Casey’s Fuel Margin Climbed to 47.8 Cents a Gallon This Summer, With Iowans Filling Up at Its Pumps

Casey’s keeps a bigger slice of every gallon you buy than it did a year ago.

The company’s numbers cover all its stores, but about half are in Iowa, Missouri and Illinois.

Here’s how Casey’s fuel margin climbed this summer, and what it means for Iowans filling up at its pumps.

Margin by Quarter

Casey’s General Stores reported a company-wide fuel margin of 47.8 cents a gallon for the quarter ended July 31, 2026.

Casey’s fuel margin is what’s left from a gallon’s price after Casey’s pays for the fuel, averaged over every gallon it sold in the quarter.

That is its fuel gross profit per gallon, figured before it pays for stores, staff and other operating costs.

It’s an average across Casey’s stores in 19 states, so it isn’t an Iowa figure.

Those three months, May 1 through July 31, are Casey’s first quarter of fiscal 2027.

Casey’s calls it its busiest quarter of the year.

A year earlier, in the quarter ended July 31, 2025, the margin was 41.0 cents.

That’s 6.8 cents more.

The quarter ended Jan. 31, 2026 also came in at 41.0 cents.

The margin was 46.9 cents in the quarter ended April 30, 2026, and averaged 42.6 cents for the fiscal year that ended that day, up from 38.7 cents the year before.

You should see the next report, covering August through October, in early December, since Casey’s released last year’s second quarter on Dec. 9, 2025.

What the Number Leaves Out

The earnings release says the margin is figured excluding credit card fees.

Those fees came to $85.7 million in the quarter, up from $71.7 million a year earlier.

The annual report says credit card fees directly increase Casey’s operating expenses.

How Far the Number Reaches

Casey’s annual report says about half of its stores are in Iowa, Missouri and Illinois.

Casey’s reports one fuel margin for the whole company.

There’s no Iowa line.

So the 47.8 cents is an average, and it can’t tell you what Casey’s earned on your gallon in Iowa.

The Iowa Department of Revenue lists Iowa’s tax on gasoline at 30 cents a gallon, a rate it said wouldn’t change on July 1, 2026.

No pump price is reported, so the 47.8 cents can’t be added to that tax to get what you paid.

Where the Gain Came From

Casey's total fuel gross profit rose 19.6% from a year earlier.

Fuel gallons sold rose 2.5%, which the release attributes to the store count increase.

Same-store fuel gallons were down 0.3%.

We worked out the next few figures from those totals.

Of the roughly $73 million gain in fuel gross profit, about $64 million came from the higher margin.

About $9 million came from the extra gallons.

Fuel made up about 36% of Casey's $1.24 billion in gross profit for the quarter.

If your household pumps 60 gallons a month, the 6.8-cent gain adds about $4.08 to Casey's margin on those gallons.

Margin as a Share of Price

To see what share of a gallon's price Casey's margin makes up, you need a price to set it against.

The U.S. Energy Information Administration (EIA) puts its weekly Midwest average for regular at $3.014 a gallon for the week ending July 28, 2025.

For the week ending July 27, 2026, it was $3.882, an increase of about 29%.

Iowa is in that Midwest region, but the average covers many more states, so it isn't an Iowa-only price.

Midwest gas prices rose about 29% in that stretch, a bigger jump than the margin's 16.6%.

Those are different measures, a regional weekly average and a company-wide quarterly one.

After the quarter ended, the Midwest average was $4.386 for the week ending Sept. 21, 2026, and $4.109 for the week ending Oct. 5.

Casey's fuel revenue was $3.72 billion in the quarter, up 36.3% (by our math) from a year earlier, while gallons were up 2.5%.

Dividing revenue by gallons gives about $3.99 a gallon this quarter and about $3.00 a year earlier, by our math.

Treat those as rough, since they're our division and not a price Casey's published.

When a gallon costs more, the same margin is a smaller share of what you pay.