CAVCO INDUSTRIES REPORTS FISCAL 2026 THIRD QUARTER RESULTS
Closes American Homestar Acquisition
PHOENIX, January 29, 2026 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the third fiscal quarter ended December 27, 2025.
On September 29, 2025, we completed the acquisition of American Homestar Corporation, which operates two manufacturing lines, nineteen retail locations and a financial services operation. Since the acquisition date, the results of American Homestar are included in Cavco's consolidated financial statements.
Quarterly Highlights
•Net revenue was $581.0 million, up $59 million or 11.3% compared to $522.0 million in the third quarter of the prior year, primarily on home sales volume and average selling price per home growth.
•Home sales volume was up 3.2% and capacity utilization decreased to approximately 70% from approximately 75% in the third quarter of the prior year.
•Factory-built housing Gross profit as a percentage of Net revenue was 21.7%, compared to 23.6% in the same period in the prior year.
•Financial services Gross profit as a percentage of Net revenue was 65.2%, compared to Gross profit of 55.5% in the same period in the prior year.
•Income before income taxes was $58 million, down $11 million, or 16.9% compared to $69 million in the same period in the prior year.
•Net income per diluted share attributable to Cavco common stockholders was $5.58, down 19.1%, compared to $6.90 in the prior year quarter.
•American Homestar contributed $42 million to Net revenue with 343 homes sold and $6.9 million of incremental SG&A. Additionally, we had $2.9 million of deal costs in the quarter.
•Backlogs totaled $160 million at the end of the quarter representing 4-6 weeks of production.
•Stock repurchases were approximately $44 million in the quarter, leaving approximately $98 million available for repurchases under our previously announced Board authorizations.
Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "Industry shipments slowed in the quarter with HUD shipments at a significantly lower pace in the reported October and November period. Our operating approach was to use the backlog and additional days down over the holidays to maintain a steady daily production pace in the factories. Looking forward, affordable housing continues to rise in national policy discussions and as we talk with retailers and communities, the tone in the market remains optimistic. We will be looking to the Spring selling season to determine our ability to increase production from here."
He continued, "Notably, our Financial services segment results continue to be very strong, reflecting the outstanding work to improve profitability of the insurance operation. Additionally, we are now through the first full quarter with American Homestar. This quarter's results expectedly reflect deal costs and integration plan spending. However, as that investment phase concludes we will see the positive impact of this deal, which will exceed our previous expectations."
Financial Results
Three Months Ended
($ in thousands, except revenue per home sold)
December 27, 2025
December 28, 2024
Change
Net revenue
Factory-built housing
$
558,497
$
500,860
$
57,637
11.5
%
Financial services
22,497
21,180
1,317
6.2
%
$
580,994
$
522,040
$
58,954
11.3
%
Factory-built modules sold
8,818
8,378
440
5.3
%
Factory-built homes sold (consisting of one or more modules)
5,221
5,059
162
3.2
%
Net factory-built housing revenue per home sold
$
106,971
$
99,004
$
7,967
8.0
%
Nine Months Ended
($ in thousands, except revenue per home sold)
December 27, 2025
December 28, 2024
Change
Net revenue
Factory-built housing
$
1,629,308
$
1,445,251
$
184,057
12.7
%
Financial services
65,070
61,849
3,221
5.2
%
$
1,694,378
$
1,507,100
$
187,278
12.4
%
Factory-built modules sold
26,417
24,168
2,249
9.3
%
Factory-built homes sold (consisting of one or more modules)
15,815
14,693
1,122
7.6
%
Net factory-built housing revenue per home sold
$
103,023
$
98,363
$
4,660
4.7
%
•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)
December 27, 2025
December 28, 2024
Change
Gross profit
Factory-built housing
$
121,255
$
118,193
$
3,062
2.6
%
Financial services
14,666
11,757
2,909
24.7
%
$
135,921
$
129,950
$
5,971
4.6
%
Gross profit as % of Net revenue
Consolidated
23.4
%
24.9
%
N/A
(1.5)
%
Factory-built housing
21.7
%
23.6
%
N/A
(1.9)
%
Financial services
65.2
%
55.5
%
N/A
9.7
%
Selling, general and administrative expenses
Factory-built housing
$
74,162
$
60,409
$
13,753
22.8
%
Financial services
7,199
5,571
1,628
29.2
%
$
81,361
$
65,980
$
15,381
23.3
%
Income from operations
Factory-built housing
$
47,093
$
57,784
$
(10,691)
(18.5)
%
Financial services
7,467
6,186
1,281
20.7
%
$
54,560
$
63,970
$
(9,410)
(14.7)
%
Nine Months Ended
($ in thousands)
December 27, 2025
December 28, 2024
Change
Gross profit
Factory-built housing
$
364,593
$
333,223
$
31,370
9.4
%
Financial services
35,241
16,251
18,990
116.9
%
$
399,834
$
349,474
$
50,360
14.4
%
Gross profit as % of Net revenue
Consolidated
23.6
%
23.2
%
N/A
0.4
%
Factory-built housing
22.4
%
23.1
%
N/A
(0.7)
%
Financial services
54.2
%
26.3
%
N/A
27.9
%
Selling, general and administrative expenses
Factory-built housing
$
203,073
$
181,569
$
21,504
11.8
%
Financial services
19,665
16,259
3,406
20.9
%
$
222,738
$
197,828
$
24,910
12.6
%
Income from operations
Factory-built housing
$
161,520
$
151,654
$
9,866
6.5
%
Financial services
15,576
(8)
15,584
NM
$
177,096
$
151,646
$
25,450
16.8
%
•In the factory-built housing segment, Gross profit increased for the three and nine months ended primarily due to home sales volume and Net revenue per home sold, partially offset by an increase in cost of sales per home sold. Selling, general and administrative expenses increased for the three and nine months ended due primarily to the addition of American Homestar and deal costs in the current period. For the nine months ended, the increase is also due to higher incentive based compensation due to higher earnings compared to the prior year period.
•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)
December 27, 2025
December 28, 2024
Change
Interest income
$
2,956
$
5,353
$
(2,397)
(44.8)
%
Net income
$
44,067
$
56,462
$
(12,395)
(22.0)
%
Diluted net income per share
$
5.58
$
6.90
$
(1.32)
(19.1)
%
Nine Months Ended
($ in thousands, except per share amounts)
December 27, 2025
December 28, 2024
Change
Interest Income
$
13,105
$
16,556
$
(3,451)
(20.8)
%
Net income
$
148,090
$
134,706
$
13,384
9.9
%
Diluted net income per share
$
18.55
$
16.25
$
2.30
14.2
%
Items ancillary to our core operations had the following impact on the results of operations:
Three Months Ended
Nine Months Ended
($ in millions)
December 27, 2025
December 28, 2024
December 27, 2025
December 28, 2024
Selling, general and administrative expenses
Acquisition related deal costs
$
2.9
$
—
$
4.4
$
—
Conference Call Details
Cavco's management will hold a conference call to review these results tomorrow, January 30, 2026, 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
https://register-conf.media-server.com/register/BI9aa96b5f413e40dfa26819c0e76e1fc4 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)
December 27, 2025
March 29, 2025
ASSETS
(Unaudited)
Current assets
Cash and cash equivalents
$
224,616
$
356,225
Restricted cash, current
17,271
18,535
Accounts receivable, net
105,956
105,849
Short-term investments
17,277
19,842
Current portion of consumer loans receivable, net
38,679
35,852
Current portion of commercial loans receivable, net
45,659
43,492
Current portion of commercial loans receivable from affiliates, net
2,015
2,881
Inventories
290,540
252,695
Prepaid expenses and other current assets
74,782
74,815
Total current assets
816,795
910,186
Restricted cash
585
585
Investments
24,782
18,067
Consumer loans receivable, net
20,104
20,685
Commercial loans receivable, net
53,393
48,605
Commercial loans receivable from affiliates, net
5,163
4,768
Property, plant and equipment, net
276,716
227,620
Goodwill
207,803
121,969
Other intangibles, net
28,678
16,731
Operating lease right-of-use assets
38,176
35,576
Deferred income taxes
—
1,853
Total assets
$
1,472,195
$
1,406,645
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
35,003
$
37,195
Accrued expenses and other current liabilities
293,674
265,971
Total current liabilities
328,677
303,166
Operating lease liabilities
34,065
31,538
Other liabilities
7,210
7,359
Deferred income taxes
13,024
—
Total liabilities
382,976
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 9,471,289 and 9,436,732 shares, respectively; Outstanding 7,786,626 and 8,008,012, respectively
95
94
Treasury stock, at cost; 1,684,663 and 1,428,720 shares, respectively
