Casey's (CASY) 10-K risk factor changes: FY2026 vs FY2025

[removed: Moreover, a data security or privacy incident could require that we expend] significant additional resources on mitigation efforts and to further upgrade the security and other measures that we employ to guard against, and respond to, such incidents.

Instances or reports of food-safety issues, such as foodborne illnesses, food tampering, food contamination or mislabeling, [added: hygiene and cleanliness failures, presence of communicable disease, or investigations or other actions by food safety regulators, at our stores, distribution centers, vendors or suppliers,] either during growing, manufacturing, packaging, transportation, storage, preparation or service, have in the past significantly damaged the reputations and impacted the sales of companies in the [added: food,] food [removed: processing,] [added: processing and manufacturing,] grocery, convenience, quick service and “fast casual” restaurant sectors, and could affect us as well.

Any instances of, or reports linking us to, [removed: foodborne illnesses or food tampering, contamination, mislabeling or other food-safety issues] [added: such occurrences] could damage the value of our brand and severely hurt sales of our prepared or other food products and possibly lead to product liability and personal injury claims, litigation (including class actions), government agency investigations and damages.

In addition, we rely on our [added: vendors and] suppliers to provide [added: safe,] quality ingredients and products and to comply with applicable [removed: food] [added: food, food-safety,] and [removed: food safety] [added: other] laws and industry standards.

A failure of one of our [added: vendors or] suppliers to comply with such laws, to meet our quality standards, or to meet food industry standards, could also disrupt our supply chain, damage our reputation and adversely impact our sales.

Any increase in the cost or sustained high levels of the cost of cheese, proteins or other commodities could adversely affect the profitability of stores, particularly if we are [removed: unable] [added: unable, unwilling, or it is unreasonable,] to increase the retail price of our products to offset such costs.

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

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Many of these factors are beyond our control, and we may not be able to adequately mitigate these costs or pass along these costs to our [removed: customers,] [added: guests,] given the significant competitive pricing in our industry.

While we believe there are adequate reserve quantities and alternative suppliers available, shortages or interruptions in the receipt or supply of products caused by unanticipated or changing demand, [removed: such as occurred during the COVID-19 pandemic,] problems in production or distribution, financial or other difficulties of suppliers, cyber-related events, social unrest, inclement weather or other economic conditions, including the availability of qualified drivers and distribution center Team Members, could adversely affect the availability, quality and cost of products, and our operating results.

[removed: Recent difficulties and shortages in the general labor market for such individuals, in particular hourly Team Members and drivers, and the failure to continue to attract and retain these individuals, especially at] reasonable compensation levels in the current rising wage environment, could have a material adverse effect on the operation of individual stores, distribution network, our business and results of operations.

Our continued success depends on our ability to remain relevant with respect to consumer needs and wants, attitudes toward our industry, and our guests’ preferences for [added: new and innovative items and for] ways of doing business with us, particularly with respect to digital engagement, [removed: contactless delivery,] third-party delivery, curbside pick-up and other non-traditional ordering and delivery platforms.

We rely on our information technology systems, and a number of third-party software [added: and technology] providers, to [removed: manage] [added: support] numerous aspects of our business, and a disruption of these systems could adversely affect our business.

We are dependent on our information technology (IT) systems, and a large number of third-party software [added: and technology] providers and platforms, to [removed: manage] [added: support] and operate numerous aspects of our business, develop our financial statements, provide analytical information to management and serve as a platform for our business continuity plan.

Our IT systems, and the software and other technology platforms provided by our vendors and other third-parties, are an essential component of our business operations and growth strategies, and a serious disruption to any of these could significantly limit our ability to [removed: manage] [added: support] and operate our business efficiently.

Total credit card fees incurred in fiscal [removed: 2025 exceeded $250] [added: 2026 were $279] million.

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

Additionally, a significant portion of [added: the] fuel [added: we sell] is transported in our own trucks, instead of by third-party carriers.

Our retail operations are characterized by a high volume of guest traffic and by transactions involving a wide array of product selections, including [added: fuel and] prepared food.

Retail operations, and in particular our distribution and food-related operations, carry a higher exposure to consumer [added: or other] litigation [removed: risk] [added: risks] when compared to the operations of companies operating in many other industries.

Consequently, we [added: currently] are, and may [added: in the future] become a party to, certain [added: consumer protection, employment,] 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 individual, industry-wide or class/collective-action claims arising from [added: our business,] the products we [removed: carry,] [added: sell,] industry-specific business practices or other operational matters, including accessibility, consumer protection, wage-and-hour and other employment related individual and class/collective-action claims.

We are subject to extensive tax liabilities imposed by multiple jurisdictions, including but not limited to state and federal income taxes, indirect taxes (excise, sales/use, and gross receipts taxes), payroll taxes, property taxes, and [removed: tobacco] [added: tobacco/nicotine] taxes.

Our business is subject to extensive governmental laws and regulations that include, but are not limited to, those relating to environmental protection and remediation; the preparation, transportation, storage, sale and labeling of food and other products; [added: consumer protection and anti-trust laws and regulations;] minimum wage, [removed: overtime] [added: overtime, immigration] and other [removed: employment and] [added: employment,] labor [added: and employee benefits-related] laws and regulations; the Americans with Disabilities Act; legal restrictions on the sale of alcohol, tobacco and nicotine products, money orders, lottery/lotto and other age-restricted products; [removed: compliance with the] [added: information security, privacy and artificial intelligence law and regulations and] Payment Card Industry Data Security Standards and similar requirements; compliance with the Federal Motor Carriers Safety Administration regulations; and, securities laws and Nasdaq listing standards.

[removed: nicotine] [added: Governmental actions, as well as national, state and local campaigns and regulations to discourage the] use [added: of tobacco] and [added: nicotine, including e-cigarettes and vapor products, 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 [removed: cigarettes or other nicotine] [added: such] 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.

Sales of tobacco and nicotine [removed: products] [added: products, including e-cigarettes and vapor products,] have averaged approximately 9% of our total revenue over the past three fiscal years, and our tobacco and nicotine revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 9% of the total revenue less cost of goods sold (excluding depreciation and amortization) for the same period.

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

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

Over the past three fiscal years, on average our retail fuel revenues accounted for approximately [removed: 64%] [added: 62%] of total revenue and our 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).

As a result, our competitors may have a greater ability to bear the economic risks inherent in our industry and may be able to respond better to changes in the economy and new opportunities within the [removed: industry, including those related to electric vehicle charging stations.][added: industry.]

The rapid evolution and increased adoption of artificial intelligence technologies may also heighten our cybersecurity risks by making cyber-attacks more difficult to detect, contain, and mitigate.

Moreover, a data security or privacy incident could require that we expend

Recent difficulties and shortages in the general labor market for such individuals, in particular hourly Team Members and drivers, and the failure to continue to attract and retain these individuals, especially at

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In addition, there may also be known and unknown risks associated with the use or incorporation of artificial intelligence within certain of these systems, for example, if the types of information that systems with embedded artificial intelligence assist in producing are or are alleged to be deficient, inaccurate, or biased.

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Furthermore, if our competitors or third parties introduce new or innovative products or ways of doing business, or incorporate new or innovative technologies, including but not limited to artificial intelligence, more quickly or more successfully than us, it could impair our ability to compete effectively.

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

In addition, credit card providers now mandate that any fraudulent activity and related losses at fuel dispensers that do not accept certain chip technology (referred to as EMV) be borne by the retailers accepting those cards.

While the Company has invested, and will continue to invest, a significant amount of resources in upgrading its fuel dispensers to accept EMV, and has implemented other fraud mitigation strategies, not all of its fuel dispensers have, or in the near future may, be upgraded to such technology.

As such, it is possible that credit card providers could attempt to pass the costs of certain fraudulent activity at the non-upgraded dispensers to the Company, which if significant, could have a material adverse effect on our business, financial condition and results of operations.

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

and second fiscal quarters.

Based upon the outstanding balance of the Company's term loan facilities as of April 30, [removed: 2025,] [added: 2026,] an immediate 100-basis-point move in interest rates would have an approximate annualized impact of [removed: $10.2] [added: $9.4] million on interest expense.

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 [removed: store.][added: store or customer.]

[removed: Derivative contracts and related activity were] [added: The impact of the interest rate swap was] immaterial to the financial statements as of April 30, [removed: 2025] [added: 2026] and for the period then ended.

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We utilize an interest rate swap to manage exposure to fluctuations in variable interest rates on certain of our outstanding debt instruments.

While the interest rate swap is not designated as a hedging instrument for accounting purposes, the Company does not enter into interest rate swap agreements for trading or speculative purposes.

See additional discussion regarding the Company's derivative instruments in Note [1](#i3cfc159a75864f3dabb1b01b246f16cb_70) of the consolidated financial statements.

As of April 30, [removed: 2025,] [added: 2026,] 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 [removed: "GoodStop", "CEFCO", "Bucky's",] [added: "GoodStop (by Casey's)"] or [removed: "Lone Star Food Store",] [added: "CEFCO",] referred to as "Casey's" or the "Company") throughout [removed: 20] [added: 19] states, approximately half of which are located in Iowa, Missouri and Illinois.

[removed: The acquisition also included] [added: Additionally,] the [removed: Company's first] [added: Company owns and operates a] fuel [removed: terminal, located] [added: terminal] in Waco, Texas.

The Company competes on the basis of [removed: price, as well as on the basis of] traditional features of convenience store operations such as location, extended hours, product offerings, [added: price] and quality of service.

As of April 30, [removed: 2025,] [added: 2026,] there were [removed: a total of 2,904] [added: 2,944] stores in operation.

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

As of April 30, [removed: 2025, 260] [added: 2026, 241] store locations offered car washes.

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

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

However, some of these locations do not have a [added: full-service] kitchen [removed: and] [added: and, therefore,] have limited prepared food offerings.

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

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

Approximately [removed: 2%] [added: 3%] of total revenue for the year-ended April 30, [removed: 2025] [added: 2026] relates to [removed: this fuel] [added: the] wholesale [added: fuel] network.

The Company [removed: also] self-distributes the majority of fuel to our stores.

The Company had a fleet of [removed: approximately] [added: over] 500 tractors used for distribution as of April 30, [removed: 2025.][added: 2026.]

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](#i33d07da5202f42e1bed977589a618a89_97)),] [added: [7](#i3cfc159a75864f3dabb1b01b246f16cb_97)),] a fuel terminal, a construction and support services facility located in Ankeny, Iowa, and the Store Support Center facility.

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The Company derives its revenue primarily from the retail sale of fuel and the products offered [removed: in] [added: inside] our stores.

CMC, CSC, and CRC are wholly-owned subsidiaries of [removed: Casey’s,] [added: Casey’s General Stores, Inc.,] while CGS Stores, LLC is a wholly-owned subsidiary of CMC.

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

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

The [removed: Company's] [added: Company’s] flagship [added: prepared food] product is its pizza, which [removed: we] [added: it] began [removed: preparing and] selling in [removed: 1984.][added: 1984 and is available in almost all stores as of April 30, 2026.]

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

In the last three fiscal years, retail sales of prepared food and dispensed beverage and grocery and general merchandise items have generated about [removed: 34%] [added: 36%] of our total revenue, but they have resulted in approximately 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 and dispensed beverage items averaged approximately 58% for the three fiscal years ended April 30, [removed: 2025.][added: 2026.]

Our assortment [removed: includes product] [added: includes, but is not limited to, products] across the following categories:

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

As part of this program, guests can earn points from online, in-store, or [removed: at the pump] [added: at-the-pump] purchases.

Points earned can be redeemed for donations to [removed: a local school of the guest's choice,] [added: Casey's Cash for Classrooms program,] fuel discounts, or Casey's Cash, which can be used on many products sold in our stores.

[removed: 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: has] [added: had] over [removed: 9] [added: 10] million members enrolled in the program.

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

We believe that a Casey’s store provides a service generally not otherwise available in smaller towns and that a convenience store in an area with limited population can be profitable if it stresses sales [removed: volume] [added: volume, quality products,] and competitive prices.

The following table summarizes [removed: (dollars and gallons in thousands)] retail fuel sales for the last three fiscal years ended April [removed: 30:][added: 30 (dollars and gallons in thousands):]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Number of gallons sold | | | [removed: 3,196,852] [added: 3,515,197] | | | | | | [removed: 2,828,669] [added: 3,196,852] | | | | | | [removed: 2,672,366] [added: 2,828,669] | | |

| Total retail fuel revenue | | | $ | [removed: 9,776,033] [added: 10,615,407] | | | | | $ | [removed: 9,402,071] [added: 9,776,033] | | | | | $ | [removed: 10,027,310] [added: 9,402,071] | |

| Percentage of total revenue | | | [removed: 61.3] [added: 60.4] | | % | | | | [removed: 63.3] [added: 61.3] | | % | | | | [removed: 66.4] [added: 63.3] | | % |

| Total retail fuel revenue less cost of goods sold (excluding depreciation and amortization) | | | $ | [removed: 1,236,694] [added: 1,496,591] | | | | | $ | [removed: 1,116,671] [added: 1,236,694] | | | | | $ | [removed: 1,074,913] [added: 1,116,671] | |

| Percentage of revenue less cost of goods sold (excluding depreciation and amortization) | | | [removed: 12.7] [added: 14.1] | | % | | | | [removed: 11.9] [added: 12.7] | | % | | | | [removed: 10.7] [added: 11.9] | | % |

| Average retail price per gallon | | | $ | [removed: 3.06] [added: 3.02] | | | | | $ | [removed: 3.32] [added: 3.06] | | | | | $ | [removed: 3.75] [added: 3.32] | |

In addition to the "Casey's" and "Casey's General Stores" brands, the Company also operates a limited number of stores under the additional brands of "GoodStop (by Casey's)" or "CEFCO".

When the Company acquires stores, the locations are typically re-branded as "Casey’s" as soon as the store is remodeled to include a full-service kitchen.

If the store’s layout or location does not allow for a full-service kitchen, the store typically will be operated as “GoodStop (by Casey’s)” or the acquired brand.

At the end of the fiscal year, the Company formed CARES Captive Insurance Company, LLC, an Iowa limited liability company, which is a wholly-owned subsidiary of Casey's General Stores, Inc., to facilitate its captive insurance program.

To facilitate the prepared food offering, we have installed full-service kitchens in almost all stores.

For stores acquired without full-service kitchens, we typically add a full kitchen as part of the conversion or remodel process, at which point they are also converted to the Casey's brand.

The Company serves both grab‑and‑go slices and made‑to‑order whole pies.

In addition to pizza, the Company’s prepared food offering features hot sandwiches, made‑to‑order sandwiches, salads and wraps; fries; and bakery items, including donuts and cookies.

The Company also recently expanded its bone-in and boneless chicken wing offerings, available in a variety of flavors, which as of April 30, 2026, were available in approximately 850 stores.

The Company plans to expand the wings offering across the remainder of its stores in the coming fiscal years.

The Company also offers a variety of dispensed beverages, including traditional fountain beverages, bean‑to‑cup coffee, and frozen dispensed beverages.

The Company also has charging stations for electric vehicles at 64 stores.

In addition to earning points, guests may

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Gallons sold were positively impacted by operating 40 more stores than the comparable period in the prior year, as well as a full-year contribution from stores added in the Fikes acquisition.

Certain stores outside of that radius, in Florida for example, are supplied by a third-party distribution partner.

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Additionally, CMC supplies fuel on a wholesale basis to dealer sites and other wholesale locations, which we do not own.

In addition, the Company offers a 401(k) plan to eligible Team Members, with a 6% match made in Company stock.

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

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.

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

Pizza is available in almost all of our Casey's stores, and select CEFCO stores, as of April 30, 2025.

Additional stores selling pizza will come on line as newly acquired stores are remodeled and kitchens are added.

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 items, which currently includes donuts, cookies and brownies, as well as other seasonal items.

Gallons sold were positively impacted by a growing store count as we operated 246 more stores than the prior year.

the fleet network.

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

Core Values

Casey’s CARES about our communities and guests.

Our core values are part of our evolution to build a culture of commitment – Casey’s CARES:

C – Commitment: We work hard to be the best and have a good time doing it.

A – Authenticity: We’re true to our roots by having high integrity and being low ego.

R – Respect: We treat people the way they want to be treated.

E – Evolving: We’re driven to build a better future for ourselves and for our business.

S – Service: We put service first and take pride in caring for our guests, our communities, and each other.

Team Member Value Proposition ("TMVP")

- Career Growth – providing development, coaching and ultimately pathways for career growth.

- Engaging Work – simplifying work, providing skill training, transparent communications and goal alignment.

- Living Casey’s CARES Culture – clarity and alignment to mission and vision of the company, making work fun, supportive & caring leaders, and a welcoming culture.

- Well-being – fair and competitive pay, meaningful benefits & recognition, support for work-life balance.

In addition, the Company offers a 401(k) plan to eligible Team Members, with a 6% match made in Company stock, and all full-time Team Members are eligible for competitive health and welfare benefits, including medical, dental, vision, disability, life insurance and other benefits.

Workforce Composition

As of the end of the 2025 fiscal year, the Company's Board of Directors consisted of eleven members, five (or 45%) of which are diverse as to gender, and four (or 36%) of which are diverse to race and/or ethnicity.

The extended leadership team, which includes all of our Vice-President level executives and above, consists of thirty-three members, 39% of which are diverse as to gender, race and/or ethnicity.

Across our entire Team Member base, 57% of our Team Members are female and 17% are diverse as to race and/or ethnicity.

Education and Training

In addition, the Company has a number of other registered and unregistered trademarks and service marks that are significant to the Company from an operational and branding perspective (e.g. "Casey’s Pizza", "The Official Pizza and Beer Headquarters", "Casey's Here for Good", "Casey’s Rewards", "Casey’s Cash", etc.).

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,

The information required to be set forth under this heading is incorporated by reference from Note [removed: [10](#i33d07da5202f42e1bed977589a618a89_106),] [added: [10](#i3cfc159a75864f3dabb1b01b246f16cb_106),] Contingencies, to the Consolidated Financial Statements included in Part II, [Item [removed: 8](#i33d07da5202f42e1bed977589a618a89_49).][added: 8](#i3cfc159a75864f3dabb1b01b246f16cb_49).]

For the Fiscal Year Ended April 30, [removed: 2025][added: 2026]

The aggregate market value of the registrant’s common stock held by non-affiliates as of October 31, [removed: 2024,] [added: 2025,] was approximately [removed: $14.6] [added: $19.1] billion based on the closing sales price [removed: ($394.02] [added: ($513.19] per share) as quoted on the NASDAQ Global Select Market.

| Class | | | | | | Outstanding at June [removed: 18, 2025] [added: 16, 2026] | | |

| Common Stock, no par value per share | | | | | | [removed: 37,180,985] [added: 37,004,914] 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: 2025.][added: 2026.]

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| PART I | | | ITEM 1. | | | [removed: [Business](#i33d07da5202f42e1bed977589a618a89_13)] [added: [Business](#i3cfc159a75864f3dabb1b01b246f16cb_13)] | | | [removed: [4](#i33d07da5202f42e1bed977589a618a89_13)] [added: [4](#i3cfc159a75864f3dabb1b01b246f16cb_13)] | | |

| | | | ITEM 1A. | | | [Risk [removed: Factors](#i33d07da5202f42e1bed977589a618a89_16)] [added: Factors](#i3cfc159a75864f3dabb1b01b246f16cb_16)] | | | [removed: [9](#i33d07da5202f42e1bed977589a618a89_16)] [added: [8](#i3cfc159a75864f3dabb1b01b246f16cb_16)] | | |

| | | | ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i33d07da5202f42e1bed977589a618a89_19)] [added: Comments](#i3cfc159a75864f3dabb1b01b246f16cb_19)] | | | [removed: [16](#i33d07da5202f42e1bed977589a618a89_19)] [added: [16](#i3cfc159a75864f3dabb1b01b246f16cb_19)] | | |

| | | | ITEM 1C. | | | [removed: [Cybersecurity](#i33d07da5202f42e1bed977589a618a89_22)] [added: [Cybersecurity](#i3cfc159a75864f3dabb1b01b246f16cb_22)] | | | [removed: [16](#i33d07da5202f42e1bed977589a618a89_19)] [added: [16](#i3cfc159a75864f3dabb1b01b246f16cb_19)] | | |

| | | | ITEM 2. | | | [removed: [Properties](#i33d07da5202f42e1bed977589a618a89_25)] [added: [Properties](#i3cfc159a75864f3dabb1b01b246f16cb_25)] | | | [removed: [17](#i33d07da5202f42e1bed977589a618a89_25)] [added: [17](#i3cfc159a75864f3dabb1b01b246f16cb_25)] | | |

| | | | ITEM 3. | | | [Legal [removed: Proceedings](#i33d07da5202f42e1bed977589a618a89_28)] [added: Proceedings](#i3cfc159a75864f3dabb1b01b246f16cb_28)] | | | [removed: [17](#i33d07da5202f42e1bed977589a618a89_28)] [added: [17](#i3cfc159a75864f3dabb1b01b246f16cb_28)] | | |

| | | | ITEM 4. | | | [Mine Safety [removed: Disclosures](#i33d07da5202f42e1bed977589a618a89_31)] [added: Disclosures](#i3cfc159a75864f3dabb1b01b246f16cb_31)] | | | [removed: [17](#i33d07da5202f42e1bed977589a618a89_31)] [added: [17](#i3cfc159a75864f3dabb1b01b246f16cb_31)] | | |

| PART II | | | ITEM 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i33d07da5202f42e1bed977589a618a89_37)] [added: Securities](#i3cfc159a75864f3dabb1b01b246f16cb_37)] | | | [removed: [18](#i33d07da5202f42e1bed977589a618a89_37)] [added: [18](#i3cfc159a75864f3dabb1b01b246f16cb_37)] | | |

| | | | ITEM 6. | | | [removed: [\[Reserved\]](#i33d07da5202f42e1bed977589a618a89_40)] [added: [\[Reserved\]](#i3cfc159a75864f3dabb1b01b246f16cb_40)] | | | [removed: [19](#i33d07da5202f42e1bed977589a618a89_40)] [added: [19](#i3cfc159a75864f3dabb1b01b246f16cb_40)] | | |

| | | | ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i33d07da5202f42e1bed977589a618a89_43)] [added: Operations](#i3cfc159a75864f3dabb1b01b246f16cb_43)] | | | [removed: [19](#i33d07da5202f42e1bed977589a618a89_43)] [added: [19](#i3cfc159a75864f3dabb1b01b246f16cb_43)] | | |

| | | | ITEM 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i33d07da5202f42e1bed977589a618a89_46)] [added: Risk](#i3cfc159a75864f3dabb1b01b246f16cb_46)] | | | [removed: [28](#i33d07da5202f42e1bed977589a618a89_46)] [added: [28](#i3cfc159a75864f3dabb1b01b246f16cb_46)] | | |

| | | | ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i33d07da5202f42e1bed977589a618a89_49)] [added: Data](#i3cfc159a75864f3dabb1b01b246f16cb_49)] | | | [removed: [29](#i33d07da5202f42e1bed977589a618a89_49)] [added: [29](#i3cfc159a75864f3dabb1b01b246f16cb_49)] | | |

| | | | ITEM 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i33d07da5202f42e1bed977589a618a89_112)] [added: Disclosure](#i3cfc159a75864f3dabb1b01b246f16cb_115)] | | | [removed: [52](#i33d07da5202f42e1bed977589a618a89_112)] [added: [51](#i3cfc159a75864f3dabb1b01b246f16cb_115)] | | |

| | | | ITEM 9A. | | | [Controls and [removed: Procedures](#i33d07da5202f42e1bed977589a618a89_115)] [added: Procedures](#i3cfc159a75864f3dabb1b01b246f16cb_118)] | | | [removed: [52](#i33d07da5202f42e1bed977589a618a89_115)] [added: [51](#i3cfc159a75864f3dabb1b01b246f16cb_118)] | | |

| | | | ITEM 9B. | | | [Other [removed: Information](#i33d07da5202f42e1bed977589a618a89_118)] [added: Information](#i3cfc159a75864f3dabb1b01b246f16cb_121)] | | | [removed: [52](#i33d07da5202f42e1bed977589a618a89_118)] [added: [51](#i3cfc159a75864f3dabb1b01b246f16cb_121)] | | |

| | | | ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i33d07da5202f42e1bed977589a618a89_121)] [added: Inspections](#i3cfc159a75864f3dabb1b01b246f16cb_124)] | | | [removed: [52](#i33d07da5202f42e1bed977589a618a89_118)] [added: [51](#i3cfc159a75864f3dabb1b01b246f16cb_121)] | | |

| PART III | | | ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i33d07da5202f42e1bed977589a618a89_127)] [added: Governance](#i3cfc159a75864f3dabb1b01b246f16cb_130)] | | | [removed: [53](#i33d07da5202f42e1bed977589a618a89_127)] [added: [52](#i3cfc159a75864f3dabb1b01b246f16cb_130)] | | |

| | | | ITEM 11. | | | [Executive [removed: Compensation](#i33d07da5202f42e1bed977589a618a89_130)] [added: Compensation](#i3cfc159a75864f3dabb1b01b246f16cb_133)] | | | [removed: [53](#i33d07da5202f42e1bed977589a618a89_130)] [added: [52](#i3cfc159a75864f3dabb1b01b246f16cb_133)] | | |

| | | | ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i33d07da5202f42e1bed977589a618a89_133)] [added: Matters](#i3cfc159a75864f3dabb1b01b246f16cb_136)] | | | [removed: [53](#i33d07da5202f42e1bed977589a618a89_133)] [added: [52](#i3cfc159a75864f3dabb1b01b246f16cb_136)] | | |

| | | | ITEM 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i33d07da5202f42e1bed977589a618a89_136)] [added: Independence](#i3cfc159a75864f3dabb1b01b246f16cb_139)] | | | [removed: [53](#i33d07da5202f42e1bed977589a618a89_136)] [added: [52](#i3cfc159a75864f3dabb1b01b246f16cb_139)] | | |

| | | | ITEM 14. | | | [Principal Accountant Fees and [removed: Services](#i33d07da5202f42e1bed977589a618a89_139)] [added: Services](#i3cfc159a75864f3dabb1b01b246f16cb_142)] | | | [removed: [53](#i33d07da5202f42e1bed977589a618a89_139)] [added: [52](#i3cfc159a75864f3dabb1b01b246f16cb_142)] | | |

| PART IV | | | ITEM 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i33d07da5202f42e1bed977589a618a89_145)] [added: Schedules](#i3cfc159a75864f3dabb1b01b246f16cb_148)] | | | [removed: [54](#i33d07da5202f42e1bed977589a618a89_145)] [added: [53](#i3cfc159a75864f3dabb1b01b246f16cb_148)] | | |

| | | | ITEM 16. | | | [Form 10-K [removed: Summary](#i33d07da5202f42e1bed977589a618a89_148)] [added: Summary](#i3cfc159a75864f3dabb1b01b246f16cb_151)] | | | [removed: [56](#i33d07da5202f42e1bed977589a618a89_148)] [added: [55](#i3cfc159a75864f3dabb1b01b246f16cb_151)] | | |

| | | | | | | [Signatures](#i3cfc159a75864f3dabb1b01b246f16cb_154) | | | [56](#i3cfc159a75864f3dabb1b01b246f16cb_154) | | |

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

Our CISO, who has over [removed: 39-years] [added: 40-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.

As part of the Plan, the Company has also established an Incident Response Governance Team, co-chaired by our CISO and [removed: VP,] [added: Vice President,] 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 or data security event.

For additional information regarding the risks to us associated with cybersecurity incidents, see [Item [removed: 1A](#i33d07da5202f42e1bed977589a618a89_16)] [added: 1A](#i3cfc159a75864f3dabb1b01b246f16cb_16)] entitled "Risk Factors."

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

In April 2021, we opened a third distribution center located in Joplin, Missouri (see Note [removed: [7](#i33d07da5202f42e1bed977589a618a89_97)] [added: [7](#i3cfc159a75864f3dabb1b01b246f16cb_97)] for discussion of ownership structure).

[removed: On] [added: As of] April 30, [removed: 2025,] [added: 2026,] we leased a combination of land and/or building at [removed: 245] [added: 241] store locations.

We own the Store Support Center, which was built in 1990.

As part of the acquisition of Fikes in the prior year we acquired a fuel terminal, located in Waco Texas, and office space, located in Temple, Texas.

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

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

The [removed: 37,119,083] [added: 36,904,285] shares of common stock outstanding at April 30, [removed: 2025] [added: 2026] had a market value of approximately [removed: $17.2] [added: $30.3] billion.

On that date, there were [removed: 1,355] [added: 1,297] shareholders of record.

| Calendar [removed: 2023] [added: 2024] | | | [added: | | |] High | | | | | | Low | | | | | | Calendar [removed: 2024] [added: 2025] | | | | | | High | | | | | | Low | | | | | | Calendar [removed: 2025] [added: 2026] | | | | | | High | | | | | | Low | | |

| Q1 | | | [added: | | |] $ | [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] | | | | | Q1 | | | | | | $ | [removed: 445.17] [added: 728.54] | | | | | $ | [removed: 372.09] [added: 551.41] | |

The dividends declared in fiscal [removed: 2024] [added: 2026] totaled [removed: $1.72] [added: $2.28] per share.

At its June [removed: 2025] [added: 2026] meeting, the Board of Directors declared a quarterly dividend of [removed: $0.57] [added: $0.65] per share payable August [removed: 15, 2025,] [added: 14, 2026,] to shareholders of record on August 1, [removed: 2025.][added: 2026.]

The cash dividends declared during the calendar years [removed: 2023] [added: 2024] through [removed: 2025] [added: 2026] were as follows:

| Calendar [removed: 2023] [added: 2024] | | | [added: | | |] Cash dividend declared | | | | | | Calendar [removed: 2024] [added: 2025] | | | | | | Cash dividend declared | | | | | | Calendar [removed: 2025] [added: 2026] | | | | | | Cash dividend declared | | |

| Q1 | | | [added: | | |] $ | [removed: 0.38] [added: 0.43] | | | | | Q1 | | | | | | $ | [removed: 0.43] [added: 0.50] | | | | | Q1 | | | | | | $ | [removed: 0.50] [added: 0.57] | |

| [removed: Q2] [added: Q3] | | | [removed: 0.43] | | | [added: 0.50] | | | [removed: Q2] | | | [added: Q3] | | | [removed: 0.50] | | | [added: 0.57] | | | [removed: Q2] | | | | | | [removed: 0.57] | | | [added: | | |]

The following table sets forth information with respect to the Company's repurchases of common stock during the quarter ended April 30, [removed: 2025:][added: 2026:]

| Period | | | [added: | | |] Total Number of Shares Purchased | | | | | | Average Price Paid Per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs [removed: (1)] | | |

| Fourth Quarter: | | | | | | | | | | | | | | | | | | | | | | | | [added: | | |]

[removed: (1)] On, and effective as of, March 3, 2022, the Board authorized a share repurchase program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400 million, exclusive of fees, [removed: commissions] [added: commissions, excise taxes,] or other costs (the [removed: "Repurchase] [added: "Original Repurchase] Program").

The [added: Expanded] Repurchase Program has no [added: set expiration date.]

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

The timing and number of repurchase transactions under the [added: Expanded] Repurchase Program depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements.

The [added: Expanded] Repurchase Program can be suspended or discontinued at any time.

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Q2 | | | | | | 389.44 | | | | | | 306.45 | | | | | | Q2 | | | | | | 514.32 | | | | | | 397.80 | | | | | | | | | | | | | | | | | | | | |

| Q3 | | | | | | 401.07 | | | | | | 350.52 | | | | | | Q3 | | | | | | 571.57 | | | | | | 490.00 | | | | | | | | | | | | | | | | | | | | |

| Q4 | | | | | | 439.68 | | | | | | 363.00 | | | | | | Q4 | | | | | | 575.98 | | | | | | 497.38 | | | | | | | | | | | | | | | | | | | | |

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Q2 | | | | | | 0.50 | | | | | | Q2 | | | | | | 0.57 | | | | | | Q2 | | | | | | 0.65 | | |

| Q4 | | | | | | 0.50 | | | | | | Q4 | | | | | | 0.57 | | | | | | | | | | | | | | |

| | | | | | | $ | 1.93 | | | | | | | | | | | $ | 2.21 | | | | | | | | | | | | | |

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| February 1-28, 2026 | | | | | | 30,289 | | | | | | $ | 660.97 | | | | | 30,289 | | | | | | $ | 136,783,856 | |

| March 1-31, 2026 | | | | | | 33,977 | | | | | | 682.31 | | | | | | 33,977 | | | | | | 113,601,123 | | |

| April 1-30, 2026 | | | | | | 25,011 | | | | | | 759.23 | | | | | | 25,011 | | | | | | 94,611,920 | | |

| Total | | | | | | 89,277 | | | | | | $ | 696.62 | | | | | 89,277 | | | | | | $ | 94,611,920 | |

During the fourth quarter, we

repurchased and retired 89,277 shares of our common stock under the Original Repurchase Program for a total of $62.2 million, excluding fees, commissions, excise taxes, and other costs.

As of April 30, 2026, $94.6 million remained available thereunder.

Subsequent to the end of the fiscal year, on, and effective as of, June 4, 2026, the Board of Directors authorized an expansion of the Original Repurchase Program to a total aggregate amount of up to $1.0 billion exclusive of fees, commissions, excise taxes, or other costs (the "Expanded 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 | | | | | | | | | | | | | | | | | | | | |

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Q3 | | | 0.43 | | | | | | Q3 | | | | | | 0.50 | | | | | | | | | | | | | | |

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

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

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

| March 1-31, 2025 | | | — | | | | | | — | | | | | | — | | | | | | 295,109,710 | | |

| April 1-30, 2025 | | | — | | | | | | — | | | | | | — | | | | | | 295,109,710 | | |

| Total | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 295,109,710 | |

set expiration date.

As of April 30, 2025, $295.1 million remained available for future purchases under this share repurchase program.

As of April 30, [removed: 2025,] [added: 2026,] 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" [removed: (collectively, with the stores below referenced as "GoodStop", "CEFCO", "Bucky's", or "Lone Star Food Store", referred to as "Casey's" or the "Company")] throughout [removed: 20] [added: 19] states, approximately half of which are located in Iowa, Missouri and Illinois.

[removed: On November 1, 2024,] [added: During] the [added: third quarter of the prior fiscal year, the] Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively "Fikes"), owner of CEFCO Convenience Stores, which added 198 total [removed: stores, including 148 additional] stores [removed: in Texas, as well as 50 stores in Alabama, Florida,] [added: (the "Fikes acquisition")] and [removed: Mississippi, which are the first stores Casey's has operated in these states.][added: a wholesale fuel network.]

The Company competes on the basis of [removed: price, as well as on the basis of] traditional features of convenience store operations such as location, extended hours, product offerings, [added: price] and quality of service.

As of April 30, [removed: 2025,] [added: 2026,] there were [removed: a total of 2,904] [added: 2,944] stores in operation.

All [removed: convenience] stores carry a broad selection of food items (which at most stores includes, but is not limited to, [removed: 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 non-food items.

As of April 30, [removed: 2025, 260] [added: 2026, 241] store locations offered car washes.

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

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

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

Approximately [removed: 2%] [added: 3%] of total revenue for the year-ended April 30, [removed: 2025] [added: 2026] relates to [removed: this fuel] [added: the] wholesale [added: fuel] network.

The following table represents the roll forward of store growth throughout fiscal [removed: 2025:][added: 2026:]

| New store construction | | | [removed: 35] [added: 40] | | |

| Acquisitions | | | [removed: 235] [added: 40] | | |

| Closed | | | [removed: (24)] [added: (41)] | | |

For further general descriptive information on the Company’s business and operations, see [Item [removed: 1](#i33d07da5202f42e1bed977589a618a89_13),] [added: 1](#i3cfc159a75864f3dabb1b01b246f16cb_13),] above, which is incorporated herein by reference.

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

[removed: *Long-Term] [added: Long-Term] Strategic [removed: Plan*][added: Plan]

The [removed: Company announced a three-year strategic] plan [removed: in June 2023] focused on three enterprise objectives: grow store count, accelerate the food business, and enhance operational efficiency, which are enabled by a strong foundation and Team Member experience.

- Diluted earnings per share [removed: of $14.64,] [added: for the year was $19.16,] representing an increase [removed: 9.0%] [added: of 30.9%] from the prior year, [added: and annualized growth of 17.2% over the three-year period,]

- Casey's Rewards members grew to over [removed: 9] [added: 10] million at year-end, and

[removed: The] [added: During the fiscal year, particularly in the last quarter, the] Company, and the retail fuel industry, [removed: has] experienced historically [removed: high] [added: higher than] average [added: fuel] revenue less cost of goods sold per gallon (excluding depreciation and amortization).

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

[removed: *Electric Vehicles and Renewable Fuels*][added: Electric Vehicles]

Casey's continues [removed: its process of implementing an] [added: to implement our] electric vehicle ("EV") strategy and our management team remains committed to understanding [removed: if and] how the increased demand for, and usage of, EVs impacts consumer behavior across our store footprint and beyond.

As consumer demand for alternative fuel options continues to grow, [added: albeit slowly,] Casey’s has continued to add EV charging stations across our [removed: 20-state] [added: 19-state] footprint.

As of April 30, [removed: 2025,] [added: 2026,] the Company has [removed: 230] [added: 282] charging stations at [removed: 47] [added: 64] stores, across [removed: 13] [added: 14] states.

Fiscal [removed: 2025] [added: 2026] Compared with Fiscal [removed: 2024][added: 2025]

Prepared food and dispensed beverage revenue increased by [removed: $150,162 (10.3%),] [added: $165,066 (10.2%),] due to an increase in same-store sales of [removed: 3.5%] [added: 5.2% driven by improved sales of hot sandwiches, bakery,] and [added: whole pizzas, as well as] an increase of approximately [removed: 6.8%] [added: 5.0%] due to store growth.

Grocery and general merchandise revenue increased by [removed: $416,493 (11.2%),] [added: $419,727 (10.1%),] due to an increase in same-store sales of [removed: 2.3% and] [added: 3.9% driven by strong sales of non-alcoholic beverages, as well as] an increase of approximately [removed: 8.9%] [added: 6.2%] due to store growth.

Retail fuel revenue increased by [removed: $373,962 (4.0%).][added: $839,374 (8.6%).]

The increase in the number of gallons sold of [removed: 368,183 (13.0%),] [added: 318,345 (10.0%),] was partially offset by a decrease in the average retail price per gallon of [removed: 7.8%.][added: 1.3%.]

The increase in gallons sold was primarily attributable to store [removed: growth, as same-store gallons sold increased 0.1%.][added: growth.]

Other revenue increased [removed: $137,369 (50.5%)] [added: $196,035 (47.9%)] compared to the prior year, driven primarily by an increase in [removed: total revenue related to the] wholesale fuel [removed: network,] [added: revenue, primarily] as a result of the Fikes acquisition.

Total revenue less cost of goods sold (excluding depreciation and amortization) was [removed: 23.5%] [added: 24.6%] of revenue for fiscal [removed: 2025] [added: 2026] compared with [removed: 22.5%] [added: 23.5%] for the prior year.

Prepared food and dispensed beverage revenue less related cost of goods sold (excluding depreciation and amortization) [removed: decreased] [added: increased] to [removed: 58.2%] [added: 58.6%] of revenue from [removed: 58.7%] [added: 58.2%] during fiscal [removed: 2025] [added: 2026] compared to the prior year, driven primarily by [removed: the acquisition of Fikes, as the current food offerings at these acquired stores have a lower percentage than a Casey's store.][added: improved waste.]

Grocery and general merchandise revenue less related cost of goods sold (excluding depreciation and amortization) increased to [removed: 35.0%] [added: 35.8%] of revenue from [removed: 34.1%] [added: 35.0%] during fiscal [removed: 2025] [added: 2026] compared to the prior [removed: year.][added: year, primarily due to a favorable product mix shift.]

Fuel revenue less related cost of goods sold (excluding [removed: of] depreciation and amortization) was [removed: 12.7%] [added: 14.1%] of revenue for fiscal [removed: 2025] [added: 2026] compared with [removed: 11.9%] [added: 12.7%] for the prior year.

The Company [removed: sold 23.8] [added: generated 28.0] million RINs (renewable identification numbers) for [removed: $16,664] [added: $35,410] during fiscal [removed: 2025,] [added: 2026,] compared to [removed: the sale of 25.9] [added: 23.8] million RINs [added: in] fiscal [removed: 2024,] [added: 2025,] which generated [removed: $33,023] [added: $16,664] (see Note [removed: [1](#i33d07da5202f42e1bed977589a618a89_70),] [added: [1](#i3cfc159a75864f3dabb1b01b246f16cb_70),] below, for a further description of RINs and how they are generated).

Approximately [removed: 10%] [added: 5%] of the increase is due to operating [removed: 246] [added: 40] more stores than the comparable period in the prior year, [removed: including transaction costs related to] [added: as well as a full-year contribution from stores added in] the Fikes [removed: acquisition.][added: acquisition, compared to only six months in the prior year.]

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

| Stores at April 30, 2026 | | | 2,944 | | |

The end of this fiscal year marks the end of the three-year strategic plan originally announced in June 2023.

The Company performed strongly over the three-year period, compared to the original goals in our plan.

- Built or acquired 504 additional stores over the three-year period, well above the original goal of 350 stores,

- Continued growth of the prepared food program with the expansion of our bone-in and boneless chicken wings, in a variety of flavors, which were available in approximately 850 stores as of the end of the year.

The Company will introduce a new a three-year strategic plan in June 2026.

Total revenue for fiscal 2026 increased by $1,620,202 (10.2%) compared to the prior fiscal year, primarily driven by $1,034,139 of additional revenue from the Fikes acquisition, during the first six months of fiscal 2026.

The increased activity related to the wholesale fuel network carries a lower revenue less cost of goods sold as a percentage of total revenue.

Additionally, other revenue and other revenue less cost of goods sold (excluding depreciation and amortization) was favorably impacted by a one-time adjustment of $8,000 due to a change in estimate related to breakage assumptions on the outstanding gift card liability balance in the second fiscal quarter.

Revenue less cost of goods sold (excluding depreciation and amortization) per gallon increased to 42.6 cents in fiscal 2026 from 38.7 cents in fiscal 2025.

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

Operating expenses increased $285,070 (11.2%) to $2,837,426 in fiscal 2026.

Approximately 2% of the change is related to an increase in accrued costs for variable compensation due to strong financial performance as well as charitable contributions.

Depreciation and amortization expense increased $46,311 (11.5%) to $449,958 in fiscal 2026, primarily due to purchases of property and equipment since the prior period.

Net income increased by $167,928 (30.7%) to $714,448 in fiscal 2026 from $546,520 in fiscal 2025.

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

Please refer to the Form 10-K related to the fiscal year ended April 30, 2025, filed on June 23, 2025, for comparison of Fiscal 2025 to Fiscal 2024.

Fair value is based on

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

Operating cash flows were also favorably impacted by an increase of $179,954 related to accounts payable, offset by a decrease in operating cash flows of $82,328, related to inventory, both primarily due to fuel pricing.

Refer to Note [1](#i3cfc159a75864f3dabb1b01b246f16cb_70) for a summary of the receivables balance.

Net cash used in investing activities decreased $971,237.

The decrease in cash used in investing activities was attributable to the Fikes acquisition, which closed during the prior year and had a purchase price of $1,165,752.

Net cash used in financing was $425,780 for the year ended April 30, 2026, compared to net cash provided by financing activities of $755,994 for the year ended April 30, 2025.

Additionally, the repurchase and retirement of common stock under our share repurchase program resulted in an increase in the net cash used of approximately $199,771 during the period.

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | $ | 2,431,594 | |

| | | | $ | 2,330,237 | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| Long-term debt (1) | | | $ | 2,558,585 | | | | | $ | 137,763 | | | | | $ | 703,668 | | | | | $ | 1,087,975 | | | | | $ | 629,179 | |

| Finance lease obligations | | | 166,081 | | | | | | 15,124 | | | | | | 30,398 | | | | | | 20,528 | | | | | | 100,031 | | |

| Operating lease obligations | | | 820,893 | | | | | | 38,175 | | | | | | 80,065 | | | | | | 80,595 | | | | | | 622,058 | | |

| Total | | | $ | 3,559,711 | | | | | $ | 191,062 | | | | | $ | 814,131 | | | | | $ | 1,189,098 | | | | | $ | 1,351,268 | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | | | |

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

| Stores at April 30, 2024 | | | 2,658 | | |

| Acquisitions not opened | | | (1) | | |

We believe this will best position the Company to address rapidly evolving shifts in consumer habits and other macro retail trends.

The Company made significant progress towards its strategic plan goals during the 2025 fiscal year.

- 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*

While the Company believes that its average revenue less cost of goods sold per gallon (excluding depreciation and amortization) will remain elevated from historical levels for the foreseeable future, it is possible that increased oil and fuel prices, higher interest rates, macroeconomic conditions and/or continuing conflicts or disruptions involving oil producing countries may materially impact the performance of this metric.

The Company also remains committed to offering renewable fuel options at our stores and continues to expand its alternative fuel options in response to evolving guest needs and as part of its environmental stewardship efforts.

Currently, almost all of our stores offer fuel with at least 10% of blended ethanol and 41% of our stores offer biodiesel.

Every newly built store has the capability to sell renewable fuels, and we aim to continue growing sales of renewable fuels throughout our footprint.

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.

The increase in same-store sales was driven by improved sales of hot sandwiches, bakery, and dispensed beverages.

The increase in same-store sales was driven by strong sales of non-alcoholic and alcoholic beverages.

The current year percentage was positively impacted by product mix.

Fuel cents per gallon decreased to 38.7 cents in fiscal 2025 from 39.5 cents in fiscal 2024.

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

Insurance expense contributed approximately 1% of the increase.

Depreciation and amortization expense increased $53,850 (15.4%) to $403,647 in fiscal 2025, primarily due to operating 246 more stores than a year ago.

The effect of these favorable items was partially offset by a one-time benefit in the prior year from adjusting the Company’s deferred tax assets and liabilities for state law changes enacted during the year (0.8%).

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

The increase was primarily attributable to higher profitability both inside the store and in fuel, which was partially offset by higher operating expenses.

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

Cash used in investing activities increased $901,312.

The increase in cash used in investing activities was attributable to an increase in acquisition related activity, with the Fikes acquisition closing during the fiscal year.

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

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.

| | | | $ | 2,508,545 | |

| | | | $ | 2,413,620 | |

During the year, the Company entered into a note purchase agreement with respect to the issuance of $250,000 aggregate principal amount of senior notes, consisting of: (i) $150,000 aggregate principal amount of 5.23% Senior Notes Series I, due November 2, 2031; and (ii) $100,000 aggregate principal amount of 5.43% Senior Notes Series J due November 2, 2034.

The Senior Notes Series I and Series J were issued on October 30, 2024.

purchase agreement.

The Company used the proceeds of these notes to partially fund the Fikes acquisition (see further discussion of the Fikes acquisition in Note [2](#i33d07da5202f42e1bed977589a618a89_76)).

See Note [3](#i33d07da5202f42e1bed977589a618a89_79) for additional information related to the Credit Agreement.

The proceeds of the Incremental Term Loan were used to partially fund the Fikes acquisition (see further discussion of the Fikes acquisition in Note [2](#i33d07da5202f42e1bed977589a618a89_76)).

| Long-term debt (1) | | | $ | 2,692,083 | | | | | $ | 133,497 | | | | | $ | 473,756 | | | | | $ | 1,086,461 | | | | | $ | 998,369 | |

We have audited the accompanying consolidated balance sheets of Casey's General Stores, Inc. and subsidiaries (the Company) as of April 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 23, 2025] [added: 22, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

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

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that: (1) [removed: relate] [added: relates] 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 [added: a] critical audit [removed: matters] [added: matter] 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: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

As discussed in Note 1 to the consolidated financial statements, the Company held [removed: $344,304] [added: $340,194] thousand of merchandise inventory as of April 30, [removed: 2025,] [added: 2026,] the majority of which was held at [removed: 2,904] [added: 2,944] store locations.

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

We have audited Casey's General Stores, Inc. and subsidiaries' (the Company) internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] and the related notes (collectively, the consolidated financial statements), and our report dated June [removed: 23, 2025] [added: 22, 2026] expressed an unqualified opinion on those consolidated financial statements.

| | | | [removed: 2025] [added: 2026] | | | | | | [added: 2025 | | | | | |] 2024 | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 326,662 | | | | | [removed: $] | 206,482 | | [added: | | | | 378,869 | | |]

| Receivables | | | [removed: 180,746] [added: 243,502] | | | | | | [removed: 151,793] [added: 180,746] | | |

| Inventories | | | [removed: 480,034] [added: 557,151] | | | | | | [removed: 428,722] [added: 480,034] | | |

| Prepaid and other current assets | | | [removed: 24,641] [added: 29,783] | | | | | | [removed: 25,791] [added: 24,641] | | |

| Income taxes receivable | | | [removed: 770] [added: 10,585] | | | | | | [removed: 17,066] [added: 770] | | |

| Total current assets | | | [removed: 1,012,853] [added: 1,364,012] | | | | | | [removed: 829,854] [added: 1,012,853] | | |

| Land | | | [removed: 1,429,673] [added: 1,496,529] | | | | | | [removed: 1,281,408] [added: 1,429,673] | | |

| Buildings, land improvements and leasehold improvements | | | [removed: 3,539,550] [added: 3,829,703] | | | | | | [removed: 3,003,191] [added: 3,539,550] | | |

| Machinery and equipment | | | [removed: 3,314,403] [added: 3,561,976] | | | | | | [removed: 3,052,798] [added: 3,314,403] | | |

| Finance lease right-of-use assets | | | [removed: 120,670] [added: 134,388] | | | | | | [removed: 106,837] [added: 120,670] | | |

| Construction in process | | | [removed: 131,151] [added: 171,314] | | | | | | [removed: 109,048] [added: 131,151] | | |

| Less accumulated depreciation and amortization | | | [removed: 3,122,203] [added: 3,444,442] | | | | | | [removed: 2,883,925] [added: 3,122,203] | | |

| Net property and equipment | | | [removed: 5,413,244] [added: 5,749,468] | | | | | | [removed: 4,669,357] [added: 5,413,244] | | |

| Other assets, net | | | [removed: 120,082] [added: 121,249] | | | | | | [removed: 79,740] [added: 120,082] | | |

| Operating lease right-of-use assets, net | | | [removed: 417,046] [added: 432,640] | | | | | | [removed: 115,819] [added: 417,046] | | |

| Goodwill | | | [removed: 1,244,893] [added: 1,268,686] | | | | | | [removed: 652,663] [added: 1,244,893] | | |

| Total assets | | | $ | [removed: 8,208,118] [added: 8,936,055] | | | | | $ | [removed: 6,347,433] [added: 8,208,118] | |

| Current maturities of long-term debt and finance lease obligations | | | $ | [removed: 94,925] [added: 101,357] | | | | | $ | [removed: 53,181] [added: 94,925] | |

| Accounts payable | | | [removed: 620,447] [added: 823,804] | | | | | | [removed: 569,527] [added: 620,447] | | |

| Wages and related taxes | | | [removed: 80,633] [added: 105,119] | | | | | | [removed: 95,821] [added: 80,633] | | |

| Property taxes | | | [removed: 59,843] [added: 62,263] | | | | | | [removed: 54,009] [added: 59,843] | | |

| Insurance accruals | | | [removed: 41,328] [added: 35,100] | | | | | | [removed: 27,323] [added: 41,328] | | |

| Operating lease liabilities | | | [removed: 14,647] [added: 14,197] | | | | | | [removed: 4,069] [added: 14,647] | | |

| Other | | | [removed: 189,870] [added: 208,766] | | | | | | [removed: 149,536] [added: 189,870] | | |

| Total current liabilities | | | [removed: 1,101,693] [added: 1,350,606] | | | | | | [removed: 953,466] [added: 1,101,693] | | |

| Long-term debt and finance lease obligations, net of current maturities | | | [removed: 2,413,620] [added: 2,330,237] | | | | | | [removed: 1,582,758] [added: 2,413,620] | | |

| Deferred income taxes | | | [removed: 646,905] [added: 739,843] | | | | | | [removed: 596,850] [added: 646,905] | | |

| Operating lease liabilities, net of current portion | | | [removed: 434,707] [added: 459,284] | | | | | | [removed: 111,100] [added: 434,707] | | |

June 22, 2026

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

June 22, 2026

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | 2026 | | | | | | 2025 | | |

| Cash and cash equivalents | | | $ | 522,991 | | | | | $ | 326,662 | |

| | | | 9,193,910 | | | | | | 8,535,447 | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| Share-based compensation | | | 219,752 | | | | | | 41,379 | | | | | | — | | | | | | 41,379 | | |

| Tax withholdings on employee share-based awards | | | (82,222) | | | | | | (18,512) | | | | | | — | | | | | | (18,512) | | |

| Share-based compensation | | | 179,536 | | | | | | 47,732 | | | | | | — | | | | | | 47,732 | | |

| Tax withholdings on employee share-based awards | | | (68,941) | | | | | | (25,580) | | | | | | — | | | | | | (25,580) | | |

| Net income | | | — | | | | | | — | | | | | | 714,448 | | | | | | 714,448 | | |

| Repurchase of common stock | | | (355,107) | | | | | | (65,768) | | | | | | (136,042) | | | | | | (201,810) | | |

| Share-based compensation | | | 234,612 | | | | | | 63,407 | | | | | | — | | | | | | 63,407 | | |

| Tax withholdings on employee share-based awards | | | (94,303) | | | | | | (47,244) | | | | | | — | | | | | | (47,244) | | |

| Balance at April 30, 2026 | | | 36,904,285 | | | | | | $ | — | | | | | $ | 3,951,719 | | | | | $ | 3,951,719 | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| Depreciation and amortization | | | 449,958 | | | | | | 403,647 | | | | | | 349,797 | | |

| Prepaid and other current assets | | | (5,142) | | | | | | 3,658 | | | | | | (3,684) | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

Amounts in the prior year related to share-based compensation and tax withholdings on employee share-based awards on the consolidated statements of shareholders’ equity have been reclassified to conform to the current year presentation.

This reclassification had no impact to the consolidated balance sheets, consolidated statements of income, or the consolidated statements of cash flows.

| | | | 2026 | | | | | | 2025 | | | | | | | | |

| | | | 2026 | | | | | | 2025 | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

See additional discussion in Note [7](#i3cfc159a75864f3dabb1b01b246f16cb_97).

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

Total loss (gain) recognized on futures contracts were $28,159 and $(792) for the years ended April 30, 2026 and April 30, 2025, respectively.

These amounts do not include the impact from the changes in the selling price of fuel inventories at fuel terminals and fuel pipelines over the same time period.

See additional discussion in Note [4](#i3cfc159a75864f3dabb1b01b246f16cb_88).

In May 2026, the FASB issued ASU 2026‑02, Environmental Credits and Environmental Credit Obligations (Topic 818).

The standard establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations.

The Company is currently evaluating ASU 2026-02 to determine its impact on our financial statements.

During the year ended April 30, 2026, the Company acquired 40 stores through a variety of transactions, pursuant to the terms and conditions of the related asset purchase agreements.

Total payments for the acquisitions of businesses were $141,583, which were made in cash upon closing using available cash on hand.

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

During the year-ended April 30, 2026, the Company closed or divested all ten CEFCO stores acquired in Mississippi.

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

*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.

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.

June 23, 2025

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.

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

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

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

| Balance at April 30, 2022 | | | 37,111,667 | | | | | | $ | 79,412 | | | | | $ | 2,161,426 | | | | | $ | 2,240,838 | |

| Net income | | | — | | | | | | — | | | | | | 446,691 | | | | | | 446,691 | | |

| Share-based compensation (net of tax withholding on employee share-based awards) | | | 151,581 | | | | | | 30,625 | | | | | | — | | | | | | 30,625 | | |

| Share-based compensation (net of tax withholding on employee share-based awards) | | | 137,530 | | | | | | 22,867 | | | | | | — | | | | | | 22,867 | | |

| Share-based compensation (net of tax withholding on employee share-based awards) | | | 110,595 | | | | | | 22,152 | | | | | | — | | | | | | 22,152 | | |

| Prepaid expenses | | | 3,658 | | | | | | (3,684) | | | | | | (4,248) | | |

| Cash and cash equivalents at beginning of year | | | 206,482 | | | | | | 378,869 | | | | | | 158,878 | | |

Certain amounts in prior year have been reclassified to conform to current year presentation.

The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no specified cost to the Company.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Land improvements | | | 15 years | | |

There were no outstanding balances or activity related to derivative instruments as of April 30, 2024, or 2023 and for the periods then ended.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.

The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses.

The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss.

The Company does not expect the adoption of ASU 2023-09 to have a material impact to our disclosures.

For definition of the Incremental Term Loan and the Notes, see Note [3](#i33d07da5202f42e1bed977589a618a89_79).

| Assets acquired: | | | | | |

| Liabilities assumed: | | | | | |

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: 2025.][added: 2026.]

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of April 30, [removed: 2025.][added: 2026.]

In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in [removed: *Internal] [added: Internal] Control - Integrated Framework [removed: (2013)*.][added: (2013).]

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: 2025.][added: 2026.]

This report appears on page [removed: [31](#i3c0475c66c4642ec84a95872891f32b6_10579).][added: [31](#i7522d319f3f4467aa223c8f81c81dba8_13925).]

[removed: Except as noted in the section above, there] [added: There] have been no [removed: other] changes in the Company’s internal control over financial reporting during the [removed: year] [added: quarter] ended April 30, [removed: 2025] [added: 2026] that have materially affected, or are reasonably likely to materially affect, the 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.

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

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: 2025,] [added: 2026,] and used in connection with the Company’s [removed: 2025] [added: 2026] Annual Meeting of Shareholders are hereby incorporated by reference.

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: 2025,] [added: 2026,] and used in connection with the Company’s [removed: 2025] [added: 2026] 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: 2025,] [added: 2026,] and used in connection with the Company’s [removed: 2025] [added: 2026] 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: 2025,] [added: 2026,] and used in connection with the Company’s [removed: 2025] [added: 2026] 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: 2025,] [added: 2026,] and used in connection with the Company’s [removed: 2025] [added: 2026] Annual Meeting of Shareholders is hereby incorporated by reference.

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

Consolidated Balance Sheets, April 30, [removed: 2025] [added: 2026] and [removed: 2024][added: 2025]

Consolidated Statements of Income, Three Years Ended April 30, [removed: 2025][added: 2026]

Consolidated Statements of Shareholders’ Equity, Three Years Ended April 30, [removed: 2025][added: 2026]

Consolidated Statements of Cash Flows, Three Years Ended April 30, [removed: 2025][added: 2026]

| 3.2 | | | [removed: [Seventh] [added: [Eighth] Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed [removed: March 7, 2023)](https://www.sec.gov/Archives/edgar/data/726958/000072695823000018/bylawsclean.htm)] [added: June 9, 2026)](https://www.sec.gov/Archives/edgar/data/726958/000072695826000033/ex31eighthamendedandrestat.htm)] | | |

| 4.6 | | | [First Amendment to the 2016 Note [removed: Purchase](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2016amendment.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/726958/000072695820000093/a2016amendment.htm)[,] [added: Purchase Agreement,] 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) | | |

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

| 4.14 | | | [Description of Securities Registered Under Section 12 of the Exchange [removed: 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)] [added: Act](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex414_2026430xq4.htm)] | | |

| [removed: 10.12*] [added: 10.13*] | | | [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: 10.13*] [added: 10.15*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers) and Award Summary under 2018 Stock Incentive Plan [removed: (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] [added: (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: 10.14*] [added: 10.16*] | | | [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: 10.15*] [added: 10.17*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan (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: 10.16*] [added: 10.18*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Time-Based RSUs) under 2018 Stock Incentive Plan (FY25-FY26 Awards for Darren M. 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: 10.17*] [added: 10.19*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs \[EBITDA\]) under 2018 Stock Incentive Plan (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: 10.18*] [added: 10.20*] | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers – Performance-Based RSUs \[ROIC\]) under 2018 Stock Incentive Plan [removed: (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] [added: (FY25-FY26 Awards) (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: 10.19*] [added: 10.21*] | | | [Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive Plan [removed: (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] [added: (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: 10.20*] [added: 10.22*] | | | [Form of Restricted Stock Units Agreement (Non-Officer Employees) under 2018 Stock Incentive Plan (FY25 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: 10.21*] [added: 10.23*] | | | [Form of Restricted Stock Units Agreement (Special Performance Award) under 2018 Stock Incentive 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: 10.22*] [added: 10.29*] | | | [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) | | |

| 19.1 | | | [Casey's General Stores, Inc. Insider Trading Policy and [removed: Procedures](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/caseys-insidertradingpolicy.htm)] [added: Procedures (incorporated by reference to Exhibit 19.1 to Form 10-K as filed June 23, 2025)](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/caseys-insidertradingpolicy.htm)] | | |

| 21.1 | | | [Subsidiaries of Casey’s General Stores, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex211_2025430xq4.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex211_2026430xq4.htm)] | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-ex231_2025430xq4.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex231_2026430xq4.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/726958/000072695825000065/casy-ex311_2025430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex311_2026430xq4.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/726958/000072695825000065/casy-ex312_2025430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex312_2026430xq4.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/726958/000072695825000065/casy-ex321_2025430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex321_2026430xq4.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/726958/000072695825000065/casy-ex322_2025430xq4.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex322_2026430xq4.htm)] | | |

| 97.1 | | | [Casey’s General Stores, Inc. Clawback [removed: Policy](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex971_2024430xq4.htm) [](https://www.sec.gov/Archives/edgar/data/726958/000072695824000046/casy-ex971_2024430xq4.htm)[(incorporated] [added: Policy (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) | | |

| 10.12* | | | [Casey’s General Stores, Inc. 2025 Stock Incentive Plan (incorporated by reference to Appendix B to the Definitive Proxy Statement on Schedule 14A as filed July 23, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000726958/000114036125026947/ny20048706x1_def14a.htm#tAPPB) | | |

| 10.14* | | | [Form of Restricted Stock Units Agreement for Non-Employee Directors under 2025 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex1014_2026430xq4.htm) | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| 10.24* | | | [Form of Restricted Stock Units Agreement (Special Performance Award) under 2025 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex1024_2026430xq4.htm) | | |

| 10.25* | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers - Time-Based RSUs) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.1 to Form 8-K as filed June 9, 2026)](https://www.sec.gov/Archives/edgar/data/726958/000072695826000033/ex101formofawardagreementt.htm) | | |

| 10.26* | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers - Time-Based RSUs) under 2025 Stock Incentive Plan (FY27 Awards for Darren M. Rebelez)](https://www.sec.gov/Archives/edgar/data/726958/000072695826000046/casy-ex1026_2026430xq4.htm) | | |

| 10.27* | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers - Performance-Based RSUs \[ROIC\]) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.2 to Form 8-K as filed June 9, 2026)](https://www.sec.gov/Archives/edgar/data/726958/000072695826000033/ex102formofawardagreementr.htm) | | |

| 10.28* | | | [Form of Restricted Stock Units Agreement (LTI Awards to Officers - Performance-Based RSUs \[EBITDA\]) under 2025 Stock Incentive Plan (FY27 Awards) (incorporated by reference to Exhibit 10.3 to Form 8-K as filed June 9, 2026)](https://www.sec.gov/Archives/edgar/data/726958/000072695826000033/ex103formofawardagreemente.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) | | |

[Table of [removed: Contents](#i33d07da5202f42e1bed977589a618a89_7)][added: Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)]

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Judy A. Schmeling | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Cara K. Heiden | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Donald E. Frieson | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ David K. Lenhardt | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Allison M. Wing | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Larree M. Renda | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Gregory A. Trojan | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Michael Spanos | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Sri Donthi | | |

| Date: June [removed: 23, 2025] [added: 22, 2026] | | | By | | | /s/ Maria Castañón Moats | | |

| Date: June 22, 2026 | | | By | | | /s/ Darren M. Rebelez | | |

| Date: June 22, 2026 | | | By | | | /s/ Stephen P. Bramlage Jr. | | |

[Table of Contents](#i3cfc159a75864f3dabb1b01b246f16cb_7)

| | | | | | | | | |

| Date: June 22, 2026 | | | By | | | /s/ Stanley J. Sutula III | | |

| | | | Stanley J. Sutula III | | | | | |

| | | | Director | | | | | |