Casey's General Stores (CASY) 10-Q 9 Dec 24 2025 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 31, 2024	Dec. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-34700
Entity Registrant Name	CASEY’S GENERAL STORES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0935283
Entity Address, Address Line One	One SE Convenience Blvd
Entity Address, City or Town	Ankeny
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50021
City Area Code	515
Local Phone Number	965-6100
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	CASY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		37,117,554
Entity Central Index Key	0000726958
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 351,723	$ 206,482
Receivables	156,407	151,793
Inventories	432,268	428,722
Prepaid and other current assets	38,296	25,791
Income taxes receivable	0	17,066
Total current assets	978,694	829,854
Restricted cash (see Note 9)	1,160,118	0
Other assets, net of amortization	192,704	195,559
Goodwill	657,529	652,663
Property and equipment, net of accumulated depreciation of $2,981,245 at October 31, 2024 and $2,883,925 at April 30, 2024	4,736,525	4,669,357
Total assets	7,725,570	6,347,433
Current liabilities:
Current maturities of long-term debt and finance lease obligations	245,558	53,181
Accounts payable	573,320	569,527
Accrued expenses	296,374	330,758
Income taxes payable	1,284	0
Total current liabilities	1,116,536	953,466
Long-term debt and finance lease obligations, net of current maturities	2,461,922	1,582,758
Deferred income taxes	608,904	596,850
Insurance accruals, net of current portion	30,227	30,046
Other long-term liabilities	170,535	168,932
Total liabilities	4,388,124	3,332,052
Shareholders’ equity:
Preferred stock, no par value	0	0
Common stock, no par value	25,988	27,453
Retained earnings	3,311,458	2,987,928
Total shareholders’ equity	3,337,446	3,015,381
Total liabilities and shareholders' equity	$ 7,725,570	$ 6,347,433

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 2,981,245	$ 2,883,925

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Total revenue	$ 3,946,771	$ 4,064,400	$ 8,044,508	$ 7,933,651
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)	2,988,212	3,178,839	6,130,693	6,170,336
Operating expenses	609,679	579,703	1,219,153	1,140,558
Depreciation and amortization	96,592	85,598	191,001	168,503
Interest, net	12,553	12,306	26,620	24,801
Income before income taxes	239,735	207,954	477,041	429,453
Federal and state income taxes	58,817	49,172	115,925	101,434
Net income	$ 180,918	$ 158,782	$ 361,116	$ 328,019
Net income per common share
Basic (in dollars per share)	$ 4.87	$ 4.27	$ 9.73	$ 8.80
Diluted (in dollars per share)	$ 4.85	$ 4.24	$ 9.68	$ 8.76
Basic weighted average shares outstanding (in shares)	37,124,541	37,227,932	37,105,886	37,264,442
Plus effect of stock compensation (in shares)	186,938	203,143	202,392	187,811
Diluted weighted average shares outstanding (in shares)	37,311,479	37,431,075	37,308,278	37,452,253

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
Beginning Balance (shares) at Apr. 30, 2023		37,263,248
Beginning Balance at Apr. 30, 2023	$ 2,660,666	$ 110,037	$ 2,550,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169,237		169,237
Dividends declared	(16,214)		(16,214)
Repurchase of common stock		(123,569)
Repurchase of common stock	(29,893)	$ (29,893)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		126,774
Share-based compensation (net of tax withholding on employee share-based awards)	(7,501)	$ (7,501)
Ending Balance (shares) at Jul. 31, 2023		37,266,453
Ending Balance at Jul. 31, 2023	2,776,295	$ 72,643	2,703,652
Beginning Balance (shares) at Apr. 30, 2023		37,263,248
Beginning Balance at Apr. 30, 2023	2,660,666	$ 110,037	2,550,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	328,019
Ending Balance (shares) at Oct. 31, 2023		37,164,195
Ending Balance at Oct. 31, 2023	2,897,391	$ 51,117	2,846,274
Beginning Balance (shares) at Jul. 31, 2023		37,266,453
Beginning Balance at Jul. 31, 2023	2,776,295	$ 72,643	2,703,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	158,782		158,782
Dividends declared	(16,160)		(16,160)
Repurchase of common stock		(110,481)
Repurchase of common stock	(30,391)	$ (30,391)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		8,223
Share-based compensation (net of tax withholding on employee share-based awards)	8,865	$ 8,865
Ending Balance (shares) at Oct. 31, 2023		37,164,195
Ending Balance at Oct. 31, 2023	2,897,391	$ 51,117	2,846,274
Beginning Balance (shares) at Apr. 30, 2024		37,008,488
Beginning Balance at Apr. 30, 2024	3,015,381	$ 27,453	2,987,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	180,198		180,198
Dividends declared	(18,763)		(18,763)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		102,663
Share-based compensation (net of tax withholding on employee share-based awards)	(13,896)	$ (13,896)
Ending Balance (shares) at Jul. 31, 2024		37,111,151
Ending Balance at Jul. 31, 2024	3,162,920	$ 13,557	3,149,363
Beginning Balance (shares) at Apr. 30, 2024		37,008,488
Beginning Balance at Apr. 30, 2024	3,015,381	$ 27,453	2,987,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	361,116
Ending Balance (shares) at Oct. 31, 2024		37,116,981
Ending Balance at Oct. 31, 2024	3,337,446	$ 25,988	3,311,458
Beginning Balance (shares) at Jul. 31, 2024		37,111,151
Beginning Balance at Jul. 31, 2024	3,162,920	$ 13,557	3,149,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	180,918		180,918
Dividends declared	(18,823)		(18,823)
Share-based compensation (net of tax withholding on employee share-based awards) (shares)		5,830
Share-based compensation (net of tax withholding on employee share-based awards)	12,431	$ 12,431
Ending Balance (shares) at Oct. 31, 2024		37,116,981
Ending Balance at Oct. 31, 2024	$ 3,337,446	$ 25,988	$ 3,311,458

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023
Retained Earnings
Payment of dividends per share (in Dollars per share)	$ 0.50	$ 0.50	$ 0.43	$ 0.43

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities:
Net income	$ 361,116	$ 328,019
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	191,001	168,503
Amortization of debt issuance costs	555	555
Change in excess replacement cost over LIFO inventory valuation	6,398	7,946
Share-based compensation	23,645	19,485
Loss (gain) on disposal of assets and impairment charges	4,422	(232)
Deferred income taxes	12,054	39,353
Changes in assets and liabilities:
Receivables	(855)	(21,897)
Inventories	(8,723)	(44,714)
Prepaid and other current assets	(12,505)	(10,693)
Accounts payable	(9,902)	(10,400)
Accrued expenses	(36,228)	(20,925)
Income taxes	20,780	21,992
Other, net	299	4,788
Net cash provided by operating activities	552,057	481,780
Cash flows from investing activities:
Purchase of property and equipment	(211,226)	(175,955)
Payments for acquisition of businesses, net of cash acquired	(46,341)	(139,359)
Proceeds from sales of assets	11,720	8,291
Net cash used in investing activities	(245,847)	(307,023)
Cash flows from financing activities:
Proceeds from long-term debt	1,100,000	0
Payments of long-term debt and finance lease obligations	(34,637)	(35,135)
Payments of Debt Issuance Costs	5,191	0
Payments of cash dividends	(35,179)	(30,988)
Repurchase of common stock and payment of related excise taxes	(734)	(59,491)
Tax withholdings on employee share-based awards	(25,110)	(18,121)
Net cash provided by (used) in financing activities	999,149	(143,735)
Net increase in cash, cash equivalents and restricted cash	1,305,359	31,022
Cash and cash equivalents at beginning of the period	206,482	378,869
Cash, cash equivalents and restricted cash at end of the period	1,511,841	409,891
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	351,723	409,891
Restricted cash (see Note 9)	1,160,118	0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	1,511,841	409,891
Cash paid during the period for:
Interest, net of amount capitalized	33,516	31,429
Income taxes, net	82,507	36,037
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	59,312	78,684
Right-of-use assets obtained in exchange for new finance lease liabilities	11,210	11,216
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 8,273

Presentation of Financial State

Presentation of Financial Statements	6 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation of Financial Statements	Presentation of Financial Statements As of October 31, 2024, Casey’s General Stores, Inc. and its subsidiaries (hereinafter referred to as the "Company" or "Casey’s") operate 2,685 convenience stores in 17 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000. The accompanying condensed consolidated financial statements include the accounts and transactions of Casey's General Stores, Inc. and its direct and indirect wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of October 31, 2024 and April 30, 2024, the results of operations for the three and six months ended October 31, 2024 and 2023, and shareholders' equity and cash flows for the six months ended October 31, 2024 and 2023. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. Additionally, see the Form 10-K for the year ended April 30, 2024 for our consideration of new accounting pronouncements issued prior to this fiscal year. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires new financial statement disclosures regarding specified information about certain costs and expenses. The new standard is effective for the Company's annual periods beginning May 1, 2027, and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine its impact on our disclosures.

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold	6 Months Ended
	Oct. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Cost of Goods Sold	Revenue and Cost of Goods Sold The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of October 31, 2024 and April 30, 2024, the Company recognized a contract liability of $59,077 and $52,934, respectively, related to the Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of October 31, 2024 and April 30, 2024, the Company recognized a liability of $16,731 and $17,985, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income.

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure	6 Months Ended
	Oct. 31, 2024
Long-Term Debt and Fair Value Disclosure [Abstract]
Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure	Long-Term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure The fair value of the Company’s long-term debt (including current maturities) is estimated based on the current rates offered to the Company for debt of the same or similar issuances. The fair value of the Company’s long-term debt was approximately $2,473,000 and $1,375,000 at October 31, 2024 and April 30, 2024, respectively. The fair value calculated excludes finance lease obligations of $108,641 and $101,818 outstanding at October 31, 2024 and April 30, 2024, respectively, which are included with long-term debt on the condensed consolidated balance sheets. Interest, net on the condensed consolidated statements of income is net of interest income of $3,792 and $6,177, for the three and six months ended October 31, 2024, and $4,476 and $8,052, for the three and six months ended October 31, 2023. Interest, net is also net of interest capitalized of $489 and $908, for the three and six months ended October 31, 2024, and $686 and $1,480, for the three and six months ended October 31, 2023, respectively. Series I and J Senior Notes On October 4, 2024, the Company entered into a note purchase agreement with respect to the issuance of $250,000 aggregate principal amount of senior notes, consisting of: (i) $150,000 aggregate principal amount of 5.23% Senior Notes, Series I, due November 2, 2031; and (ii) $100,000 aggregate principal amount of 5.43% Senior Notes, Series J, due November 2, 2034 (collectively, the “Notes”). The Notes were issued on October 30, 2024. Interest on the Notes is payable semi-annually on May 2 and November 2 of each year. The Company used the proceeds of the Notes to partially fund the Fikes Wholesale acquisition, which closed subsequent to quarter end on November 1, 2024. For additional information on the Fikes Wholesale acquisition, please refer to Note 9 . As of October 31, 2024, there was $250,000 outstanding on the Notes. Amended Credit Agreement The Company is party to a credit agreement, dated as of April 21, 2023 (the “Existing Credit Agreement”). On October 30, 2024, the Company entered into an amendment to the Existing Credit Agreement (the “Amendment” and, together with the Existing Credit Agreement, the “Credit Agreement”), pursuant to which the Company incurred an incremental term loan in an aggregate principal amount of $850,000 (the “Incremental Term Loan”). The outstanding principal balance of the Incremental Term Loan is required to be repaid in equal quarterly installments of $10,625 on the last business day of each March, June, September, and December, commencing March 31, 2025, with the remaining balance due on October 30, 2029. The proceeds of the Incremental Term Loan were used to partially fund the Fikes Wholesale acquisition, which closed subsequent to quarter end on November 1, 2024 (see further discussion of the Fikes Wholesale acquisition in Note 9 ). As of October 31, 2024, there was $850,000 outstanding on the Incremental Term Loan. Amounts borrowed under the Credit Agreement, including the Incremental Term Loan and the Revolving Facility discussed immediately below, bear interest at variable rates based upon, at the Company’s option, either: (a) either Term SOFR or Daily Simple SOFR, in each case plus 0.10% (with a floor of 0.00%) for the interest period in effect, plus an applicable margin ranging from 1.10% to 1.70% or (b) an alternate base rate, which generally equals the highest of (i) the prime commercial lending rate announced by the Administrative Agent as its “prime rate”, (ii) the federal funds rate plus 1/2 of 1.00%, and (iii) Adjusted Daily Simple SOFR plus 1.00%, each plus an applicable margin ranging from 0.10% to 0.70% and each with a floor of 1.00%. The applicable margins and facility fee, in each case, are dependent upon the Company’s quarterly Consolidated Leverage Ratio, as defined in the credit agreement. Revolving Facility The Credit Agreement also provides for an $850,000 unsecured revolving credit facility (“Revolving Facility”). The Company had $0 outstanding under the Revolving Facility at October 31, 2024 and April 30, 2024. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. As of October 31, 2024, the availability under the Bank Line is encumbered by letters of credits totaling $308. The Bank Line bears interest at a variable rate subject to change from time to time based on changes in an independent index referred to in the Bank Line as the Federal Funds Offered Rate. There was $0 outstanding under the Bank Line at October 31, 2024 and April 30, 2024. The Bank Line is due upon demand.

Compensation Related Costs and

Compensation Related Costs and Share Based Payments	6 Months Ended
	Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Related Costs and Share Based Payments	Compensation Related Costs and Share-Based Payments The 2018 Stock Incentive Plan (the “2018 Plan”) was approved by the Company's shareholders on September 5, 2018. Awards under the 2018 Plan may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and equity-related awards. Each share issued pursuant to a stock option and each share with respect to which a stock-settled stock appreciation right is exercised (regardless of the number of shares actually delivered) is counted as one share against the maximum limit under the 2018 Plan, and each share issued pursuant to an award of restricted stock or restricted stock units is counted as two shares against the maximum limit. Restricted stock is transferred immediately upon grant (and may be subject to a holding period), whereas restricted stock units have a vesting period that must expire, and in some cases performance or market conditions that must be satisfied before the stock is transferred. At October 31, 2024, there were 950,954 shares available for grant under the 2018 Plan. We account for share-based compensation by estimating the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. Forfeitures are recognized as they occur. The time-based awards most commonly vest ratably over a three-year period commencing on the first anniversary of the grant date. The performance-based awards represent a “target” amount; the final amount earned is based on the satisfaction of certain performance measures over a three-year performance period and will range from 0% to 200% of “target." Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of the awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For market-based awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. We recognize these amounts as an operating expense in our condensed consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table. No stock option awards have been granted under the 2018 Plan. Shares Weighted-Average Unvested at April 30, 2024 491,862 $ 229 Granted 107,929 341 Vested (176,287) 223 Forfeited (3,562) 250 Performance Award Adjustments 21,266 246 Unvested at October 31, 2024 441,208 $ 260

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time we may be involved in legal or administrative proceedings or investigations arising from the conduct of our business operations, including, but not limited to, contractual or other general business disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities; and, other claims or proceedings. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operations. The Company is named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Indiana, titled McColley v. Casey’s General Stores, Inc., in which the plaintiff alleges that the Company misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA). The complaint seeks unpaid wages, liquidated damages and attorneys’ fees for the plaintiff and all similarly situated Store Managers who worked at the Company from February 16, 2015, to the present. On March 31, 2021, the Court granted conditional certification, and to-date, approxim ately 1,400 current and/or former Store Managers remain opted-in to participate in the McColley lawsuit. The Company is also named in a related lawsuit filed in the Southern District of Illinois, titled Kessler v. Casey’s Marketing Company, et al., with substantially the same allegations and seeking the same relief, but instead for the plaintiff and all similarly situated Store Managers located in the state of Illinois from December 19, 2019, to the present. On October 13, 2023, the Court approved conditional certification, and to-date, approximately 550 current and/or f ormer Store Managers remain opted-in to participate in the Kessler lawsuit. Discovery in the McColley case is currently underway. The Company believes that adequate provisions have been made for probable losses related to these matters, and that those, and the reasonably possible losses in excess of amounts accrued, where such range of loss can be estimated, are not material to the Company’s financial position, results of operations or cash flows. The Company believes that its Store Managers are properly classified as exempt employees under the FLSA and it intends to continue to vigorously defend these matters.

Unrecognized Tax Benefits

Unrecognized Tax Benefits	6 Months Ended
	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	Unrecognized Tax Benefits The total amount of gross unrecognized tax benefits was $12,328 and $10,747 at October 31, 2024 and April 30, 2024, respectively. If this unrecognized tax benefit were ultimately recognized, $9,739 is the amount that would impact our effective tax rate. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $504 at October 31, 2024, and $350 at April 30, 2024. Net interest and penalties included in income tax expense for the six months ended October 31, 2024 and 2023 was a net expense of $154 and $129, respectively. A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The State of Illinois is currently examining tax years 2020 and 2021. The Company has no other ongoing federal or state income tax examinations. At this time, the Company’s best estimate of the reasonably possible change in the amount of the gross unrecognized tax benefits is a decrease of $2,000 during the next twelve months mainly due to the expiration of certain statute of limitations. The federal statute of limitations remains open for the tax years 2020 and forward. Tax years 2019 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

Segment Reporting

Segment Reporting	6 Months Ended
	Oct. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingAs of October 31, 2024, we operated 2,685 stores in 17 states. Our convenience stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our guests. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of guests. We make specific disclosures concerning the three broad categories of fuel, grocery and general merchandise, and prepared food and dispensed beverage because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenue and cost of goods sold within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

Subsequent Event

Subsequent Event	6 Months Ended
	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Subsequent to quarter end, on November 1, 2024, the Company closed on the acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, and Group Petroleum Services (collectively “Fikes”) through an equity purchase agreement with an aggregate purchase price of $1,145,000, subject to post-closing adjustments. As part of the acquisition, the Company acquired 100% of the equity of Fikes. The transaction includes 198 retail locations, a fuel terminal, commissary, and dealer network, where the Company will manage fuel wholesale supply agreements to certain dealer locations. The acquisition will bring 148 additional stores to Texas, as well as 50 stores in Alabama, Florida, and Mississippi. The Fikes acquisition was financed with the Incremental Term Loan of $850,000, the issuance of the Series I and J Notes in the amount of $250,000, and cash on hand. For further information, see Note 4 . The proceeds of the Incremental Term Loan and Series I and J Notes were received by the Company on October 30, 2024. However, the Fikes acquisition did not close until November 1, 2024, subsequent to quarter end. As such, as of October 31, 2024 the Company had $1,160,118 in a funding account governed by an escrow and disbursing agreement, primarily to use for the acquisition of Fikes, as well as other related adjustments and transaction costs. As a result, we have recognized this balance as restricted cash within long-term assets in the condensed consolidated balance sheets. The cash was subsequently paid on November 1, 2024, primarily to fund the acquisition. Due to the proximity of the Fikes acquisition to the filing of our Form 10-Q, we have not yet completed the accounting for the business combination, including the opening balance sheet. Accordingly, the Company is unable to provide amounts recognized as of the acquisition dates for major classes of assets and liabilities. Moreover, we are unable to provide pro-forma financial information related to the combined entity. This information, at least on a provisional basis, will be available in the Form 10-Q to be filed for the quarter ended January 31, 2025.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position as of October 31, 2024 and April 30, 2024, the results of operations for the three and six months ended October 31, 2024 and 2023, and shareholders' equity and cash flows for the six months ended October 31, 2024 and 2023. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto.
New Accounting Pronouncements	In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires new financial statement disclosures regarding specified information about certain costs and expenses. The new standard is effective for the Company's annual periods beginning May 1, 2027, and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine its impact on our disclosures.
Revenue Recognition	The Company recognizes retail sales of prepared food and dispensed beverage, grocery and general merchandise, fuel and other revenue at the time of the sale to the guest. Sales taxes collected from guests and remitted to the government are recorded on a net basis in the condensed consolidated statements of income. A portion of revenue from sales that include points under our Casey’s Rewards program is deferred. The deferred portion of the sale represents the value of the estimated future redemption of the points. The amounts related to points are deferred until their redemption or expiration. Revenue related to the points issued is expected to be recognized less than one year from the original sale to the guest. As of October 31, 2024 and April 30, 2024, the Company recognized a contract liability of $59,077 and $52,934, respectively, related to the Casey's Rewards program, which is included in accrued expenses on the condensed consolidated balance sheets. Gift card related revenue is recognized as the gift cards are used by the guest. Gift card breakage revenue is recognized based on the estimated gift card breakage rate over the pro rata usage of the card. As of October 31, 2024 and April 30, 2024, the Company recognized a liability of $16,731 and $17,985, respectively, related to outstanding gift cards, which is included in accrued expenses on the condensed consolidated balance sheets. The Company often receives vendor allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor allowances include rebates and other funds received from vendors to promote their products. These amounts are recognized in the period earned based on the applicable rebate agreement. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense. Renewable identification numbers (“RINs”) are assigned to gallons of renewable fuels produced and are used to track compliance with the renewable fuel standard. At times, we purchase fuel components (ethanol, gasoline, biodiesel or diesel) and blend those components into a finished product in a fuel truck. This process enables the Company to take title to the RIN assigned to each gallon of ethanol or biodiesel produced. RINs are recorded as a reduction in cost of goods sold at the contracted sales price, in the period when the Company transfers the RIN. The Company does not record inventories on the balance sheet related to RINs, as they are acquired at no cost to the Company. The Company includes in cost of goods sold the costs incurred to acquire fuel and merchandise, including excise taxes, less vendor allowances, vendor rebates and RINs. Warehousing costs are recorded within operating expenses on the condensed consolidated statements of income.

Compensation Related Costs an_2

Compensation Related Costs and Share Based Payments (Tables)	6 Months Ended
	Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Award Activity	Information concerning the unvested restricted stock units under the 2018 Plan is presented in the following table. No stock option awards have been granted under the 2018 Plan. Shares Weighted-Average Unvested at April 30, 2024 491,862 $ 229 Granted 107,929 341 Vested (176,287) 223 Forfeited (3,562) 250 Performance Award Adjustments 21,266 246 Unvested at October 31, 2024 441,208 $ 260

Presentation of Financial Sta_2

Presentation of Financial Statements - Narrative (Details) people in Thousands	Oct. 31, 2024 state store people
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | store	2,685
Number of states in which entity operates | state	17
Population of communities | people	20

Revenue and Cost of Goods Sold

Revenue and Cost of Goods Sold - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Coupons And Rewards Points
Disaggregation of Revenue [Line Items]
Contract liability	$ 59,077	$ 52,934
Gift Cards
Disaggregation of Revenue [Line Items]
Contract liability	$ 16,731	$ 17,985

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations, Lines of Credit and Fair Value Disclosure - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Oct. 30, 2024	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Oct. 04, 2024	Apr. 30, 2024
Debt Instrument
Fair value of long-term debt		$ 2,473,000,000		$ 2,473,000,000			$ 1,375,000,000
Finance lease obligations		108,641,000		108,641,000			101,818,000
Interest income		3,792,000	$ 4,476,000	6,177,000	$ 8,052,000
Capitalized interest		489,000	$ 686,000	908,000	$ 1,480,000
Series I And J Senior Notes | Senior Notes
Debt Instrument
Principal amount						$ 250,000,000
Debt outstanding		250,000,000		250,000,000
Series I Senior Notes | Senior Notes
Debt Instrument
Principal amount						$ 150,000,000
Interest rate						5.23%
Series J Senior Notes | Senior Notes
Debt Instrument
Principal amount						$ 100,000,000
Interest rate						5.43%
Incremental Term Loan | Revolving Credit Facility | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 850,000,000
Quarterly payments	$ 10,625,000
Fair value of amount outstanding		850,000,000		850,000,000
Credit Facilities | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument
Basis spread on variable rate	0.10%
Credit Facilities | Revolving Credit Facility | Federal Funds | Line of Credit
Debt Instrument
Basis spread on variable rate	0.50%
Credit Facilities | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | Line of Credit
Debt Instrument
Basis spread on variable rate	1%
Credit Facilities | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument
Basis spread on variable rate	0%
Credit Facilities | Minimum | Revolving Credit Facility | Base Rate | Line of Credit
Debt Instrument
Basis spread on variable rate	1.10%
Credit Facilities | Minimum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | Line of Credit
Debt Instrument
Basis spread on variable rate	0.10%
Credit Facilities | Maximum | Revolving Credit Facility | Base Rate | Line of Credit
Debt Instrument
Basis spread on variable rate	1.70%
Credit Facilities | Maximum | Revolving Credit Facility | Daily Simple Secured Overnight Financing Rate | Line of Credit
Debt Instrument
Basis spread on variable rate	0.70%
Unsecured Revolving Credit Facility Due January 2024 | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		850,000,000		850,000,000
Fair value of amount outstanding		0		0			0
Unsecured Revolving Line of Credit | Line of Credit
Debt Instrument
Maximum borrowing capacity		50,000,000		50,000,000
Fair value of amount outstanding		0		0			$ 0
Unsecured Revolving Line of Credit | Letter of Credit
Debt Instrument
Maximum borrowing capacity		$ 308,000		$ 308,000

Compensation Related Costs an_3

Compensation Related Costs and Share Based Payments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per stock option issued (in shares)	1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant reduction per equity instruments other options issued (in shares)	2
Stock Incentive Plans | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Performance measurement period	3 years
Downward adjustment percentage	25%
Upward adjustment percentage	25%
Allocated share-based compensation expense	$ 23,645	$ 19,485
Unrecognized compensation costs related to plan	$ 56,444
Unrecognized compensation costs, weighted average remaining term	1 year 3 months 18 days
Fair value of shares vested	$ 64,615
Stock Incentive Plans | Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	0%
Stock Incentive Plans | Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Target percentage	200%
2018 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	950,954
Granted (in shares)	0

Compensation Related Costs an_4

Compensation Related Costs and Share Based Payments - Schedule of Restricted Stock Units Activity (Details) - Stock Incentive Plans - Restricted Stock Units	6 Months Ended
	Oct. 31, 2024 $ / shares shares
Number of Restricted Stock Units
Unvested at the beginning of the period (in shares) | shares	491,862
Granted (in shares) | shares	107,929
Vested (in shares) | shares	(176,287)
Forfeited (in shares) | shares	(3,562)
Performance Award Adjustments (in shares) | shares	21,266
Unvested at the end of the period (in shares) | shares	441,208
Weighted-Average Grant Date Fair Value per Share
Unvested (in dollars per share) | $ / shares	$ 229
Granted (in dollars per share) | $ / shares	341
Vested (in dollars per share) | $ / shares	223
Forfeited (in dollars per share) | $ / shares	250
Performance Award Adjustments (in dollars per share) | $ / shares	246
Unvested (in dollars per share) | $ / shares	$ 260

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Pending Litigation - employee		6 Months Ended
	Oct. 13, 2023	Oct. 31, 2024
McColley V. Casey's General Stores, Inc.
Other Commitments [Line Items]
Number of participants		1,400
Kessler V. Casey's Marketing Company
Other Commitments [Line Items]
Number of participants	550

Unrecognized Tax Benefits - Nar

Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 12,328		$ 10,747
Unrecognized tax benefits that would impact effective tax rate	9,739
Accrued interest and penalties related to unrecognized tax benefits	504		$ 350
Net interest and penalties included in income tax expense	154	$ 129
Expected decrease in unrecognized tax benefits	$ 2,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Oct. 31, 2024 segment store merchandise_category state
Segment Reporting [Abstract]
Number of stores | store	2,685
Number of states in which entity operates | state	17
Number of operating segments	1
Number of reportable segments	1
Number of merchandise categories | merchandise_category	3

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details)	Nov. 01, 2024 USD ($) store	Oct. 31, 2024 USD ($) store	Oct. 30, 2024 USD ($)	Oct. 04, 2024 USD ($)	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)
Subsequent Event [Line Items]
Number of stores | store		2,685
Restricted cash (see Note 9)		$ 1,160,118,000			$ 0	$ 0
Series I And J Senior Notes | Senior Notes
Subsequent Event [Line Items]
Principal amount				$ 250,000,000
Revolving Credit Facility | Incremental Term Loan | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 850,000,000
Fikes Wholesale
Subsequent Event [Line Items]
Restricted cash (see Note 9)		$ 1,160,118,000
Fikes Wholesale | Series I And J Senior Notes | Senior Notes
Subsequent Event [Line Items]
Principal amount				$ 250,000,000
Fikes Wholesale | Revolving Credit Facility | Incremental Term Loan | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 850,000,000
Subsequent Event | Fikes Wholesale
Subsequent Event [Line Items]
Consideration transferred	$ 1,145,000,000
Percentage of voting interested acquired	100%
Number of stores | store	198
Subsequent Event | Fikes Wholesale | Texas
Subsequent Event [Line Items]
Number of stores | store	148
Subsequent Event | Fikes Wholesale | Alabama, Florida And Mississippi
Subsequent Event [Line Items]
Number of stores | store	50