Cavco Industries (NASDAQ: CVCO) grows revenue, adds American Homestar acquisition

Rhea-AI Filing Summary

Cavco Industries reported higher sales but mixed profitability for the quarter ended December 27, 2025. Net revenue rose to $580.994 million from $522.040 million, driven mainly by factory-built housing, where revenue increased to $558.497 million and financial services revenue also grew modestly.

Quarterly net income declined to $44.067 million from $56.462 million as gross margin compressed to 23.4% and factory-built housing margins eased, while selling, general and administrative costs rose with higher compensation and acquisition-related expenses. For the nine-month period, revenue climbed to $1.694 billion and net income improved to $148.090 million, reflecting overall growth.

Cavco completed the $179.9 million acquisition of American Homestar, adding two plants, 19 retail locations and contributing $42.0 million of net revenue and $2.4 million of net income in the quarter. The balance sheet remained strong with $242.472 million in cash, cash equivalents and restricted cash, no borrowings under a $75 million revolving credit facility, and stockholders’ equity of $1.089 billion.

Positive

• Strategic American Homestar acquisition: Cavco closed a roughly $179.9M purchase of American Homestar, adding two plants and 19 retail locations. The deal is described as enhancing South Central U.S. coverage, with the acquired business contributing $42.0M of net revenue and $2.4M of net income in the quarter.

Negative

• None.

Insights

Equity research analyst

Growth boosted by acquisition and services, but margins tightened.

Cavco delivered solid top-line growth, with quarterly net revenue rising to $580.994M and nine-month revenue to $1.694B. The American Homestar acquisition added $42.0M of net revenue and $2.4M of net income, expanding the South Central U.S. footprint.

However, quarterly net income fell to $44.067M as gross margin slipped to 23.4% and factory-built housing margins narrowed. Selling, general and administrative expenses increased to $81.361M, reflecting higher compensation and $4.4M of acquisition-related deal costs over nine months.

Cash, cash equivalents and restricted cash declined to $242.472M after $181.4M of acquisition cash outlay and increased capital spending, but the company still reports no borrowings under its $75M revolving credit facility. Future filings may show how quickly the acquired operations integrate and whether expected synergies support margins and cash flow.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 27, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

Commission File Number: 000-08822

CAVCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

56-2405642

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3636 North Central Ave, Ste 1200

Phoenix

Arizona

85012

(Address of principal executive offices, including zip code)

(602) 256-6263

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			CVCO			The Nasdaq Stock Market LLC
						(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐        

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer			☒			Accelerated Filer			☐
Non-accelerated Filer			☐			Smaller Reporting Company			☐
						Emerging Growth Company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒

As of January 22, 2026, 7,761,163 shares of the registrant's Common Stock, $0.01 par value, were outstanding.

CAVCO INDUSTRIES, INC.

FORM 10-Q

December 27, 2025

TABLE OF CONTENTS

			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of December 27, 2025 (unaudited) and March 29, 2025			1
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended December 27, 2025 and December 28, 2024			2
Consolidated Statements of Cash Flows (unaudited) for the nine months ended December 27, 2025 and December 28, 2024			3
Notes to Consolidated Financial Statements (unaudited)			4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			30
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			31
Item 1A. Risk Factors			31
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			31
Item 3. Not applicable
Item 4. Not applicable
Item 5. Other Information			31
Item 6. Exhibits			32
SIGNATURES			33

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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 shares, respectively			95						94
Treasury stock, at cost; 1,684,663 and 1,428,720 shares, respectively			(555,587)						(424,624)
Additional paid-in capital			298,231						290,940
Retained earnings			1,346,253						1,198,163
Accumulated other comprehensive income			227						9
Total stockholders' equity			1,089,219						1,064,582
Total liabilities and stockholders' equity			$	1,472,195					$	1,406,645

See accompanying Notes to Consolidated Financial Statements

1

Table of Contents

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Net revenue			$	580,994					$	522,040					$	1,694,378					$	1,507,100
Cost of sales			445,073						392,090						1,294,544						1,157,626
Gross profit			135,921						129,950						399,834						349,474
Selling, general and administrative expenses			81,361						65,980						222,738						197,828
Income from operations			54,560						63,970						177,096						151,646
Interest income			2,956						5,353						13,105						16,556
Interest expense			(131)						(155)						(407)						(370)
Other income, net			213						168						355						315
Income before income taxes			57,598						69,336						190,149						168,147
Income tax expense			(13,531)						(12,874)						(42,059)						(33,441)
Net income			$	44,067					$	56,462					$	148,090					$	134,706
Comprehensive income
Net income			$	44,067					$	56,462					$	148,090					$	134,706
Reclassification adjustment for securities sold			(10)						(97)						243						174
Applicable income tax (expense) benefit			2						20						(51)						(37)
Net change in unrealized position of investments held			21						8						33						62
Applicable income tax expense			(5)						(2)						(7)						(13)
Comprehensive income			$	44,075					$	56,391					$	148,308					$	134,892
Net income per share
Basic			$	5.65					$	6.97					$	18.78					$	16.42
Diluted			$	5.58					$	6.90					$	18.55					$	16.25
Weighted average shares outstanding
Basic			7,801,698						8,096,538						7,887,594						8,203,448
Diluted			7,891,093						8,186,814						7,981,609						8,291,647

See accompanying Notes to Consolidated Financial Statements

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CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

			Nine Months Ended
			December 27, 2025						December 28, 2024
OPERATING ACTIVITIES
Net income			$	148,090					$	134,706
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			16,663						14,304
Provision for credit losses			(176)						(874)
Deferred income taxes			9,170						17
Stock-based compensation expense			10,265						6,653
Non-cash interest income, net			(582)						(787)
Gain on sale or retirement of property, plant and equipment, net			(44)						(19)
Gain on investments and sale of loans, net			(3,671)						(1,901)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable			5,225						(14,762)
Consumer loans receivable originated			(43,040)						(54,155)
Proceeds received on consumer loans receivable			42,757						47,026
Inventories			10,010						(1,960)
Prepaid expenses and other current assets			4,560						4,997
Commercial loans receivable originated			(117,299)						(87,543)
Principal payments received on commercial loans receivable			110,800						85,008
Accounts payable, accrued expenses and other liabilities			7,391						9,141
Net cash provided by operating activities			200,119						139,851
INVESTING ACTIVITIES
Purchases of property, plant and equipment			(27,360)						(15,288)
Payments for acquisitions, net			(171,446)						—
Proceeds from sale of property, plant and equipment			158						194
Purchases of investments			(18,952)						(21,588)
Proceeds from sale of investments			17,748						22,706
Net cash used in investing activities			(199,852)						(13,976)
FINANCING ACTIVITIES
Payments for taxes on stock option exercises and releases of equity awards			(4,949)						(3,425)
Proceeds from exercise of stock options			1,884						2,130
Payments on finance leases and other secured financings			(184)						(261)
Payments for common stock repurchases			(129,891)						(114,446)
Net cash used in financing activities			(133,140)						(116,002)
Net (decrease) increase in cash, cash equivalents and restricted cash			(132,873)						9,873
Cash, cash equivalents and restricted cash at beginning of the fiscal year			375,345						368,753
Cash, cash equivalents and restricted cash at end of the period			$	242,472					$	378,626
Supplemental disclosures of cash flow information
Cash paid for income taxes			$	29,676					$	34,173
Cash paid for interest			$	205					$	30
Supplemental disclosures of noncash activity
Payable due for acquisition of a business			$	3,358					$	—
Fair value of contingent acquisition purchase price receivable			$	4,838					$	—
Change in GNMA loans eligible for repurchase			$	347					$	730

See accompanying Notes to Consolidated Financial Statements

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CAVCO INDUSTRIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements (Unaudited), unless otherwise stated.

In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the interim results for the periods presented. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K for the year ended March 29, 2025, filed with the SEC ("Form 10-K").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the Consolidated Financial Statements. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest March 31st. The current fiscal year will end on March 28, 2026 and will include 52 weeks.

As disclosed on our Form 8-K filed on September 30, 2025, on September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, nineteen wholly-owned retail locations and financial service operations. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 19.

For a description of significant accounting policies used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K.

2. Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to enhance the disclosures about segment expenses. The new standard requires the identification and disclosure of the Company's Chief Operating Decision Maker ("CODM"), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 effective for the annual period beginning March 31, 2024, and for interim periods beginning March 30, 2025. ASU 2023-07 is applied retrospectively to all prior periods presented in the accompanying Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional

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information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its Consolidated Financial Statements.

3. Revenue from Contracts with Customers

The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Factory-built housing
Home sales			$	532,497					$	471,998					$	1,551,983					$	1,378,103
Delivery, setup and other revenues			26,000						28,862						77,325						67,148
			558,497						500,860						1,629,308						1,445,251
Financial services
Insurance agency commissions received from third-party insurance companies			1,975						1,246						4,899						3,920
All other sources			20,522						19,934						60,171						57,929
			22,497						21,180						65,070						61,849
			$	580,994					$	522,040					$	1,694,378					$	1,507,100

4. Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):

			December 27, 2025												December 28, 2024
Cash and cash equivalents			$	224,616											$	362,863
Restricted cash, current			17,271												15,178
Restricted cash			585												585
			$	242,472											$	378,626

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5. Investments

Investments consisted of the following (in thousands):

			December 27, 2025						March 29, 2025
Available-for-sale debt securities			$	22,908					$	21,415
Marketable equity securities			13,499						11,425
Non-marketable equity investments			5,652						5,069
			42,059						37,909
Less short-term investments			(17,277)						(19,842)
			$	24,782					$	18,067

The amortized cost and fair value of our investments in available-for-sale debt securities, by security type, are shown in the table below (in thousands):

			December 27, 2025												March 29, 2025
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Residential mortgage-backed securities			$	10,691					$	10,790					$	4,122					$	4,120
State and political subdivision debt securities			5,744						5,849						6,955						6,976
Corporate debt securities			6,186						6,269						10,326						10,319
			$	22,621					$	22,908					$	21,403					$	21,415

The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities may differ from contractual maturities as borrowers at times have the right to call or prepay obligations, with or without penalties.

			December 27, 2025
			Amortized Cost						Fair Value
Due in less than one year			$	1,939					$	1,940
Due after one year through five years			6,510						6,637
Due after five years through ten years			910						924
Due after ten years			2,571						2,617
Mortgage-backed securities			10,691						10,790
			$	22,621					$	22,908

Net investment gains and losses on marketable equity securities were as follows (in thousands):

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Marketable equity securities
Net gain (loss) recognized during the period			$	478					$	(954)					$	2,070					$	(440)
Less: Net gain recognized on securities sold during the period			(283)						(1,649)						(274)						(1,561)
Unrealized gain (loss) recognized during the period on securities still held			$	195					$	(2,603)					$	1,796					$	(2,001)

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6. Inventories

Inventories consisted of the following (in thousands):

			December 27, 2025						March 29, 2025
Raw materials			$	86,573					$	79,098
Work in process			35,004						29,808
Finished goods			168,963						143,789
			$	290,540					$	252,695

7. Consumer Loans Receivable

The following table summarizes consumer loans receivable (in thousands):

			December 27, 2025						March 29, 2025
Loans held for investment, previously securitized			$	11,392					$	13,775
Loans held for investment			14,955						12,196
Loans held for sale			33,390						27,981
Construction advances			2,811						4,210
			62,548						58,162
Deferred financing fees and other, net			(1,780)						(686)
Allowance for loan losses			(1,985)						(939)
			58,783						56,537
Less current portion			(38,679)						(35,852)
			$	20,104					$	20,685

The consumer loans held for investment had the following characteristics:

			December 27, 2025						March 29, 2025
Weighted average contractual interest rate			7.7		%				7.9		%
Weighted average effective interest rate			7.6		%				10.3		%
Weighted average months to maturity			236						221

The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):

			December 27, 2025						March 29, 2025
Current			$	59,408					$	56,401
31 to 60 days			1,659						1,082
61 to 90 days			333						4
91+ days			1,148						675
			$	62,548					$	58,162

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The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):

			December 27, 2025
			2026						2025						2024						2023						2022						Prior						Total
Prime- FICO score 680 and greater			$	18,517					$	7,503					$	4,463					$	319					$	89					$	12,297					$	43,188
Near Prime- FICO score 620-679			2,893						1,630						619						—						—						8,671						13,813
Sub-Prime- FICO score less than 620			—						—						—						—						—						569						569
No FICO score			172						281						202						957						1,247						2,119						4,978
			$	21,582					$	9,414					$	5,284					$	1,276					$	1,336					$	23,656					$	62,548

			March 29, 2025
			2025						2024						2023						2022						2021						Prior						Total
Prime- FICO score 680 and greater			$	18,133					$	9,209					$	323					$	92					$	761					$	13,197					$	41,715
Near Prime- FICO score 620-679			2,948						1,210						—						—						1,026						9,000						14,184
Sub-Prime- FICO score less than 620			537						—						—						—						17						680						1,234
No FICO score			317						441						—						—						—						271						1,029
			$	21,935					$	10,860					$	323					$	92					$	1,804					$	23,148					$	58,162

As of December 27, 2025, 47% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12% was concentrated in Florida. As of March 29, 2025, 54% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of December 27, 2025 or March 29, 2025.

8. Commercial Loans Receivable

The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers.

Commercial loans receivable, net consisted of the following (in thousands):

			December 27, 2025						March 29, 2025
Loans receivable (including from affiliates)			$	106,811					$	100,297
Allowance for loan losses			(375)						(361)
Deferred financing fees, net			(206)						(190)
			106,230						99,746
Less current portion of commercial loans receivable (including from affiliates), net			(47,674)						(46,373)
			$	58,556					$	53,373

The commercial loans receivable balance had the following characteristics:

			December 27, 2025						March 29, 2025
Weighted average contractual interest rate			7.8		%				8.3		%
Weighted average months outstanding			10						10

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The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):

						December 27, 2025
						2026						2025						2024						2023						2022						Prior						Total
Performing						$	62,873					$	27,832					$	13,632					$	1,947					$	339					$	188					$	106,811

						March 29, 2025
						2025						2024						2023						2022						2021						Prior						Total
Performing						$	66,843					$	24,215					$	7,006					$	1,014					$	1,219					$	—					$	100,297

As of December 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in Arizona 15%, New York 14%, California 13% and North Carolina 12%. As of March 29, 2025, concentrations were 16% in California and 17% in New York.

We had concentrations with one independent third-party and its affiliates that equaled 10% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of December 27, 2025 and March 29, 2025. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.

9. Goodwill and Other Intangibles, net

Goodwill and other intangibles, net, consisted of the following (in thousands):

			December 27, 2025																		March 29, 2025
			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Indefinite-lived
Goodwill			$	207,803					$	—					$	207,803					$	121,969					$	—					$	121,969
Trademarks and trade names			7,020						—						7,020						7,020						—						7,020
State insurance licenses			1,100						—						1,100						1,100						—						1,100
			215,923						—						215,923						130,089						—						130,089
Finite-lived
Customer relationships			28,300						(7,905)						20,395						15,000						(6,676)						8,324
Other			1,114						(951)						163						1,114						(827)						287
			$	245,337					$	(8,856)					$	236,481					$	146,203					$	(7,503)					$	138,700

Changes to Goodwill for the nine months ended December 27, 2025 were as follows (in thousands):

Goodwill beginning of the period			$	121,969
American Homestar Acquisition (1)			85,834
Goodwill end of the period			$	207,803

(1) See Note 19, Acquisition

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Amortization expense recognized on intangible assets for the three and nine months ended December 27, 2025 was $0.6 million and $1.4 million, respectively. Amortization expense recognized on intangible assets for the three and nine months ended December 28, 2024 was $0.4 million and $1.2 million, respectively. Customer relationships have a weighted average remaining life of 9.2 years and other finite lived intangibles have a weighted average remaining life of 0.5 years.

Expected future amortization is as follows (in thousands):

Remainder of fiscal year 2026			$	599
Fiscal 2027			2,375
Fiscal 2028			2,249
Fiscal 2029			2,215
Fiscal 2030			1,935
Fiscal 2031			1,795
Thereafter			9,390
			$	20,558

10. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

			December 27, 2025						March 29, 2025
Salaries, wages and benefits			$	49,508					$	45,640
Customer deposits			48,259						46,934
Estimated warranties			39,954						33,189
Unearned insurance premiums			32,306						33,863
Accrued volume rebates			31,120						21,208
Accrued insurance			13,253						13,094
Insurance loss reserves			10,929						16,201
Other			68,345						55,842
			$	293,674					$	265,971

11. Warranties

Activity in the liability for estimated warranties was as follows (in thousands):

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Balance at beginning of period			$	35,577					$	33,081					$	33,189					$	31,718
Purchase accounting additions			2,231						—						2,231						—
Charged to costs and expenses			20,524						14,322						54,172						40,403
Payments and deductions			(18,378)						(12,991)						(49,638)						(37,709)
Balance at end of period			$	39,954					$	34,412					$	39,954					$	34,412

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12. Other Liabilities

The following table summarizes secured financings and other obligations (in thousands):

			December 27, 2025						March 29, 2025
Finance lease liabilities			$	6,025					$	6,086
Other secured financing			1,476						1,594
			7,501						7,680
Less current portion included in Accrued expenses and other current liabilities			(291)						(321)
			$	7,210					$	7,359

13. Debt

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, and letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $75 million revolving credit facility (the "Revolving Credit Facility"), including a $10 million letter of credit sub-facility.

The Revolving Credit Facility is guaranteed, on a joint and several basis, by certain of the Company's subsidiaries. Subject to certain conditions and requirements set forth in the Credit Agreement, including the availability of additional lender commitments, the Company may request from time to time one or more term loan facilities, or increases in the aggregate commitments under the Revolving Credit Facility, in an aggregate amount not exceeding $75 million up to $150 million.

As of December 27, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.

14. Reinsurance and Insurance Loss Reserves

Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

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The effects of reinsurance on premiums written and earned were as follows (in thousands):

			Three Months Ended
			December 27, 2025												December 28, 2024
			Written						Earned						Written						Earned
Direct premiums			$	9,643					$	11,084					$	19,260					$	24,645
Assumed premiums—nonaffiliated			9,996						11,018						21,534						20,629
Ceded premiums—nonaffiliated			(7,309)						(7,309)						(17,387)						(17,387)
			$	12,330					$	14,793					$	23,407					$	27,887
			Nine Months Ended
			December 27, 2025												December 28, 2024
			Written						Earned						Written						Earned
Direct premiums			$	31,086					$	33,800					$	32,763					$	36,947
Assumed premiums—nonaffiliated			33,194						32,851						33,269						30,133
Ceded premiums—nonaffiliated			(22,673)						(22,673)						(25,572)						(25,572)
			$	41,607					$	43,978					$	40,460					$	41,508

Typical insurance policies written or assumed have a maximum coverage of $0.4 million per claim, of which we cede $0.15 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.25 million per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $4.0 million per occurrence, up to a maximum of $90 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three and nine months ended December 27, 2025 and December 28, 2024 (in thousands):

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Balance at beginning of period			$	10,260					$	14,620					$	16,201					$	10,540
Net incurred losses during the period			6,578						9,662						25,463						41,753
Net claim payments during the period			(5,909)						(12,028)						(30,735)						(40,039)
Balance at end of period			$	10,929					$	12,254					$	10,929					$	12,254

15. Commitments and Contingencies

Repurchase Contingencies. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $148 million and $133 million at December 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale value of the homes. Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $3.7 million at December 27, 2025 and $3.3 million at March 29, 2025.

Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands):

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			December 27, 2025						March 29, 2025
Construction loan contract amount			$	6,034					$	12,366
Cumulative advances			(2,811)						(4,210)
			$	3,223					$	8,156

Representations and Warranties of Mortgages Sold. The reserve for contingent repurchases and indemnification obligations was $0.6 million as of December 27, 2025 and March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the nine months ended December 27, 2025 or December 28, 2024.

Interest Rate Lock Commitments ("IRLCs"). As of December 27, 2025 and March 29, 2025, we had outstanding IRLCs with a notional amount of $36.0 million and $16.3 million, respectively. For the three and nine months ended December 27, 2025, we recognized insignificant non-cash gains on outstanding IRLCs. For the three and nine months ended December 28, 2024, we recognized insignificant non-cash losses and gains, respectively, on outstanding IRLCs.

Forward Sales Commitments. As of December 27, 2025 and March 29, 2025, we had $10.6 million and $20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively. During the three and nine months ended December 27, 2025, we recognized insignificant non-cash gains on Commitments. During the three and nine months ended December 28, 2024, we recognized insignificant non-cash gains.

Legal Matters. We are party to certain lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.

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16. Stockholders' Equity

The following tables represent changes in Stockholders' equity during the nine months ended December 27, 2025 and December 28, 2024, respectively (dollars in thousands):

															Treasury stock						Additional paid-in capital						Retained earnings						Accumulated other comprehensive income						Total
			Common Stock
			Shares						Amount
Balance, March 29, 2025			9,436,732						$	94					$	(424,624)					$	290,940					$	1,198,163					$	9					$	1,064,582
Net income			—						—						—						—						51,642						—						51,642
Other comprehensive income, net			—						—						—						—						—						96						96
Net issuance of common stock under stock incentive plans			16,631						1						—						(4,682)						—						—						(4,681)
Stock-based compensation			—						—						—						3,563						—						—						3,563
Common stock repurchases			—						—						(50,369)						—						—						—						(50,369)
Balance, June 28, 2025			9,453,363						$	95					$	(474,993)					$	289,821					$	1,249,805					$	105					$	1,064,833
Net income			—						—						—						—						52,381						—						52,381
Other comprehensive income, net			—						—						—						—						—						114						114
Net issuance of common stock under stock incentive plans			17,457						—						—						1,633						—						—						1,633
Stock-based compensation			—						—						—						3,530						—						—						3,530
Common stock repurchases			—						—						(36,354)						—						—						—						(36,354)
Balance, September 27, 2025			9,470,820						$	95					$	(511,347)					$	294,984					$	1,302,186					$	219					$	1,086,137
Net income			—						—						—						—						44,067						—						44,067
Other comprehensive income, net			—						—						—						—						—						8						8
Net issuance of common stock under stock incentive plans			469						—						—						75						—						—						75
Stock-based compensation			—						—						—						3,172						—						—						3,172
Common stock repurchases			—						—						(44,240)						—						—						—						(44,240)
Balance, December 27, 2025			9,471,289						$	95					$	(555,587)					$	298,231					$	1,346,253					$	227					$	1,089,219

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															Treasury stock						Additional paid-in capital						Retained earnings						Accumulated other comprehensive (loss) income						Total
			Common Stock
			Shares						Amount
Balance, March 30, 2024			9,389,953						$	94					$	(274,693)					$	281,216					$	1,027,127					$	(333)					$	1,033,411
Net income			—						—						—						—						34,429						—						34,429
Other comprehensive income, net			—						—						—						—						—						58						58
Net issuance of common stock under stock incentive plans			11,104						—						—						(2,348)						—						—						(2,348)
Stock-based compensation			—						—						—						2,194						—						—						2,194
Common stock repurchases			—						—						(29,204)						—						—						—						(29,204)
Balance, June 29, 2024			9,401,057						$	94					$	(303,897)					$	281,062					$	1,061,556					$	(275)					$	1,038,540
Net income			—						—						—						—						43,815						—						43,815
Other comprehensive income, net			—						—						—						—						—						198						198
Net issuance of common stock under stock incentive plans			16,275						—						—						1,220						—						—						1,220
Stock-based compensation			—						—						—						2,713						—						—						2,713
Common stock repurchases			—						—						(44,509)						—						—						—						(44,509)
Balance, September 28, 2024			9,417,332						$	94					$	(348,406)					$	284,995					$	1,105,371					$	(77)					$	1,041,977
Net income			—						—						—						—						56,462						—						56,462
Other comprehensive (loss), net			—						—						—						—						—						(70)						(70)
Net issuance of common stock under stock incentive plans			5,637						—						—						(168)						—						—						(168)
Stock-based compensation			—						—						—						1,746						—						—						1,746
Common stock repurchases			—						—						(42,722)						—						—						—						(42,722)
Balance, December 28, 2024			9,422,969						$	94					$	(391,128)					$	286,573					$	1,161,833					$	(147)					$	1,057,225

17. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

			Three Months Ended												Nine Months Ended
			December 27, 2025						December 28, 2024						December 27, 2025						December 28, 2024
Net income			$	44,067					$	56,462					$	148,090					$	134,706
Weighted average shares outstanding
Basic			7,801,698						8,096,538						7,887,594						8,203,448
Effect of dilutive securities			89,395						90,276						94,015						88,199
Diluted			7,891,093						8,186,814						7,981,609						8,291,647
Net income per share
Basic			$	5.65					$	6.97					$	18.78					$	16.42
Diluted			$	5.58					$	6.90					$	18.55					$	16.25
Anti-dilutive common stock equivalents excluded			2						—						1						169

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18. Fair Value Measurements

The book value and estimated fair value of our financial instruments were as follows (in thousands):

			December 27, 2025												March 29, 2025
			Book Value						Estimated Fair Value						Book Value						Estimated Fair Value
Available-for-sale debt securities			$	22,908					$	22,908					$	21,415					$	21,415
Marketable equity securities			13,499						13,499						11,425						11,425
Non-marketable equity investments			5,652						5,652						5,069						5,069
Consumer loans receivable			58,783						58,938						56,537						59,365
Commercial loans receivable			106,230						99,776						99,746						89,216
Other secured financing			(1,476)						(1,474)						(1,594)						(1,569)

See Note 20, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value.

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets.

			December 27, 2025						March 29, 2025
Number of loans serviced with MSRs			3,517						3,647
Weighted average servicing fee (basis points)			34.01						34.74
Capitalized servicing multiple			173.01		%				179.97		%
Capitalized servicing rate (basis points)			58.84						62.52
Serviced portfolio with MSRs (in thousands)			$	435,646					$	451,080
MSRs (in thousands)			$	2,564					$	2,820

19. Acquisition

American Homestar Acquisition

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including their two manufacturing facilities and 19 retail locations, by acquiring 100% of the outstanding stock for total consideration of $179.9 million, which is subject to customary adjustments. The total consideration transferred was $181.4 million in cash, $3.4 million in a liability to be paid in cash and contingent consideration to be received from the seller pending the outcome of future matters is fair valued at $4.8 million. The range of possible outcomes is $0 million to $4.8 million. This purchase enhances our position in the South Central U.S. while adding coverage and scale with high quality products. We believe this purchase will have a positive financial impact with accretive earnings and cash flow and meaningful improvement opportunities including cost, purchasing and product optimization synergies.

We have expensed $5.0 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acquisition Date (in thousands). The purchase accounting is provisional and certain estimated fair values for leases, Other current assets, Accounts payable and accrued expenses and Deferred tax liability are not yet finalized and are subject to change, which could be significant. We will finalize the amounts recognized as we obtain the information necessary to complete the analysis. We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date.

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			September 29, 2025
Cash			$	8,484
Accounts receivable			5,310
Inventories			47,855
Other current assets			2,574
Property, plant and equipment			37,160
Consumer loans receivable			1,870
Operating lease right-of-use asset			2,952
Intangible assets(1)			13,300
Total identifiable assets acquired			119,505
Accounts payable and accrued liabilities			16,757
Operating lease liability			2,952
Deferred tax liability			5,700
Net identifiable assets acquired			94,096
Goodwill(2)			85,834
Net assets acquired			$	179,930

(1) Consists of $13.3 million assigned to customer-related intangibles, subject to a useful life of 14 years amortized on a straight-line basis.

(2) Attributable to the Factory-built housing segment and not deductible for income tax purposes.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in business combinations. The goodwill recognized is attributable primarily to the expected synergies in purchasing and product distribution optimization from combining operations, the assembled workforce in one of the most important manufactured housing markets in the U.S., and more broadly the added capacity and distribution needed to meet growing housing needs.

Since the Acquisition Date, American Homestar has contributed Net revenue of $42.0 million and Net income of $2.4 million for the three months ended December 27, 2025.

Pro Forma Impact of American Homestar Acquisition (Unaudited). The following table presents supplemental pro forma information as if the American Homestar acquisition had occurred on March 31, 2024 (in thousands, except per share data):

			December 27, 2025						December 28, 2024
			Nine Months Ended						Three Months Ended						Nine Months Ended
Net revenue			$	1,794,651					$	574,938					$	1,647,449
Net income			154,373						59,939						144,770
Diluted net income per share			19.34						7.32						17.46

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20. Business Segment Information

We operate principally in two segments: (1) Factory-built housing, which includes wholesale and retail Factory-built housing operations and (2) Financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. The Factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):

			Three Months Ended December 27, 2025
			Factory-built housing						Financial services						Consolidated
Net revenue			$	558,497					$	22,497					$	580,994
Cost of sales			437,242						7,831						445,073
Gross profit			121,255						14,666						135,921
Selling, general and administrative expenses			74,162						7,199						81,361
Income from operations			47,093						7,467						54,560
Interest income			2,956						—						2,956
Interest expense			(131)						—						(131)
Other income, net			213						—						213
Income before income taxes			50,131						7,467						57,598
Income tax expense			(11,981)						(1,550)						(13,531)
Net income			$	38,150					$	5,917					$	44,067
			Nine Months Ended December 27, 2025
			Factory-built housing						Financial services						Consolidated
Net revenue			$	1,629,308					$	65,070					$	1,694,378
Cost of sales			1,264,715						29,829						1,294,544
Gross profit			364,593						35,241						399,834
Selling, general and administrative expenses			203,073						19,665						222,738
Income from operations			161,520						15,576						177,096
Interest income			13,105						—						13,105
Interest expense			(407)						—						(407)
Other income, net			355						—						355
Income before income taxes			174,573						15,576						190,149
Income tax expense			(38,770)						(3,289)						(42,059)
Net income			$	135,803					$	12,287					$	148,090

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			Three Months Ended December 27, 2025
			Factory-built housing						Financial services						Consolidated
Depreciation			$	5,497					$	55					$	5,552
Amortization			$	602					$	7					$	609
Capital expenditures			$	8,448					$	42					$	8,490
			Nine Months Ended December 27, 2025
			Factory-built housing						Financial services						Consolidated
Depreciation			$	15,130					$	180					$	15,310
Amortization			$	1,334					$	19					$	1,353
Capital expenditures			$	27,318					$	42					$	27,360

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			Three Months Ended December 28, 2024
			Factory-built housing						Financial services						Consolidated
Net revenue			$	500,860					$	21,180					$	522,040
Cost of sales			382,667						9,423						392,090
Gross profit			118,193						11,757						129,950
Selling, general and administrative expenses			60,408						5,572						65,980
Income from operations			57,785						6,185						63,970
Interest income			5,353						—						5,353
Interest expense			(155)						—						(155)
Other income, net			168						—						168
Income before income taxes			63,151						6,185						69,336
Income tax expense			(11,715)						(1,159)						(12,874)
Net income			$	51,436					$	5,026					$	56,462
			Nine Months Ended December 28, 2024
			Factory-built housing						Financial services						Consolidated
Net revenue			$	1,445,251					$	61,849					$	1,507,100
Cost of sales			1,112,029						45,597						1,157,626
Gross profit			333,222						16,252						349,474
Selling, general and administrative expenses			181,569						16,259						197,828
Income (loss) from operations			151,653						(7)						151,646
Interest income			16,556						—						16,556
Interest expense			(370)						—						(370)
Other income, net			315						—						315
Income (loss) before income taxes			168,154						(7)						168,147
Income tax (expense) benefit			(33,470)						29						(33,441)
Net income			$	134,684					$	22					$	134,706

			Three Months Ended December 28, 2024
			Factory-built housing						Financial services						Consolidated
Depreciation			$	4,344					$	63					$	4,407
Amortization			$	370					$	7					$	377
Capital expenditures			$	5,434					$	—					$	5,434
			Nine Months Ended December 28, 2024
			Factory-built housing						Financial services						Consolidated
Depreciation			$	12,960					$	191					$	13,151
Amortization			$	1,135					$	19					$	1,154
Capital expenditures			$	15,163					$	90					$	15,253

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			December 27, 2025						March 29, 2025
Total assets:
Factory-built housing			$	1,228,925					$	1,191,216
Financial services			243,270						215,429
Consolidated			$	1,472,195					$	1,406,645

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements in this Quarterly Report on Form 10-Q (the "Report") include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "intends," "plans," or "anticipates," or by discussions of strategy, plans or intentions. Forward-looking statements include, for example, discussions regarding the manufactured housing and site-built housing industries; discussions regarding our efforts and the efforts of other industry participants to develop the home-only loan secondary market; our financial performance and operating results; our strategy; our liquidity and financial resources; our outlook with respect to Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") and the manufactured housing business in general; the expected effect of certain risks and uncertainties on our business, financial condition and results of operations; economic conditions, including concerns of a possible recession, and consumer confidence; trends in interest rates and inflation; potential acquisitions, strategic investments and other expansions; the sufficiency of our liquidity; that we may seek alternative sources of financing in the future; operational and legal risks; how we may be affected by any pandemic or outbreak; geopolitical conditions; the cost and availability of labor and raw materials; governmental regulations and legal proceedings; the availability of favorable consumer and wholesale manufactured home financing; and the ultimate outcome of our commitments and contingencies. Forward-looking statements contained in this Report speak only as of the date of this Report or, in the case of any document incorporated by reference, the date of that document. We do not intend to publicly update or revise any forward-looking statement contained in this Report or in any document incorporated herein by reference to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.

Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, many of which are beyond our control. To the extent that our assumptions and expectations differ from actual results, our ability to meet such forward-looking statements may be significantly hindered. Factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, without limitation, those discussed under Risk Factors in Part I, Item 1A of our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "Form 10-K").

Introduction

The following should be read in conjunction with the Company's unaudited Consolidated Financial Statements and the related Notes that appear in Part I, Item 1 of this Report. References to "Note" or "Notes" pertain to the Notes to our unaudited Consolidated Financial Statements.

Company Overview

Headquartered in Phoenix, Arizona, we design and produce Factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured 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. Our finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer, and a Government National Mortgage Association ("GNMA") 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 Company, provides property and casualty insurance primarily to owners of manufactured homes.

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We operate a total of 33 homebuilding production lines with domestic locations in Millersburg and Woodburn, Oregon; Riverside, California; Nampa, Idaho; Phoenix, Glendale and Goodyear, Arizona; Deming, New Mexico; Duncan, Oklahoma; Austin, Fort Worth (two lines), Lancaster, Seguin and Waco, Texas; Montevideo, Minnesota; Dorchester, Wisconsin; Nappanee and Goshen, Indiana; Lafayette, Tennessee; Douglas and Moultrie, Georgia; Shippenville (two lines) and Emlenton, Pennsylvania; Martinsville and Rocky Mount, Virginia; Crouse and Hamlet, North Carolina; Ocala and Plant City, Florida; and two international lines in Ojinaga, Mexico. We distribute our homes through a large network of independent distribution points and 99 Company-owned U.S. retail stores, of which 62 are located in Texas.

Company and Industry Outlook

According to data reported by the Manufactured Housing Institute, industry home shipments for the calendar year through November 2025 were 95,947, a decrease of 0.3% compared to 96,240 shipments in the same calendar period last year. The manufactured housing industry offers solutions to the housing crisis with lower average price per square foot than a site-built home and the comparatively lower cost associated with manufactured home ownership, which remains competitive with rental housing.

The two largest manufactured housing consumer demographics, young adults and those who are age 55 and older, are both growing. "First-time" and "move-up" buyers of affordable homes are historically among the largest segments of new manufactured home purchasers. Included in this group are lower-income households that are particularly affected by periods of low employment rates and underemployment. Consumer confidence is especially important among manufactured home buyers interested in our products for seasonal or retirement living.

We employ a concerted effort to identify niche market opportunities where our diverse product lines and custom building capabilities provide us with a competitive advantage. We are focused on building quality, energy efficient homes for the modern home buyer. Our green building initiatives involve the creation of an energy efficient envelope, including higher utilization of renewable materials and provide lower utility costs. We also build homes designed to use alternative energy sources, such as solar.

We maintain a conservative cost structure in an effort to build added value into our homes and we work diligently to maintain a solid financial position. Our balance sheet strength, including the position in cash and cash equivalents, helps avoid liquidity problems and enables us to act effectively as market opportunities or challenges present themselves.

We continue to make certain commercial loan programs available to members of our wholesale distribution chain. Under direct commercial loan arrangements, we provide funds for financed home purchases by distributors, community operators and residential developers (see Note 8, Commercial Loans Receivable, to the unaudited Consolidated Financial Statements). Our involvement in commercial lending helps to increase the availability of manufactured home financing to distributors, community operators and residential developers and provides additional opportunities for product exposure to potential home buyers. While these initiatives support our ongoing efforts to expand product distribution, they also expose us to risks associated with the creditworthiness of this customer base and our inventory financing partners.

The lack of an efficient secondary market for manufactured home-only loans and the limited number of institutions providing such loans results in higher borrowing costs for home-only loans and continues to constrain industry growth. We work independently and with other industry participants to develop secondary market opportunities for manufactured home-only loan and non-conforming mortgage portfolios and expand lending availability in the industry. We also develop and invest in home-only lending programs to grow sales of homes through traditional distribution points. We believe that growing our investment and participation in home-only lending may provide additional sales growth opportunities for our Factory-built housing operations and reduce our customers' dependence on independent lenders for this source of financing.

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Key housing building materials include wood, wood products, steel, gypsum wallboard, windows, doors fiberglass insulation, carpet, vinyl, fasteners, plumbing materials, aluminum, appliances and electrical items. Fluctuations in the cost of materials and labor may affect gross margins from home sales to the extent that an increase in costs cannot be efficiently matched to the home sales price. Pricing and availability of certain raw materials have been volatile due to a number of factors in the current environment. We continue to monitor and react to inflation in the cost of these materials by maintaining a focus on our product pricing in response to higher materials costs, but such product pricing increases may lag behind the escalation of such costs. From time to time and to varying degrees, we may experience shortages in the availability of materials and/or labor in the markets in which we operate. Availability of these inputs has not caused significant production halts in the current period, but we have experienced periodic shutdowns in other periods and shortages of primary building materials have caused production inefficiencies as we have needed to change processes in response to the delay in materials. These shortages may also result in extended order backlogs, delays in the delivery of homes and reduced gross margins from home sales.

Our backlog at December 27, 2025 was $160 million compared to $197 million at March 29, 2025, a decrease of $37 million, and a decrease of $64 million compared to $224 million at December 28, 2024.

While it is difficult to predict the future of housing demand, employee availability, supply chain and Company performance and operations, maintaining an appropriately sized and well-trained workforce is key to meeting demand. We continually review the wage rates of our production employees and have established other monetary incentive and benefit programs, with a goal of providing competitive compensation. We are also working to more extensively use web-based recruiting tools, update our recruitment brochures and improve the appearance and appeal of our manufacturing facilities to improve the recruitment and retention of qualified production employees and reduce annualized turnover rates.

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Results of Operations

Net Revenue

			Three Months Ended
($ in thousands, except revenue per home sold)			December 27, 2025						December 28, 2024						Change
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 homes sold
by Company-owned retail sales centers			1,339						1,075						264						24.6		%
to independent retailers, builders, communities and developers			3,882						3,984						(102)						(2.6)		%
			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
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 homes sold
by Company-owned retail sales centers			3,549						3,120						429						13.8		%
to independent retailers, builders, communities and developers			12,266						11,573						693						6.0		%
			15,815						14,693						1,122						7.6		%
Net Factory-built housing revenue per home sold			$	103,023					$	98,363					$	4,660					4.7		%

Factory-built housing Net revenue increased for the three and nine months ended December 27, 2025 due to higher home sales volume and an increase in Net revenue per home sold. The American Homestar acquisition contributed $42.0 million in the current year periods.

Net Factory-built housing revenue per home sold is a volatile metric dependent upon several factors. A primary factor is the price disparity between sales of homes to independent distributors, builders, communities and developers and sales of homes to consumers by Company-owned retail stores. Wholesale sales prices are primarily comprised of the home and the cost to ship the home from a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utility connections, site improvements, landscaping and additional services. Our homes are constructed in one or more floor sections ("modules") which are then installed on the customer's site. Changes in the number of modules per home, the selection of different home types/models and optional home upgrades create changes in product mix, also causing fluctuations in this metric.

For the three and nine months ended December 27, 2025, Financial services Net revenue increased primarily due to higher insurance premiums.

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Gross Profit

			Three Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
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		%
			Nine Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
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		%

In the Factory-built housing segment, Gross profit for the three and nine months ended December 27, 2025 increased due to an increase in home sales volume and Net revenue per home sold, partially offset by higher costs per unit.

Financial services Gross profit in dollars and as a percentage of Financial services Net revenue increased for the three and nine months ended December 27, 2025 due to higher insurance premiums and lower claim losses. The claim loss reduction resulted from policy underwriting improvements and severe weather events in the prior year periods.

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Selling, General and Administrative Expenses

			Three Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
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		%
Selling, general and administrative expenses as % of Net revenue			14.0		%				12.6		%				N/A						1.4		%
			Nine Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
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		%
Selling, general and administrative expenses as % of Net revenue			13.1		%				13.1		%				N/A						—		%

Factory-built housing Selling, general and administrative expenses increased for the three and nine months ended December 27, 2025 due primarily to the addition of American Homestar, which added $6.9 million of incremental expense, as well as acquisition related deal costs of $2.9 million. For the nine months ended December 27, 2025, in addition to the above items, the increase is also due to higher incentive based compensation from higher earnings compared to the prior year period, as well as an additional $1.5 million in deal costs during that period. Total deal costs in the nine months ended December 27, 2025 was $4.4 million.

Financial services Selling, general and administrative expenses for the three and nine months ended December 27, 2025 increased primarily due to increases in compensation year over year.

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Other Components of Net Income

			Three Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
Interest income			$	2,956					$	5,353					$	(2,397)					(44.8)		%
Interest expense			(131)						(155)						(24)						(15.5)		%
Other income, net			213						168						45						(26.8)		%
Income tax expense			(13,531)						(12,874)						657						5.1		%
Effective tax rate			23.5		%				18.6		%				N/A						4.9		%
			Nine Months Ended
($ in thousands)			December 27, 2025						December 28, 2024						Change
Interest income			$	13,105					$	16,556					$	(3,451)					(20.8)		%
Interest expense			(407)						(370)						37						10.0		%
Other income, net			355						315						40						(12.7)		%
Income tax expense			(42,059)						(33,441)						8,618						25.8		%
Effective tax rate			22.1		%				19.9		%				N/A						2.2		%

Interest income consists primarily of interest earned on cash balances held in money market accounts and interest earned on commercial floorplan lending. Interest income is down in the three and nine months ended December 27, 2025 primarily due to lower interest rates on deposited cash and a decrease in cash balances due to the American Homestar acquisition in the three months ended December 27, 2025. Interest expense consists primarily of interest related to finance leases.

Other income, net primarily consists of realized and unrealized gains and losses on corporate investments and gains and losses from the sale of property, plant and equipment.

Income tax expense increased compared to the prior year period due to higher income before income taxes and a change in the effective tax rate due primarily to fewer energy star credits in the current year as well as certain deal costs that are not deductible for federal income tax purposes.

Liquidity and Capital Resources

We believe that cash and cash equivalents at December 27, 2025, together with cash flow from operations, will be sufficient to fund our operations, cover our obligations and provide for growth for the next 12 months and into the foreseeable future. We maintain cash in U.S. Treasury and other money market funds, some of which is in excess of federally insured limits, but we have not experienced any losses with regards to such excesses. We expect to continue to evaluate potential acquisitions of, or strategic investments in, businesses that are complementary to the Company, as well as other expansion opportunities. Such transactions may require the use of cash and have other impacts on our liquidity and capital resources. We believe we have sufficient liquid resources including our $75 million Revolving Credit Facility, which may be increased from time to time through additional term facilities by up to an aggregate amount of $75 million up to $150 million. No amounts are currently outstanding under the Revolving Credit Facility. Depending on our operating results and strategic opportunities, we may choose to seek additional or alternative sources of financing in the future. There can be no assurance that such financing would be available on satisfactory terms, if at all. If this financing were not available, it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources at such time. The exact nature of any changes to our plans that would be considered depends on various factors, such as conditions in the Factory-built housing industry and general economic conditions outside of our control.

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State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, the assets owned by our insurance subsidiary are generally not available to satisfy the claims of Cavco or its other subsidiaries. We believe that stockholders' equity at the insurance subsidiary remains sufficient and do not believe that the ability to pay ordinary dividends to Cavco at anticipated levels will be restricted per state regulations.

The following is a summary of the Company's cash flows for the nine months ended December 27, 2025 and December 28, 2024, respectively:

			Nine Months Ended
(in thousands)			December 27, 2025						December 28, 2024						$ Change
Cash, cash equivalents and restricted cash at beginning of the fiscal year			$	375,345					$	368,753					$	6,592
Net cash provided by operating activities			200,119						139,851						60,268
Net cash used in investing activities			(199,852)						(13,976)						(185,876)
Net cash used in financing activities			(133,140)						(116,002)						(17,138)
Cash, cash equivalents and restricted cash at end of the period			$	242,472					$	378,626					$	(136,154)

Net cash provided by operating activities increased primarily from higher Net income, an increase in Deferred income taxes, a decrease in Consumer loans originated compared to the prior year period and decreases in Accounts receivable, net and Inventory. The increase was partially offset by an increase in Commercial loans originated.

Consumer loan originations decreased $11.2 million to $43.0 million for the nine months ended December 27, 2025 from $54.2 million for the nine months ended December 28, 2024, and proceeds from consumer loans decreased $4.3 million to $42.8 million for the nine months ended December 27, 2025 from $47.0 million for the nine months ended December 28, 2024.

Commercial loan originations increased $29.8 million to $117.3 million for the nine months ended December 27, 2025 from $87.5 million for the nine months ended December 28, 2024. Proceeds from the collection on commercial loans provided $110.8 million for the nine months ended December 27, 2025, compared to $85.0 million in the comparable prior year, a net increase of $25.8 million.

The change in Net cash used in investing activities is primarily due to the cash paid for the acquisition of American Homestar and an increase in cash paid for property plant and equipment in the current year.

The change in Net cash used in financing activities was primarily due to the repurchase of a higher number of shares of common stock, which were also at a higher average daily stock price.

Obligations and Commitments. There were no material changes to the obligations and commitments as set forth in the Form 10-K.

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates during the nine months ended December 27, 2025, as compared to those disclosed in Part II, Item 7 of the Form 10-K, under the heading "Critical Accounting Estimates," which provides a discussion of the critical accounting estimates that management believes are critical to the Company's operating results or may affect significant judgments and estimates used in the preparation of the Company's Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K.

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Item 4. Controls and Procedures

(a) Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of the Company's management, including its President and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the Company's President and Chief Executive Officer and its Chief Financial Officer concluded that, as of December 27, 2025, its disclosure controls and procedures were effective.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the fiscal quarter ended December 27, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See the information under the "Legal Matters" caption in Note 15, Commitments and Contingencies to the unaudited Consolidated Financial Statements, which is incorporated herein by reference.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, Item 1A, Risk Factors, in the Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Report and in the Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth repurchases of our common stock during the third quarter of fiscal year 2026:

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)						Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in thousands)
September 28, 2025 to       November 1, 2025						78,600						$	543.82					78,600						$	98,938
November 2, 2025 to       November 29, 2025						1,980						535.23						1,980						97,878
November 30, 2025 to       December 27, 2025						—						—						—						97,878
						80,580												80,580

The payment of dividends to Company stockholders is subject to the discretion of the Board of Directors, and various factors may prevent us from paying dividends. Such factors include Company cash requirements, covenants of our credit agreement and liquidity or other requirements of state, corporate and other laws.

(1)The stock repurchase plan announced on May 22, 2025 approved $150 million in stock repurchases and there is $98 million remaining as of December 27, 2025 from this approval. This plan does not have an expiration date.

Item 5. Other Information

Rule 10b5-1 Trading Plans

On November 26, 2025, Allison Aden, the Company's Chief Financial Officer, adopted a programmed plan of transactions intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (the "Aden 10b5-1 Plan"). This plan provides for a first possible trade date of February 25, 2026, and terminates automatically on July 3, 2026, if not before. The aggregate number of shares to potentially be sold pursuant to the Aden 10b5-1 Plan is up to 3,000 shares of Common Stock.

On December 12, 2025, Lisa Daniels, an independent director, also adopted a programmed plan of transactions intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (the "Daniels 10b5-1 Plan"). This plan was adopted in order to sell-to-cover a number of shares of our Common Stock to satisfy income tax obligations to be incurred by Ms. Daniels in connection with the anticipated vesting of her restricted stock units on July 28, 2026.

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The Daniels 10b5-1 Plan provides for a first possible trade date of July 30, 2026, and terminates automatically on August 5, 2026. The aggregate number of shares to be sold pursuant to the plan is 30 shares of our Common Stock. 

During the three months ended December 27, 2025, no director or officer of the Company, other than Ms. Aden and Ms. Daniels, adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

Exhibit No.						Exhibit
31.1			(1)			Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
31.2			(1)			Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
32			(2)			Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1) Filed herewith.

(2) Furnished herewith.

All other items required under Part II are omitted because they are not applicable.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Cavco Industries, Inc.
Registrant
Signature						Title			Date
/s/ William C. Boor						Director, President and Chief Executive Officer			January 30, 2026
William C. Boor						(Principal Executive Officer)
/s/ Allison K. Aden						Executive Vice President, Chief Financial Officer and Treasurer			January 30, 2026
Allison K. Aden						(Principal Financial Officer)

33

FAQ

How did Cavco Industries (CVCO) perform financially in the latest quarter?

Cavco’s quarterly net revenue increased to $580.994 million, up from $522.040 million, while net income declined to $44.067 million from $56.462 million. The drop in earnings reflects margin compression and higher selling, general and administrative expenses despite stronger sales volumes.

What were Cavco Industries’ results for the first nine months of fiscal 2026?

For the nine months ended December 27, 2025, Cavco generated $1.694 billion in net revenue and $148.090 million in net income, up from $1.507 billion and $134.706 million a year earlier. This shows overall growth, supported by higher factory-built housing volumes and stronger financial services performance.

What is notable about Cavco Industries’ acquisition of American Homestar?

Cavco acquired American Homestar for total consideration of about $179.9 million, including two manufacturing facilities and 19 retail locations. Management highlights expected accretive earnings, cash flow benefits and synergies in cost, purchasing and product optimization, with the acquired business already contributing revenue and income.

How strong is Cavco Industries’ balance sheet and liquidity position?

Cavco reported $242.472 million in cash, cash equivalents and restricted cash and total stockholders’ equity of $1.089 billion. The company has a $75 million revolving credit facility, expandable up to $150 million, with no outstanding borrowings, supporting its ability to fund operations and potential growth initiatives.

How did Cavco Industries’ segments perform, particularly factory-built housing and financial services?

Factory-built housing net revenue rose to $558.497 million in the quarter, with gross profit of $121.255 million, though margins narrowed. Financial services net revenue increased to $22.497 million, and gross profit grew to $14.666 million, aided by higher insurance premiums and lower claim losses from improved underwriting.

What were Cavco Industries’ recent share repurchases under its buyback program?

During the quarter, Cavco repurchased 80,580 shares of common stock at average prices around the mid-$500 range. As of December 27, 2025, approximately $98 million remained available under the $150 million stock repurchase authorization announced in May 2025, which has no stated expiration date.