Casey's Q4 2025: Discrepancies on Fikes Integration, Fuel Margins, and Consumer Behavior Insights

Record Financial Performance:
- Casey's General Stores reported record diluted earnings per share of $14.64, a 9% increase from the prior year, and generated a record $547 million in net income and $1.2 billion in EBITDA.
- The growth was driven by strong top-line growth, including total inside sales up 10.9%, and same-store inside sales up 2.6%.

Fuel Margin and Volume Growth:
- Fuel gross profit was up 11%, with total fuel gallons sold increasing by 13%, and an average fuel margin of $0.387 per gallon.
- The increase was attributed to effective management of fuel pricing and an increase in total gallons sold, particularly in new stores.

Store Growth and Acquisitions:
- The fiscal year 2025 marked the largest store growth year with 35 new builds and 235 units acquired, including the acquisition of 198 CEFCO stores through the Fikes transaction.
- This strategic approach of both building and acquiring stores supports predictable growth and leverages opportunities like the Fikes acquisition.

Operational Efficiency and Labor Hours Reduction:
- Same-store operating expenses excluding credit card fees were up only 1.7%, impacted favorably by a reduction of same-store labor hours by 2.4%.
- This efficiency was achieved through store simplification efforts, resulting in improved guest satisfaction and team member engagement.