Cavco Industries Reports Fiscal 2026 Second Quarter Results

PHOENIX, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the second fiscal quarter ended September 27, 2025.

Quarterly Highlights

• Net revenue was $556.5 million, up $49 million or 9.7% compared to $507.5 million in the second quarter of the prior year, primarily on home sales volume and average selling price per home growth.
• Home sales volume was up 5.4% and capacity utilization increased to approximately 75% from approximately 70% in the second quarter of the prior year.
• Factory-built housing Gross profit as a percentage of Net revenue was 22.9%, flat with the same period in the prior year.
• Financial services Gross profit as a percentage of Net revenue was 55.6%, compared to Gross profit of 21.8% in the same period in the prior year.
• Income before income taxes was $67 million, up $12 million, or 22.4% compared to $55 million in the same period in the prior year.
• Net income per diluted share attributable to Cavco common stockholders was $6.55, up 24%, compared to $5.28 in the prior year quarter on higher Factory-built housing volume and stronger Financial services results.
• Backlogs totaled $210 million at the end of the quarter representing 5-7 weeks of production.
• Stock repurchases were approximately $36 million in the quarter. $142 million remains available for repurchases under our previously announced Board authorizations.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "We saw continued strong performance from all phases of our business - production, retail and our Financial Services segment. Our teams executed with excellence in a fluid market with continuing macroeconomic risks."

He continued, "As previously announced, we successfully closed the acquisition of American Homestar Corporation subsequent to the close of Q2. The newly combined team has done a remarkable job maintaining a dual track focus on current operational success and early integration. I want to thank everyone from American Homestar for their commitment and positivity through this transition.

"Finally, we're excited to have Lisa Daniels join our Board of Directors. In addition to her compelling experience and knowledge, Lisa is a great personal fit with our Board and Company and I'm looking forward to working with her in the years ahead."

Financial Results

	Three Months Ended
($ in thousands, except revenue per home sold)	September 27, 2025			September 28, 2024			Change
Net revenue
Factory-built housing	$	535,117		$	486,343		$	48,774		10.0	%
Financial services		21,410			21,118			292		1.4	%
	$	556,527		$	507,461		$	49,066		9.7	%
Factory-built modules sold		8,699			8,119			580		7.1	%
Factory-built homes sold (consisting of one or more modules)		5,178			4,913			265		5.4	%
Net factory-built housing revenue per home sold	$	103,344		$	98,991		$	4,353		4.4	%
	Six Months Ended
($ in thousands, except revenue per home sold)	September 27, 2025			September 28, 2024			Change
Net revenue
Factory-built housing	$	1,070,811		$	944,391		$	126,420		13.4	%
Financial services		42,573			40,669			1,904		4.7	%
	$	1,113,384		$	985,060		$	128,324		13.0	%
Factory-built modules sold		17,599			15,790			1,809		11.5	%
Factory-built homes sold (consisting of one or more modules)		10,594			9,634			960		10.0	%
Net factory-built housing revenue per home sold	$	101,077		$	98,027		$	3,050		3.1	%

• In the factory-built housing segment, the increase in Net revenue was due to higher home sales volume and an increase in Net revenue per home sold for both periods.
• Financial services segment Net revenue increased due to higher insurance premiums for both periods.
  
  
  
  

	Three Months Ended
($ in thousands)	September 27, 2025				September 28, 2024				Change
Gross profit
Factory-built housing	$	122,493			$	111,520			$	10,973		9.8	%
Financial services		11,914				4,602				7,312		158.9	%
	$	134,407			$	116,122			$	18,285		15.7	%
Gross profit as % of Net revenue
Consolidated		24.2	%			22.9	%		N/A			1.3	%
Factory-built housing		22.9	%			22.9	%		N/A			—	%
Financial services		55.6	%			21.8	%		N/A			33.8	%
Selling, general and administrative expenses
Factory-built housing	$	65,757			$	61,440			$	4,317		7.0	%
Financial services		6,472				5,557				915		16.5	%
	$	72,229			$	66,997			$	5,232		7.8	%
Income from operations
Factory-built housing	$	56,736			$	50,080			$	6,656		13.3	%
Financial services		5,442				(955	)			6,397		NM
	$	62,178			$	49,125			$	13,053		26.6	%
	Six Months Ended
($ in thousands)	September 27, 2025				September 28, 2024				Change
Gross profit
Factory-built housing	$	243,338			$	215,030			$	28,308		13.2	%
Financial services		20,575				4,494				16,081		357.8	%
	$	263,913			$	219,524			$	44,389		20.2	%
Gross profit as % of Net revenue
Consolidated		23.7	%			22.3	%		N/A			1.4	%
Factory-built housing		22.7	%			22.8	%		N/A			(0.1)%
Financial services		48.3	%			11.1	%		N/A			37.2	%
Selling, general and administrative expenses
Factory-built housing	$	128,911			$	121,160			$	7,751		6.4	%
Financial services		12,466				10,688				1,778		16.6	%
	$	141,377			$	131,848			$	9,529		7.2	%
Income from operations
Factory-built housing	$	114,427			$	93,870			$	20,557		21.9	%
Financial services		8,109				(6,194	)			14,303		NM
	$	122,536			$	87,676			$	34,860		39.8	%

• In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and Net revenue per home sold for both periods. Selling, general and administrative expenses increased as a result of higher incentive based compensation due to higher earnings compared to both prior year periods.
• In the financial services segment, Gross profit and Income from operations increased primarily due to the insurance division having higher premiums and lower claims losses. The claims loss reduction resulted from policy underwriting improvements and severe weather events in the prior year periods. Selling, general and administrative expenses increased in both periods primarily due to higher compensation.
  
  
  
  

	Three Months Ended
($ in thousands, except per share amounts)	September 27, 2025			September 28, 2024			Change
Interest income	$	5,046		$	5,692		$	(646	)		(11.3)%
Net income	$	52,381		$	43,815		$	8,566			19.6	%
Diluted net income per share	$	6.55		$	5.28		$	1.27			24.1	%
	Six Months Ended
($ in thousands, except per share amounts)	September 27, 2025			September 28, 2024			Change
Interest Income	$	10,149		$	11,203		$	(1,054	)		(9.4)%
Net income	$	104,023		$	78,244		$	25,779			32.9	%
Diluted net income per share	$	12.96		$	9.38		$	3.58			38.2	%

Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, October 31, 2025, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register

here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 29, 2025 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

CAVCO INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts)
	September 27, 2025				March 29, 2025
ASSETS	(Unaudited)
Current assets
Cash and cash equivalents	$	374,978			$	356,225
Restricted cash, current		24,391				18,535
Accounts receivable, net		115,654				105,849
Short-term investments		16,865				19,842
Current portion of consumer loans receivable, net		33,493				35,852
Current portion of commercial loans receivable, net		43,468				43,492
Current portion of commercial loans receivable from affiliates, net		2,227				2,881
Inventories		258,423				252,695
Prepaid expenses and other current assets		65,048				74,815
Total current assets		934,547				910,186
Restricted cash		585				585
Investments		24,341				18,067
Consumer loans receivable, net		19,390				20,685
Commercial loans receivable, net		56,458				48,605
Commercial loans receivable from affiliates, net		5,292				4,768
Property, plant and equipment, net		236,709				227,620
Goodwill		121,969				121,969
Other intangibles, net		15,987				16,731
Operating lease right-of-use assets		33,791				35,576
Deferred income taxes		—				1,853
Total assets	$	1,449,069			$	1,406,645
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	44,075			$	37,195
Accrued expenses and other current liabilities		273,975				265,971
Total current liabilities		318,050				303,166
Operating lease liabilities		30,360				31,538
Other liabilities		7,258				7,359
Deferred income taxes		7,264				—
Total liabilities		362,932				342,063
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding		—				—
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,470,820 and 9,436,732 shares, respectively; Outstanding 7,866,737 and 8,008,012, respectively		95				94
Treasury stock, at cost; 1,604,083 and 1,428,720 shares, respectively		(511,347	)			(424,624	)
Additional paid-in capital		294,984				290,940
Retained earnings		1,302,186				1,198,163
Accumulated other comprehensive income		219				9
Total stockholders' equity		1,086,137				1,064,582
Total liabilities and stockholders' equity	$	1,449,069			$	1,406,645

CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)
	Three Months Ended								Six Months Ended
	September 27, 2025				September 28, 2024				September 27, 2025				September 28, 2024
Net revenue	$	556,527			$	507,461			$	1,113,384			$	985,060
Cost of sales		422,120				391,339				849,471				765,536
Gross profit		134,407				116,122				263,913				219,524
Selling, general and administrative expenses		72,229				66,997				141,377				131,848
Income from operations		62,178				49,125				122,536				87,676
Interest income		5,046				5,692				10,149				11,203
Interest expense		(112	)			(125	)			(276	)			(215	)
Other income, net		142				258				142				147
Income before income taxes		67,254				54,950				132,551				98,811
Income tax expense		(14,873	)			(11,135	)			(28,528	)			(20,567	)
Net income	$	52,381			$	43,815			$	104,023			$	78,244
Net income per share
Basic	$	6.62			$	5.33			$	13.12			$	9.48
Diluted	$	6.55			$	5.28			$	12.96			$	9.38
Weighted average shares outstanding
Basic		7,909,326				8,226,298				7,931,589				8,256,664
Diluted		7,992,745				8,305,326				8,024,720				8,337,671

CAVCO INDUSTRIES, INC. OTHER OPERATING DATA (Dollars in thousands) (Unaudited)
	Three Months Ended						Six Months Ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024
Capital expenditures	$	9,861		$	4,905		$	18,870		$	9,819
Depreciation	$	4,961		$	4,375		$	9,758		$	8,744
Amortization of other intangibles	$	372		$	385		$	744		$	777

For additional information, contact:



Mark Fusler

Corporate Controller and Investor Relations

[email protected]



Phone: 602-256-6263

On the Internet: www.cavcoindustries.com