the fair value of real property acquired in a business combination*

As discussed in Note 2 to the consolidated financial statements, on November 1, 2024 (the acquisition date) the Company closed on the acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, and Group Petroleum Services (Fikes) through an equity purchase agreement.

The acquisition met the criteria to be considered a business combination.

The aggregate purchase price for the acquisition totaled $1,165,752 thousand, which included acquired property and equipment, including land, buildings and improvements with an acquisition-date fair value of $529,719 thousand, and operating lease right-of-use assets with an acquisition-date fair value of $313,867 thousand (collectively, real property acquired).

We identified the evaluation of the fair value of the real property acquired in the Fikes business combination as a critical audit matter.

Specifically, subjective auditor judgment and specialized skills and knowledge were required to evaluate the assumptions that were used to determine the fair value of the real property acquired, which included comparable land sales, depreciated replacement costs for buildings and improvements, and market rent for operating lease right-of-use-assets, as these assumptions involved a high level of management judgment due to the existence of alternative assumptions.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s business combination process, including certain controls over the determination of the fair values for the real property acquired in the Fikes business combination.

We involved valuation professionals with specialized skills and knowledge, who assisted in:

- evaluating the Company’s comparable land sales assumptions by developing independent ranges of fair value estimates for a sample of acquired land using publicly available comparable land sales and comparing them to the Company’s fair value estimates

- evaluating the Company’s depreciated replacement cost assumptions for buildings and improvements by developing independent ranges of fair value estimates for a sample of acquired buildings and improvement assets using publicly available cost data and comparing them to the Company’s fair value estimates

- evaluating the Company’s market rent assumptions for operating lease right-of-use-assets by developing independent ranges of fair value estimates for a selection of operating lease right-of-use assets using publicly available market data and comparing them to the Company’s fair value estimates.

Minneapolis, Minnesota

June 23, 2025

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To The Shareholders and Board of Directors

The Company acquired Fikes Wholesale during fiscal year 2025, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of April 30, 2025, Fikes Wholesale’s internal control over financial reporting associated with 2% of total assets and 6% of total revenues included in the consolidated financial statements of the Company as of and for the year ended April 30, 2025.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Fikes Wholesale.

Minneapolis, Minnesota

June 23, 2025

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| | | | 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | $ | 326,662 | | | | | $ | 206,482 | |

| Prepaid and other current assets | | | 24,641 | | | | | | 25,791 | | |

| | | | 8,535,447 | | | | | | 7,553,282 | | |

| Other assets, net | | | 120,082 | | | | | | 79,740 | | |

| Operating lease liabilities | | | 14,647 | | | | | | 4,069 | | |

| Other | | | 189,870 | | | | | | 149,536 | | |

| Operating lease liabilities, net of current portion | | | 434,707 | | | | | | 111,100 | | |

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| Net income | | | — | | | | | | — | | | | | | 546,520 | | | | | | 546,520 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at April 30, 2025 | | | 37,119,083 | | | | | | $ | 49,605 | | | | | $ | 3,459,065 | | | | | $ | 3,508,670 | |

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| Net income | | | $ | 546,520 | | | | | $ | 501,972 | | | | | $ | 446,691 | |

| Depreciation and amortization | | | 403,647 | | | | | | 349,797 | | | | | | 313,131 | | |

| Payments of debt related costs | | | (5,891) | | | | | | — | | | | | | (3,940) | | |

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| | | | 2025 | | | | | | 2024 | | | | | | | | |

Des Moines, Iowa

June 24, 2024

| | | | | | | | | | | | |

| Prepaid expenses | | | 25,791 | | | | | | 22,107 | | |

| | | | 7,553,282 | | | | | | 6,834,969 | | |

| Other assets, net of amortization | | | 195,559 | | | | | | 192,153 | | |

| Other | | | 153,605 | | | | | | 154,962 | | |

| Balance at April 30, 2021 | | | 36,949,878 | | | | | | $ | 58,951 | | | | | $ | 1,873,728 | | | | | $ | 1,932,679 | |

| Net income | | | — | | | | | | — | | | | | | 339,790 | | | | | | 339,790 | | |

| Exercise of stock options | | | 3,000 | | | | | | 133 | | | | | | — | | | | | | 133 | | |

| Payment of debt issuance costs | | | — | | | | | | (3,940) | | | | | | (1,149) | | |

| Proceeds from exercise of stock options | | | — | | | | | | — | | | | | | 133 | | |

| Cash and cash equivalents at beginning of year | | | 378,869 | | | | | | 158,878 | | | | | | 336,545 | | |

| Vendor rebates | | | $ | 87,423 | | | | | $ | 54,979 | | | | | | | |

| Credit cards | | | 35,455 | | | | | | 46,851 | | | | | | | | |

| Other | | | 28,915 | | | | | | 18,717 | | | | | | | | |

Contractual customer relationships: As the result of a prior acquisition, the Company recognized approximately $31,100 of contractual customer relationships.

During fiscal 2024, the digital box top program was discontinued and outstanding digital box tops were converted to points.

Gift card related revenue is recognized as the gift cards are used by the guest.

Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card.

At April 30, 2024 and 2023 we had an accrued liability of $299 and $268, respectively, which is recorded in other accrued expenses on the consolidated balance sheets.

Derivative instruments: There were no options or futures contracts as of or during the years ended April 30, 2024, 2023, or 2022.

From time to time, we participate in a forward buy of certain commodities.

These are not accounted for as derivatives under the normal purchases and sale exclusions within the applicable accounting guidance.

In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50).

The standard included guidance related to supplier finance programs and requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program.

The adoption of this standard did not have a material impact on our consolidated financial statements.

Payments for acquisition of businesses, net of cash acquired, on the consolidated statements of cash flows includes payments made for acquisitions that are closing shortly after the year-end.

Such payments are not included in the total consideration paid in the table above, as those acquisitions have not yet closed as of the end of the year.

| Total revenue | | | $ | 15,228,497 | | | | | $ | 15,799,468 | |

| Net income | | | $ | 521,630 | | | | | $ | 457,671 | |

| Basic | | | $ | 14.04 | | | | | $ | 12.28 | |

| Diluted | | | $ | 13.96 | | | | | $ | 12.20 | |

The aggregate purchase price for the acquisitions totaled $85,569, which was paid in cash upon closing using available cash on hand.

| Inventories | | | $ | 3,976 | |

| Goodwill | | | 2,408 | | |

The Revolving Facility carries a facility fee of 0.15% to 0.30% per annum.

The Bank Line bears

| | | | $ | 1,635,939 | | | | | $ | 1,673,374 | |

| 2025 | | | | | | $ | 44,500 | |

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, [removed: 2024.][added: 2025.]

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of April 30, [removed: 2024.][added: 2025.]

On the basis of the prescribed criteria, management concluded that the Company's internal control over financial reporting was effective as of April 30, [removed: 2024.][added: 2025.]

This report appears on page [removed: [32](#id328b92b69b34a41890ae828e3c3ebb5_44987).][added: [31](#i3c0475c66c4642ec84a95872891f32b6_10579).]

[removed: There were] [added: Except as noted in the section above, there have been] no [added: other] changes in the [removed: Company's] [added: Company’s] internal control over financial reporting [removed: that occurred] during the [removed: period covered by this report] [added: year ended April 30, 2025] that have materially affected, or are reasonably likely to materially affect, the [removed: Company's] [added: Company’s] internal control over financial reporting.

We acquired Fikes Wholesale, owner of CEFCO Convenience Stores, and Group Petroleum Services (collectively “Fikes”) on November 1, 2024.

We excluded Fikes' internal controls over financial reporting from the scope of management’s annual assessment of the effectiveness of the Company's controls and procedures.

This exclusion is in accordance with the general guidance issued by the Staff of the SEC that an assessment of a recent business combination may be omitted from management's report on internal control over financial reporting in the first year of consolidation.

Total assets and revenue excluded from management's assessment represented approximately 2% and 6%, respectively, of total assets and revenue as of and for the year-ended April 30, 2025.

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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, [removed: 2024,] [added: 2025,] and used in connection with the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders are hereby incorporated by reference.

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.

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, [removed: 2024,] [added: 2025,] and used in connection with the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders is hereby incorporated by reference.

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, [removed: 2024,] [added: 2025,] and used in connection with the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders are hereby incorporated by reference.

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, [removed: 2024,] [added: 2025,] and used in connection with the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders is hereby incorporated by reference.

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, [removed: 2024,] [added: 2025,] and used in connection with the Company’s [removed: 2024] [added: 2025] Annual Meeting of Shareholders is hereby incorporated by reference.

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Reports of Independent Registered Public Accounting Firm [removed: (PCAOB] [added: (KPMG LLP, Minneapolis, MN, PCAOB] ID 185)

Consolidated Balance Sheets, April 30, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statements of Income, Three Years Ended April 30, [removed: 2024][added: 2025]

Consolidated Statements of Shareholders’ Equity, Three Years Ended April 30, [removed: 2024][added: 2025]

Consolidated Statements of Cash Flows, Three Years Ended April 30, [removed: 2024][added: 2025]

| [removed: 4.4] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695816000191/secversionofnotepurchaseag.htm) | | |

| [removed: 4.5] [added: 4.6] | | | [First Amendment to the 2016 Note [removed: Purchase,] [added: Purchase](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2016amendment.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2016amendment.htm)[,] dated June 30, 2020 (incorporated by reference to Exhibit 4.3 to Form 8-K as filed July 7, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2016amendment.htm) | | |

| [removed: 4.6] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695817000045/notepurchaseagreementform8.htm) | | |

| [removed: 4.7] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2017amendment.htm) | | |

| [removed: 4.8] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2020npa.htm) | | |

| [removed: 4.9] [added: 4.14] | | | [Description of Securities Registered Under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex49_2024430xq4.htm)] [added: Act (incorporated by reference to Exhibit 4.9 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex49_2024430xq4.htm)] | | |

| 10.1 | | | [Promissory Note delivered to UMB Bank, n.a. and related Negative Pledge Agreement dated [removed: June](https://www.sec.gov/Archives/edgar/data/726958/000072695823000043/umbpn50m.htm) [1](https://www.sec.gov/Archives/edgar/data/726958/000072695823000043/umbpn50m.htm)[,] [added: June 1,] 2023 (incorporated by reference to exhibit 10.1 to Form 8-K as filed June 6, 2023)](https://www.sec.gov/Archives/edgar/data/726958/000072695823000043/umbpn50m.htm) | | |

| [removed: 10.3*] [added: 10.4*] | | | [Form of Change of Control Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K as filed December 19, 2019)](https://www.sec.gov/Archives/edgar/data/726958/000072695819000132/formcic.htm) | | |

| [removed: 10.4*] [added: 10.5*] | | | [Executive Nonqualified Excess Plan Document and related Adoption Agreement dated September 25, 2015](https://www.sec.gov/Archives/edgar/data/726958/000072695820000085/exhibit107excessplaned.htm) [(incorporated by reference to Exhibit 10.7 to Form 10-K as filed June 26, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000085/exhibit107excessplaned.htm) | | |

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

| [removed: 10.5*] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000095015719000700/ex10-1.htm) | | |

| [removed: 10.6*] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000114036122027452/brhc10040130_ex10-1.htm) | | |

| [removed: 10.7*] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000030/employmentagreementsb.htm) | | |

| [removed: 10.8*] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000031/employmentagreementew.htm) | | |

| [removed: 10.9*] [added: 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695818000133/a2018stockincentiveplanfin.htm) | | |

| [removed: 10.10*] [added: 10.12*] | | | [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)](https://www.sec.gov/Archives/edgar/data/726958/000072695818000133/rsuagreementnon-employeedi.htm) | | |

| [removed: 10.11*] [added: 10.13*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under 2018 Stock Incentive Plan [removed: (FY21-FY24] [added: (FY2](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm)[3](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm)[\-FY24] Awards) (incorporated by reference to Exhibit 10.32 to Form 10-Q as filed September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021officerltipformof.htm) | | |

| [removed: 10.12*] [added: 10.14*] | | | [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)](https://www.sec.gov/Archives/edgar/data/0000726958/000072695823000059/a2024officerltipformofawar.htm) | | |

| [removed: 10.13*] [added: 10.15*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan [removed: (FY25 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1013_2024430xq4.htm)] [added: (FY25-FY26 Awards) (incorporated by reference to Exhibit 10.13 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1013_2024430xq4.htm)] | | |

| [removed: 10.14*] [added: 10.16*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan [removed: (FY25] [added: (FY25-FY26] Awards for Darren M. [removed: Rebelez)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1014_2024430xq4.htm)] [added: Rebelez) (incorporated by reference to Exhibit 10.14 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1014_2024430xq4.htm)] | | |

| [removed: 10.15*] [added: 10.17*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs \[EBITDA\]) under 2018 Stock Incentive Plan [removed: (FY25 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1015_2024430xq4.htm)] [added: (FY25-FY26 Awards) (incorporated by reference to Exhibit 10.15 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1015_2024430xq4.htm)] | | |

| [removed: 10.16*] [added: 10.18*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs \[ROIC\]) under 2018 Stock Incentive Plan [removed: (FY25 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm)] [added: (FY25](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm)[\-FY26](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm) [Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm)[(incorporated by reference to Exhibit 10.16 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1016_2024430xq4.htm)] | | |

| [removed: 10.17*] [added: 10.19*] | | | [Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [(FY21-FY24 Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) [(incorporated] [added: Plan (FY2](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm)[3](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm)[\-FY24 Awards) (incorporated] by reference to Exhibit 10.33 to Form 10-Q as filed September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/a2021non-officerltipfo.htm) | | |

| [removed: 10.18*] [added: 10.20*] | | | [Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive Plan (FY25 [removed: Awards)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1018_2024430xq4.htm)] [added: Awards) (incorporated by reference to Exhibit 10.18 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1018_2024430xq4.htm)] | | |

| [removed: 10.19*] [added: 10.21*] | | | [Form of Restricted Stock Units Agreement (Special Performance Award) under 2018 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1019_2024430xq4.htm)] [added: Plan (incorporated by reference to Exhibit 10.19 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex1019_2024430xq4.htm)] | | |

| [removed: 10.23*] [added: 10.22*] | | | [Casey's General Stores, Inc. Officer Severance Plan (incorporated by reference to Exhibit 10.1 to Form 8-K as filed September 9, 2019)](https://www.sec.gov/Archives/edgar/data/726958/000072695819000108/officerseverance.htm) | | |

| 21.1 | | | [Subsidiaries of Casey’s General Stores, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex211_2024430xq4.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex211_2025430xq4.htm)] | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex231_2024430xq4.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex231_2025430xq4.htm)] | | |

| 31.1 | | | [Certificate of Darren M. Rebelez under Section 302 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex311_2024430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex311_2025430xq4.htm)] | | |

| 31.2 | | | [Certificate of Stephen P. Bramlage Jr. under Section 302 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex312_2024430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex312_2025430xq4.htm)] | | |

| 32.1 | | | [Certificate of Darren M. Rebelez under Section 906 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex321_2024430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex321_2025430xq4.htm)] | | |

| 32.2 | | | [Certificate of Stephen P. Bramlage Jr. under Section 906 of Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex322_2024430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex322_2025430xq4.htm)] | | |

| 97.1 | | | [Casey’s General Stores, Inc. Clawback Policy](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex971_2024430xq4.htm) [added: [](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex971_2024430xq4.htm)[(incorporated by reference to Exhibit 97.1 to Form 10-K as filed June 24, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex971_2024430xq4.htm)] | | |

| 2.1 | | | [Equity Purchase Agreement by and among Casey’s General Stores, Inc., Fikes Wholesale, Inc., Group Petroleum Services, Inc., the Representative, and certain other parties thereto, dated July 25, 2024 (incorporate by reference to Exhibit 2.1 to Form 8-K as filed July 26, 2024)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002012/eh240511873_ex0201.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002538/eh240541790_ex0402.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002538/eh240541790_ex0403.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002538/eh240541790_ex0404.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002538/eh240541790_ex0405.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002538/eh240541790_ex0401.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000095014224002677/eh240551195_ex1001.htm) | | |

| 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)](https://www.sec.gov/Archives/edgar/data/726958/000072695824000090/caseys-ceoemploymentagreem.htm) | | |

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

| 19.1 | | | [Casey's General Stores, Inc. Insider Trading Policy and Procedures](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/caseys-insidertradingpolicy.htm) | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| 10.20* | | | [Restricted Stock Units Agreement (Sign-On Award to Stephen P. Bramlage, Jr.) and Award Summary under 2018 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/0000726958/000072695820000118/sign-onawardbramlageed.htm) (incorporated by reference to Exhibit 10.27 to Form 10-Q as filed September 8, 2020) | | |

| 10.21* | | | [Restricted Stock Units Agreement (Make-Whole Award to Ena Williams Koschel) under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.29 to Form 10-Q as filed September 8, 2020)](https://www.sec.gov/Archives/edgar/data/726958/000072695820000118/make-wholewilliamsedgar.htm) | | |

| 10.22* | | | [Restricted Stock Units Agreement (Make-Whole Award to Katrina S. Lindsey) under 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to Form 8-K as filed March 8, 2021)](https://www.sec.gov/Archives/edgar/data/726958/000072695822000021/make-wholelindseyedgar.htm) | | |

[Table of [removed: Contents](#i7f155e18b2f74a798b6a7d1803076535_7)][added: Contents](#i33d07da5202f42e1bed977589a618a89_7)]

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Judy A. Schmeling | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Cara K. Heiden | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Donald E. Frieson | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ David K. Lenhardt | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Allison M. Wing | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Larree M. Renda | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Gregory A. Trojan | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Michael Spanos | | |

| Date: June [removed: 24, 2024] [added: 23, 2025] | | | By | | | /s/ Sri Donthi | | |

| Date: June 23, 2025 | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June 23, 2025 | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

[Table of Contents](#i33d07da5202f42e1bed977589a618a89_7)

| | | | | | | | | |

| Date: June 23, 2025 | | | By | | | /s/ Maria Castañón Moats | | |

| | | | Maria Castañón Moats | | | | | |

| | | | Director | | | | | |