What Casey's General Stores, Inc. told the SEC could break it.

Tobacco/nicotine products are ~9% of revenue and ~9% of gross profit; FDA authority over tobacco/e-cigarettes/vapor, anti-tobacco campaigns, and wholesale-cost/excise-tax increases could materially reduce unit demand and results.

“Congress has given the Food and Drug Administration (“FDA”) broad authority to regulate tobacco and nicotine products, including e-cigarettes and vapor products, and the FDA has enacted numerous regulations restricting the sale of such products. ... Sales of tobacco and nicotine products have averaged approximately 9% of our total revenue over the past three fiscal years”

Casey's UST fuel infrastructure is subject to EPA/state leak-detection and remediation requirements; it spent ~$1.25M on assessments/remediation in FY2025 (mostly reimbursed by state trust funds) and carries an accrued corrective-action liability.

“The United States Environmental Protection Agency and several states, including Iowa, have established requirements for owners and operators of underground fuel storage tanks (USTs) with regard to (i) maintenance of leak detection,”

Fuel is a major revenue source for Casey's; wholesale fuel cost and supply can be disrupted by refinery-capacity or oil-region weather shortages, and retail-fuel price volatility affects both margins and consumer demand.

“the supply of fuel and wholesale purchase costs could be adversely affected in the event of a shortage, which could result from, among other things, severe weather events in oil producing regions, the lack of capacity at United States oil refineries or, in our case, the level of fuel contracts that we have that guarantee an uninterrupted, unlimited supply of fuel. Increases in the retail price of petroleum products have resulted and could in the future adversely affect consumer demand for fuel and other discretionary purchases.”

Casey's depends on regular third-party deliveries and its own distribution network (3 DCs, ~500 tractors/drivers) and DSD partners, and may have a single or limited number of suppliers for certain products — shortages or distribution disruption could hurt sales and raise costs.

“We also depend on regular deliveries of products from third-parties to and from our facilities and stores that meet our specifications. In addition, we may have a single supplier or limited number of suppliers for certain products. While we believe there are adequate reserve quantities and alternative suppliers available, shortages or interruptions in the receipt or supply of products caused by unanticipated or changing demand”