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Get filing alertsCasey's unveils 3-year plan targeting 8-10% EBITDA growth, 400+ stores, $2B free cash flow
Filed June 24, 2026 · Period ending June 24, 2026 · ~1 min read
Key Changes
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New FY27-FY29 plan targets 8-10% EBITDA CAGR, at least 400 new stores via builds and acquisitions, mid-single-digit inside same-store sales growth, and approximately $2 billion in free cash flow over three years.
Exhibit 99.1 view on EDGAR → -
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Prior FY24-FY26 plan exceeded all targets: delivered 16% EBITDA CAGR (vs. 8-10% goal), added 504 stores (vs. 350+ goal), and generated $1.68 billion free cash flow (vs. $1.25B goal).
Exhibit 99.1 view on EDGAR → -
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Casey's added to S&P 500 index in 2026 after crossing $20 billion market cap threshold in 2025, marking a significant corporate milestone.
Exhibit 99.1 view on EDGAR → -
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Board authorized new $1 billion share repurchase program; company repurchased approximately $1.7B in FY26. Capital priorities remain unit growth, 2.0x debt-to-EBITDA target, and 15-20% dividend payout ratio.
Exhibit 99.1 view on EDGAR → -
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Casey's Rewards loyalty program grew to approximately 11 million members (60%+ growth over prior three years); rewards members visit and spend 4x more than non-members.
Exhibit 99.1 view on EDGAR →
Summary
Casey's General Stores held its 2026 Investor Day on June 24, presenting a new three-year strategic plan and reporting strong execution on its prior plan. The company exceeded all FY24-FY26 targets, delivering 16% EBITDA growth versus an 8-10% goal, adding 504 stores versus a 350+ target, and generating $1.68 billion in free cash flow against a $1.25 billion target.
The new FY27-FY29 plan maintains similar growth ambitions: 8-10% EBITDA CAGR, at least 400 new stores, and approximately $2 billion in free cash flow, while targeting inside margin expansion and mid-40s cents-per-gallon fuel margins. For retail holders, the track record of exceeding prior targets provides credibility to the new plan's feasibility.
The S&P 500 addition in 2026 brings increased institutional ownership and index fund flows. The $1 billion repurchase authorization signals management confidence in the stock's valuation and provides capital return optionality alongside the growing dividend (27 consecutive years of increases). The loyalty program's 11 million members and 4x spending differential versus non-members represents a structural competitive advantage in a fragmented convenience store market. The combination of proven execution, disciplined capital allocation, and a clear growth runway makes this a constructive update for long-term shareholders.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Casey's furnished its 2026 Investor Day presentation materials via 8-K, a routine disclosure with no material business updates.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
on June 24, 2026, Casey's General Stores, Inc. will host its 2026 Investor Day in New York City. A copy of the presentation that will be utilized during the event is attached as Exhibit 99.1
The company is hosting an investor day event and has furnished the presentation materials via this 8-K filing. This is a routine disclosure practice for investor relations events; the filing itself contains no substantive business updates, financial results, or strategic announcements beyond the fact that the event is occurring and materials are being shared.
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
EBITDA % GROWTH 8%-10%CAGR STORE GROWTH At least 400 stores via new builds & acquisitions SAME-STORE SALES Inside sales: mid single digit increase Fuel gallons: ~flat GROSS PROFIT MARGIN % Inside store margin expansion Fuel margin: mid 40s CPG OPERATIONAL EFFICIENCIES EBITDA growth OpEx growth < FREE CASH FLOW ~$2B FY27-FY29 GUIDANCE
Casey's disclosed a new three-year strategic plan ($1.7B, FY27-FY29) targeting 8-10% EBITDA compound annual growth, at least 400 new stores through builds and acquisitions, mid-single-digit inside same-store sales growth, flat fuel gallons, inside store margin expansion, mid-40s cents-per-gallon fuel margin, operating expense growth below EBITDA growth, and approximately $2 billion in free cash flow. This plan follows the successful completion of the prior FY24-FY26 plan which delivered 16% EBITDA CAGR and 504 new stores.
Added in current filing · view on EDGAR →
SAME-STORE SALES RESULTS GUIDANCE FREE CASH FLOW FY24-FY26 EBITDA % GROWTH STORE GROWTH GROSS PROFIT MARGIN OPERATIONAL EFFICIENCIES 8%-10% CAGR 350+ stores via new builds & acquisitions ~$1.25B ~$1.68B INSIDE SALES GROWTH mid single digit FUEL GALLON GROWTH flat to low single digit INSIDE STORE MARGIN EXPANSION FUEL MARGIN mid-30s CPG 10% CAGR < 16% CAGR EBITDA growth OpEx growth < 16% CAGR 504 STORES 4% AVG 1% AVG 40 CPG AVG +230 BPS
Casey's reported exceeding all targets from its FY24-FY26 strategic plan. The company achieved 16% EBITDA CAGR (vs. 8-10% target), added 504 stores (vs. 350+ target), generated $1.68 billion free cash flow (vs. ~$1.25B target), delivered 4% average inside same-store sales growth, 1% average fuel gallon growth, 40 cents-per-gallon average fuel margin, and 230 basis points of inside margin expansion. Operating expense growth of 10% CAGR was below the 16% EBITDA growth.
Added in current filing · view on EDGAR →
~11M (and growing) members
Casey's Rewards loyalty program has grown to approximately 11 million members, representing over 60% growth from the prior three-year period. The presentation notes that Casey's Rewards guests on average frequented the store and spent 4 times more than non-rewards members, and that ~70% of Casey's Rewards guests earn over $50,000 per year. The loyalty platform is described as a structural advantage enabling hyper-personalization to influence guest behavior.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 26, 2026 · How we verify