Casey's General Stores, Inc. (CASY): Business Model Canvas [Dec-2025 Updated]

You're looking at Casey's General Stores, Inc., and frankly, the numbers from fiscal year 2025 tell a clear story: this isn't just another gas station chain; it's a masterclass in hybrid retail execution. After adding a record 270 stores, pushing the total network to 2,904 locations, the focus on high-margin prepared food drove the engine, resulting in a record $546.5 million in net income. That's the result of a defintely deliberate strategy that blends essential fuel sales with a dominant, localized food offering, all powered by over 9 million loyalty members. To truly understand how they managed this aggressive expansion while boosting profitability-especially in that crucial inside-store segment-you need to see the full nine-block framework below.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Key Partnerships

You're looking at the external relationships that keep the shelves stocked and the fuel flowing for Casey's General Stores, Inc. as of late 2025. These alliances are critical for managing commodity risk and ensuring a fresh product mix across their network of approximately 2,904 stores as of April 30, 2025.

Major fuel suppliers for consistent inventory and pricing

Casey's General Stores, Inc. manages fuel supply agreements, including wholesale supply agreements to certain dealer sites, which accounted for approximately 2% of total revenue for the year ended April 30, 2025. The fuel segment is a major component of the business; for the fiscal year ended April 30, 2025, total fuel gross profit reached $307.8 million. The company's focus on margin management is evident, with the fuel margin at 37.6 cents per gallon for that fiscal year.

Food and beverage distributors (e.g., US Foods) for store inventory

Casey's General Stores, Inc. relies on three distribution centers to supply most of its stores with prepared food, dispensed beverage, and grocery/general merchandise items. The prepared food and dispensed beverage category is a high-margin driver; for the three months ended July 31, 2025, the inside margin was 41.9%. Inside same-store sales increased 4.3% for that same quarter.

Emerging brands from the 2025 Innovation Summit for new products

The 2025 Innovation Summit, held in Ankeny, Iowa, on August 6 and 7, is designed to bring new, unique products to Casey's 2,900 stores. The prior year's inaugural summit was a success, onboarding over a dozen new suppliers.

• 1st Phorm energy drink
• Kenny's Candy and Confections
• Magic Spoon protein treats
• Neuro gum and mints

RangeMe/ECRM for managing the product innovation pipeline

Applications for the 2025 Innovation Summit were managed through RangeMe, which is a product discovery platform owned by ECRM. Wayne Bennet, SVP of Retail at ECRM/RangeMe, noted their partnership in facilitating this process.

RoadFlex for fuel risk management and fleet savings

Casey's General Stores, Inc. partnered with RoadFlex, a fleet payments platform, to provide fuel discounts to RoadFlex cardholders at over 2,800 Casey's locations as of February 2025. This partnership is a direct effort to offer savings as fuel prices fluctuate. For the first quarter ended July 31, 2025, the fuel margin was 41.0 cents per gallon.

The operational side of supplier management also relies on key technology partners. You can see a snapshot of the scale and recent performance metrics below:

Casey's General Stores, Inc. also uses GraphiteConnect to streamline supplier onboarding. Furthermore, food suppliers must comply with enhanced traceability requirements under FSMA 204 by October 1, 2025.

The company's overall financial scale supports these partnerships; for the fiscal year ended April 30, 2025, Net Income was $546.5 million and EBITDA was $1.2 billion. Finance: draft 13-week cash view by Friday.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Key Activities

You're looking at the core engine of Casey's General Stores, Inc. (CASY), the activities that drive their revenue and growth right now, late in 2025. It's a tight integration of real estate, logistics, and food service that keeps the cash register ringing.

Operating and expanding the network of convenience stores

The sheer scale of the physical footprint is a massive key activity. As of April 30, 2025, Casey's operated 2,904 stores across 19 states, positioning them as the nation's 3rd largest convenience store chain. This network forms the base for all other activities. You saw historic expansion in the last fiscal year, adding a record 270 stores through builds and acquisitions, which included the major purchase of 198 CEFCO-branded locations. This activity is highly focused on strategic placement; Casey's has built its business targeting small-town America while using acquisitions to broaden its national reach.

Here's a quick look at the current network status and immediate plans:

• Store Count as of April 30, 2025: 2,904
• Stores Added in Fiscal Year 2025: 270
• Acquired CEFCO Stores (part of FY2025 additions): 198
• Planned New Stores for Fiscal 2026: At least 80
• Total Stores Expected by End of FY2026: Approximately 500 added since the start of the 3-year plan

Prepared food production, especially made-from-scratch pizza and bakery items

This is where Casey's separates itself from a standard gas station. The focus on high-margin, made-from-scratch food is central. For the three months ended July 31, 2025, the prepared food and dispensed beverage category sales jumped 13.2% year-over-year to $458 million. Same-store sales in this category were up 5.6% for that same quarter. To be fair, the whole pizza subcategory, which is their highest-margin foodservice segment, was a big driver. This category, combined with grocery, is the profit engine: over the last three fiscal years, these inside categories generated only about 34% of total revenue but delivered approximately 63% of revenue less cost of goods sold (excluding D&A).

The financial impact of the inside business as of the first quarter of fiscal 2026 (three months ended July 31, 2025) was strong:

Fuel procurement, distribution, and pricing management

Managing fuel is a high-volume, lower-margin activity that requires sophisticated procurement and distribution. For the quarter ending July 31, 2025, same-store fuel gallons were up 1.7%. The fuel margin for that quarter was a healthy 41.0 cents per gallon (CPG), leading to a total fuel gross profit increase of 18.8% to $373.6 million. This contrasts slightly with the full fiscal year 2025 fuel margin, which settled at 37.6 cents per gallon. The company is actively managing its supply chain, focusing on demand planning and centralized procurement, even though the Chief Procurement Officer role was vacant as of mid-2024.

Executing the strategic plan to add 500 new units by FY2026

This is a direct execution of the growth objective. The goal is to hit 500 new stores by the end of fiscal 2026, which was an increase from an earlier target of 350, largely thanks to the Fikes acquisition. The plan for fiscal 2026 is to open at least 80 new stores. Casey's has stated its development algorithm leans toward a 50-50 split between new-to-industry builds and small-deal acquisitions (one to three stores), treating larger deals opportunistically. The company intends to spend about $600 million on the purchase of property and equipment in the fiscal year ahead to support this.

Enhancing operational efficiency and digital store tools

You can't grow that fast without controlling costs in existing locations. A major activity here is labor management; Casey's has achieved a reduction in same-store labor hours for 12 consecutive quarters. This efficiency helped offset wage rate increases in the first quarter of fiscal 2026, where same-store employee expense was approximately flat. Digitally, the Casey's Rewards program is a key tool, growing to over 9 million members by the end of fiscal 2025. For fiscal 2026, the company expects total operating expenses to increase only approximately 8% to 10%, reflecting confidence in leveraging these efficiencies against the backdrop of operating 221 additional stores year-over-year in Q1 FY2026.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Key Resources

You're looking at the core assets Casey's General Stores, Inc. (CASY) relies on to run its business model as of late 2025. These aren't just line items; they are the physical, human, and digital engines driving their growth.

The physical footprint remains central. Casey's has been aggressively expanding its network, pushing past the 2,500 mark and continuing to acquire and build new locations. This scale is supported by a tightly controlled supply chain.

The human capital is substantial, reflecting the operational complexity of running thousands of fresh food and fuel outlets. Furthermore, the digital engagement through the loyalty program is a key asset for driving repeat business and gathering customer data.

Here's a quick look at the hard numbers defining these key resources:

The proprietary nature of the prepared food recipes, especially the pizza, is a significant differentiator. This capability is directly tied to inside sales performance. For instance, inside same-store sales growth in fiscal 2025 was driven by strong performance in bakery, hot foods, and beverages.

The distribution network is designed for control and efficiency. The Joplin distribution center alone was projected to reduce operating expenses by over $400,000 per month. That's real money saved by owning the logistics.

The loyalty program is a growing digital asset, designed to capture transaction data and drive frequency. Members earn points in-store, online, and at the pump, choosing rewards like Casey's Cash or fuel discounts.

• Extensive network of 2,904 owned and operated store locations (End of FY2025)
• Proprietary prepared food recipes and in-store kitchens, making Casey's the fifth largest pizza chain in the U.S.
• Three vertically integrated distribution centers for supply chain control
• Large workforce of over 49,272 full- and part-time Team Members (2025)
• Casey's Rewards loyalty program with over 9 million members (as stated in outline requirement)

Finance: review the capital expenditure plan for the next three distribution centers planned by FY2028 by next Tuesday.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Value Propositions

One-stop convenience for fuel, fresh food, and essentials

• Total store count at the end of fiscal year 2025 was 2,904 locations.
• The chain is ranked No. 3 on CSP's 2025 Top 202 ranking of convenience-store chains by store count.
• Annual revenue for the fiscal year ending April 30, 2025, was $15.94 billion.

High-quality, made-from-scratch prepared food, notably pizza (fifth-largest pizza chain)

Casey's General Stores is the fifth-largest pizza concept in the U.S. based on sales. The company sells over 40 million whole pies every year.

Essential services in small, rural communities (71% of stores in towns < 20,000)

Around 71% of Casey's stores are located in markets with fewer than 20,000 people.

Speed and convenience via mobile ordering, pickup, and delivery

The company supports online ordering, which is integrated with the rewards program.

Value and savings through the Casey's Rewards program

The Casey's Rewards platform reached over 9 million members by the end of fiscal year 2025.

• Earn 10 points for every dollar spent in stores or via app/online orders.
• Earn 5 points for every gallon of fuel purchased.
• Redeem 250 points for $1 Casey's Cash, a 5¢/gal fuel discount (up to 20 gallons), or a $1 school donation.
• New members receive 10¢ off per gallon on their first fuel purchase (up to 20 gallons).

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Customer Relationships

You're looking at how Casey's General Stores, Inc. keeps its guests coming back, which is really about making every stop count, whether it's for gas or a slice of pizza. The relationship strategy hinges on digital personalization backed by strong local presence.

Automated and personalized engagement via Casey's Rewards app

The Casey's Rewards platform is central to driving repeat business. By year-end for fiscal 2025 (April 30, 2025), the program had grown to over 9 million members. This digital engagement is deep; more than a third of all Casey's transactions now come directly from these loyalty members. To be fair, this level of engagement suggests a strong habit loop, with about half of those members shopping with the brand at least monthly using the app.

Transactional service at the fuel pump and in-store checkout

The core relationship is transactional, built on the convenience of fuel and in-store purchases. For the fiscal year ended April 30, 2025, Casey's operated approximately 2,900 stores across its footprint. The fuel side saw same-store gallons sold up 0.1% year-over-year for the full fiscal year 2025, while the fuel margin held steady at 37.6 cents per gallon. Inside the store, same-store sales were up 1.7% for the fourth quarter of fiscal 2025, with an inside margin of 41.2% for that quarter. You can see the breakdown of the core transaction performance here:

The company is definitely focused on operational efficiency, reducing same-store labor hours for the twelfth consecutive quarter in FY2025.

Dedicated in-store staff for prepared food service and order fulfillment

The prepared food segment is where the in-store staff relationship shines, especially around high-margin items. For the first quarter of fiscal 2026 (ending July 31, 2025), same-store sales for the prepared food and dispensed beverage programs improved by 5.6% year-over-year. Overall sales in that category grew 13.2% year-over-year to $458 million for that quarter. Whole pizza sales, which are the highest-margin subcategory in prepared food, grew 13.2% in that same period. The margin for this entire category for the full fiscal year 2025 was 58.2% of revenue.

Community-first culture and local charitable giving programs

Casey's General Stores builds relationships by embedding itself locally. For the 2025 Community Impact reporting period, the total given back to their communities reached $6.6 million. This support is tangible and focused on core needs:

• Meals provided totaled over 8.6 million through partnerships like the register campaign with Feeding America.
• The Cash for Classrooms program funded 80 grants to K-12 schools across 17 states in 2025.
• Individual Cash for Classrooms grants range from $3,000 to a maximum of $50,000.
• Over 2,000 Veterans & families were supported through various initiatives.

The company operates in approximately 2,900 stores, meaning this giving is spread across a wide local footprint.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Channels

You're looking at how Casey's General Stores gets its products and services into the hands of customers. It's a mix of old-school physical presence and modern digital tools, which is key for a convenience retailer.

The primary channel remains the physical store footprint. As of April 30, 2025, Casey's General Stores operated 2,904 stores across 20 states. Approximately 71% of all these locations were situated in areas with populations of fewer than 20,000 persons, showing a deep commitment to smaller communities. All but six of these convenience stores offer fuel for sale on a self-service basis. You can see the concentration of this physical channel below.

Digital channels are increasingly important for driving frequency and order size. The Casey's mobile app is central to this effort, serving as a hub for ordering, payment processing, and loyalty engagement. This digital push is working; the Casey's Rewards platform grew to over 9 million members by the fiscal year-end of April 30, 2025. This platform is designed to encourage higher transaction values and more frequent visits.

E-commerce capabilities are integrated directly into the mobile experience, specifically supporting the prepared food offering. You can customize your famous made-from-scratch pizza and place the order directly through the app for either delivery or pickup. This capability directly competes with dedicated food delivery services while keeping the transaction within the Casey's ecosystem.

The wholesale fuel network is a distinct, though smaller, channel contributing to the top line. This network involves Casey's managing fuel wholesale supply agreements to certain dealer sites and other wholesale locations, which are separate from the main store count. For the full fiscal year ended April 30, 2025, this wholesale fuel network accounted for approximately 2% of total revenue. Given the total revenue for FY2025 was $15.94 billion, this channel contributed roughly $318.8 million in revenue.

Here's a quick look at how the digital and physical channels are being used:

• The 2,904 physical stores serve as the primary point of sale for fuel, in-store merchandise, and prepared food.
• The Casey's mobile app is the interface for loyalty tracking and digital ordering.
• The app supports ordering for prepared food delivery and pickup, a key e-commerce function.
• The wholesale fuel network acts as a B2B channel, contributing about 2% of the $15.94 billion total revenue for fiscal 2025.
• The Casey's Rewards program boasts over 9 million members as of April 2025, incentivizing channel usage.

Finance: draft 13-week cash view by Friday.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Customer Segments

You're looking at the core groups Casey's General Stores, Inc. serves as of late 2025, grounded in their recent fiscal performance.

Rural and small-town residents seeking a local one-stop shop represent the foundational customer base for Casey's General Stores, Inc. The store footprint is heavily weighted toward these areas.

The company added 270 stores in fiscal year 2025, the most in its history, including 198 CEFCO convenience stores from the Fikes Wholesale acquisition.

Loyalty members who drive repeat, high-margin inside sales are a critical segment, showing strong engagement with the digital platform.

• Casey's Rewards membership reached over 9 million members by the end of fiscal year 2025.
• Inside same-store sales for the first quarter of fiscal year 2026 (ending July 31, 2025) increased 4.3%.
• Inside same-store sales for the fourth quarter of fiscal year 2025 were up 1.7%.
• Inside margin for the first quarter of fiscal year 2026 was 41.9%.

Commuters and travelers needing fuel and quick food/beverage breaks are served by the extensive fuel offering and high-margin inside categories.

For the fourth quarter of fiscal year 2025, the fuel margin was 37.6 cents per gallon. Total fuel gross profit for that quarter increased 21.4% to $307.8 million.

Price-sensitive consumers looking for value-priced prepared food options are targeted through the continued strength of the prepared food category, which drives significant inside sales.

Prepared food and dispensed beverage revenue for fiscal year 2025 increased by $150,162 (in thousands) or 10.3%. This growth was supported by a 3.5% increase in same-store sales for that category in FY2025.

The overall inside gross profit for the fourth quarter of fiscal year 2025 was $582.4 million.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Cost Structure

You're looking at the major outlays Casey's General Stores, Inc. makes to keep the lights on and the fuel pumps running. Honestly, for a retailer of this scale, the cost structure is dominated by inventory and people.

Cost of Goods Sold (COGS) is the single largest cost component, reflecting the wholesale price paid for the fuel and merchandise inventory Casey's General Stores, Inc. sells. For the fiscal year ended April 30, 2025, the reported Cost of Goods Sold was approximately $12.19 billion. This figure naturally fluctuates with commodity prices, especially for fuel, where the company manages margin against cost of goods sold per gallon.

Operating expenses saw a notable increase. For the full fiscal year ended April 30, 2025, operating expenses reached $2.552 billion, which represented an 11.5% increase from the prior year. To give you a more current snapshot, the operating expenses for the fiscal quarter ending July 31, 2025, were reported as $4.26B. This increase in annual operating costs is something to watch, even as the company drives efficiency elsewhere.

Labor costs support over 49,000 Team Members across the network. [from prompt] While the dollar amount for total labor isn't explicitly broken out here, the focus on efficiency is clear; same-store labor hours were down year over year, marking twelve consecutive quarters of reduction as of the fiscal year ended April 30, 2025. That's a clear operational win.

The company commits significant capital to maintaining and growing its footprint. Capital expenditures for property and equipment were $506.2 million for the fiscal year ending April 2025. Looking ahead, Casey's General Stores, Inc. has projected capital expenditures of $600 million for fiscal year 2026. [from prompt] This investment fuels both new builds and the integration of acquired locations.

Major strategic moves also create significant, non-recurring costs. The acquisition of Fikes Wholesale, Inc., owner of CEFCO Convenience Stores, which closed on November 1, 2024, was an all-cash transaction totaling $1.145 billion. The net after-tax purchase price for this deal was $980 million, which included tax benefits valued at approximately $165 million. Integration costs are expected to be partially offset by targeted annual run-rate synergies of around $45 million after kitchen installations are complete at the acquired stores.

Here's a quick look at the key cost-related figures we've discussed for the most recent full fiscal year (FY2025 ended April 30, 2025) and projections:

The company is actively managing its cost base through efficiency measures, like reducing labor hours, while simultaneously absorbing the significant capital outlay required for expansion, both organically and through major acquisitions like the Fikes deal.

You should keep an eye on a few things driving these numbers:

• Fuel margin volatility affecting COGS impact.
• The pace of integrating the 198 acquired CEFCO stores.
• The realization of the targeted $45 million in annual run-rate synergies.
• The planned increase in CapEx to $600 million for FY2026. [from prompt]

Finance: draft 13-week cash view by Friday.

Casey's General Stores, Inc. (CASY) - Canvas Business Model: Revenue Streams

The revenue streams for Casey's General Stores, Inc. are heavily weighted toward in-store sales and fuel, with significant growth driven by recent acquisitions and strong same-store performance in food categories as of the fiscal year ended April 30, 2025.

Retail fuel sales remain a foundational component, though inside sales are the primary driver of margin expansion. Total revenue for fiscal 2025 increased by $1,077,986 (likely in thousands of USD) since the prior fiscal year, primarily driven by the Fikes acquisition, which added 198 convenience stores and a wholesale fuel network.

Prepared food and dispensed beverage sales showed robust growth. Revenue in this segment increased by 10.3% for fiscal 2025, with same-store sales for this category increasing by 3.5%. This growth was fueled by improved sales of hot sandwiches, bakery items, and dispensed beverages.

Grocery and general merchandise sales also contributed significantly to the top line. This segment saw revenue increase by 11.2%, with same-store sales growing by 2.3%, driven by strong performance in both alcoholic and non-alcoholic beverages.

The inside sales margin, which captures the profitability of food and merchandise, finished fiscal 2025 at 41.2%.

Here's a quick look at the reported revenue changes for fiscal 2025 compared to the prior year:

Wholesale fuel revenue is a newer, growing stream following the acquisition of Fikes Wholesale. This contributed to the Other revenue category increasing by 50.5%, or $137,369 (likely in thousands of USD), compared to the prior year.

Other revenue streams include ancillary services, most notably car washes. As of April 30, 2025, Casey's General Stores, Inc. had 260 store locations offering car washes. The company promotes both single washes and subscription options for these services.

The fuel segment's performance is also measured by margin and volume:

• Fuel same-store gallons sold increased by 0.1% in fiscal 2025.
• The fuel margin for fiscal 2025 was 37.6 cents per gallon.
• Total fuel gross profit increased by 21.4% to $307.8 million compared to the prior year.