CASY insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Williams Koschel Chief Operating Officer	2,800	$833.69	11%	22K	Jul 9, 2026	Jul 10, 2026

What stands out

Three officers sold more than 25% of vested holdings: Williams Koschel (31% of holdings, $4.7M, none under a disclosed plan), Chad Frazell (36% of holdings, $2.4M, none under a disclosed plan) and Katrina Lindsey (50% of holdings, $1.7M, none under a disclosed plan).Williams Koschel: largest sale, Jul 1, 2026 · Chad Frazell: largest sale, Jun 30, 2026 · Katrina Lindsey: largest sale, Jun 29, 2026

Two officers sold $20.0M with no disclosed plan: Darren Rebelez ($15.2M, 21% of holdings) and Stephen Bramlage Jr. ($4.8M, 22%). The filings don't state a reason.Darren Rebelez: largest such sale, Jul 7, 2026 · Stephen Bramlage Jr.: largest such sale, Jul 8, 2026

Two directors bought shares: Mike Spanos (556 shares, $399K) and Moats Castanon (300 shares, $166K).Mike Spanos: purchase, Mar 13, 2026 · Moats Castanon: purchase, Jan 5, 2026

Percentages cover 16 of 17 officers and directors. Left out: Stanley Sutula III (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Darren Rebelez

President and CEO, Director

21% · $15.2MNo plan disclosed

Stephen Bramlage Jr.

Chief Financial Officer

Sold 22%, but 1.7K shares were added (mostly vesting), so the stake grew

22% · $4.8MNo plan disclosed

Williams Koschel

Chief Operating Officer

Sold 31%, but 1.7K shares were added (mostly vesting), so the stake grew

31% · $4.7MNo plan disclosed

Chad Frazell

Chief HR Officer

Sold 36%, but 887 shares were added (mostly vesting), so the stake grew

36% · $2.4MNo plan disclosed

Katrina Lindsey

Chief Legal Officer

Sold 50%, but 832 shares were added (mostly vesting), so the stake grew

50% · $1.7MNo plan disclosed

All 6 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Common questions

Is the Casey's CEO selling stock?

Yes. Darren Rebelez sold 19K shares ($15.2M, 21% of starting holdings) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Casey's insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Casey's insiders buying?

Yes. 2 officers or directors reported 3 purchases in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did Casey's insiders sell?

About 18% overall. As a group they ended with more shares than they started with. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold6 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Darren Rebelez President and CEO, Director	$15.2M 19K shares	21%	No plan disclosed
Stephen Bramlage Jr. Chief Financial Officer	$4.8M 5.7K shares	22%	No plan disclosed
Williams Koschel Chief Operating Officer	$4.7M 5.8K shares	31%	No plan disclosed
Chad Frazell Chief HR Officer	$2.4M 3K shares	36%	No plan disclosed
Katrina Lindsey Chief Legal Officer	$1.7M 2.2K shares	50%	No plan disclosed
Allison Wing Director	$444K 530 shares	15%	No plan disclosed

The full ownership picture17 of 17 insiders fully reconciled · 17 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Darren Rebelez

Minor difference of 36 shares. Difference is under 0.5% of holdings.

President and CEO, Director

90K

−19K

90K

99%

Vesting, gifts, unvested awards and holding lines for Darren Rebelez

+6Kshares vested or exercised

−16Kgifted (net of own trusts)

−26Kwithheld by the company for taxes

11K → 8.4Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	89,840	89,174
Voting and tender rights under 401k plan	Common Stock	499	535

Reconciliation: minor difference of 36 shares. Difference is under 0.5% of holdings.

Stephen Bramlage Jr.

Minor difference of 37 shares. Difference is under 0.5% of holdings.

Chief Financial Officer

26K

−5.7K

30K

+14%

Vesting, gifts, unvested awards and holding lines for Stephen Bramlage Jr.

+1.7Kshares vested or exercised

−200gifted (net of own trusts)

−7.3Kwithheld by the company for taxes

3.1K → 2.3Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	25,994	29,677
Voting and tender rights under 401k plan	Common Stock	369	406

Reconciliation: minor difference of 37 shares. Difference is under 0.5% of holdings.

Williams Koschel

Minor difference of 38 shares. Difference is under 0.5% of holdings.

Chief Operating Officer

18K

−5.8K

22K

+21%

Vesting, gifts, unvested awards and holding lines for Williams Koschel

+1.7Kshares vested or exercised

0gifted (net of own trusts)

−7.2Kwithheld by the company for taxes

3.3K → 2.5Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	18,059	21,969
Voting and tender rights under 401k plan	Common Stock	381	419

Reconciliation: minor difference of 38 shares. Difference is under 0.5% of holdings.

Cara Heiden

Director

9.5K

9.9K

no sales

Vesting, gifts, unvested awards and holding lines for Cara Heiden

+326shares vested or exercised

0gifted (net of own trusts)

326 → 0unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	9,543	9,869

Thomas Brennan Jr.

Minor difference of 38 shares. Difference is under 0.5% of holdings.

Chief Merch. Officer

8.9K

15K

no sales

Vesting, gifts, unvested awards and holding lines for Thomas Brennan Jr.

+1Kshares vested or exercised

−178gifted (net of own trusts)

−4.4Kwithheld by the company for taxes

4.1K → 3.8Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	8,512	14,171
Voting and tender rights under 401k plan	Common Stock	364	402

Reconciliation: minor difference of 38 shares. Difference is under 0.5% of holdings.

Chad Frazell

Minor difference of 39 shares. Difference is under 0.5% of holdings.

Chief HR Officer

8.4K

−3K

10K

+22%

Vesting, gifts, unvested awards and holding lines for Chad Frazell

+887shares vested or exercised

−180gifted (net of own trusts)

−3.6Kwithheld by the company for taxes

1.7K → 1.3Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	7,993	9,823
Voting and tender rights under 401k plan	Common Stock	362	401

Reconciliation: minor difference of 39 shares. Difference is under 0.5% of holdings.

Larree Renda

Minor difference of 22 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

7.5K

7.8K

no sales

Vesting, gifts, unvested awards and holding lines for Larree Renda

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	7,489	7,837

Reconciliation: minor difference of 22 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

David Lenhardt

Director

5.1K

5.4K

no sales

Vesting, gifts, unvested awards and holding lines for David Lenhardt

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	5,054	5,380

Judy Schmeling

Director

5.3K

no sales

Vesting, gifts, unvested awards and holding lines for Judy Schmeling

+326shares vested or exercised

0gifted (net of own trusts)

326 → 0unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,988	5,314

Katrina Lindsey

Minor difference of 22 shares. Difference is under 0.5% of holdings.

Chief Legal Officer

4.4K

−2.2K

6.4K

+44%

Vesting, gifts, unvested awards and holding lines for Katrina Lindsey

+832shares vested or exercised

−504gifted (net of own trusts)

−3.3Kwithheld by the company for taxes

1.6K → 1.3Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,239	6,164
Voting and tender rights under 401k plan	Common Stock	168	190

Reconciliation: minor difference of 22 shares. Difference is under 0.5% of holdings.

Mike Spanos

Minor difference of 10 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

4.2K

5.1K

no sales

Vesting, gifts, unvested awards and holding lines for Mike Spanos

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,192	5,084

Reconciliation: minor difference of 10 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Donald Frieson

Director

4.1K

3.9K

no sales

Vesting, gifts, unvested awards and holding lines for Donald Frieson

+326shares vested or exercised

−458gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,054	3,922

Allison Wing

Minor difference of 11 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

3.6K

−530

3.4K

95%

Vesting, gifts, unvested awards and holding lines for Allison Wing

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	3,572	3,379

Reconciliation: minor difference of 11 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Greg Trojan

Director

2.3K

2.6K

no sales

Vesting, gifts, unvested awards and holding lines for Greg Trojan

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	2,259	2,585

Sri Donthi

Director

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Sri Donthi

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	1,695	2,021

Moats Castanon

Director

503

1.1K

no sales

Vesting, gifts, unvested awards and holding lines for Moats Castanon

+326shares vested or exercised

0gifted (net of own trusts)

326 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	503	1,129

Stanley Sutula III

Director

no sales

Vesting, gifts, unvested awards and holding lines for Stanley Sutula III

+51shares vested or exercised

0gifted (net of own trusts)

0 → 220unvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	0	51

17 of 17 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (8 exactly, 9 with a minor or footnoted difference). Percentages cover 16 of 17 officers and directors. Left out: Stanley Sutula III (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$29.2M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $29.2M across 36,243 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $29.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $15.2M of it is Darren Rebelez. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Stephen Bramlage Jr., Jul 8, 2026

Taxes

51,908 shares ($45.3M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 2 buyers (3 trades)

2 officers and directors bought shares in this period, in 3 trades(Form 4 code P). Across all their filings on record there are 12 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Darren Rebelez President and CEO, Director	19K	$15.2M	0%	52%	Jul 7, 2026 to Jul 7, 2026
Stephen Bramlage Jr. Chief Financial Officer	5.7K	$4.8M	0%	16%	Jul 8, 2026 to Jul 8, 2026
Williams Koschel Chief Operating Officer	5.8K	$4.7M	0%	16%	Jul 1, 2026 to Jul 9, 2026
Chad Frazell Chief HR Officer	3K	$2.4M	0%	8%	Jun 30, 2026 to Jun 30, 2026
Katrina Lindsey Chief Legal Officer	2.2K	$1.7M	0%	6%	Mar 11, 2026 to Jun 29, 2026
Allison Wing Director	530	$444K	0%	2%	Jul 8, 2026 to Jul 8, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$137K	$0	$0	$137K
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$4.0M	$0	$0	$4.0M
Jul 2026	$25.1M	$0	$0	$25.1M
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 1.8x the 5-year average. 6 insiders sold; the average is 3 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	36K	6	$29.2M
Oct 8, 2025 1 year earlier	61K	8	$30.4M
Oct 8, 2024 2 years earlier	23K	3	$8.7M
Oct 9, 2023 3 years earlier	0	0	$0
Oct 9, 2022 4 years earlier	0	0	$0
Oct 9, 2021 5 years earlier	15K	4	$2.8M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Darren Rebelez: minor difference of 36 shares. Difference is under 0.5% of holdings.

Stephen Bramlage Jr.: minor difference of 37 shares. Difference is under 0.5% of holdings.

Williams Koschel: minor difference of 38 shares. Difference is under 0.5% of holdings.

Thomas Brennan Jr.: minor difference of 38 shares. Difference is under 0.5% of holdings.

Chad Frazell: minor difference of 39 shares. Difference is under 0.5% of holdings.

Larree Renda: minor difference of 22 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Katrina Lindsey: minor difference of 22 shares. Difference is under 0.5% of holdings.

Mike Spanos: minor difference of 10 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Allison Wing: minor difference of 11 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Voting and tender rights under KSOP" is treated as the same holder as "Voting and tender rights under 401k plan", because the old name was never reported again and the new one opened with the same balance (6,242 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology807 filings from SEC EDGAR, and how we read them

All 807 Forms 3, 4 and 5 filed for Casey's (SEC CIK 726958) from Jun 13, 2003 to Sep 4, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 3-for-2 stock split on or before Sep 14, 2012 (first filing that shows post-split balances). Splits aren't reported as transactions; 3 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (24)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Diane Bridgewater	Sep 8, 2023	12,029 shares, last reported balance as of Sep 6, 2023
Lynn Horak	Sep 8, 2023	16,336 shares, last reported balance as of Sep 6, 2023
Adrian Butler	Jun 17, 2022	695 shares, last reported balance as of Jun 15, 2022
Julia Jackowski	Jul 8, 2021	21,722 shares, last reported balance as of Jul 6, 2021
Brian Johnson	Jan 6, 2021	15,687 shares, last reported balance as of Jan 5, 2021
John Soupene	Jun 17, 2020	10,506 shares, last reported balance as of Jun 15, 2020
Christopher Jones	Jun 4, 2020	159 shares, last reported balance as of Jun 2, 2020
William Walljasper	Mar 19, 2020	22,619 shares, last reported balance as of Mar 17, 2020
Terry Handley	Jun 14, 2019	47,589 shares, last reported balance as of Jun 12, 2019
Cindi Summers	Jun 6, 2019	6,354 shares, last reported balance as of Jun 4, 2019
Robert Myers	Oct 11, 2017	99,109 shares, last reported balance as of Oct 10, 2017
William Kimball	Oct 2, 2017	20,361 shares, last reported balance as of Sep 28, 2017
Johnny Danos	Oct 2, 2017	14,499 shares, last reported balance as of Sep 28, 2017
Jeffrey Lamberti	Oct 2, 2017	135,335 shares, last reported balance as of Sep 28, 2017
Richard Wilkey	Sep 22, 2016	15,340 shares, last reported balance as of Sep 21, 2016
Sam Billmeyer	Jun 27, 2016	18,343 shares, last reported balance as of Jun 23, 2016
Kenneth Haynie	Aug 25, 2015	27,962 shares, last reported balance as of Aug 24, 2015
Ronald Lamb	May 4, 2009	1,064,205 shares, last reported balance as of May 1, 2009
Patricia Sullivan	May 4, 2009	5,670 shares, last reported balance as of May 1, 2009
Donald Lamberti	Mar 13, 2008	2,777,889 shares, last reported balance as of Mar 12, 2008
John Harmon	Jun 29, 2007	180,384 shares, last reported balance as of Jun 27, 2007
John Fitzgibbon	May 3, 2007	207,383 shares, last reported balance as of May 1, 2007
John Taylor	Sep 27, 2006	No balance on record
Jamie Shaffer	Dec 9, 2003	16,514 shares, last reported balance as of Dec 9, 2003

Casey's insiders sold $29.2M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Casey's CEO selling stock?

Why are Casey's insiders selling?

Are any Casey's insiders buying?

How much of their stake did Casey's insiders sell?

The evidence

No plan disclosed · $29.2M

Taxes

Purchases · 2 buyers (3 trades)

Sales by month