Cavco Q2 diluted earnings rise to $7.17 a share
Factory-built housing sales volume rose 15.3%, while its gross profit margin was 21.1%, down from 22.9%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Cavco Industries, Inc. (CVCO) reported fiscal second-quarter revenue of $656.4 million, up 17.9% from $556.5 million a year earlier, and net income of $55.439 million, up 5.8%. Diluted net income per share was $7.17, compared with $6.55. Factory-built home sales volume increased 15.3%; factory-built housing gross profit as a percentage of net revenue was 21.1%, compared with 22.9%, while financial services was 60.2%, compared with 55.6%.
Quarter-end backlog totaled $348 million, representing 8–10 weeks of production, up $50 million sequentially from $298 million. Cavco repurchased approximately $30 million of stock during the quarter, with $158 million remaining available under Board authorizations. Selling, general and administrative expenses included a one-time $7 million benefit from a return of insurance premium, which favorably impacted diluted net income per share by $0.70.
For the six months ended September 26, 2026, revenue was $1,266.337 million, up 13.7%, while net income was $97.710 million, down 6.1% from the prior-year period. Management said materials inflation continued and is expected to remain a challenge; Cavco also reported data center workforce housing orders and shipments during the quarter.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly revenue increased 17.9% to $656.4 million.
- Moderate pointQuarterly net income rose 5.8% to $55.439 million.
Negative
- Moderate pointSix-month net income declined 6.1% to $97.710 million.
Filing Explained
At September 26, Cavco reported 9,509,421 issued and 7,661,911 outstanding common shares, versus 9,474,288 issued and 7,738,700 outstanding at March 28; the reported outstanding share count was lower.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Second-quarter net revenue: $656.4 million
Second-quarter net income: $55.439 million
Diluted net income per share: $7.17 per share
+4 more
7 metrics
Second-quarter net revenue
$656.4 million
Fiscal second quarter ended September 26, 2026; up 17.9% from the prior-year quarter
Second-quarter net income
$55.439 million
Fiscal second quarter ended September 26, 2026; up 5.8% from the prior-year quarter
Diluted net income per share
$7.17 per share
Fiscal second quarter ended September 26, 2026; compared with $6.55 in the prior-year quarter
Six-month net income
$97.710 million
Six months ended September 26, 2026; down 6.1% from the prior-year period
Backlog
$348 million
At the end of the fiscal second quarter; 8–10 weeks of production
Stock repurchases
Approximately $30 million
During the fiscal second quarter
Repurchase authorization remaining
$158 million
Available at the end of the fiscal second quarter under Board authorizations
Key Terms
capacity utilization, Gross profit as a percentage of Net revenue, Net factory-built housing revenue per home sold, reinsurance payments
4 terms
capacity utilization technical
"capacity utilization remained consistent year over year at approximately 75%"
Capacity utilization measures how much of a factory, plant or service operation’s productive ability is actually being used, expressed as a percentage of its maximum possible output. Like seeing how full an oven is while baking, it tells investors whether a business is operating efficiently, has room to grow without new investment, or may face higher costs and supply constraints; changes can signal shifts in profit margins, pricing power and the need for capital spending.
Gross profit as a percentage of Net revenue financial
"Gross profit as a percentage of Net revenue"
Net factory-built housing revenue per home sold financial
"Net factory-built housing revenue per home sold"
reinsurance payments financial
"retained insurance premium net of reinsurance payments"
Earnings Snapshot
Net revenue: $656.4 million
Fiscal second quarter ended September 26, 2026
Net revenue
$656.4 million
Up 17.9% year over year
Net income
$55.439 million
Up 5.8% year over year
Diluted net income per share
$7.17 per share
Up 9.5% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CVCO's fiscal second-quarter revenue and earnings?
Cavco reported revenue of $656.4 million, up 17.9% year over year, and net income of $55.439 million, up 5.8%. Diluted net income per share was $7.17, compared with $6.55.
What drove CVCO's second-quarter revenue growth?
Cavco attributed the increase primarily to home sales volume and average selling price per home growth. Factory-built home sales volume increased 15.3% compared with the prior-year quarter.
How large was CVCO's backlog at the end of the second quarter?
Cavco reported a quarter-end backlog of $348 million, representing 8–10 weeks of production. The backlog was up $50 million sequentially from $298 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices, including zip code) | ||||||||||||||
Registrant's telephone number, including area code: (602 ) 256-6263
Not applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
| (Nasdaq Global Select Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
Item 2.02. Results of Operations and Financial Condition
On October 29, 2026, Cavco Industries, Inc., a Delaware corporation (the "Company"), announced financial results for its fiscal second quarter ended September 26, 2026. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated in this Item 2.02 by reference.
Item 9.01. Financial Statements and Exhibits
| Exhibit Number | Description | ||||
99.1 | Press Release dated October 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
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 hereunto duly authorized.
| CAVCO INDUSTRIES, INC. | |||||
| By: | /s/ Allison K. Aden | ||||
| Allison K. Aden | |||||
| Executive Vice President, Chief Financial Officer & Treasurer | |||||
| Date: | October 29, 2026 | ||||
 | For additional information, contact: | |||||||
Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com | ||||||||
| News Release | Phone: 602-256-6263 On the Internet: www.cavcoindustries.com | |||||||
FOR IMMEDIATE RELEASE
CAVCO INDUSTRIES REPORTS FISCAL 2027 SECOND QUARTER RESULTS
PHOENIX, October 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 https://register-conf.media-server.com/register/BI19ca1149d85a4457a8a50ec83ac6c8fb 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 | |||||||||||||||
###