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Analyst
Brad Thomas
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q3 (6 quarters; questions recorded in 5).
- Questions
- 12on tracked calls
- Challenge rate
- 0%none of 12 questions
- Companies
- 4questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 4 companies
CASYCasey's General Stores, Inc.8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
I wanted to ask about the same store gallons. Know it is tracking within your annual guidance.
Show response
Darren said same-store gallons were down 0.3%, but net of a roughly 50 basis point Cefco drag were about up 20 basis points, and up 1.4% on a 2-year stack versus a 10% OPIS Mid Continent decline, showing share gains.
Calendar 2026 Q2
any nuances you're seeing from a competitive standpoint in these or any other markets
Show response
Darren expressed confidence competing in new geographies, noting Texas has been good and Florida growth will skew north and west from the panhandle.
Calendar 2026 Q1
just curious, Darren, if you could comment any more on what you're seeing out of the other C-store players and restaurant competitors of yours.
Show response
Darren said QSR/pizza under pressure from absorbing all cost increases into one business (food) vs Casey's three businesses. Price gap widening in Casey's favor. Half of stores have no national pizza competitor. C-store competition faced daily in suburbs/larger markets with strong results due to differentiated food offer.
Is there a particular price for gas and oil where we could think about or should think about the algorithm changing?
Show response
Darren said geopolitical cycle doesn't change long-term algorithm. Full cycle ran in 24 hours yesterday demonstrating volatility. February CPG was $0.40/gal (strong start to Q4). Will manage month-to-month but algorithm unchanged.
Calendar 2025 Q4
I was wondering Darren, if you could talk a little bit more about your confidence level in your insulation from some of that competition.
Show response
Darren said they compete daily with large regional players in Des Moines, Texas, Missouri, Illinois and perform well. Differentiated offer vs competitors. Very comfortable competing at highest level in most competitive markets.
Curious if there was anything that you'd seen in your business. A consumer perspective.
Show response
Darren said SNAP-eligible sales less than 2% of business. Government shutdown had no discernible impact on Casey's results.
Calendar 2025 Q2
as we think about inflation, what are you seeing? How are you thinking about that potentially impacting your consumer as tariffs continue to flow through?
Show response
Darren said commodities fairly flat with no tariff flow-through seen yet. Grocery and G&M ex-tobacco also no inflation. Accelerated depreciation in the bill could be a tailwind. No specific consumer-impacting provisions identified.
I was wondering if you could talk about any new learnings on the likelihood that the Casey's models continue to be very successful as they go into those new states?
Show response
Darren said Texas and Florida performing as expected. Three converted proof-of-concept stores in Texas received well, especially pizza. Those geographies have thinner fuel margins but higher volumes, exactly as modeled for the Fikes deal.
WMTWalmart Inc.2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q3
how to think about the impact of fair pricing, particularly as we look out over a couple of years here?
Show response
Furner and Guggina acknowledged the MFP headwind but emphasized growing prescription volumes, share gains, and the high incremental spend of health and wellness customers.
Calendar 2025 Q2
The Walmart Connect growth was particularly impressive
Show response
Furner said Walmart Connect up 31% with strong results across global advertising businesses. In initial stages of VIZIO integration excited about plans for rest of year with great frictionless operating system. Core advertising strength from marketplace seller advertising growth. GMV consistent in mid to high 20s with strong April exit. Pharmacy delivery launch creating new advertising opportunities. Broad mix of capabilities across first-party and third-party suppliers.
TGTTarget Corporation1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
Can you just help us process what you're assuming in terms of the current tariff rates? And if the current rates from the way the Supreme Court has ruled and the way the administration has reacted,...
Show response
Fiddelke declines to specify tariff assumptions in the guide, instead citing confidence in the team's ability to navigate volatility based on 2025 experience. Jim adds focus will be on providing value to guests regardless of rate movements. No quantification offered.
WSMWilliams-Sonoma1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q2
I wanted to ask about merchandise margins, and I was hoping you could just address the decline from last year
Show response
Jeff clarified MMU decline was from higher ocean freight and tariff mitigation costs, not promotion. Full-price selling penetration actually increased. Supply chain savings of 120bps partially offset.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CASY Casey's General Stores, Inc. | 8 | 0%none of 8 questions |
| WMT Walmart Inc. | 2 | —Rate withheld: fewer than 3 questions |
| TGT Target Corporation | 1 | —Rate withheld: fewer than 3 questions |
| WSM Williams-Sonoma | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 4 | 0%none of 4 questions | 3 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 2 | 0%none of 2 questions | 2 |
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q3No questions recorded
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand4
- Competitive Dynamics4
- Geographic Expansion3
- Macroeconomic3
- Margin3
- Pricing2
- Trade Tariffs2
- Regulation Policy1
- Guidance Reliability1
- Revenue Growth1
Show all 11 topics
- M&A1