Cavco Industries Reports Fiscal 2027 Second Quarter Results

Cavco Industries Reports Fiscal 2027 Second Quarter Results Cavco Industries Reports Fiscal 2027 Second Quarter Results GlobeNewswire October 29, 2026

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

Quarterly Highlights

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

Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, October 30, 2026, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco

Headquartered in Phoenix, Arizona, Cavco Industries, Inc. (Nasdaq: CVCO) designs and builds manufactured homes and modular homes, distributed nationwide through a network of independent and Company-owned retailers. Cavco is one of the largest manufactured and modular home builders in the United States, based on reported wholesale shipments, and is also a leading producer of park model RVs, vacation cabins, and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer, offering manufactured home loans — including conforming, non-conforming, and home-only financing — to buyers of manufactured and modular homes. Cavco's insurance subsidiary, Standard Casualty, provides manufactured home insurance and other property and casualty coverage to manufactured homeowners. Learn more about Cavco's manufactured homes and modular homes at www.cavcohomes.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (v) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers; (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 28, 2026 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

 
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
    
 September 26,
2026
 March 28,
2026
ASSETS(Unaudited)  
Current assets   
Cash and cash equivalents$271,911  $236,721 
Restricted cash, current 25,386   20,306 
Accounts receivable, net 139,244   108,288 
Short-term investments 17,166   16,233 
Current portion of consumer loans receivable, net 19,713   19,207 
Current portion of commercial loans receivable, net 41,835   54,841 
Current portion of commercial loans receivable from affiliates, net 1,510   1,836 
Inventories 311,110   295,671 
Prepaid expenses and other current assets 54,554   71,630 
Total current assets 882,429   824,733 
Restricted cash 585   585 
Investments 43,416   38,151 
Consumer loans receivable, net 17,474   18,974 
Commercial loans receivable, net 65,715   55,801 
Commercial loans receivable from affiliates, net 3,993   3,519 
Property, plant and equipment, net 321,398   278,890 
Goodwill 211,667   208,841 
Other intangibles, net 26,859   28,067 
Operating lease right-of-use assets 37,992   33,578 
Total assets$1,611,528  $1,491,139 
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities   
Accounts payable$68,047  $44,168 
Accrued expenses and other current liabilities 352,184   291,230 
Total current liabilities 420,231   335,398 
Operating lease liabilities 32,955   30,747 
Other liabilities 6,977   7,096 
Deferred income taxes 14,362   14,716 
Total liabilities 474,525   387,957 
Stockholders' equity   
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding —   — 
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,509,421 and 9,474,288 shares, respectively; Outstanding 7,661,911 and 7,738,700, respectively 95   95 
Treasury stock, at cost; 1,847,510 and 1,735,588 shares, respectively (646,225)  (585,865)
Additional paid-in capital 298,032   300,208 
Retained earnings 1,486,424   1,388,714 
Accumulated other comprehensive (loss) income (1,323)  30 
Total stockholders' equity 1,137,003   1,103,182 
Total liabilities and stockholders' equity$1,611,528  $1,491,139 
        


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


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

For additional information, contact:

Mark Fusler
Corporate Controller and Investor Relations
investor_relations@cavco.com

Phone: 602-256-6263
On the Internet: www.cavcoindustries.com


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