Casey's · Earnings release · 8-K Exhibit 99

FOR IMMEDIATE RELEASE

Casey’s General Stores, Inc.

One SE Convenience Blvd

Casey's Announces First Quarter Results

Ankeny, IA, September 8, 2026 - Casey’s General Stores, Inc. ("Casey's" or the "Company") (Nasdaq: CASY) one of the leading convenience store chains in the United States, today announced financial results for the three months ended July 31, 2026.

First Quarter Key Highlights

•Diluted EPS of $7.37 up 27.7% from the same period a year ago. Net income was $273.7 million, up 27.1% from the prior year, and EBITDA1 was $485.1 million, up 17.1%, from the same period a year ago.

•Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a two-year stack basis, with an inside margin of 42.2%. Total inside gross profit increased 6.3% to $749.8 million compared to the prior year.

•Fuel same-store gallons sold were down 0.3% compared to prior year, and positive 1.4% on a two-year stack basis, with a fuel margin of 47.8 cents per gallon. Total fuel gross profit increased 19.6% to $446.9 million compared to the prior year.

•Casey's released its new three-year strategic plan in June.

"T1We are off to a great start on our three-year strategic plan, highlighted by a nearly 28% increase in diluted EPS,” said Darren Rebelez, Chairman, President and CEO. “Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies. On the fuel side, our team's robust capabilities helped us navigate a volatile environment and produced strong results. The operations team delivered an exceptional guest experience during our busiest quarter of the year. We accomplished all of this while running ahead of schedule on our integration of the Fikes acquisition."

Earnings

Three Months Ended July 31,

Net income (in thousands)

$

$

Diluted earnings per share

$

$

EBITDA (in thousands)

$

$

For the quarter, net income, diluted EPS, and EBITDA increased compared to the same period a year ago due to higher inside and fuel gross profit, partially offset by higher operating expenses.

1 EBITDA is reconciled to net income below.

Inside

Three Months Ended July 31,

Inside sales (in thousands)

$

$

Inside same-store sales

%

%

Grocery and general merchandise same-store sales

%

%

Prepared food and dispensed beverage same-store sales

%

%

Inside gross profit (in thousands)

$

$

Inside margin

%

%

Grocery and general merchandise margin

%

%

Prepared food and dispensed beverage margin

%

%

Total inside sales for the quarter were up 5.6% compared to the prior year. T2Prepared food and dispensed beverage same-store sales was driven primarily by positive traffic, led by whole pizzas, while grocery and general merchandise same-store sales had excellent performance in non-alcoholic beverages. Inside margin was up approximately 30 basis points compared to the same quarter a year ago, benefitting primarily from favorable mix shift and cost of goods management.

Fuel2

Three Months Ended July 31,

Fuel gallons sold (in thousands)

Same-store gallons sold

%

%

Fuel gross profit (in thousands)

$

$

Fuel margin (cents per gallon, excluding credit card fees)

¢

¢

For the quarter, total fuel gallons sold increased 2.5% compared to the prior year due to the store count increase, slightly offset by a modest decrease in same-store gallons sold. T3The Company’s total fuel gross profit was up 19.6% versus the prior year, due to an increase in gallons sold as well as fuel margin.

Operating Expenses

Three Months Ended July 31,

Operating expenses (in thousands)

$

$

Credit card fees (in thousands)

$

$

Same-store operating expenses excluding credit card fees

%

%

Operating expenses increased 8.0% during the first quarter. Operating 64 more stores than prior year accounted for approximately 2% of the increase. Same-store credit card fees added approximately 1.5% of the increase. Same-store employee expense contributed to approximately 1% of the increase, primarily due to increases in labor rates, while same-store labor hours were nearly flat. Insurance was responsible for approximately 1% of the increase.

2 Fuel category does not include wholesale fuel or terminal activity, which is included in Other.

Expansion

Store Count

New store construction

9

Acquisitions

Closed or divested

(6)

Liquidity

At July 31, 2026, the Company had approximately $1.4 billion in available liquidity, consisting of approximately $524 million in cash and cash equivalents on hand and approximately $857 million in available borrowing capacity on existing lines of credit.

Share Repurchase

T4During the quarter, the Company repurchased approximately $45.6 million of shares. The Company has approximately $973 million remaining under its existing share repurchase authorization.

Dividend

At its September meeting, the Board of Directors approved a quarterly dividend of $0.65 per share. The dividend is payable November 13, 2026, to shareholders of record on November 1, 2026.

The Company's fiscal 2027 outlook previously disclosed remains unchanged. Casey's expects the following performance during fiscal 2027. G1G2The Company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%. G3The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. G4Total operating expenses are expected to increase approximately 5% to 7%. G5The Company expects EBITDA to increase 8% to 10%, which would imply 35% on a two-year stack basis at the midpoint of the range.

T5The Company expects to open at least 120 stores in fiscal 2027 through a mix of M&A and new store construction. G6Net interest expense is expected to be approximately $95 million. G7G8Depreciation and amortization is expected to be approximately $490 million and the purchase of property and equipment is expected to be approximately $800 million. G9The tax rate is expected to be approximately 24% to 26% for the year.

Casey’s General Stores, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in thousands, except share and per share amounts)

(Unaudited)

Three Months Ended July 31,

Total revenue

$

$

Cost of goods sold (excluding depreciation and amortization, shown separately below)

Operating expenses

Depreciation and amortization

Interest, net

Income before income taxes

Federal and state income taxes

Net income

$

$

Net income per common share

Basic

$

$

Diluted

$

$

Basic weighted average shares

Plus dilutive effect of share-based compensation

Diluted weighted average shares

Casey’s General Stores, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$

$

Receivables

Inventories

Prepaid and other current assets

Income taxes receivable

—

Total current assets

Operating lease right-of-use assets, net

Other assets, net of amortization

Goodwill

Property and equipment, net of accumulated depreciation of $3,546,531 at July 31, 2026 and $3,444,442 at April 30, 2026

Total assets

$

$

Liabilities and Shareholders’ Equity

Current liabilities

Current maturities of long-term debt and finance lease obligations

$

$

Accounts payable

Accrued expenses and current portion of operating lease liabilities

Income taxes payable

—

Total current liabilities

Long-term debt and finance lease obligations, net of current maturities

Deferred income taxes

Operating lease liabilities, net of current portion

Insurance accruals, net of current portion

Other long-term liabilities

Total liabilities

Total shareholders’ equity

Total liabilities and shareholders’ equity

$

$

Casey’s General Stores, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

Three months ended July 31,

Cash flows from operating activities:

Net income

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Amortization of debt issuance costs

Change in excess replacement cost over LIFO inventory valuation

Share-based compensation

Loss on disposal of assets and impairment charges

Deferred income taxes

Changes in assets and liabilities:

Receivables

Inventories

Prepaid and other current assets

Accounts payable

Accrued expenses

Income taxes

Other, net

Net cash provided by operating activities

Cash flows from investing activities:

Purchase of property and equipment

Payments for acquisition of businesses, net of cash acquired

Proceeds from sales of assets

Net cash used in investing activities

Cash flows from financing activities:

Proceeds from long-term debt

—

Payments of long-term debt and finance lease obligations

Payments of cash dividends

Repurchase of common stock and payment of related excise taxes

Tax withholdings on employee share-based awards

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

$

$

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

Three months ended July 31,

Cash paid during the period for:

Interest, net of amount capitalized

$

$

Income taxes, net

Noncash activities:

Purchased property and equipment in accounts payable

Right-of-use assets obtained in exchange for new finance lease liabilities

Right-of-use assets obtained in exchange for new operating lease liabilities

—

Summary by Category (Amounts in thousands)

Prepared Food & Dispensed Beverage

Grocery & General

Merchandise

Fuel

Other

Total

Revenue

$

$

$

$

$

Gross profit

$

$

$

$

$

%

%

%

%

%

Fuel gallons sold

Revenue

$

$

$

$

$

Gross profit

$

$

$

$

$

%

%

%

%

%

Fuel gallons sold

Prepared Food & Dispensed Beverage

Prepared Food & Dispensed Beverage

Same-store Sales

Margin

Q1

Q2

Q3

Q4

Fiscal

Year

Q1

Q2

Q3

Q4

Fiscal

Year

%

%

%

%

%

%

%

%

%

%

Grocery & General Merchandise

Grocery & General Merchandise

Same-store Sales

Margin

Q1

Q2

Q3

Q4

Fiscal

Year

Q1

Q2

Q3

Q4

Fiscal

Year

%

%

%

%

%

%

%

%

%

%

Fuel Gallons

Fuel Margin

Same-store Sales

(Cents per gallon, excluding credit card fees)

Q1

Q2

Q3

Q4

Fiscal

Year

Q1

Q2

Q3

Q4

Fiscal

Year

%

¢

%

%

%

%

¢

¢

¢

¢

RECONCILIATION OF NET INCOME TO EBITDA

We define EBITDA as net income before net interest expense, income taxes, and depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by the Company for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.

Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.

The following table contains a reconciliation of net income to EBITDA for the three months ended July 31, 2026 and 2025:

(in thousands)

Three Months Ended July 31,

Net income

$

$

Interest, net

Federal and state income taxes

Depreciation and amortization

EBITDA

$

$

NOTES:

•Gross profit is defined as revenue less cost of goods sold (excluding depreciation and amortization)

•Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage

This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of conflicts in oil producing regions or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website.

Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.

Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on September 9, 2026. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-presentations. No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-presentations for one year after the call.

Investor Relations Contact:

Media Relations Contact:

CASY-IR