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Oct 31, 2024
Casey's Q2 2025 Earnings Report
Casey's reported a strong second quarter with increased EPS and robust inside gross profit growth.
Key Takeaways
Casey's announced strong second quarter results with a 14% increase in diluted EPS to $4.85 and a 14% increase in net income to $181 million. Inside same-store sales increased by 4.0%, driven by the prepared food and dispensed beverage category. Fuel margin was 40.2 cents per gallon.
Diluted EPS increased by 14% to $4.85 compared to the same period last year.
Inside same-store sales grew by 4.0%, with a margin of 42.2%.
Same-store fuel gallons decreased by 0.6%, with a fuel margin of 40.2 cents per gallon.
Closed the acquisition of Fikes Wholesale, adding 198 CEFCO Convenience Stores.
Revenue by Segment
Forward Guidance
Casey’s is updating the 2025 outlook primarily due to the acquisition of Fikes, which closed on November 1, 2024. EBITDA is expected to increase at least 10%.
Positive Outlook
- EBITDA is expected to increase at least 10%.
- Same-store operating expense excluding credit card fees are expected to only increase 2% for the year.
- Depreciation and amortization is expected to be approximately $410 million.
- Casey’s expects to add approximately 270 stores for the fiscal year.
- The Company expects inside margin comparable to fiscal 2024.
Challenges Ahead
- Casey’s expects to incur an additional $15 to $20 million in one-time deal and integration costs, primarily in the third quarter.
- EBITDA contribution from Fikes is expected to be modestly dilutive in the third quarter.
- Interest expense will be approximately $35 million higher than the original outlook due to the financing of the transaction.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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