In the previous three-year cycle, Casey's added more than 500 stores and joined the S&P 500 index. According to CEO Darren Rebelez, Casey's is emerging from what he called "the best three-year cycle" in its history after beating its prior targets.
"We made a commitment to grow our EBITDA by 8% to 10%, which is top-quintile growth for the S&P 500," Rebelez told FOX Business. "We'll do that through growing our prepared foods business, growing our store base and running our business more efficiently."
The company currently operates more than 2,900 convenience stores. Casey's uses both new builds and acquisitions to expand. Ena Williams, chief operations officer, said in a statement, "Our growth strategy is expanding Casey's Country in a disciplined way. We've shown that we can grow through both new stores and acquisitions."
Casey's is famous for its pizza. But the company is now leaning hard into another prepared food item: chicken wings. Currently, some 850 locations offer wings, including bone-in and boneless varieties, along with five sauces, three dry rubs, and freshly made ranch. In Des Moines, where the wings have been on the menu for over a year, same-store sales have risen about 20% year-over-year.
"We're famous for our pizza, we still have a long runway for growth there with innovation and new items that we've introduced more recently," Rebelez said. "But now we have the wings platform."
Rebelez said Casey's does not see other convenience stores as competition for prepared foods. "We're really competing with the restaurant business," he said.
"We sell fuel, we sell grocery and general merchandise, and we have prepared food, so we can compete in either space," Rebelez added.
The company is also investing in AI, predictive tools, and digital platforms like the Casey's app and Casey's Rewards to boost efficiency and enhance the customer experience.
The company will expand into new markets while deepening its wings and pizza presence in existing ones.
Founded more than five decades ago, Casey's has grown from a small-town Iowa operation into a national powerhouse with a footprint spanning 16 states. Its combination of fuel, grocery, and prepared food - especially pizza - has allowed it to capture customers who might otherwise visit quick-service restaurants. With a market capitalization exceeding $30 billion and a spot in the S&P 500, the company's aggressive expansion plan underscores its confidence in both organic growth and future acquisitions. The new store target of 400 over three years represents a slightly slower pace than the previous cycle's 500, but management believes the enhanced focus on food innovation and digital tools will lift profitability.