REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To The Shareholders and Board of Directors Casey’s General Stores, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Casey's General Stores, Inc. and subsidiaries (the Company) as of April 30, 2026 and 2025, the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, 2026, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2026 and 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, 2026, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of April 30, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated June 22, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Sufficiency of audit evidence over merchandise inventory quantities at store locations As discussed in Note 1 to the consolidated financial statements, the Company held $340,194 thousand of merchandise inventory as of April 30, 2026, the majority of which was held at 2,944 store locations. The Company’s processes to track and determine store merchandise inventory quantities involves the interaction of information technology (IT) systems. We identified the evaluation of the sufficiency of audit evidence obtained related to the quantities of merchandise inventory at store locations as a critical audit matter. Evaluating the sufficiency of audit evidence over quantities of merchandise inventory at store locations required challenging auditor judgment to determine the nature and extent of procedures to be performed over the quantity of merchandise inventory, including determining the number of store locations visited, and also the need to involve IT professionals with specialized skills and knowledge due to the interaction of IT systems that track and record merchandise inventory quantities by store location. 29 Table of Contents The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over quantities of merchandise inventory at store locations by evaluating: •homogeneity of the locations •historical locations visited and results of prior physical counts •the Company’s merchandise inventory count results, including results of monitoring and compliance with the count program by store location. We evaluated the design and tested the operating effectiveness of certain internal controls related to the quantity of merchandise inventory held at store locations, including certain controls related to the Company’s merchandise inventory count process. We involved IT professionals with specialized skills and knowledge who assisted in testing certain IT application controls, as well as certain controls related to access to programs and data, program changes, interfaces, and computer operations that support the various IT systems involved in tracking and recording merchandise inventory quantities by store location. We tested the existence and completeness of merchandise inventory by counting inventory quantities on a sample basis through store location visits during the year to evaluate the Company’s inventory records. In addition, we evaluated the overall sufficiency of audit evidence obtained over the quantities of merchandise inventory at store locations. /s/ KPMG LLP We have served as the Company’s auditor since 1987. Minneapolis, Minnesota June 22, 2026 30 Table of Contents Report of Independent Registered Public Accounting Firm To The Shareholders and Board of Directors Casey’s General Stores, Inc.: Opinion on Internal Control Over Financial Reporting We have audited Casey's General Stores, Inc. and subsidiaries' (the Company) internal control over financial reporting as of April 30, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of April 30, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of April 30, 2026 and 2025, the related consolidated statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, 2026, and the related notes (collectively, the consolidated financial statements), and our report dated June 22, 2026 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Minneapolis, Minnesota June 22, 2026 31 Table of Contents CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) April 30, 2026 2025 Assets Current assets Cash and cash equivalents $ 522,991 $ 326,662 Receivables 243,502 180,746 Inventories 557,151 480,034 Prepaid and other current assets 29,783 24,641 Income taxes receivable 10,585 770 Total current assets 1,364,012 1,012,853 Property and equipment, at cost Land 1,496,529 1,429,673 Buildings, land improvements and leasehold improvements 3,829,703 3,539,550 Machinery and equipment 3,561,976 3,314,403 Finance lease right-of-use assets 134,388 120,670 Construction in process 171,314 131,151 9,193,910 8,535,447 Less accumulated depreciation and amortization 3,444,442 3,122,203 Net property and equipment 5,749,468 5,413,244 Other assets, net 121,249 120,082 Operating lease right-of-use assets, net 432,640 417,046 Goodwill 1,268,686 1,244,893 Total assets $ 8,936,055 $ 8,208,118 Liabilities and Shareholders’ Equity Current liabilities Current maturities of long-term debt and finance lease obligations $ 101,357 $ 94,925 Accounts payable 823,804 620,447 Accrued expenses Wages and related taxes 105,119 80,633 Property taxes 62,263 59,843 Insurance accruals 35,100 41,328 Operating lease liabilities 14,197 14,647 Other 208,766 189,870 Total current liabilities 1,350,606 1,101,693 Long-term debt and finance lease obligations, net of current maturities 2,330,237 2,413,620 Deferred income taxes 739,843 646,905 Operating lease liabilities, net of current portion 459,284 434,707 Insurance accruals, net of current portion 32,140 33,143 Other long-term liabilities 72,226 69,380 Total liabilities 4,984,336 4,699,448 Commitments and contingencies Shareholders’ equity Preferred stock, no par value, none issued — — Common stock, no par value, 36,904,285 and 37,119,083 shares issued and outstanding at April 30, 2026 and 2025, respectively — 49,605 Retained earnings 3,951,719 3,459,065 Total shareholders’ equity 3,951,719 3,508,670 Total liabilities and shareholders’ equity $ 8,936,055 $ 8,208,118 See accompanying Notes to Consolidated Financial Statements. 32 Table of Contents CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Years ended April 30, 2026 2025 2024 Total revenue $ 17,561,101 $ 15,940,899 $ 14,862,913 Cost of goods sold (excluding depreciation and amortization, shown separately below) 13,240,060 12,188,496 11,515,002 Operating expenses 2,837,426 2,552,356 2,288,513 Depreciation and amortization 449,958 403,647 349,797 Interest, net 96,634 83,951 53,441 Income before income taxes 937,023 712,449 656,160 Federal and state income taxes 222,575 165,929 154,188 Net income $ 714,448 $ 546,520 $ 501,972 Net income per common share Basic $ 19.28 $ 14.72 $ 13.51 Diluted $ 19.16 $ 14.64 $ 13.43 See accompanying Notes to Consolidated Financial Statements. 33 Table of Contents CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except per share and share amounts) Shares Outstanding Common stock Retained earnings Shareholders' Equity Balance at April 30, 2023 37,263,248 $ 110,037 $ 2,550,629 $ 2,660,666 Net income — — 501,972 501,972 Dividends declared ($1.72 per share) — — (64,673) (64,673) Repurchase of common stock (392,290) (105,451) — (105,451) Share-based compensation 219,752 41,379 — 41,379 Tax withholdings on employee share-based awards (82,222) (18,512) — (18,512) Balance at April 30, 2024 37,008,488 27,453 2,987,928 3,015,381 Net income — — 546,520 546,520 Dividends declared ($2.00 per share) — — (75,383) (75,383) Share-based compensation 179,536 47,732 — 47,732 Tax withholdings on employee share-based awards (68,941) (25,580) — (25,580) Balance at April 30, 2025 37,119,083 49,605 3,459,065 3,508,670 Net income — — 714,448 714,448 Dividends declared ($2.28 per share) — — (85,752) (85,752) Repurchase of common stock (355,107) (65,768) (136,042) (201,810) Share-based compensation 234,612 63,407 — 63,407 Tax withholdings on employee share-based awards (94,303) (47,244) — (47,244) Balance at April 30, 2026 36,904,285 $ — $ 3,951,719 $ 3,951,719 See accompanying Notes to Consolidated Financial Statements. 34 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Years ended April 30, 2026 2025 2024 Cash flows from operating activities Net income $ 714,448 $ 546,520 $ 501,972 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 449,958 403,647 349,797 Amortization of debt related costs 2,065 2,312 1,111 Change in excess replacement cost over LIFO inventory valuation 17,455 11,530 12,499 Share-based compensation 63,407 47,732 41,379 Loss on disposal of assets and impairment charges 13,517 12,401 6,414 Deferred income taxes 94,772 59,958 53,252 Changes in assets and liabilities: Receivables (60,075) (1,297) (31,246) Inventories (90,084) (7,756) (51,785) Prepaid and other current assets (5,142) 3,658 (3,684) Accounts payable 159,172 (20,782) (8,731) Accrued expenses 35,609 21,525 14,387 Income taxes (11,444) 15,460 5,112 Other, net (6,118) (4,054) 2,476 Net cash provided by operating activities 1,377,540 1,090,854 892,953 Cash flows from investing activities Purchase of property and equipment (655,920) (506,224) (522,004) Payments for acquisitions of businesses, net of cash acquired (141,583) (1,239,249) (330,032) Proceeds from sales of assets 42,072 18,805 26,680 Net cash used in investing activities (755,431) (1,726,668) (825,356) Cash flows from financing activities Proceeds from long-term debt — 1,100,000 — Payments of long-term debt and finance lease obligations (94,895) (239,492) (53,656) Payments of debt related costs — (5,891) — Payments of cash dividends (83,136) (72,309) (62,918) Repurchase of common stock and payment of related excise taxes (200,505) (734) (104,898) Tax withholdings on employee share-based awards (47,244) (25,580) (18,512) Net cash (used in) provided by financing activities (425,780) 755,994 (239,984) Net increase (decrease) in cash and cash equivalents 196,329 120,180 (172,387) Cash and cash equivalents at beginning of year 326,662 206,482 378,869 Cash and cash equivalents at end of year $ 522,991 $ 326,662 $ 206,482 SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Cash paid for interest, net of amount capitalized $ 110,546 $ 86,598 $ 63,449 Cash paid for income taxes, net 138,018 89,771 105,000 Noncash investing and financing activities Purchased property and equipment in accounts payable 90,612 46,427 45,617 See accompanying Notes to Consolidated Financial Statements. 35 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except share and per share amounts) 1. SIGNIFICANT ACCOUNTING POLICIES Operations: The Company operates 2,944 convenience stores in 19 states, primarily in the Midwest. Many of the stores are located in smaller communities, often with populations of less than 20,000. Principles of consolidation: The consolidated financial statements include the financial statements of Casey’s General Stores, Inc. and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Amounts in the prior year related to share-based compensation and tax withholdings on employee share-based awards on the consolidated statements of shareholders’ equity have been reclassified to conform to the current year presentation. This reclassification had no impact to the consolidated balance sheets, consolidated statements of income, or the consolidated statements of cash flows. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("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. Cash equivalents: We consider all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. Included in cash equivalents are money market funds, treasury bills, as well as credit card, debit card and electronic benefits transfer transactions that process within three days. Receivables: Receivables are primarily comprised of balances outstanding from credit card companies which are not processed within three days and balances outstanding from vendor rebates. The Company records credit card receivables at the time of the related sale to the guest. Vendor rebates are recorded based upon the applicable agreements. Uncollectible accounts were immaterial during the periods presented. Below is a summary of the receivable values at April 30, 2026 and 2025: Years ended April 30, 2026 2025 Vendor rebates $ 100,612 $ 82,940 Credit cards 61,961 40,376 Other 80,929 57,430 Total receivables $ 243,502 $ 180,746 Inventories and cost of goods sold: Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel inventories, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of replacement cost over the stated LIFO value was $180,446 and $162,991 at April 30, 2026 and 2025, respectively. There were no material LIFO liquidations during the periods presented. Below is a summary of the inventory values at April 30, 2026 and 2025: Years ended April 30, 2026 2025 Fuel $ 216,957 $ 135,730 Merchandise 340,194 344,304 Total inventories $ 557,151 $ 480,034 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. 36 Table of Contents 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 consolidated statements of income. Capitalized implementation costs: The Company capitalizes qualifying expenditures related to the implementation of hosting or cloud computing arrangements as incurred. These costs are expensed on a straight-line basis within operating expenses, typically over the contractual life of the related arrangement. The useful lives utilized for these costs range from 2-13 years. As of April 30, 2026 and 2025, the Company had recognized $29,252 and $35,588 of capitalized implementation costs, net of amortization, respectively. The outstanding balance is recognized in other assets, net of amortization on the consolidated balance sheets. The Company has recognized amortization of $11,672 in fiscal 2026, $10,950 in fiscal 2025 and $14,108 in fiscal 2024 within operating expenses on the consolidated statements of income. Goodwill: As of April 30, 2026 and 2025, there was $1,268,686 and $1,244,893 of goodwill recognized, respectively. Goodwill is tested for impairment at least annually. The Company used a quantitative approach to assess the recoverability of goodwill at year-end. Management’s analysis of recoverability completed as of the fiscal year-end indicated no evidence of impairment for the years ended April 30, 2026, 2025, and 2024. Customer relationships: The Company has recognized intangible assets for customer relationships, related to acquired wholesale fuel relationships. These assets were valued using the multi-period excess earnings method. The customer relationships are amortized on a straight-line basis over a useful life of 15 years and are included within other assets, net of amortization in the consolidated balance sheets as of April 30, 2026. As of April 30, 2026 and 2025, the Company has recognized $47,733 and $51,807 of customer relationships, which was net of accumulated amortization of $13,367 and $9,293, respectively. The Company expects to recognize $4,073 of annual amortization expense related to customer relationships over the next 5 years. Depreciation and amortization: Depreciation of property and equipment are computed using the straight-line method over the following estimated useful lives: Buildings and land improvements 15-40 years Machinery and equipment 3-40 years Finance lease right-of-use assets Lesser of term of lease or life of asset Leasehold improvements Lesser of term of lease or life of asset The Company monitors stores and will accelerate depreciation if the expected life of the asset is reduced due to the expected remaining operation of the store or the Company’s plans. Construction in process is reported at cost and not subject to depreciation until the related asset is placed in service. Store closings and asset impairment: The Company writes down property and equipment of stores it is closing to estimated net realizable value at the time management commits to a plan to close such stores and begins actively marketing the stores. The Company bases the estimated net realizable value of property and equipment on its experience in utilizing and/or disposing of similar assets, as well as estimates provided by its own and/or third-party real estate experts. The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent carrying value of the assets exceeds the estimated fair value. Fair value is typically based on management’s estimate of the price that would be received to sell an asset in an orderly transaction between market participants. The estimate is derived from offers, actual sale or disposition of assets subsequent to year-end, and other indications of fair value, which are considered Level 3 inputs (see Note 3). In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company, is generally on a store-by-store basis. The Company incurred impairment charges of $9,818 in fiscal 2026, $4,080 in fiscal 2025, and $4,057 in fiscal 2024. Impairment charges are recognized as a component of operating expenses. Leases: The Company is a lessee in situations where we lease property and equipment, most commonly land, building or store equipment, from a lessor. The Company is a lessor in situations where the Company owns land or building and leases a portion or all of the property or equipment to a tenant. As a lessee, the Company recognizes a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of twelve months or less, we have elected to not recognize lease assets and lease liabilities and will recognize lease expense on a straight-line basis over the lease term. 37 Table of Contents New leases are recognized at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. In the case the implicit rate is not readily determinable, the Company uses our incremental borrowing rate based on the term of the lease. The Company commonly has options to renew or extend the current lease arrangement on many of our leases. In these situations, if it is reasonably certain the lease would be extended, we have included those extensions within the remaining lease payments at the time of measurement. When acquiring leases in a business combination, we retain the lease classification utilized by the seller if it was determined using acceptable methods under U.S. GAAP. As part of the allocation of the purchase price in a business combination, lease terms are compared to market terms utilizing an income approach to determine if leases are favorable or unfavorable. Any favorable or unfavorable leasehold interests identified increase (favorable) or reduce (unfavorable) the right-of-use lease asset and are recognized over the life of the related right-of-use asset. See additional discussion in Note 7. Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. The Company calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. 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 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 April 30, 2026 and 2025, the Company recognized a contract liability of $72,695 and $64,077, respectively, primarily related to the Casey's Rewards program, which is included in other accrued expenses on the consolidated balance sheets. Net income per common share: Basic earnings per share have been computed by dividing net income by the weighted average shares outstanding during each of the years. Unvested shares under equity awards are treated as common shares within the basic earnings per share calculation when a recipient has met certain requirements in the award agreement. For example, if retirement provisions are satisfied which allow a recipient to avoid forfeiture of the award upon a normal retirement from the Company, it is included in the basic earnings per share calculation. The calculation of diluted earnings per share treats unvested restricted stock units with time-based restrictions as potential common shares. The diluted earnings per share calculation does not take into effect any shares that have not met performance or market conditions as of the reporting period. Asset retirement obligations: The Company recognizes the estimated future cost to remove underground storage tanks over the estimated useful life of the storage tank. The Company records a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of a long-lived asset at the time an underground storage tank is installed. The Company depreciates the amount added to property and equipment on a straight-line basis and recognizes accretion expense in connection with the discounted liability over the remaining life of the tank. The estimates of the anticipated future costs for removal of an underground storage tank are based on our prior experience with removal. Because these estimates are subjective and are currently based on historical costs with adjustments for estimated future changes in the associated costs, we expect the dollar amount of these obligations to change as more information is obtained. The discounted liability was $54,555 and $52,105 at April 30, 2026 and 2025, respectively, and is recorded in other long-term liabilities on the consolidated balance sheets. Self-insurance: The Company is primarily self-insured for Team Member healthcare, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability for workers’ compensation, general liability, and automobile claims is determined using actuarial methods at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are employed due to the potential of variability in the liability estimates. Some factors affecting the uncertainty of the claim liability include the loss development factors, which includes the development time frame and settlement patterns, and expected loss rates, which includes litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted. The self-insurance reserves were $67,240 and $74,471 as of April 30, 2026 and 2025, respectively. See additional discussion in Note 10. 38 Table of Contents Environmental remediation liabilities: The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. At April 30, 2026 and 2025 we had an accrued liability of $465 and $385, respectively, which is recorded in other accrued expenses on the consolidated balance sheets. Derivative instruments: The Company utilizes futures contracts to economically hedge price risk of bulk fuel that is stored in various fuel terminals and fuel pipelines, until such time the underlying gallons can be delivered to the store or customer. The Company has not elected hedge accounting under ASC 815 for these financial instruments. The financial instruments are recognized at fair value as of the reporting date, within prepaid and other current assets in the consolidated balance sheets, with changes in the fair value of such instruments recognized through cost of goods sold (excluding depreciation and amortization) in the consolidated statements of income. Total loss (gain) recognized on futures contracts were $28,159 and $(792) for the years ended April 30, 2026 and April 30, 2025, respectively. These amounts do not include the impact from the changes in the selling price of fuel inventories at fuel terminals and fuel pipelines over the same time period. There was no activity related to derivative instruments for the year ended April 30, 2024. Outstanding balances related to derivative instruments were immaterial to the financial statements as of April 30, 2026 and April 30, 2025. Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The Company estimates 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. The cost of the award is recognized ratably as an operating expense in the consolidated statements of income over the vesting period of the award, 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. 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. Certain awards include performance and market conditions. Performance-based awards are primarily based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, and depreciation and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. 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 awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards. See additional discussion in Note 4. Recent accounting pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The standard includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The new standard is effective beginning in the current filing. These new disclosure requirements are applied retrospectively to all prior periods included in the financial statements. Refer to Note 6 for the new required disclosures. 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. In May 2026, the FASB issued ASU 2026‑02, Environmental Credits and Environmental Credit Obligations (Topic 818). The standard establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The new standard is effective for the Company's annual and interim periods beginning May 1, 2028, with early adoption permitted. The Company is currently evaluating ASU 2026-02 to determine its impact on our financial statements. 2. ACQUISITIONS Current Period Acquisitions During the year ended April 30, 2026, the Company acquired 40 stores through a variety of transactions, pursuant to the terms and conditions of the related asset purchase agreements. These acquisitions meet the criteria to be considered business combinations. Total payments for the acquisitions of businesses were $141,583, which were made in cash upon closing using available cash on hand. 39 Table of Contents The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, and liabilities assumed, based on their estimated fair values at the acquisition date. Fair values were determined using primarily Level 3 inputs, which are unobservable inputs that are not corroborated by market data. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. Goodwill of $23,793 was recognized as the result of the current period acquisitions and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. The majority of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years. Prior Periods Acquisitions 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. As part of the acquisition, the Company acquired 100% of the equity of Fikes. The transaction included 198 retail locations as well as a fuel terminal, and a wholesale network, where the Company manages wholesale fuel supply agreements to certain locations. A combination of the land and/or building at 101 retail locations were subject to lease agreements. The acquisition brought 148 additional stores to Texas, as well as 50 stores in Alabama, Florida, and Mississippi. This acquisition met the criteria to be considered a business combination. During the year-ended April 30, 2026, the Company closed or divested all ten CEFCO stores acquired in Mississippi. Goodwill of $577,652 was recognized as the result of the acquisition and is primarily attributable to the location of the stores in relation to our footprint and expected synergies. Almost all of the goodwill associated with this transaction will be deductible for income tax purposes over 15 years. The aggregate purchase price for the acquisition totaled $1,165,752, which is gross of cash and cash equivalents acquired. The purchase price was paid in cash using available cash on hand and proceeds from the issuance of the Incremental Term Loan, and the Senior Notes Series I & J during the prior fiscal year. The table below summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. We utilized a third-party valuation specialist to assist in valuing the customer relationships, trade name, leases, and property and equipment acquired: Assets acquired: Cash and cash equivalents $ 60,212 Receivables 25,368 Inventories 50,928 Prepaid and other current assets 2,509 Deferred income taxes 9,903 Property and equipment 529,719 Operating lease right-of-use assets 313,867 Other assets 940 Customer relationships and trade name 38,000 Goodwill 577,652 Total assets 1,609,098 Liabilities assumed: Accounts payable 70,892 Accrued expenses and other long-term liabilities 21,972 Operating lease liabilities 350,482 Total liabilities 443,346 Net assets acquired and total purchase price $ 1,165,752 Acquisition-related transaction costs are recognized as period costs as incurred. The Company incurred total acquisition-related transaction costs of $26,205 for the year ended April 30, 2025, related to the Fikes acquisition, which are primarily recorded within operating expenses on the consolidated statements of income. The Company recognized approximately $952,018 of revenue related to the Fikes entities in the consolidated statements of income for year ended April 30, 2025. The impact to net income related to the Fikes entities was not material for the year ended April 30, 2025. 40 Table of Contents During the year ended April 30, 2025, the Company acquired a further 37 stores through a variety of transactions, pursuant to the terms and conditions of the related asset purchase agreements. The majority of these acquisitions meet the criteria to be considered business combinations, and have been recorded in the financial statements in line with the methods discussed above. During the year ended April 30, 2024, the Company acquired 112 stores through a variety of transactions, pursuant to the terms and conditions of asset purchase agreements. Total payments for the acquisitions of businesses were $330,032, which were paid in cash upon closing using available cash on hand. The Company incurred total acquisition-related transaction costs of $8,920 for fiscal 2024 which are recorded within operating expenses on the consolidated statements of income. The Company recognized approximately $237,529 of revenue related to the acquired locations in the consolidated statements of income for the year ended April 30, 2024. The amount of net income related to the acquired locations was not material for the year ended April 30, 2024. 3. FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT U.S. GAAP requires that each financial asset and liability carried at fair value be classified into one of the following of the fair value hierarchy levels, which is based upon the quality of the inputs used in the valuation. Level 1 inputs are quoted market prices in active markets for identical assets and liabilities. Level 2 inputs are observable market-based inputs or unobservable inputs that are corroborated by market data (excluding those included within Level 1). Level 3 inputs are unobservable inputs that are not corroborated by market data. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. A summary of the fair value of the Company’s financial instruments follows. Cash and cash equivalents, receivables, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest. Long-term debt: 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 which are considered Level 2 inputs. The fair value of the Company’s long-term debt was approximately $2,226,000 and $2,285,000 at April 30, 2026 and 2025, respectively. The fair value calculated excludes finance lease obligations of $115,197 and $108,920 outstanding at April 30, 2026 and 2025, respectively, which are grouped with long-term debt on the consolidated balance sheets. Credit Agreement The Company is party to a credit agreement, dated as of April 21, 2023 (the “Original Credit Agreement”) for (a) a $250,000 unsecured term loan (the “Original Term Loan”) and (b) an $850,000 unsecured revolving credit facility (the “Revolving Facility” and together with the Original Term Loan, the “Original Credit Facilities”). The Revolving Facility is available for working capital and other general corporate purposes of the Company and its subsidiaries. The outstanding principal balance on the Original Term Loan is required to be repaid in equal quarterly installments in an amount equal to 1.25% of the original principal amount, on the last day of each March, June, September, and December, with the balance of the Original Credit Facilities due on April 21, 2028. Principal payments on the Original Term Loan have been prepaid through March 31, 2027, and quarterly installments will resume on June 30, 2027. The Original Credit Agreement contains an expansion option permitting the Company to request an increase of either of the Original Credit Facilities from time to time not to exceed the greater of (a) $900,000 and (b) 100% of Consolidated EBITDA (as defined in the Original Credit Agreement) of the Company for the four most recently completed fiscal quarters, from the lenders or other financial institutions acceptable to the Company and the administrative agent, upon the satisfaction of certain conditions, including the consent of the lenders whose commitments would increase. The Company had $200,000 outstanding on the Original Term Loan at April 30, 2026 and 2025. Additionally, the Company had $0 outstanding under the Revolving Facility at April 30, 2026 and 2025. In the prior fiscal year, the Company entered into an amendment to the Original Credit Agreement (the “Amendment” and, together with the Original 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, which commenced on March 31, 2025, with the remaining balance due on October 30, 2029. The Company had $796,875 and $839,375 outstanding on the Incremental Term Loan at April 30, 2026 and 2025, respectively. 41 Table of Contents Amounts borrowed under the Credit Agreement, including the Term Loan, Incremental Term Loan and the Revolving Facility, 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. Bank Line The Company has an additional unsecured bank line of credit (the "Bank Line") with availability of up to $50,000. 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 April 30, 2026 and 2025. The Bank Line is due upon demand. The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows: As of April 30, 2026 2025 Finance lease liabilities (Note 7) $ 115,197 $ 108,920 3.67% Senior Notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028 63,000 87,000 3.75% Senior Notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028 21,000 29,000 3.65% Senior Notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031 45,000 50,000 3.72% Senior Notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031 45,000 50,000 3.77% Senior Notes (Series F) due August 22, 2028 250,000 250,000 2.85% Senior Notes (Series G) due August 7, 2030 325,000 325,000 2.96% Senior Notes (Series H) due August 6, 2032 325,000 325,000 5.23% Senior notes (Series I) due November 2, 2031 150,000 150,000 5.43% Senior notes (Series J) due November 2, 2034 100,000 100,000 Variable rate term loan facility, requiring quarterly installments beginning June 30, 2027 and ending April 21, 2028 200,000 200,000 Variable rate incremental term loan facility, requiring quarterly installments ending October 30, 2029 796,875 839,375 Debt issuance costs (4,478) (5,750) $ 2,431,594 $ 2,508,545 Less current maturities 101,357 94,925 $ 2,330,237 $ 2,413,620 Interest, net on the consolidated statements of income is net of interest income of $14,104, $13,102, and $11,736 for the years ended April 30, 2026, 2025, and 2024, respectively. Interest, net is also net of interest capitalized of $3,189, $2,305, and $3,363 during the years ended April 30, 2026, 2025, and 2024, respectively. The agreements relating to the above long-term debt contain certain financial and non-financial covenants. At April 30, 2026, the Company was in compliance with all such operating and financial covenants. 42 Table of Contents Listed below are the aggregate maturities of long-term debt, excluding finance lease obligations (refer to Note 7 for future minimum payments under finance leases), for the 5 years commencing May 1, 2026 and thereafter: Years ended April 30, 2027 $ 90,500 2028 290,500 2029 328,500 2030 685,375 2031 341,000 Thereafter 585,000 $ 2,320,875 4. PREFERRED AND COMMON STOCK Preferred stock: The Company has 1,000,000 authorized shares of preferred stock, of which 250,000 shares have been designated as Series A Serial Preferred Stock. No shares of preferred stock have been issued. Common stock: The Company currently has 120,000,000 authorized shares of common stock. Stock incentive plans: The 2025 Stock Incentive Plan (the “2025 Plan”) was approved by the Company’s shareholders on September 3, 2025, at the Company’s annual shareholders meeting (the “2025 Plan Effective Date”). There were 1,650,000 shares available for issuance under the 2025 Plan as of the 2025 Plan Effective Date. The 2025 Plan replaces the 2018 Stock Incentive Plan (the "2018 Plan"), under which no new awards were allowed to be granted as of the 2025 Plan Effective Date. Outstanding awards under the 2018 Plan continue to be governed by the terms thereof and the award agreements made pursuant thereto, including any such terms that are intended to survive the termination of the 2018 Plan or the settlement of such awards. Shares subject to awards under the 2018 Plan that expire, are forfeited, cancelled, or settled in cash will be added back to the shares available for issuance under the 2025 Plan. Awards under the 2025 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 of which, upon issuance, is counted as one share against the 2025 Plan share reserve. At April 30, 2026, there were 1,644,574 shares that remain available for grant under the 2025 Plan. The following table presents a summary of our restricted stock unit activity during the three-year period ended April 30, 2026. At April 30, 2026, there were no stock options, stock appreciation rights or other equity-based awards outstanding. Weighted-Average Grant Date Fair Shares Value per Share Unvested at April 30, 2023 550,840 Granted 142,865 $ 238 Vested (219,752) Forfeited (17,534) Performance Award Adjustments 35,443 Unvested at April 30, 2024 491,862 Granted 113,009 345 Vested (179,536) Forfeited (9,540) Performance Award Adjustments 83,448 Unvested at April 30, 2025 499,243 262 Granted 103,421 465 Vested (234,612) 236 Forfeited (6,335) 299 Performance Award Adjustments 112,666 361 Unvested at April 30, 2026 474,383 $ 342 43 Table of Contents Total share-based compensation costs recorded for employees and non-employee board members for the restricted stock unit awards for the years ended April 30, 2026, 2025 and 2024 were $63,407, $47,732, and $41,379, respectively. As of April 30, 2026, there was $56,055 of total unrecognized compensation costs related to the 2018 Plan for costs related to restricted stock units which are expected to be recognized ratably through fiscal 2029, with a weighted average remaining term of 0.9 year. The fair value of restricted stock unit awards vested for the years ended April 30, 2026, 2025 and 2024 were $117,246, $65,947, and, $49,631, respectively, as of the applicable vest date. On, and effective as of, March 3, 2022, the Board authorized the Original Repurchase Program, whereby the Company was authorized to repurchase its outstanding common stock from time-to-time, for an aggregate amount of up to $400,000, exclusive of fees, commissions, excise taxes, or other costs. During the year, we repurchased and retired 355,107 shares of our common stock under the Original Repurchase Program for a total of $200,498, excluding fees, commissions, excise taxes, and other costs. As of April 30, 2026, $94,612 remained available thereunder. Subsequent to the end of the fiscal year, on, and effective as of, June 4, 2026, the Board authorized the Expanded Repurchase Program, which increased the amount of the Original Repurchase Program to a total aggregate amount of up to $1,000,000, exclusive of fees, commissions, excise taxes, or other costs. The Expanded Repurchase Program has no set expiration date and the timing and number of repurchase transactions thereunder depends on a variety of factors including, but not limited to, market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The Expanded Repurchase Program can be suspended or discontinued at any time. 5. NET INCOME PER COMMON SHARE Computations for basic and diluted earnings per common share are presented below: Years ended April 30, 2026 2025 2024 Basic Net income $ 714,448 $ 546,520 $ 501,972 Weighted average shares outstanding-basic 37,065,319 37,116,152 37,164,022 Basic earnings per common share $ 19.28 $ 14.72 $ 13.51 Diluted Net income $ 714,448 $ 546,520 $ 501,972 Weighted-average shares outstanding-basic 37,065,319 37,116,152 37,164,022 Plus dilutive effect of share-based compensation 216,334 226,860 206,284 Weighted-average shares outstanding-diluted 37,281,653 37,343,012 37,370,306 Diluted earnings per common share $ 19.16 $ 14.64 $ 13.43 6. INCOME TAXES Income tax expense attributable to earnings consisted of the following components: Years ended April 30, 2026 2025 2024 Current tax expense: Federal $ 100,710 $ 85,207 $ 78,542 State 27,093 20,764 22,394 Total current tax expense 127,803 105,971 100,936 Deferred tax expense Federal 85,505 56,112 52,917 State 9,267 3,846 335 Total deferred tax expense 94,772 59,958 53,252 Total income tax expense $ 222,575 $ 165,929 $ 154,188 44 Table of Contents The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: As of April 30, 2026 2025 Deferred tax assets: Accrued liabilities and reserves $ 12,976 $ 8,996 Deferred revenue 18,177 17,845 Accrued bonus compensation 15,203 10,023 Insurance accruals 14,752 13,013 Operating and finance lease obligations 150,725 144,997 Asset retirement obligations 13,506 12,921 Deferred compensation 3,617 3,151 Share-based compensation 10,177 8,944 State net operating losses and tax credits 3,842 2,500 Other 10,749 8,197 Total gross deferred tax assets 253,724 230,587 Less valuation allowance 550 550 Total net deferred tax assets 253,174 230,037 Deferred tax liabilities: Property and equipment and operating lease right-of-use assets (901,117) (799,404) Goodwill (85,834) (66,754) Other (6,066) (10,784) Total gross deferred tax liabilities (993,017) (876,942) Net deferred tax liability $ (739,843) $ (646,905) At April 30, 2026, the Company had net operating loss carryforwards for state income tax purposes of $176,909, which are available to offset future state taxable income. The state net operating loss carryforwards begin to expire in 2031. In addition, the Company had state tax credit carryforwards of $1,945, which begin to expire in 2027. The valuation allowance for state net operating loss and state tax credit deferred tax assets as of April 30, 2026 and 2025 was $550. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. Total reported tax expense applicable to the Company’s continuing operations varies from the tax that would have resulted from applying the statutory U.S. federal income tax rates to income before income taxes. 45 Table of Contents Years ended April 30, 2026 2025 2024 Amount Percent Amount Percent Amount Percent U.S. federal statutory tax rate $ 196,775 21.0 % $ 149,614 21.0 % $ 137,794 21.0 % State and local income taxes, net of federal income tax effect State and local income taxes, net of federal income tax effect (a) 29,724 3.2 % 24,496 3.4 % 24,461 3.7 % Effect of changes in tax laws or rates enacted in the current period 139 — % (578) (0.1) % (6,306) (1.0) % Other (1,139) (0.1) % (4,476) (0.6) % (199) — % Tax credits (5,349) (0.6) % (6,966) (1.0) % (6,737) (1.0) % Nontaxable or nondeductible items Share-based payment awards (6,373) (0.6) % (2,442) (0.3) % (723) (0.1) % Nondeductible executive compensation 8,559 0.9 % 5,847 0.8 % 5,706 0.9 % Other 865 0.1 % 498 0.1 % 394 — % Changes in unrecognized tax benefits (626) (0.1) % (64) — % (202) — % Effective tax rate $ 222,575 23.8 % $ 165,929 23.3 % $ 154,188 23.5 % (a) State taxes in Illinois and Minnesota made up the majority (greater than 50 percent) of the tax effect in this category in fiscal 2026, 2025 and 2024. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company had a total of $10,071 and $10,773 in gross unrecognized tax benefits at April 30, 2026 and 2025, respectively, which is recorded in other long-term liabilities in the consolidated balance sheets. Of this amount, $7,956 represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. Unrecognized tax benefits decreased $702 during the twelve months ended April 30, 2026, due primarily to the expiration of certain statute of limitation exceeding the increase associated with income tax filing positions for the current year. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years ended April 30, 2026 2025 Beginning balance $ 10,773 $ 10,747 Additions based on tax positions related to current year 2,251 2,382 Reductions due to lapse of applicable statute of limitations (2,953) (2,356) Ending balance $ 10,071 $ 10,773 The total net amount of accrued interest and penalties for such unrecognized tax benefits was $195 and $266 at April 30, 2026 and 2025, respectively, and is included in other long-term liabilities. Net interest and penalties included in income tax expense for the twelve month periods ended April 30, 2026 and 2025 was a decrease in tax expense of $71 and $84, respectively. The State of Illinois is currently examining tax years 2020 and 2021. The Company has no other ongoing federal or state income tax examinations. The federal statute of limitations remains open for the tax years 2022 and forward. Tax years 2020 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state. 46 Table of Contents Cash paid for income taxes, net of refunds, for each of the three years were as follows: Years ended April 30, 2026 2025 2024 Cash paid for income taxes: Federal $ 115,000 $ 72,500 $ 81,500 Illinois 13,800 10,000 12,750 Other, net 9,218 7,271 10,750 Total cash paid for income taxes, net $ 138,018 $ 89,771 $ 105,000 7. LEASES The Company records operating lease liabilities within its own financial statement caption, broken out between current and long-term, and records finance lease liabilities within current maturities of long-term debt and finance lease obligations and long-term debt and finance lease obligations on the consolidated balance sheets. All lessor related activity is considered immaterial to the consolidated financial statements. Lease right-of-use assets outstanding as of April 30, 2026 and 2025 consisted of the following: Years ended April 30, Classification 2026 2025 Finance lease right-of-use assets Net property and equipment $ 96,310 $ 89,909 Operating lease right-of-use assets Operating lease right-of-use assets, net 432,640 417,046 The summary of lease-related costs included on the consolidated statements of income is included below: Years ended April 30, 2026 2025 2024 Operating lease cost $ 41,842 $ 26,309 $ 10,174 Finance lease cost: Amortization of right-of-use assets $ 11,739 $ 10,275 $ 10,417 Interest expense on lease liabilities 5,213 4,969 4,491 The summary of cash paid for amounts included in the measurement of liabilities included on the consolidated statements of cash flows and supplementary cash flow information are included below: Years ended April 30, 2026 2025 2024 Operating cash flows required by operating leases $ 40,869 $ 28,992 $ 8,693 Operating cash flows required by finance leases 5,213 4,969 4,491 Financing cash flows required by finance leases 10,416 9,367 9,156 Right-of-use assets obtained in exchange for new finance lease liabilities $ 20,980 $ 16,715 $ 17,626 Right-of-use assets obtained in exchange for new operating lease liabilities 43,564 316,762 14,646 Weighted average remaining lease terms and weighted average discount rates on outstanding leases were as follows: April 30, 2026 2025 Weighted-average remaining lease-term - finance lease 14.7 15.5 Weighted-average remaining lease-term - operating lease 19.7 19.8 Weighted-average discount rate - finance lease 4.89 % 4.92 % Weighted-average discount rate - operating lease 5.95 % 5.89 % 47 Table of Contents Future minimum payments under the finance leases and operating leases consisted of the following at April 30, 2026: Years ended April 30, Finance leases Operating leases 2027 $ 15,124 $ 38,175 2028 15,713 40,012 2029 14,685 40,053 2030 13,118 40,271 2031 7,410 40,324 Thereafter 100,031 622,058 Total minimum lease payments $ 166,081 $ 820,893 Less amount representing interest 50,884 347,412 Present value of net minimum lease payments $ 115,197 $ 473,481 In fiscal year 2020, Casey’s Marketing Company, and the City of Joplin, Missouri (“Joplin”) entered into an agreement in which Joplin agreed to issue up to $51,400 of taxable industrial development revenue bonds for the purpose of acquiring, constructing, improving, purchasing, equipping and installing a warehouse and distribution facility, which has been completed and is currently being used by the Company. As the title of the development was transferred to Joplin and the Company is subsequently leasing the related asset from Joplin, we have accounted for the transaction under the sale-and-leaseback guidance. We have a purchase option included in the lease agreement for below the fair value of the asset, which prevents the transfer of the assets to Joplin from being recognized as a sale. Accordingly, we have not recognized any gain or loss related to the transfer. Furthermore, we have not derecognized the transferred assets and continue to recognize them in property and equipment on the consolidated balance sheets. The Company has the right and intends to set-off any obligations to make payments under the lease, with proceeds due from the industrial revenue bonds. 8. BENEFIT PLAN The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan were $20,368, $17,294, and $14,262 for the years ended April 30, 2026, 2025, and 2024, respectively. On April 30, 2026 and 2025, 601,287 and 660,680 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share. 9. COMMITMENTS The Company has entered into employment agreements with its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, each of which require minimum annual compensation. The Company also has entered into change of control agreements with its Chief Executive Officer and 34 other officers, providing for certain payments in the event of termination in connection with a change of control of the Company, as defined therein. 10. CONTINGENCIES Environmental compliance: The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The majority of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs. The Company currently believes that substantially all capital expenditures for electronic monitoring, cathodic protection, and overfill/spill protection to comply with existing regulations have been completed. The Company has an accrued liability at April 30, 2026 and 2025 of approximately $465 and $385, respectively, for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. The Company believes we have no material joint and several environmental liability with other parties. Additional regulations or amendments to the existing regulations could result in future revisions to such estimated expenditures. 48 Table of Contents Legal matters: 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 disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. 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 impact on our consolidated financial position and results of operations. The Company is named as a defendant in two lawsuits alleging that it misclassified its Store Managers as exempt employees under the Fair Labor Standards Act (FLSA) - White (f/k/a McColley) v. Casey’s General Stores, Inc. in the United States District Court for the Northern District of Indiana and Kessler v. Casey’s Marketing Company, et al. in the Southern District of Illinois. During the year, the parties agreed to a settlement of all claims in both matters, which has been recorded in other accrued expenses on our consolidated balance sheet at April 30, 2026. The amount is not material to the Company's consolidated financial statements. Subsequent to year end, the settlement was approved by the applicable court(s). The Company continues to maintain that its Store Managers are properly classified as exempt employees under the FLSA and does not admit any wrongdoing as a result of the settlement. At April 30, 2026, the Company was primarily self-insured for workers’ compensation claims in all but three states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state-managed fund for all workers compensation claims. In Texas, the Company maintains a Work Injury Benefit Plan in lieu of workers’ compensation insurance for all Texas-based Team Members other than Group Petroleum Services drivers. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for both general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2026 and 2025, the Company had $67,240 and $74,471, respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined. 11. SEGMENT REPORTING As of April 30, 2026, we operated 2,944 stores in 19 states. Our 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 prepared food and dispensed beverage, grocery and general merchandise, and fuel because it allows us to more effectively discuss trends and operational initiatives within our business and industry. Although we can separate revenues 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. Casey’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources and capital based on profitability metrics, such as net income, that is reported on the consolidated statements of income. The CODM considers actual-to-forecast variances on a monthly, quarterly and annual basis for this profit measure when making decisions about resource allocation and assessing company performance. Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented below. 49 Table of Contents The following table provides information on revenue, significant expenses, and net income related to the single reportable segment: Years ended April 30, 2026 2025 2024 Revenue $ 17,561,101 $ 15,940,899 $ 14,862,913 Cost of goods sold (excluding depreciation and amortization) Prepared food & dispensed beverage 735,885 674,322 603,305 Grocery & general merchandise 2,928,209 2,691,879 2,456,867 Fuel 9,118,816 8,539,339 8,285,400 Other (1) 457,150 282,956 169,430 Total cost of goods sold (excluding depreciation and amortization) 13,240,060 12,188,496 11,515,002 Operating expenses Same-store employee expense 1,065,844 975,186 940,560 Same-store other expense 529,640 480,378 454,480 Same-store credit card fees expense 232,399 212,399 211,681 Non same-store operating expense 347,188 305,604 170,420 Other (2) 662,355 578,789 511,372 Total operating expenses 2,837,426 2,552,356 2,288,513 Depreciation & amortization 449,958 403,647 349,797 Interest, net 96,634 83,951 53,441 Income before income taxes 937,023 712,449 656,160 Federal and state income taxes 222,575 165,929 154,188 Net income $ 714,448 $ 546,520 $ 501,972 (1)Other included in total cost of goods sold (excluding depreciation and amortization) primarily includes activity related to wholesale fuel. (2)Other included in operating expenses includes expenses for information technology, operations, merchandising, finance, human resources, legal, acquisitions, field operations and service excellence. 50 Table of Contents