Casey’s has announced its record-breaking financial results for the fourth quarter of 2024, in addition to its earnings for the whole year.
Q4 — Notable Growth
For the quarter, Casey’s showed strong earnings, including a net income of $87 million — up 55% — and an EBITDA of $219 million — up 32% compared to this time last year.
The chain also saw a 5.6% bump in inside same-store sales, with total gross profit increasing 16.2% to $517.6 million.
The growth did not stop in stores, as the company reported that total fuel gross profit increased 15.4% to $253.6 million.
In June, Casey’s increased the quarterly dividend 16% to $0.50 per share, marking the 25th consecutive annual increase.
Full Year Highlights
The company’s strong Q4 performance was the cherry on top of a very successful fiscal year.
For the year, Casey’s reported a net income of $502 million, an increase of 12% compared to last year, and an EBITDA of $1.06 billion, up 11%. This marks the first time the company has exceeded $1 billion in EBITDA.
Casey’s also recorded strong prepared food and dispensed beverage growth driven by innovation, including thin crust pizza and a refreshed lunch sandwich menu.
Throughout the year, the chain added a staggering 154 stores — 42 of which were newly built stores, and 112 were acquired. Of the new stores, 22 are located in Texas, which became the retailer’s 17th operating state this year. The company’s store count now sits at 2,658, and they’re not stopping there.
“We believe our two-pronged approach of both building and acquiring stores is a great way to ratably grow the business every year, and we are well on our way to meet and exceed our goal of at least 350 new stores,” said Darren Rebelez, CEO of Casey’s.
The company also made charitable giving a focus point this past year, donating $5.7 million in total and allocating $6 million in additional funding for future initiatives.
Three-Year Plan
The 350 new stores that Rebelez referenced is part of the chain’s three-year plan that was launched in June 2023.
“The plan we laid out in June 2023 had three pillars: accelerate the food business, grow the number of units and enhance operational efficiency,” said Rebelez. “We are off to an excellent start on each of these objectives.”
Casey’s — long-touting the title of the fifth-largest pizza chain in the U.S. — has made foodservice and business growth priorities to its future plans. As a result, the chain expects to see inside same-store sales increase by 3-5% next year, while it also plans to add at least 100 stores throughout the year through both acquisitions and new builds.
Rebelez said that foodservice is Casey’s most significant differentiator in the c-store industry, and claimed that its success can be attributed to implementing the right products at the right value for its customers.
“Casey’s started its three-year strategic plan with a record fiscal year, exceeding $1 billion in EBITDA for the first time in the company’s history,” continued Rebelez. “Inside same-store sales were outstanding, up 4.4%, or 11.2% on a two-year stack basis, led by strong performance in pizza and bakery as well as alcoholic and non-alcoholic beverages. Strong sales growth was accomplished while improving inside margin. Our fuel team achieved market share gains while striking the right balance between fuel gallon growth and gross profit margin throughout the year to drive fuel gross profit up 3.9% from the prior year. The operations team did a tremendous job driving sales growth, while integrating new stores and reducing same-store labor hours for the eighth consecutive quarter.”