Casey's General Store

Casey’s General Stores, Inc. is an Iowa based convenience store and gasoline retailer that opened its first convenience store in 1968. Donald F. Lamberti founded the company after leasing a country store in Des Moines, Iowa, in 1959 and acquiring a service station in Boone, Iowa, in 1968 on the advice of his gasoline salesman friend, Kurvin C. Fish. Lamberti converted the three bay station into the first Casey’s branded convenience store, using Fish’s initials for the name. Based in Ankeny, Iowa, the company operates as a corporate owned business and trades publicly on NASDAQ under CASY. As of April 30, 2025, it operated approximately 2,904 stores across 20 United States states, mainly in the Midwest and South. Casey’s General Stores, Inc. does not currently franchise. Its limited franchise program ended by the close of calendar year 2008. A separate Caseys General Store entry reports 4 total units, all franchised, with 0 company owned units. Buyers should treat that smaller or historical opportunity as distinct from the public company.

United States convenience retail serves demand for fuel, prepared food and everyday essentials. Casey’s focuses heavily on rural and suburban markets, with approximately 71% of its 2,904 stores in towns of fewer than 20,000 people and about two thirds in communities with 20,000 or fewer residents. Those locations can serve grocery, restaurant and fueling needs. Fuel margin was 37.6 cents per gallon in fiscal year 2025 and 41.0 cents per gallon during the first nine months of fiscal year 2026. Casey’s ranked as the third largest retailer and fifth largest pizza chain in the United States. The sector continues to experience consolidation and technology adoption, while the separate 4 unit franchise entry warrants close review.

The corporate Casey’s model has no current franchise fee, total investment range, liquid capital requirement, net worth requirement, royalty rate or advertising fund contribution. Growth comes through internal investment, new construction and acquisitions. In July 2005, the company had 19 franchised stores among 1,360 total locations. Those agreements expired by the end of calendar year 2008. The separate Caseys General Store entry has 4 franchised units and 0 company owned units, with no stated figures for its franchise fee, investment, liquid capital, net worth, royalty or advertising fee. Its ownership cost cannot be compared with sector averages from the stated information. SBA eligibility and veteran incentives do not apply to the corporate owned Casey’s model, and no such terms are stated for the 4 unit entry.

Casey’s corporate operations cover fuel, grocery and general merchandise, and prepared food and dispensed beverages, with a strong restaurant first focus. The company controls store layout, products, pricing and marketing through a centralized model supported by distribution centers in Ankeny, IA, Terre Haute, IN, and Joplin, MO. These facilities supply most grocery, general merchandise and prepared food items. Casey’s hires staff and managers from local communities, while using automation to reduce store level labor hours and preserve a hometown feel. The separate 4 unit opportunity has no stated operating, staffing, labor, format, training, field support, technology, marketing, supply chain, territory, exclusivity, multi unit or owner operator terms.

Casey’s corporate results offer sector context. Operating cash flow was nearly $1.1 billion in fiscal 2025.

Casey’s grew from 1,878 stores in 2015 to 2,207 in 2020 and approximately 2,904 by the end of fiscal year 2025. It set a goal of adding approximately 500 locations by the close of fiscal year 2026 through acquisitions, mergers and new construction. The company added 270 stores in fiscal year 2025, including 198 CEFCO convenience stores acquired from Fikes Wholesale for $1.145 billion in November 2024. That transaction expanded its presence into Texas, Alabama, Florida and Mississippi and increased its Texas locations from about 150 to over 300. Casey’s planned at least 80 new stores in fiscal year 2026, with approximately $600 million in property and equipment investment. CEO Darren Rebelez joined in 2019. The 2023 to 2026 Strategic Plan uses data driven methods and a restaurant first approach, with a goal of $45 million in annual acquisition synergies. Casey’s position rests on brand recognition, rural and mid sized markets, prepared food and an integrated supply chain. Its food program includes made from scratch pizza introduced in the mid 1980s, donuts in 1980 and breakfast pizza in 2001. Casey’s Rewards launched in 2019 and exceeded 9 million members by the end of fiscal year 2025. Its mobile app launched in 2017.

The 4 unit Caseys General Store opportunity has no stated candidate experience, management background, industry knowledge, multi unit expectations, territory, geographic focus, opening timeline, agreement term, renewal terms, transfer terms or resale terms. Casey’s corporate model instead emphasizes local hiring, particularly for store managers, and has built its smaller town presence around community integration. The company describes a people focused culture with competitive benefits and significant employee longevity. That corporate approach does not establish franchisee requirements or support terms for the separate 4 unit opportunity.

Convenience retail benefits from demand for fuel, prepared food and everyday essentials, while Casey’s General Stores, Inc. operates as a successful corporate owned company rather than a franchisor. Casey’s corporate scale provides context, including $15.941 billion in fiscal year 2025 revenue and more than 9 million Casey’s Rewards members, but those results do not describe the 4 unit franchise. Buyers should evaluate the two entities separately and verify the specific opportunity before pursuing financing. PeerSense is a commercial capital advisory firm that introduces franchise buyers to SBA and conventional lenders. It is not a lender.