Core Insights - Casey's General Stores, Inc. is set to release its first-quarter earnings results on September 8, with expected earnings of $5.06 per share, an increase from $4.83 per share in the same period last year [1] - The company is projected to report quarterly revenue of $4.48 billion, up from $4.1 billion a year earlier [1][2] Analyst Ratings - Keybanc analyst Bradley Thomas maintained an Overweight rating and raised the price target from $550 to $575 [9] - Goldman Sachs analyst Bonnie Herzog maintained a Neutral rating and increased the price target from $385 to $450 [9] - BMO Capital analyst Kelly Bania maintained a Market Perform rating and boosted the price target from $450 to $515 [9] - Wells Fargo analyst Anthony Bonadio maintained an Overweight rating and raised the price target from $460 to $540 [9]

Core Insights - Casey's General Stores, Inc. is experiencing growth driven by consumer preferences for convenience and quick-service retail, with upcoming quarterly earnings being closely monitored by investors [1] - Analysts project Casey's to report quarterly earnings of $5.06 per share, an increase from $4.83 per share in the previous year, and quarterly revenue of $4.48 billion, up from $4.1 billion a year earlier [2] - The company currently offers an annual dividend yield of 0.46%, translating to a quarterly dividend of 57 cents per share, which could be leveraged by investors for regular income [3] Financial Performance - The expected earnings per share for the first quarter is $5.06, reflecting a year-over-year increase [2] - Projected quarterly revenue is $4.48 billion, indicating growth compared to the previous year's $4.1 billion [2] - The stock price closed at $498.18, showing a slight decline of 0.3% [6] Dividend Insights - To achieve a monthly income of $500 from dividends, an investment of approximately $1,311,210 or around 2,632 shares is required, while a more modest goal of $100 per month would need $262,043 or about 526 shares [3] - The dividend yield is subject to change based on fluctuations in both the dividend payment and the stock price [4][6] - An example illustrates how changes in stock price affect dividend yield, emphasizing the importance of monitoring both factors for investors [5]

Core Insights - Casey's General Stores is set to report its fiscal first-quarter earnings on September 8, 2025, with analysts projecting an EPS of $5.06 and revenue of $4.48 billion, reflecting a 4% year-over-year growth in earnings and a 9% increase in sales compared to the previous year [2] - For the full year 2025, Casey's reported an EPS of $14.64, EBITDA of $1.2 billion, and expanded its store count by 270, while increasing its dividend by 14% to $0.57 per share [3] - The company has a market capitalization of $18 billion and reported $16 billion in revenue over the last twelve months, with operating profits of $796 million and net income of $547 million [4] Earnings Performance - Historically, Casey's stock has decreased 60% of the time after earnings announcements, with a median one-day drop of 2.7% and a maximum decline of 7% [2] - Over the last five years, positive one-day post-earnings returns occurred approximately 40% of the time, increasing to 58% when analyzing the last three years [6] - The median of positive one-day returns was 7.6%, while the median of negative returns was -2.7% [6] Strategic Outlook - Casey's provided FY2026 guidance of 10%–12% EBITDA growth and 2%–5% same-store inside sales growth, indicating a focus on strong financial results and strategic expansion [3] - The correlation between one-day and five-day post-earnings returns can inform trading strategies, with higher correlations suggesting potential for short-term gains [7][8]

Core Insights - Talking Rain Beverage Company has launched a new product, Sparkling Ice Caffeine Cherry Cola, which features 70mg of caffeine and is marketed as a zero-sugar refreshment [1][5] - The product will be exclusively available at Casey's convenience stores, which is the third largest convenience store chain in the U.S. with over 2,900 locations [2][8] - Casey's Rewards Members can purchase two Sparkling Ice drinks for $3 throughout September, and starting in October, they can enjoy a slice of pizza with the new drink for $4 [2] Company Overview - Talking Rain is a family-owned company based in Preston, Washington, known for its Sparkling Ice brand, which is the number one sparkling water brand in the U.S. [6] - The company focuses on creating full-flavored, better-for-you beverages enriched with vitamins and antioxidants [6] Industry Trends - The caffeinated sparkling water category is experiencing significant growth, with market research predicting sales to reach $600 million by 2027 [5] - The launch of Sparkling Ice Caffeine Cherry Cola taps into ongoing consumer interest in nostalgic flavors and healthier beverage options [5][3]

Corporate Leadership and Performance - The shift towards gender-diverse leadership is transforming corporate cultures and enhancing business performance across various sectors, including technology and healthcare [2][4] - Women-led firms are setting new benchmarks for strategic growth and operational excellence, often outperforming their industry peers [2][4] Case Studies of Women-Led Companies - American Water Works' Cheryl Norton has advanced infrastructure resilience and innovation, earning multiple leadership awards [3] - Apple's Deirdre O'Brien has significantly shaped the company's global retail presence and internal culture, overseeing flagship store expansions and community engagement programs [3] Financial Market Recognition - ESG-focused funds are increasingly prioritizing companies with women in executive roles, recognizing the value of gender-diverse leadership [4] - Women entrepreneurs own 42% of U.S. businesses, employing 9.4 million workers and generating $1.9 trillion in annual revenues [4] Funding Challenges for Women Entrepreneurs - Women-led startups receive only about 2% of venture capital funding in the U.S. and Europe, partly due to biases in the investment community [5] - Women entrepreneurs are less likely to seek financing, with only 25% pursuing loans compared to 33% of male business owners [5] Investment Opportunities in Women-Led Companies - Companies like Newmont Corporation, Ralph Lauren Corporation, Automatic Data Processing, Inc., and Casey's General Stores exemplify strong leadership and strategic vision, making them attractive investment opportunities [6] - Newmont's recent performance includes adjusted earnings per share of $1.43 and revenue of approximately $5.32 billion, with a record $1.7 billion in quarterly free cash flow [9][10] - Ralph Lauren reported a 14% year-over-year revenue increase, with an 8% uptick in North America, indicating growth potential under new leadership [13][14] - Automatic Data Processing achieved 7% revenue growth and 9% adjusted EPS growth in fiscal 2025, supported by a people-centric strategy [15][17] - Casey's reported $15.9 billion in revenues and $546.5 million in net income for fiscal 2025, reflecting strong operational execution [19][20]

Group 1 - Potbelly (PBPB) is a strong performer in the Retail-Wholesale sector, with a year-to-date return of 33.8%, significantly outperforming the sector average of 6.2% [4] - The Zacks Rank for Potbelly is 2 (Buy), indicating positive analyst sentiment and a favorable earnings outlook, with a 13% increase in the consensus estimate for full-year earnings over the past quarter [3] - Potbelly belongs to the Retail - Restaurants industry, which has seen a decline of about 4.1% year-to-date, further highlighting Potbelly's strong performance relative to its industry [5] Group 2 - Casey's General Stores (CASY) is another Retail-Wholesale stock that has outperformed the sector, with a year-to-date return of 30.2% [4] - The Retail - Convenience Stores industry, to which Casey's belongs, has a year-to-date increase of 8.2%, ranking 100 in the Zacks Industry Rank [6] - Both Potbelly and Casey's General Stores are recommended for investors interested in Retail-Wholesale stocks due to their solid performance [6]

Company Performance - Casey's General Stores underwent a turnaround that improved operations [1] - The turnaround included cost reduction measures [1] - The company achieved steady sales growth despite a challenging retail environment [1] Market Position - Casey's General Stores has become a stock picker's favorite [1] - The company was previously an activist target [1]

Core Viewpoint - Casey's General Stores (CASY) has seen a 4.5% increase in share price over the past month, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1] Group 1: Earnings Report and Market Reaction - The last earnings report for Casey's was about a month ago, and since then, the stock has performed well [1] - Recent estimates for the stock have trended downward over the past month, indicating potential concerns among analysts [2] Group 2: VGM Scores and Investment Strategy - Casey's currently holds a Growth Score of A, a Momentum Score of B, and a Value Score of C, placing it in the middle 20% for the value investment strategy [3] - The aggregate VGM Score for the stock is A, which is significant for investors not focused on a single strategy [3] Group 3: Outlook and Future Expectations - The downward trend in estimates suggests a cautious outlook, but the magnitude of these revisions appears promising [4] - Casey's holds a Zacks Rank of 3 (Hold), indicating expectations for an in-line return from the stock in the coming months [4]

Group 1: Market Overview - As of July 1, 2025, two stocks in the consumer staples sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating that a stock may be overbought [2] Group 2: Company Performance - Caseys General Stores Inc reported better-than-expected fourth-quarter financial results, with same-store sales up 2.6% and fuel gross profit increasing by 10.7% year-over-year [6] - The stock of Caseys General Stores has seen a 16% increase over the past month, reaching a 52-week high of $514.32, with an RSI value of 70.4 [6] - Estee Lauder Companies Inc also experienced a stock gain of around 21% over the past month, with a 52-week high of $108.37 and an RSI value of 74.4 [6]

Part I [Business](index=4&type=section&id=ITEM%201.%20Business) The company operates 2,904 convenience stores focused on prepared foods and fuel, recently expanding through the major acquisition of Fikes Wholesale - As of April 30, 2025, the Company operates **2,904 convenience stores** across 20 states, with approximately **71% located in areas with populations under 20,000**[13](index=13&type=chunk)[14](index=14&type=chunk) - On November 1, 2024, Casey's acquired Fikes Wholesale, adding **198 stores**, including its first locations in Alabama, Florida, and Mississippi, and its first fuel terminal in Waco, Texas[13](index=13&type=chunk) - Prepared food and grocery/general merchandise items, while representing about **34% of total revenue** over the last three fiscal years, have generated approximately **63% of the revenue less cost of goods sold**[28](index=28&type=chunk) - The Casey's Rewards loyalty program has grown to over **9 million members**, allowing customers to earn points for fuel discounts, Casey's Cash, or donations to local schools[31](index=31&type=chunk) - As of April 30, 2025, the company employed **23,338 full-time and 25,934 part-time team members**[42](index=42&type=chunk) Retail Fuel Operations Summary (FY2023-FY2025) | Fiscal Year | Gallons Sold (thousands) | Total Retail Fuel Revenue ($ thousands) | % of Total Revenue | Avg. Cents Per Gallon Margin | | :--- | :--- | :--- | :--- | :--- | | **2025** | 3,196,852 | $9,776,033 | 61.3% | 38.68¢ | | **2024** | 2,828,669 | $9,402,071 | 63.3% | 39.48¢ | | **2023** | 2,672,366 | $10,027,310 | 66.4% | 40.22¢ | [Risk Factors](index=9&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces significant operational, regulatory, industry, and strategic risks, including cybersecurity, supply chain, and competition - A **cyber or data security incident** could lead to significant financial loss, litigation, and reputational damage[59](index=59&type=chunk)[60](index=60&type=chunk) - The business is exposed to **commodity price fluctuations**, particularly for cheese and proteins, which could adversely affect profitability[62](index=62&type=chunk) - Difficulties in **recruiting and retaining qualified team members**, especially drivers and hourly store staff, could materially impact operations[66](index=66&type=chunk)[67](index=67&type=chunk) - The **volatility of wholesale petroleum costs** significantly affects operating results, as fuel sales accounted for approximately 64% of total revenue[92](index=92&type=chunk) - The convenience store industry is **highly competitive**, with pressure from other convenience chains, supermarkets, and fast-food outlets[93](index=93&type=chunk) - The growth strategy faces risks related to **identifying and integrating acquisitions**, including potential difficulties with financing and operational systems[95](index=95&type=chunk) [Unresolved Staff Comments](index=16&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[103](index=103&type=chunk) [Cybersecurity](index=16&type=section&id=ITEM%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program overseen by the Board's Audit Committee and has had no material incidents to date - The Board's **Audit Committee provides oversight of cybersecurity risk**, with regular updates from the CIO and CISO[104](index=104&type=chunk) - The company's information security program is based on recognized frameworks like the **NIST CSF and PCI DSS**[105](index=105&type=chunk) - A formal **Cybersecurity Incident Response Plan** and a cross-functional team are in place to manage potential security events[107](index=107&type=chunk) - To date, **no cybersecurity incidents have resulted in a material adverse effect** on the company's business, financial condition, or operations[108](index=108&type=chunk) [Properties](index=17&type=section&id=ITEM%202.%20Properties) The company owns the majority of its real estate, including its corporate headquarters, distribution centers, and most of its store locations - The company **owns its corporate headquarters, three distribution centers, and a fuel terminal**[109](index=109&type=chunk) - As of April 30, 2025, the company **leased the land and/or building for 245** of its store locations, with the remainder being owned[110](index=110&type=chunk) [Legal Proceedings](index=17&type=section&id=ITEM%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from the financial statement notes - The required information is **incorporated by reference from Note 10** to the Consolidated Financial Statements[111](index=111&type=chunk) [Mine Safety Disclosures](index=17&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[112](index=112&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=18&type=section&id=ITEM%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Casey's common stock (NASDAQ: CASY) features a growing dividend and an active share repurchase program - The company's common stock trades on the Nasdaq Global Select Market under the symbol **CASY**[114](index=114&type=chunk) - **Dividends declared in fiscal 2025 totaled $2.00 per share**, up from $1.72 per share in fiscal 2024[116](index=116&type=chunk) - As of April 30, 2025, **$295.1 million remained available** under the company's $400 million share repurchase program[119](index=119&type=chunk) - **No shares of common stock were repurchased** during the fourth quarter ended April 30, 2025[118](index=118&type=chunk) [[Reserved]](index=19&type=section&id=ITEM%206.%20%5BReserved%5D) This item is not applicable - Not applicable[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 revenue and net income grew significantly, driven by the Fikes acquisition, despite higher operating expenses and increased debt - **Store count grew by a net 246 stores** in fiscal 2025, from 2,658 to 2,904, primarily through acquisitions and new constructions[126](index=126&type=chunk) - **Operating expenses increased by 11.5% ($263.8M)**, with approximately 10% of the increase due to operating more stores and acquisition costs[135](index=135&type=chunk) - **Net cash provided by operating activities increased by $197.9M** to $1.09 billion in FY2025, driven by improved profitability[160](index=160&type=chunk) - The company used proceeds from **$1.1 billion in new long-term debt** to partially fund the Fikes acquisition[162](index=162&type=chunk) Fiscal 2025 vs. Fiscal 2024 Performance | Metric | Fiscal 2025 | Fiscal 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $15,940.9M | $14,862.9M | +7.3% | | Net Income | $546.5M | $502.0M | +8.9% | | Diluted EPS | $14.64 | $13.43 | +9.0% | | EBITDA (Non-GAAP) | $1,200.0M | $1,059.4M | +13.3% | FY2025 Same-Store Sales Growth | Category | Same-Store Sales Growth | | :--- | :--- | | Prepared food and dispensed beverage | +3.5% | | Grocery and general merchandise | +2.3% | | Fuel gallons sold | +0.1% | [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate fluctuations on its variable-rate debt and volatility in fuel prices - The primary market risk exposure is from **interest rate changes on floating-rate long-term debt**[180](index=180&type=chunk) - A **100-basis-point (1%) increase in interest rates** would result in an approximate **$10.2 million annualized increase in interest expense**[180](index=180&type=chunk) - The company uses **futures contracts to economically hedge price risk** on bulk fuel stored in terminals and pipelines[181](index=181&type=chunk) [Financial Statements and Supplementary Data](index=29&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) The audited financial statements reflect significant growth due to the Fikes acquisition, with an unqualified audit opinion from KPMG LLP - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the consolidated financial statements and internal controls[184](index=184&type=chunk)[201](index=201&type=chunk) - Critical audit matters identified were the **valuation of merchandise inventory** and the **fair value of real property acquired** in the Fikes business combination[189](index=189&type=chunk)[194](index=194&type=chunk) - The **Fikes acquisition on Nov 1, 2024, for a purchase price of $1.17 billion**, resulted in the recognition of **$577.7 million in goodwill**[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - The company operates as a **single reportable segment**, with the CODM assessing performance based on consolidated profitability metrics[297](index=297&type=chunk)[298](index=298&type=chunk) Consolidated Balance Sheet Highlights (as of April 30) | Account | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Total Current Assets | $1,012,853 | $829,854 | | Net Property and Equipment | $5,413,244 | $4,669,357 | | Goodwill | $1,244,893 | $652,663 | | **Total Assets** | **$8,208,118** | **$6,347,433** | | Total Current Liabilities | $1,101,693 | $953,466 | | Long-Term Debt & Leases | $2,413,620 | $1,582,758 | | **Total Liabilities** | **$4,699,448** | **$3,332,052** | | **Total Shareholders' Equity** | **$3,508,670** | **$3,015,381** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=52&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[301](index=301&type=chunk) [Controls and Procedures](index=52&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls were effective, excluding the recently acquired Fikes business from the assessment - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of April 30, 2025[302](index=302&type=chunk) - Management's report on internal control over financial reporting concluded that **controls were effective** as of April 30, 2025[307](index=307&type=chunk) - The assessment of internal controls **excluded the Fikes acquisition**, which is permitted by the SEC for recent business combinations[306](index=306&type=chunk) [Other Information](index=52&type=section&id=ITEM%209B.%20Other%20Information) The company reports that this item is not applicable - Not applicable[309](index=309&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=52&type=section&id=ITEM%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports that this item is not applicable - Not applicable[310](index=310&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=53&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, officers, and governance, including the Code of Ethics, is incorporated by reference from the Proxy Statement - Detailed information regarding directors, executive officers, and corporate governance is **incorporated by reference** from the company's forthcoming Proxy Statement[312](index=312&type=chunk) - The Company has adopted a **Financial Code of Ethics** and a **Code of Conduct and Ethics**, which are available on its website[313](index=313&type=chunk) [Executive Compensation](index=53&type=section&id=ITEM%2011.%20Executive%20Compensation) Details regarding executive and director compensation are incorporated by reference from the company's forthcoming Proxy Statement - All information related to executive and director compensation is **incorporated by reference** from the company's forthcoming Proxy Statement[315](index=315&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=53&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership by major shareholders and management is incorporated by reference from the Proxy Statement - Information on security ownership and equity compensation plans is **incorporated by reference** from the company's forthcoming Proxy Statement[316](index=316&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=53&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Disclosures on related party transactions and director independence are incorporated by reference from the Proxy Statement - Disclosures on related transactions and director independence are **incorporated by reference** from the company's forthcoming Proxy Statement[317](index=317&type=chunk) [Principal Accountant Fees and Services](index=53&type=section&id=ITEM%2014.%20Principal%20Accountant%20Fees%20and%20Services) Details on fees paid to the principal accountant are incorporated by reference from the company's Proxy Statement - Information on principal accountant fees and services is **incorporated by reference** from the company's forthcoming Proxy Statement[318](index=318&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=54&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and key exhibits filed, including acquisition and debt agreements - This section lists all **financial statements and exhibits** filed with the Form 10-K[321](index=321&type=chunk) - Key exhibits include the **Fikes acquisition agreement, various debt agreements, executive compensation plans, and Sarbanes-Oxley certifications**[320](index=320&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) [Form 10-K Summary](index=56&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) The company reports that this item is not applicable - Not applicable[323](index=323&type=chunk)