Cavco Industries Reports Fiscal 2026 Second Quarter Results
Cavco Industries (Nasdaq: CVCO) reported results for the fiscal second quarter ended September 27, 2025, with Net revenue of $556.5 million, up 9.7% year‑over‑year, and diluted EPS of $6.55, up 24% versus prior-year quarter. Factory-built housing revenue rose on higher volume and ASPs; capacity utilization increased to ~75%. Financial services gross margin expanded to 55.6% driven by higher premiums and lower claims losses. Cavco closed the acquisition of American Homestar, repurchased ~$36 million of stock in the quarter, and reported backlogs of $210 million (~5–7 weeks of production).
Cavco Industries (Nasdaq: CVCO) ha riportato i risultati del secondo trimestre fiscale chiuso al 27 settembre 2025, con ricavi netti di 556,5 milioni di dollari, in aumento del 9,7% su base annua, e utile per azione diluito di 6,55 dollari, in aumento del 24% rispetto al trimestre dell'anno precedente. Le entrate dell'alloggio prefabbricato sono aumentate grazie al maggiore volume e ai prezzi di vendita medi; l'utilizzo della capacità è salito a circa 75%. Il margine lordo dei servizi finanziari si è ampliato al 55,6% grazie a premi più alti e a minori perdite da sinistri. Cavco ha chiuso l'acquisizione di American Homestar, ha riacquistato azioni per circa 36 milioni di dollari nel trimestre e ha riportato ordini in backlog per 210 milioni di dollari (~5–7 settimane di produzione).
Cavco Industries (Nasdaq: CVCO) informó resultados del segundo trimestre fiscal cerrado el 27 de septiembre de 2025, con ingresos netos de 556,5 millones de dólares, un incremento del 9,7% interanual, y una utilidad diluida por acción de 6,55 dólares, un aumento del 24% frente al trimestre del año anterior. Los ingresos por viviendas prefabricadas aumentaron gracias a un mayor volumen y a precios de venta promedio; la utilización de la capacidad subió a ~75%. El margen bruto de servicios financieros se expandió a 55,6% impulsado por primas más altas y menores pérdidas por siniestros. Cavco cerró la adquisición de American Homestar, recompró acciones por ~36 millones de dólares en el trimestre y reportó un backlog de 210 millones de dólares (~5–7 semanas de producción).
Cavco Industries (Nasdaq: CVCO)는 2025년 9월 27일 종료된 회계 연도 제2분기에 대해 순매출 5억 5650만 달러, 전년 대비 9.7% 증가, 그리고 희석 주당순이익 6.55달러, 전년 동분기 대비 24%% 증가를 보고했습니다. 제조형 주택 매출은 물량 증가와 평균 판매가 상승으로 증가했고, 설비 가동률은 약 75%로 상승했습니다. 금융서비스 총마진은 더 높은 보험료와 낮은 손해율로 55.6%까지 확대되었습니다. Cavco는 American Homestar의 인수를 마감했고, 분기 동안 약 3600만 달러의 자사주를 재매입했으며, 2100만 달러의 백로그를 보고했습니다 (~생산의 5–7주).
Cavco Industries (Nasdaq: CVCO) a annoncé les résultats du deuxième trimestre fiscal clos le 27 septembre 2025, avec un chiffre d'affaires net de 556,5 millions de dollars, en hausse de 9,7% sur un an, et un résultat par action dilué de 6,55 dollars, en hausse de 24% par rapport au trimestre correspond, l'année précédente. Les revenus du logement préfabriqué ont augmenté grâce à un volume plus élevé et à des ASP plus élevés; le taux d'utilisation de la capacité a augmenté à environ 75%. La marge brute des services financiers s'est étendue à 55,6% grâce à des primes plus élevées et à des pertes de sinistres inférieures. Cavco a finalisé l'acquisition de American Homestar, a racheté des actions pour environ 36 millions de dollars au cours du trimestre et a rapporté un backlog de 210 millions de dollars (~5–7 semaines de production).
Cavco Industries (Nasdaq: CVCO) berichtete über die Ergebnisse des im Geschäftsjahr endenden zweiten Quartals zum 27. September 2025, mit einem Nettoumsatz von 556,5 Mio. USD, einer Steigerung von 9,7% gegenüber dem Vorjahr, und einem verwässerten EPS von 6,55 USD, einer Steigerung von 24% gegenüber dem Vorjahresquartal. Der Umsatz im Bereich Fertigbau-Wohnungen stieg dank eines höheren Volumens und höherer ASPs; die Kapazitätsauslastung stieg auf etwa 75%. Die Bruttomarge im Finanzdienstleistungsbereich zog auf 55,6% an, getrieben durch höhere Prämien und geringere Schadenbelastungen. Cavco schloss die Übernahme von American Homestar ab, kaufte im Quartal Aktien im Wert von ca. 36 Mio. USD zurück und meldete einen Auftragsbestand von 210 Mio. USD (~5–7 Wochen Produktion).
Cavco Industries (Nasdaq: CVCO) أعلنت عن نتائج الربع المالي الثاني المنتهي في 27 سبتمبر 2025، مع إيرادات صافية قدرها 556,5 مليون دولار، بارتفاع قدره 9,7% على أساس سنوي، و
- Net revenue +9.7% to $556.5M (Q2 Sep 27, 2025)
- Diluted EPS +24% to $6.55 (Q2 Sep 27, 2025)
- Financial services gross margin improved to 55.6% from 21.8% (Q2)
- Backlog $210M equals only 5–7 weeks of production (limited near-term visibility)
- Interest income down 11.3% quarter-over-quarter year-over-year comparison
Insights
Cavco delivered stronger revenue, margins, and EPS while closing an acquisition and continuing buybacks — overall positive near-term impact.
Consolidated Net revenue rose to
Key dependencies and risks are integration execution for the recently closed acquisition of American Homestar, and sustaining Financial Services loss improvements that benefited from lower prior-year severe weather claims. Cash flow flexibility appears healthy: the balance sheet shows increased cash and retained earnings, and management repurchased approximately
Watch upcoming integration milestones and the conference call on
Closes American Homestar acquisition and welcomes Lisa Daniels to the Board of Directors
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 or9.7% 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 approximately75% from approximately70% 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 of21.8% in the same period in the prior year. - Income before income taxes was
$67 million , up$12 million , or22.4% 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 , up24% , 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, | — | — | |||||
| Common stock, | 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
investor_relations@cavco.com
Phone: 602-256-6263
On the Internet: www.cavcoindustries.com
FAQ
What were Cavco (CVCO) Q2 fiscal 2026 revenues and EPS on October 30, 2025?
How did Cavco's factory-built housing performance change in Q2 2026 (CVCO)?
What impact did Cavco's financial services segment have on Q2 2026 results (CVCO)?
Did Cavco (CVCO) complete any acquisitions in October 2025?
How much stock did Cavco (CVCO) repurchase in Q2 fiscal 2026 and what remains available?
What were Cavco's reported backlogs and factory utilization in Q2 2026 (CVCO)?
