Cavco Industries Reports Fiscal 2027 Second Quarter Results

Quarterly earnings included a $7 million insurance premium return, while housing gross margin remained below the prior-year level.

Rhea-AI Summary

Cavco Industries (Nasdaq: CVCO) reported fiscal 2027 second-quarter revenue of $656.4 million, supported by higher home sales volume and selling prices. For the quarter ended September 26, 2026, revenue rose 17.9% year over year; diluted earnings were $7.17 versus $6.55. Net income increased 5.8% to $55.439 million, including a one-time insurance premium return that added $0.70 per diluted share.

Home sales rose 15.3%, but housing gross margin fell to 21.1% from 22.9%. Financial services gross margin increased to 60.2% from 55.6%. Backlog reached $348 million, up $50 million sequentially, representing 8–10 weeks of production. Cavco repurchased approximately $30 million of stock, leaving $158 million authorized. First-half net income fell 6.1% despite 13.7% revenue growth. Cavco expects materials inflation to remain a challenge.

27 points · 0 major

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0 major · 19 points

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Positive

• Moderate pointSecond-quarter revenue rose 17.9% to $656.378 million year over year.
• Moderate pointSecond-quarter net income increased 5.8% to $55.439 million year over year.
• Moderate pointInsurance premium return provided a one-time $7 million benefit, adding $0.70 per diluted share.
• Moderate pointQuarter-end backlog increased $50 million sequentially to $348 million, representing 8–10 weeks of production. 8.5% of market cap
• Minor pointSecond-quarter diluted earnings rose 9.5% to $7.17, versus $6.55 a year earlier.

22 minor points

• Minor pointSecond-quarter pretax income reached $73.351 million, versus $67.254 million a year earlier.
• Minor pointSecond-quarter housing revenue increased 18.4% to $633.736 million year over year.
• Minor pointSecond-quarter home sales increased 15.3% to 5,972; modules sold rose 12.6% to 9,794.
• Minor pointSecond-quarter housing revenue per home increased 2.7% to $106,118 year over year.
• Minor pointSecond-quarter financial services revenue increased 5.8% to $22.642 million year over year.
• Minor pointSecond-quarter housing gross profit increased 9.4% to $133.975 million year over year.
• Minor pointSecond-quarter financial services gross profit increased 14.5% to $13.637 million year over year.
• Minor pointSecond-quarter financial services gross margin increased to 60.2%, versus 55.6% a year earlier.
• Minor pointSecond-quarter housing operating income increased 13.4% to $64.350 million year over year.
• Minor pointSecond-quarter financial services operating income increased 2.0% to $5.552 million year over year.
• Minor pointCavco began receiving data center workforce housing orders and shipments during the quarter.
• Minor pointCavco reported selling-price increases exceeded cost pressures, producing a small sequential gross-margin improvement.
• Minor pointQuarterly stock repurchases were approximately $30 million; $158 million remained authorized.
• Minor pointFirst-half housing revenue rose 13.9% to $1,219.708 million year over year.
• Minor pointFirst-half financial services revenue rose 9.5% to $46.629 million year over year.
• Minor pointFirst-half home sales rose 9.8% to 11,629; modules sold increased 9.7% to 19,301.
• Minor pointFirst-half housing revenue per home increased 3.8% to $104,885 year over year.
• Minor pointFirst-half housing gross profit increased 5.2% to $255.994 million year over year.
• Minor pointFirst-half financial services gross profit increased 27.4% to $26.208 million year over year.
• Minor pointFirst-half financial services gross margin increased to 56.2%, versus 48.3% a year earlier.
• Minor pointFirst-half financial services operating income increased 26.5% to $10.258 million year over year.
• Minor pointCash and cash equivalents increased to $271.911 million from $236.721 million at March 28, 2026.

Negative

• Moderate pointSecond-quarter consolidated gross margin declined to 22.5%, versus 24.2% a year earlier.
• Moderate pointFirst-half net income fell 6.1% to $97.710 million despite 13.7% revenue growth.
• Minor pointSecond-quarter housing gross margin declined to 21.1%, versus 22.9% a year earlier.
• Minor pointFirst-half diluted earnings declined 2.9% to $12.59, versus $12.96 a year earlier.
• Minor pointFirst-half housing operating income declined 1.8% to $112.399 million year over year.

14 minor points

• Minor pointFirst-half housing gross margin declined to 21.0%, versus 22.7% a year earlier.
• Minor pointFirst-half consolidated gross margin declined to 22.3%, versus 23.7% a year earlier.
• Minor pointSecond-quarter housing selling, general and administrative expenses increased 5.9% to $69.625 million year over year.
• Minor pointSecond-quarter financial services selling, general and administrative expenses increased 24.9% to $8.085 million year over year.
• Minor pointFirst-half housing selling, general and administrative expenses increased 11.4% to $143.595 million year over year.
• Minor pointFirst-half financial services selling, general and administrative expenses increased 27.9% to $15.950 million year over year.
• Minor pointSecond-quarter interest income declined 28.8% to $3.595 million year over year.
• Minor pointFirst-half interest income declined 32.4% to $6.858 million year over year.
• Minor pointSecond-quarter interest expense increased to $282,000, versus $112,000 a year earlier.
• Minor pointFirst-half interest expense increased to $414,000, versus $276,000 a year earlier.
• Minor pointSecond-quarter capital expenditures increased to $29.704 million, versus $9.861 million a year earlier.
• Minor pointFirst-half capital expenditures increased to $55.197 million, versus $18.870 million a year earlier.
• Minor pointQuarterly orders were below the preceding quarter's pace, Cavco said.
• Minor point. Forward-looking: it has not happened yet and may not happen.Materials inflation continued; Cavco expects it to remain a challenge.

News Explained

At September 26, 2026, Cavco had 7,661,911 common shares outstanding, versus 7,738,700 on March 28, 2026; with a holder's share count unchanged, the lower total means a larger ownership fraction, all else equal.

Key Figures

Net revenue: $656.4 million; up 17.9% Home sales volume: Up 15.3% Diluted net income per share: $7.17; up 9% +5 more

Net revenue

$656.4 million; up 17.9%

Fiscal 2027 second quarter, year over year

Home sales volume

Up 15.3%

Fiscal 2027 second quarter, year over year

Diluted net income per share

$7.17; up 9%

Fiscal 2027 second quarter, compared with $6.55

Factory-built housing gross margin

21.1%, down from 22.9%

Fiscal 2027 second quarter, year over year

Financial services gross margin

60.2%, compared with 55.6%

Fiscal 2027 second quarter, year over year

Backlog

$348 million; up $50 million sequentially

At quarter-end, representing 8–10 weeks of production

One-time insurance premium benefit

$7 million; $0.70 impact on diluted net income per share

Benefit included in selling, general and administrative expenses

Stock repurchases

Approximately $30 million

During the quarter

Historical Context

1 past event · Latest: Jul 30

1 event

1. Jul 30

   Quarterly earnings

   24h Move

   -2.7%

   Revenue and backlog rose, but net income and diluted EPS fell year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

reinsurance, diluted net income per share, treasury stock, restricted cash, +1 more

5 terms

reinsurance financial

"retained insurance premium net of reinsurance payments"

Reinsurance is when insurance companies buy insurance for themselves to protect against very big losses. It’s like a car owner getting extra coverage from another company so that if there's a serious accident, the financial hit isn’t all on one company. This helps insurance companies stay stable and able to pay out when disasters happen.

diluted net income per share financial

"Diluted net income per share"

Diluted net income per share measures a company's profit attributable to each share of stock after accounting for all possible additional shares that could be created from options, convertible debt or other rights. Investors use it to see how earnings would be spread if every claim on the company converted to stock — like checking how big each slice of pie would be if more people showed up — which reveals true per-share profitability and dilution risk.

treasury stock financial

"Treasury stock, at cost"

Treasury stock is shares that a company has bought back from the public and kept in its own control rather than retiring them. Think of it like a company holding its own tickets in a drawer: those shares no longer vote or receive dividends while held, but the company can reissue or retire them later; this reduces the number of shares available to outside investors and can boost per‑share earnings and influence ownership and stock price.

View in glossary

restricted cash financial

"Restricted cash, current"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

hud-code regulatory

"the first off-chassis HUD-Code home"

A HUD-code home is a manufactured dwelling built to federal construction and safety standards set by the U.S. Department of Housing and Urban Development; think of it as a factory-built house certified to meet one nationwide rulebook rather than local building codes. For investors, HUD-code status affects financing, insurance, resale value and zoning — similar to how a car’s safety rating influences its marketability — so it helps gauge risk and market demand for properties or companies tied to manufactured housing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PHOENIX, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the second fiscal quarter ended September 26, 2026.

Quarterly Highlights

• Net revenue was $656.4 million, up $100 million or 17.9% compared to $556.5 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 15.3% and capacity utilization remained consistent year over year at approximately 75%.
• Factory-built housing Gross profit as a percentage of Net revenue was 21.1%, down from 22.9% in the same period in the prior year.
• Financial services Gross profit as a percentage of Net revenue was 60.2%, compared to Gross profit of 55.6% in the same period in the prior year.
• Selling, general and administrative expenses include a one-time $7 million benefit from a return of insurance premium which favorably impacts Net income per diluted share by $0.70.
• Income before income taxes was $73 million, up $6 million, or 9.1% compared to $67 million in the same period in the prior year.
• Net income per diluted share was $7.17, up 9%, compared to $6.55 in the prior year quarter.
• Backlogs totaled $348 million at the end of the quarter representing 8-10 weeks of production, up $50 million sequentially from $298 million.
• Stock repurchases were approximately $30 million in the quarter. At the end of the second quarter, $158 million remains available for repurchases under our previously announced Board authorizations.
  
  

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "This is our second consecutive quarter of record revenue and unit volume. While orders were off the preceding quarter pace, they remained healthy and backlogs continued to grow. This positions us very well going into the seasonally slower winter months with the ability to adjust production depending on order trends. While materials inflation continued and is expected to remain a challenge going forward, during Q2, selling price increases were in excess of cost pressures, resulting in a small sequential Gross Margin improvement. Additionally, we began to see data center workforce housing orders and shipments during the quarter which are contributing to healthy backlogs."

He continued, "A highlight this quarter was showing Cavco’s Grande Arbor, the first off-chassis HUD-Code home, at HUD’s Innovative Housing Showcase in Washington DC. Increasing federal and state-level support through the ROAD to Housing Act and other reforms will be opening exciting opportunities for factory-built housing in the years ahead."

Financial Results

	Three Months Ended
($ in thousands, except revenue per home sold)	September 26, 2026				September 27, 2025				Change
Net revenue
Factory-built housing	$	633,736			$	535,117			$	98,619			18.4	%
Financial services		22,642				21,410				1,232			5.8	%
	$	656,378			$	556,527			$	99,851			17.9	%
Factory-built modules sold		9,794				8,699				1,095			12.6	%
Factory-built homes sold (consisting of one or more modules)		5,972				5,178				794			15.3	%
Net factory-built housing revenue per home sold	$	106,118			$	103,344			$	2,774			2.7	%
	Six Months Ended
($ in thousands, except revenue per home sold)	September 26, 2026				September 27, 2025				Change
Net revenue
Factory-built housing	$	1,219,708			$	1,070,811			$	148,897			13.9	%
Financial services		46,629				42,573				4,056			9.5	%
	$	1,266,337			$	1,113,384			$	152,953			13.7	%
Factory-built modules sold		19,301				17,599				1,702			9.7	%
Factory-built homes sold (consisting of one or more modules)		11,629				10,594				1,035			9.8	%
Net factory-built housing revenue per home sold	$	104,885			$	101,077			$	3,808			3.8	%

• In the factory-built housing segment, Net revenue increased in both periods due to higher home sales volume driven by both the American Homestar acquisition in the third quarter of the prior year and organic volume growth in both periods, as well as an increase in Net revenue per home sold.
• Financial services segment Net revenue increased in both periods due to increased loan sale volume and increased retained insurance premium net of reinsurance payments.
  
  

	Three Months Ended
($ in thousands)	September 26, 2026				September 27, 2025				Change
Gross profit
Factory-built housing	$	133,975			$	122,493			$	11,482			9.4	%
Financial services		13,637				11,914				1,723			14.5	%
	$	147,612			$	134,407			$	13,205			9.8	%
Gross profit as % of Net revenue
Consolidated		22.5	%			24.2	%		N/A				(1.7	)%
Factory-built housing		21.1	%			22.9	%		N/A				(1.8	)%
Financial services		60.2	%			55.6	%		N/A				4.6	%
Selling, general and administrative expenses
Factory-built housing	$	69,625			$	65,757			$	3,868			5.9	%
Financial services		8,085				6,472				1,613			24.9	%
	$	77,710			$	72,229			$	5,481			7.6	%
Income from operations
Factory-built housing	$	64,350			$	56,736			$	7,614			13.4	%
Financial services		5,552				5,442				110			2.0	%
	$	69,902			$	62,178			$	7,724			12.4	%
	Six Months Ended
($ in thousands)	September 26, 2026				September 27, 2025				Change
Gross profit
Factory-built housing	$	255,994			$	243,338			$	12,656			5.2	%
Financial services		26,208				20,575				5,633			27.4	%
	$	282,202			$	263,913			$	18,289			6.9	%
Gross profit as % of Net revenue
Consolidated		22.3	%			23.7	%		N/A				(1.4	)%
Factory-built housing		21.0	%			22.7	%		N/A				(1.7	)%
Financial services		56.2	%			48.3	%		N/A				7.9	%
Selling, general and administrative expenses
Factory-built housing	$	143,595			$	128,911			$	14,684			11.4	%
Financial services		15,950				12,466				3,484			27.9	%
	$	159,545			$	141,377			$	18,168			12.9	%
Income from operations
Factory-built housing	$	112,399			$	114,427			$	(2,028	)		(1.8	)%
Financial services		10,258				8,109				2,149			26.5	%
	$	122,657			$	122,536			$	121			0.1	%

• In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and Net revenue per home sold, partially offset by higher input costs for both periods. Selling, general and administrative expenses were higher for both periods primarily due to the addition of American Homestar, partially offset by a one-time $7 million benefit from a return of insurance premium related to additional D&O insurance purchased in 2019.
• In the financial services segment, Gross profit increased primarily due to loan sales volume, higher retained insurance premium net of reinsurance premium and lower commissions on insurance policies written. Selling, general and administrative expenses increased in both periods primarily due to higher compensation on stronger results.
  
  

	Three Months Ended
($ in thousands, except per share amounts)	September 26, 2026				September 27, 2025				Change
Interest income	$	3,595			$	5,046			$	(1,451	)		(28.8	)%
Net income	$	55,439			$	52,381			$	3,058			5.8	%
Diluted net income per share	$	7.17			$	6.55			$	0.62			9.5	%
	Six Months Ended
($ in thousands, except per share amounts)	September 26, 2026				September 27, 2025				Change
Interest Income	$	6,858			$	10,149			$	(3,291	)		(32.4	)%
Net income	$	97,710			$	104,023			$	(6,313	)		(6.1	)%
Diluted net income per share	$	12.59			$	12.96			$	(0.37	)		(2.9	)%

Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, October 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 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

Headquartered in Phoenix, Arizona, Cavco Industries, Inc. (Nasdaq: CVCO) designs and builds manufactured homes and modular homes, distributed nationwide through a network of independent and Company-owned retailers. Cavco is one of the largest manufactured and modular home builders in the United States, based on reported wholesale shipments, and is 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, offering manufactured home loans — including conforming, non-conforming, and home-only financing — to buyers of manufactured and modular homes. Cavco's insurance subsidiary, Standard Casualty, provides manufactured home insurance and other property and casualty coverage to manufactured homeowners. Learn more about Cavco's manufactured homes and modular homes at www.cavcohomes.com.

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 (v) 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 28, 2026 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 26, 2026				March 28, 2026
ASSETS	(Unaudited)
Current assets
Cash and cash equivalents	$	271,911			$	236,721
Restricted cash, current		25,386				20,306
Accounts receivable, net		139,244				108,288
Short-term investments		17,166				16,233
Current portion of consumer loans receivable, net		19,713				19,207
Current portion of commercial loans receivable, net		41,835				54,841
Current portion of commercial loans receivable from affiliates, net		1,510				1,836
Inventories		311,110				295,671
Prepaid expenses and other current assets		54,554				71,630
Total current assets		882,429				824,733
Restricted cash		585				585
Investments		43,416				38,151
Consumer loans receivable, net		17,474				18,974
Commercial loans receivable, net		65,715				55,801
Commercial loans receivable from affiliates, net		3,993				3,519
Property, plant and equipment, net		321,398				278,890
Goodwill		211,667				208,841
Other intangibles, net		26,859				28,067
Operating lease right-of-use assets		37,992				33,578
Total assets	$	1,611,528			$	1,491,139
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	68,047			$	44,168
Accrued expenses and other current liabilities		352,184				291,230
Total current liabilities		420,231				335,398
Operating lease liabilities		32,955				30,747
Other liabilities		6,977				7,096
Deferred income taxes		14,362				14,716
Total liabilities		474,525				387,957
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 9,509,421 and 9,474,288 shares, respectively; Outstanding 7,661,911 and 7,738,700, respectively		95				95
Treasury stock, at cost; 1,847,510 and 1,735,588 shares, respectively		(646,225	)			(585,865	)
Additional paid-in capital		298,032				300,208
Retained earnings		1,486,424				1,388,714
Accumulated other comprehensive (loss) income		(1,323	)			30
Total stockholders' equity		1,137,003				1,103,182
Total liabilities and stockholders' equity	$	1,611,528			$	1,491,139

CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)
	Three Months Ended								Six Months Ended
	September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Net revenue	$	656,378			$	556,527			$	1,266,337			$	1,113,384
Cost of sales		508,766				422,120				984,135				849,471
Gross profit		147,612				134,407				282,202				263,913
Selling, general and administrative expenses		77,710				72,229				159,545				141,377
Income from operations		69,902				62,178				122,657				122,536
Interest income		3,595				5,046				6,858				10,149
Interest expense		(282	)			(112	)			(414	)			(276	)
Other income, net		136				142				38				142
Income before income taxes		73,351				67,254				129,139				132,551
Income tax expense		(17,912	)			(14,873	)			(31,429	)			(28,528	)
Net income	$	55,439			$	52,381			$	97,710			$	104,023
Net income per share
Basic	$	7.22			$	6.62			$	12.70			$	13.12
Diluted	$	7.17			$	6.55			$	12.59			$	12.96
Weighted average shares outstanding
Basic		7,679,380				7,909,326				7,693,552				7,931,589
Diluted		7,734,777				7,992,745				7,760,165				8,024,720

CAVCO INDUSTRIES, INC. OTHER OPERATING DATA (Dollars in thousands) (Unaudited)
	Three Months Ended								Six Months Ended
	September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Capital expenditures	$	29,704			$	9,861			$	55,197			$	18,870
Depreciation	$	6,282			$	4,961			$	12,368			$	9,758
Amortization of other intangibles	$	603			$	372			$	1,208			$	744

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Cavco's fiscal 2027 second-quarter revenue and earnings?

Cavco reported $656.378 million in revenue and $7.17 in diluted earnings per share for the quarter ended September 26, 2026. Revenue increased 17.9% year over year, while diluted earnings increased 9.5% from $6.55. Net income rose 5.8% to $55.439 million.

How much backlog did Cavco report in fiscal 2027's second quarter?

Cavco ended the quarter with $348 million in backlog, representing 8–10 weeks of production. Backlog increased $50 million sequentially from $298 million.

What drove Cavco's fiscal 2027 housing revenue growth?

Higher home sales volume, supported by the American Homestar acquisition and organic growth, together with higher revenue per home drove housing revenue growth in both reported periods. American Homestar was acquired in the third quarter of the prior fiscal year.

Why did Cavco's financial services gross profit improve?

Higher loan sales volume, higher retained insurance premiums net of reinsurance premiums, and lower commissions on insurance policies written drove the financial services gross-profit increase. Higher compensation associated with stronger results also increased the segment's selling, general and administrative expenses in both reported periods.