Casey’s Earnings: Profits Buoyed by Strong Fuel Margins and Resilient In-Store Sales

Narrow-moat Casey's delivered strong fiscal 2025 third-quarter results as continued growth in fuel gallons sold and in-store sales helped the firm offset elevated integration costs associated with the acquisition of Fikes. As such, EPS of $2.33 was consistent with the prior year and comfortably outpaced our $1.85 estimate. We plan to raise our $295 fair value estimate by around a mid-single-digit percentage due to the better-than-expected results, and we anticipate increasing our fiscal 2025 forecast for fuel gallons sold to about 3.2 billion (from 3.1 billion).