Casey’s dividend
MyStockButler's October 2026 analysis: Casey’s dividend rose from $1.39 to $2.28 across FY2022–FY2026 and begins at an annualized $2.60 after the latest board increase. In fiscal 2026, Casey’s paid shareholders $283.641 million, equal to 39.3% of free cash flow, so the dividend was covered by cash generation.
How much does Casey’s pay in dividends?
Dividends begin at $2.60, the annualized rate after the latest board increase. The base case reaches $3.20 by October 2029. The bear case holds at $2.60, while the bull case reaches $3.80. The base path is below the historical record: dividends rose from $1.39 to $2.28 across FY2022–FY2026. But the $800 million capital plan competes with future increases.
| Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | |
|---|---|---|---|---|---|
| EPS, diluted | 19.16 | 14.64 | 13.43 | 11.91 | 9.10 |
| − Dividends paid, per share | 2.23 | 1.94 | 1.68 | 1.48 | 1.37 |
| − Share buybacks, per share | 5.38 | 0.00 | 2.81 | 0.00 | 0.00 |
What this means. The company's own free cash flow per share is higher because it does not subtract shares given to employees as pay; we subtract them because they reduce each existing share's claim.
How much would Casey’s's dividend pay you?
$10,000 invested in Casey’s at its 0.4% dividend yield (our report of October 21, 2026) pays $40.00 in the first year, before tax. If its dividend per share keeps changing 13.0% a year, as it did from Apr 2022 to Apr 2026, and the dividends are reinvested, year 10 pays $127.28, with $759.55 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is Casey’s dividend covered by its cash?
Fiscal 2026 showed the other side of the cycle. Casey’s paid shareholders $283.641 million, equal to 39.3% of free cash flow. Net debt fell from $2,181,883 thousand to $1,908,603 thousand. Stronger cash generation therefore funded both distributions and a rebuilding of financial flexibility.
| Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | |
|---|---|---|---|---|---|
| Free cash flow | 721,620 | 584,630 | 370,949 | 405,383 | 462,266 |
| − Dividends paid | 83,136 | 72,309 | 62,918 | 55,617 | 51,212 |
| − Share buybacks | 200,505 | 0 | 104,898 | 0 | 0 |
| = Free cash flow not paid out | 437,979 | 512,321 | 203,133 | 349,766 | 411,054 |
| Paid out, % of free cash flow | 39.3% | 12.4% | 45.2% | 13.7% | 11.1% |
What this means. The last percentage is higher because we subtract stock-based pay from free cash flow, leaving less cash to measure shareholder payouts against.
What could change Casey’s dividend?
The weighted case points to modest upside through October 2029 if food-led growth and store conversions support earnings while fuel spreads and investment returns hold. Management targets 8%–10% EBITDA growth in FY2027, at least 120 store openings, inside same-store sales growth of 2%–5% and a 42% inside margin.
The next catalyst is the quarter ending October 31, 2026, after which management intended to revisit annual guidance. Expense growth, inside same-store sales, fuel margins and comparable gallons will test the plan. CEFCO, a convenience-store chain Casey’s is converting to its own brand, and new stores must turn higher food sales into cash returns after remodeling, labor and other costs. Casey’s investment case is food-led cash growth earning its way through the fuel cycle.
What is Casey’s dividend yield against its share price?
Casey’s dividend yield is only 0.4%, leaving little compensation if growth or the valuation disappoints. The decisive test is whether existing kitchens can sell more food, new stores can earn sound returns, and the company can cover debt and dividends after necessary investment. That is what the premium price is assuming.
| Today (Oct 21, 2026) | |
|---|---|
| Share price | 691.1397 |
| Free cash flow yield (calculated) | 2.8% |
| Dividend yield (calculated) | 0.4% |
What this means. The next-year price-to-earnings ratio uses analysts' estimated profit, so it is a forecast rather than a measure of what the company has already earned.