Fiscal year ends DecLast earnings: Mar 10, 2026Next earnings: Jun 9, 2026
Latest Score
8.0/ 10
+1.0vs prior
4-Period Change
+2.0
vs Q3 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
3%
All quarters
8.0out of 10Positive
Sentiment · FY2026 Q3
Q2 '25Q3 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base5Base 5GAAP revenue YoY +0.32% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0
Transcript 0Fikes fully anniversaried this quarter (closed Nov 1 2024, prior year Q3 also included 3 months of Fikes). Operating only 1% more stores YoY. Revenue flat at +0.3% due to 4.6% fuel retail price decline, but CASY is not in the Sector Rules Table. Inside sales +5.7%, fuel gallons +2.3%. No Tier 2 adjustment applicable. tx = 0.
+
EPS+1EPS +1GAAP EPS YoY 49.79% vs rev 0.32%, spread +49.47 percentage points (outside +5 percentage points -> +1). operating income YoY 125.21%, operating income spread +124.89 percentage points (outside +5 percentage points -> +1). Both agree outside +5 percentage points same direction. Prior year depressed by $13M integration costs and Fikes-related tax benefit, but no qualifying charges in CURRENT quarter -> standard +1.
+
Guidance+2Guidance +2EBITDA guidance raised from 15-17% to 18-20%. Prior midpoint 16%, new midpoint 19%, percentage change of 18.75% which exceeds 3% threshold. Inside SSS also raised (3-4% to 3.5-4.5%). Second consecutive significant raise -> +2.
=
Final8
How this score was built
Base5Base 5GAAP revenue YoY +0.32% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0Fikes fully anniversaried this quarter (closed Nov 1 2024, prior year Q3 also included 3 months of Fikes). Operating only 1% more stores YoY. Revenue flat at +0.3% due to 4.6% fuel retail price decline, but CASY is not in the Sector Rules Table. Inside sales +5.7%, fuel gallons +2.3%. No Tier 2 adjustment applicable. tx = 0.+EPS+1EPS +1GAAP EPS YoY 49.79% vs rev 0.32%, spread +49.47 percentage points (outside +5 percentage points -> +1). operating income YoY 125.21%, operating income spread +124.89 percentage points (outside +5 percentage points -> +1). Both agree outside +5 percentage points same direction. Prior year depressed by $13M integration costs and Fikes-related tax benefit, but no qualifying charges in CURRENT quarter -> standard +1.+Guidance+2Guidance +2EBITDA guidance raised from 15-17% to 18-20%. Prior midpoint 16%, new midpoint 19%, percentage change of 18.75% which exceeds 3% threshold. Inside SSS also raised (3-4% to 3.5-4.5%). Second consecutive significant raise -> +2.=Final8
Macro Signals
→Consumer Spending↑Inflation↓Oil Energy
CASY delivered a standout Q3 with EPS up 50% to $3.49 and EBITDA surging 27.5% to $309 million, aided by favorable prior-year comparisons (which included $13 million in integration costs and a tax benefit). Revenue was essentially flat at +0.3% as a 4.6% fuel price decline offset 5.7% inside sales growth, but inside margin expanded 130 basis points to 42.2% driven by grocery mix shift (energy drinks +14%, nicotine pouches +31%). Wings expanded to 550+ stores with pizza units in those stores up high single digits, validating the incremental-occasion thesis. Management raised EBITDA guidance again to 18% to 20% and announced an Investor Day for June 24 to unveil the next 3-year strategic plan.
Key Themes7
positive📊 company
EPS Surges 50% On Strong Execution And Favorable Comparisons
Diluted EPS of $3.49 up 50% from prior year. EBITDA of $309 million up 27.5%. Prior year depressed by $13 million integration costs and one-time tax benefit that inflated prior-year tax rate comparison.
Revenue GrowthMargin
positive📊 company
Chicken Wings Expanded To 550+ Stores With Incremental Occasion Thesis Validated
Wings expanded from 225-store test to over 550 stores by quarter end. Pizza units in wing-selling stores up high single-digit percentages, validating incremental occasion thesis. 5 sauces and 3 dry rubs. Full chain rollout planned over next 2 years.
Inside gross profit margin of 42.2%, up 130 basis points from a year ago. Grocery margin up 150 basis points to 35.7% from mix shift (energy drinks +14%, nicotine alternatives +31% pouch, +12% vapor) and cost of goods management. Prepared food margin up 50 basis points to 58.3%.
MarginCompetitive Dynamics
positive📊 company
Fuel Margin Expands $0.046 To $0.41 While Gaining Market Share
Same-store gallons up 0.4% (fifth consecutive quarter of growth) while OPIS Mid-Continent declined approximately 4%. Fuel margin of $0.41 per gallon, up $0.046 from prior year partly due to lapping compressed prior-year margins.
Competitive DynamicsMargin
positive📊 company
CEFCO Kitchen Conversions Underway With 50 Stores By Fiscal Year-End
25 stores converted with pace of 3 per week targeting 50 by fiscal year-end. Supply agreements converged across both entities this quarter. Prepared food synergies (about 40% of total expected synergies) to ramp in first half of next fiscal year. Balance sheet could support another large deal at 1.6x leverage with $1.4 billion liquidity.
M&ACapex Investment
positive📊 company
Full-Year Guidance Raised Again With EBITDA Now Expected 18-20%
EBITDA now expected to increase 18% to 20%. Inside same-store sales raised to 3.5% to 4.5%. Inside margin raised to between 41.5% to 42.5%. Repurchased approximately $76 million in shares during the quarter. Investor Day set for June 24.
Guidance ReliabilityRevenue Growth
mixed🌍 macro
Iran Geopolitical Volatility Managed With Historical Playbook
Iran-related crude oil spike caused retail fuel prices to rise approximately $0.30/gallon in the quarter. Management noted margins compress on the front end of the curve then expand on the back end, historically net positive. No demand destruction expected until approaching $5/gallon.
I was curious as to where you feel like you are with the integration of Fikes and what that means in terms of your ability to execute on another large deal
if you could discuss a little bit, Steve, any synergies that you realized kind of in the quarter and then what a realistic full year outlook is for synergy from CEFCO?