How Casey’s Became America’s Fifth-Largest Pizza Chain
- Casey’s General Stores operates as the fifth-largest pizza chain in the United States, according to a recent analysis by Bank of America Research.
- Operating nearly 3,000 stores, Casey’s has built a business model centered on small municipalities.
- The company traces its roots back to 1968, when Donald Lamberti opened a converted service station in Boone, Iowa.
Casey’s General Stores operates as the fifth-largest pizza chain in the United States, according to a recent analysis by Bank of America Research. The Fortune 500 convenience store operator, known across 19 Midwestern states for its red-roofed fueling stations, has seen its stock price surge over 50 percent in the past 12 months, achieving a market capitalization of $28 billion, as reported by inkl.
A Stealth Pizza Empire Across Small-Town America
Operating nearly 3,000 stores, Casey’s has built a business model centered on small municipalities. According to inkl, roughly half of its locations sit in towns with populations of 5,000 or fewer, and about two-thirds operate in communities under 20,000 residents. Tom Brennan, chief merchandising officer at Casey’s, noted in an interview with Fortune that the company also ranks as the fourth-largest liquor license holder and the third-largest convenience store operator in the country. “You don’t hear the other big pizza players talk about Casey’s,” Brennan told Fortune, adding that “at the same time, it’s evident from our growth … we’re taking share as we continue to grow.” When asked if the word “stealth” accurately describes the brand, Brennan acknowledged it feels that way for coastal regions, though residents across its 19-state footprint are intimately familiar with the stores.
Origins and the Small-Town Moat
The company traces its roots back to 1968, when Donald Lamberti opened a converted service station in Boone, Iowa. Brennan described discussing the early strategy with Lamberti, summarizing the expansion approach simply: “Hey, this will probably work in the next small town.” That gradual expansion from one rural community to another created what Wall Street defines as a defensible economic moat, because major national competitors rarely target sites in markets that small. Food service entered the operational model in 1984 with the introduction of pizza, followed roughly two decades later by its breakfast pizza, which Brennan described as an iconic combination of sausage gravy, egg, and cheese. The menu continues to evolve; a pilot program for Sauced Wings launched in January 2025 and expanded to nearly 900 stores, with a full chain rollout planned across two years.
Gen Z Fandom and Digital Attention
While the brand grew through decades of rural brick-and-mortar retail, it has recently gained unexpected traction online. TikTok and YouTube feature a recurring genre dedicated to gas-station food, where creators review slices made from scratch-made dough prepared in on-site ovens. According to internal company metrics cited by inkl, Casey’s social media engagement and penetration with Gen Z consumers climbed 600 basis points over a three-year period. Brennan attributed that digital enthusiasm to brand authenticity, stating that the consumer response “is really built on decades of delivering high-quality pizza and food, a great experience.” This digital momentum contrasts with broader industry trends. Data from Technomic cited by inkl shows that the roughly $31 billion quick-service pizza category turned negative in 2025 following flat growth the previous year, with reports indicating a cooling consumer demand for traditional pizza options nationally.
