Iowa-Based Casey's Elevated to S&P 500 After 'Historic Growth'

A quintessential Iowa business is joining the S&P 500, the most prestigious stock index after what has been billed as "historic growth" over an extended period of time.

That business is Casey's General Stores. Headquartered in Ankeny, Casey's needs no introduction, but the story of how it climbed high enough to reach the S&P 500 does. For those unaware (or easily confused by stocks, such as myself), the Standard and Poor's (S&P) 500 tracks the stock performance of 500 leading companies in the United States. It includes approximately 80% of the total market capital of publicly traded US companies, and has a market cap of more than $61.1 trillion, as of December 2025.

About Casey's Joining the S&P 500:

Casey's ascension to the S&P 500 was a long-time coming, with no assurance the company would ever reach this point. Per The Des Moines Register, they joined the Des Moines-based Principal Financial Group as the only other Iowa company on the index. Deere & Co. (based in Moline, IL) is also on the index, so there are some Iowa ties there, and Berkshire Hathaway is now run by Des Moines resident Greg Abel, who succeeded Warren Buffett.

Casey's entry on the S&P 500 means another company had to fall off. Casey's replaced Hologic, a medical company in the process of transitioning to private ownership. Furthermore, the S&P 500 encompasses both the New York Stock Exchange and NASDAQ, where Casey's is already listed.

Photo Credit: Google Maps

Requirements of Joining the S&P 500:

Per The Des Moines Register, companies tapped to join the S&P 500 must adhere to a few criteria:

They trade their stock in the U.S.
Have at least $27.7 billion in unadjusted marketed capitalization
Must have been profitable for the last four quarters, as well as the most recent quarter

Casey's current capitalization is more than $28 million. Since the start of 2026, Casey's stock price has soared 35%, and around 80% over the last 12 months. It has far-and-away exceeded expectations.

Casey's CEO Comments on the Company's Seismic Achievement:

Casey's President and CEO Darren Rebelez said the company joining the S&P 500 affirms its "strong financial performance, ratable growth, and resilient operating model:"

Being added to the S&P 500 marks a significant milestone that reflects the enduring strength of our business. We remain committed to disciplined growth, delivering exceptional experiences to our guests and creating long-term value for our shareholders - Casey's President and CEO Darren Rebelez, per The Des Moines Register

Rebelez arrived at Casey's in 2019 after decades of experience at other chains such as IHOP and 7-Eleven. The company has done nothing but grow since then, with more than 2,900 stores in 19 states and over 50,000 employees; there's plans to open at least another 80 stores in 2026. Furthermore, Casey's stock closed at $758.37 on Wednesday, April 8th.

In-store sales of merchandise increased to $5.76 billion in 2025, with food sales (including its signature pizza) rose to $1.61 billion. Almost unfathomable figures.

Casey's has come a long way since being founded in 1968 as a single store in Boone. In addition, in 2025, the company paid $18.3 million to acquire the naming rights for Iowa's largest indoor sports and concert venue in Des Moines (formerly the Wells Fargo Arena). Find out more about Casey's being added to the S&P 500 on The Des Moines Register's website.