Caseys General Stores (CASY) risk factors, FY2026 10-K

Caseys General Stores's FY2026 10-K, filed Jun 22, 2026, lists 26 risk factors in 5 groups. Against the prior year's 26: 7 substantially reworded.

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Risk factors listed
265 groups
New this year
0vs 26 last year
Dropped
0since the prior 10-K
Substantially reworded
7of those kept
Section length
6k wordsItem 1A

What the changes say

  • Credit card fees rose to $279 million in fiscal 2026 from more than $250 million in fiscal 2025.
  • Food-safety risk now expressly covers hygiene, communicable disease, and regulator actions across stores, distribution centers, vendors, and suppliers.
  • Litigation discussion adds fuel and expands named claims to consumer protection and employment matters.
  • Fuel-transport wording no longer identifies the Fikes-acquired terminal; competition and IT risks are substantially unchanged.

What changed since the prior 10-K

Reworded

  • 54% rewrittenRisks Related to Our Business Operations

    Increased credit card expenses could lead to higher operating expenses and other costs for the Company

    Reported fiscal 2026 credit card fees of $279 million, up from more than $250 million in fiscal 2025.

  • 38% rewrittenRisks Related to Our Business Operations

    We rely on our information technology systems, and a number of third-party software and technology providers, to support numerous aspects of our business, and a disruption of these systems could adversely affect our business

    Recasts IT systems and third-party technology as supporting and operating business activities, with no substantive change to the disruption risk.

    Was: We rely on our information technology systems, and a number of third-party software providers, to manage numerous aspects of our business, and a disruption of these systems could adversely affect our business

  • 37% rewrittenRisks Related to Our Business Operations

    Food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation

    Adds hygiene and cleanliness failures, communicable disease, and food-safety regulator actions at stores, distribution centers, vendors, and suppliers.

  • 27% rewrittenRisks Related to Governmental Actions, Regulations, and Oversight

    Governmental action and campaigns to discourage tobacco and nicotine use and other tobacco products may have a material adverse effect on our revenues and gross profit

    Broadens the framing from tobacco-product restrictions to campaigns and regulations discouraging tobacco and nicotine use, including e-cigarettes and vapor products.

  • 26% rewrittenRisks Related to Our Business Operations

    Consumer or other litigation could adversely affect our financial condition and results of operations

    Adds fuel to covered transactions and consumer protection and employment claims to the listed litigation risks.

  • 23% rewrittenRisks Related to Our Business Operations

    The dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities

    Removes the reference to the fuel terminal acquired in the Fikes transaction and clarifies that fuel sold is transported in company trucks.

  • 20% rewrittenRisks Related to Our Industry

    The convenience store industry is highly competitive

    No substantive change; the description of convenience-store and retail-fuel competition remains materially the same.

All 26 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business Operations

  1. 01Our business and our reputation could be adversely affected by a cyber or data security incident or the failure to protect sensitive guest, Team Member or supplier data, or the failure to comply with applicable regulations relating to data security and privacy
  2. 02Food-safety issues and foodborne illnesses, whether actual or reported, or the failure to comply with applicable regulations relating to the transportation, storage, preparation or service of food, could adversely affect our business and reputation37% rewritten
  3. 03We may be adversely impacted by increases in the cost of food ingredients and other related costs
  4. 04A significant disruption to our distribution network, to the capacity of the distribution centers, or timely receipt of inventory could adversely impact our sales or increase our transaction costs, which could have a material adverse effect on our business
  5. 05We could be adversely affected if we experience difficulties in, or are unable to recruit, hire or retain, members of our leadership team and other distribution, field and store Team Members
  6. 06Any failure to anticipate and respond to changes in consumer preferences, or to introduce and promote innovative technology for guest interaction, could adversely affect our financial results
  7. 07We rely on our information technology systems, and a number of third-party software and technology providers, to support numerous aspects of our business, and a disruption of these systems could adversely affect our business38% rewritten
  8. 08Increased credit card expenses could lead to higher operating expenses and other costs for the Company54% rewritten
  9. 09Our operations present hazards and risks which may not be fully covered by insurance, if insured
  10. 10The dangers inherent in the storage and transport of fuel could cause disruptions and could expose to us potentially significant losses, costs or liabilities23% rewritten
  11. 11Consumer or other litigation could adversely affect our financial condition and results of operations26% rewritten
  12. 12Pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results
  13. 13Covenants in our Senior Notes and credit facility agreements require us to comply with certain covenants and meet financial maintenance tests. Failure to comply with these requirements could have a material impact to us

Risks Related to Governmental Actions, Regulations, and Oversight

  1. 14Compliance with and changes in tax laws could adversely affect our performance
  2. 15We are subject to extensive governmental regulations
  3. 16Governmental action and campaigns to discourage tobacco and nicotine use and other tobacco products may have a material adverse effect on our revenues and gross profit27% rewritten
  4. 17Wholesale cost and tax increases relating to tobacco and nicotine products could affect our operating results

Risks Related to Our Industry

  1. 18General economic and political conditions that are largely out of the Company’s control may adversely affect the Company’s financial condition and results of operations
  2. 19Developments related to fuel efficiency, fuel conservation practices, climate change, and changing consumer preferences may decrease the demand for motor fuel
  3. 20Unfavorable weather conditions can adversely affect our business
  4. 21The volatility of wholesale petroleum costs could adversely affect our operating results
  5. 22The convenience store industry is highly competitive20% rewritten

Risks Related to Our Growth Strategies

  1. 23We may not be able to identify, acquire, and integrate new properties and stores, which could adversely affect our ability to grow our business

Risks Relating to Our Common Stock

  1. 24The market price for our common stock has been and may in the future be volatile, which could cause the value of your investment to decline
  2. 25Any issuance of shares of our common stock in the future could have a dilutive effect on your investment
  3. 26Iowa law and provisions in our charter documents may have the effect of preventing or hindering a change in control and adversely affecting the market price of our common stock

Other Caseys General Stores 10-Ks

  • FY2025 10-K risk factors
    26 risks

    Casey's retail operations face key risks from commodity price volatility, particularly cheese, proteins, and wholesale petroleum costs. Tobacco and nicotine product sales, generating about 9% of revenue, are heavily exposed to regulatory and tax pressures. Severe reliance on a Midwestern distribution network and information technology systems creates operational vulnerability.

    Filed Jun 23, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.