CASY: Fuel Margins Drive a Statement Q4 Beat

研报英文原文证据摘录

CASY: Fuel Margins Drive a Statement Q4 Beat

Equity Research

Flash Comment — June 9, 2026

Convenience Stores

Casey's General Stores, Inc.

Fuel Margins Drive a Statement Q4 Beat Overweight

Price Target: $910.00

Ticker CASY

Our Call Upside/(Downside) to Target 19.6%

Broad Q4 beat against concerns of a miss highlights CASY’s unique growth story & Price (06/09/2026) $761.18

consistent ability to drive share gains. Stock was due for a breather after strong 1H’26, 52 Week Range $481.30 - 901.00

but pullback now seems overdone. Remain OW. Market Cap (MM) $28,347

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Healthy Q4 Beat Across the Board: Against expects for a slight miss/more in-linish type Edward Kelly, CFA

print, CASY delivered a sizable Q4 beat incl. EPS of $4.37 or $1.14/35% higher & EBITDA Equity Analyst | Wells Fargo Securities, LLC

Edward.J.Kelly@wellsfargo.com | 212-214-5304

$46M/15% ahead. Better fuel margins were the largest driver, followed by higher fuel

prices/gallons, with Other/inside trends & margins contributing to a lesser degree. OpEx John Parke

levered nicely (65bps) despite incentive comp stepping up. '27 guide looks solid in context Associate Equity Analyst | Wells Fargo Securities, LLC John.Parke@wellsfargo.com | 212-214-3327

of the higher base & its historical ability to outperform.

Adam Gregorio

Associate Equity Analyst | Wells Fargo Securities, LLC

Fuel Margins Meaningfully Better Than Expected: 46.9cpg for fuel margins in the Adam.Gregorio@wellsfargo.com | 212-214-8117

quarter were meaningfully better than the St's 40.3cpg and our data pointing to high 30's,

helping to drive 90% of the $60M Fuel GP beat. Total gallon growth of 3.6% also beat by