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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 30, 2025
CAVCO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-08822 56-2405642
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
3636 North Central Avenue, Suite 1200
Phoenix
Arizona
85012
(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
Common Stock, par value $0.01 CVCO The Nasdaq Stock Market LLC
(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 30, 2025, Cavco Industries, Inc., a Delaware corporation (the "Company"), announced financial results for its fiscal second quarter ended September 27, 2025. 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
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 30, 2025


EX-99.1 2 cvco-20250927xex991.htm EX-99.1 Document

cavco_logo.jpg
 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 2026 SECOND QUARTER RESULTS
Closes American Homestar acquisition and welcomes Lisa Daniels to the Board of Directors

PHOENIX, October 30, 2025 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the second fiscal quarter ended September 27, 2025.
Quarterly Highlights
•Net revenue was $556.5 million, up $49 million or 9.7% compared to $507.5 million in the second quarter of the prior year, primarily on home sales volume and average selling price per home growth.
•Home sales volume was up 5.4% and capacity utilization increased to approximately 75% from approximately 70% in the second quarter of the prior year.
•Factory-built housing Gross profit as a percentage of Net revenue was 22.9%, flat with the same period in the prior year.
•Financial services Gross profit as a percentage of Net revenue was 55.6%, compared to Gross profit of 21.8% in the same period in the prior year.
•Income before income taxes was $67 million, up $12 million, or 22.4% compared to $55 million in the same period in the prior year.
•Net income per diluted share attributable to Cavco common stockholders was $6.55, up 24%, compared to $5.28 in the prior year quarter on higher Factory-built housing volume and stronger Financial services results.
•Backlogs totaled $210 million at the end of the quarter representing 5-7 weeks of production.
•Stock repurchases were approximately $36 million in the quarter. $142 million remains available for repurchases under our previously announced Board authorizations.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "We saw continued strong performance from all phases of our business - production, retail and our Financial Services segment. Our teams executed with excellence in a fluid market with continuing macroeconomic risks.”

He continued, "As previously announced, we successfully closed the acquisition of American Homestar Corporation subsequent to the close of Q2. The newly combined team has done a remarkable job maintaining a dual track focus on current operational success and early integration. I want to thank everyone from American Homestar for their commitment and positivity through this transition.

“Finally, we’re excited to have Lisa Daniels join our Board of Directors. In addition to her compelling experience and knowledge, Lisa is a great personal fit with our Board and Company and I’m looking forward to working with her in the years ahead."



Financial Results
Three Months Ended
($ in thousands, except revenue per home sold) September 27,
2025		 September 28,
2024		 Change
Net revenue
Factory-built housing $ 535,117  $ 486,343  $ 48,774  10.0  %
Financial services 21,410  21,118  292  1.4  %
$ 556,527  $ 507,461  $ 49,066  9.7  %
Factory-built modules sold 8,699  8,119  580  7.1  %
Factory-built homes sold (consisting of one or more modules) 5,178  4,913  265  5.4  %
Net factory-built housing revenue per home sold $ 103,344  $ 98,991  $ 4,353  4.4  %
  Six Months Ended
($ in thousands, except revenue per home sold) September 27,
2025		 September 28,
2024		 Change
Net revenue
Factory-built housing $ 1,070,811  $ 944,391  $ 126,420  13.4  %
Financial services 42,573  40,669  1,904  4.7  %
$ 1,113,384  $ 985,060  $ 128,324  13.0  %
Factory-built modules sold 17,599  15,790  1,809  11.5  %
Factory-built homes sold (consisting of one or more modules) 10,594  9,634  960  10.0  %
Net factory-built housing revenue per home sold $ 101,077  $ 98,027  $ 3,050  3.1  %
•In the factory-built housing segment, the increase in Net revenue was due to higher home sales volume and an increase in Net revenue per home sold for both periods.
•Financial services segment Net revenue increased due to higher insurance premiums for both periods.


Three Months Ended
($ in thousands) September 27,
2025		 September 28,
2024		 Change
Gross profit
Factory-built housing $ 122,493  $ 111,520  $ 10,973  9.8  %
Financial services 11,914  4,602  7,312  158.9  %
$ 134,407  $ 116,122  $ 18,285  15.7  %
Gross profit as % of Net revenue
Consolidated 24.2  % 22.9  % N/A 1.3  %
Factory-built housing 22.9  % 22.9  % N/A —  %
Financial services 55.6  % 21.8  % N/A 33.8  %
Selling, general and administrative expenses
Factory-built housing $ 65,757  $ 61,440  $ 4,317  7.0  %
Financial services 6,472  5,557  915  16.5  %
$ 72,229  $ 66,997  $ 5,232  7.8  %
Income from operations
Factory-built housing $ 56,736  $ 50,080  $ 6,656  13.3  %
Financial services 5,442  (955) 6,397  NM
$ 62,178  $ 49,125  $ 13,053  26.6  %
  Six Months Ended
($ in thousands) September 27,
2025		 September 28,
2024		 Change
Gross profit
Factory-built housing $ 243,338  $ 215,030  $ 28,308  13.2  %
Financial services 20,575  4,494  16,081  357.8  %
$ 263,913  $ 219,524  $ 44,389  20.2  %
Gross profit as % of Net revenue
Consolidated 23.7  % 22.3  % N/A 1.4  %
Factory-built housing 22.7  % 22.8  % N/A (0.1) %
Financial services 48.3  % 11.1  % N/A 37.2  %
Selling, general and administrative expenses
Factory-built housing $ 128,911  $ 121,160  $ 7,751  6.4  %
Financial services 12,466  10,688  1,778  16.6  %
$ 141,377  $ 131,848  $ 9,529  7.2  %
Income from operations
Factory-built housing $ 114,427  $ 93,870  $ 20,557  21.9  %
Financial services 8,109  (6,194) 14,303  NM
$ 122,536  $ 87,676  $ 34,860  39.8  %
•In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and Net revenue per home sold for both periods. Selling, general and administrative expenses increased as a result of higher incentive based compensation due to higher earnings compared to both prior year periods.


•In the financial services segment, Gross profit and Income from operations increased primarily due to the insurance division having higher premiums and lower claims losses. The claims loss reduction resulted from policy underwriting improvements and severe weather events in the prior year periods. Selling, general and administrative expenses increased in both periods primarily due to higher compensation.
Three Months Ended
($ in thousands, except per share amounts) September 27,
2025		 September 28,
2024		 Change
Interest income $ 5,046  $ 5,692  $ (646) (11.3) %
Net income $ 52,381  $ 43,815  $ 8,566  19.6  %
Diluted net income per share $ 6.55  $ 5.28  $ 1.27  24.1  %
  Six Months Ended
($ in thousands, except per share amounts) September 27,
2025		 September 28,
2024		 Change
Interest Income $ 10,149  $ 11,203  $ (1,054) (9.4) %
Net income $ 104,023  $ 78,244  $ 25,779  32.9  %
Diluted net income per share $ 12.96  $ 9.38  $ 3.58  38.2  %
Conference Call Details
Cavco's management will hold a conference call to review these results tomorrow, October 31, 2025, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register
https://register-conf.media-server.com/register/BI6c821f6a93074758a6548b04ff80b900 to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.


Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 29, 2025 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.



CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
September 27,
2025		 March 29,
2025
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 374,978  $ 356,225 
Restricted cash, current 24,391  18,535 
Accounts receivable, net 115,654  105,849 
Short-term investments 16,865  19,842 
Current portion of consumer loans receivable, net 33,493  35,852 
Current portion of commercial loans receivable, net 43,468  43,492 
Current portion of commercial loans receivable from affiliates, net 2,227  2,881 
Inventories 258,423  252,695 
Prepaid expenses and other current assets 65,048  74,815 
Total current assets 934,547  910,186 
Restricted cash 585  585 
Investments 24,341  18,067 
Consumer loans receivable, net 19,390  20,685 
Commercial loans receivable, net 56,458  48,605 
Commercial loans receivable from affiliates, net 5,292  4,768 
Property, plant and equipment, net 236,709  227,620 
Goodwill 121,969  121,969 
Other intangibles, net 15,987  16,731 
Operating lease right-of-use assets 33,791  35,576 
Deferred income taxes —  1,853 
Total assets $ 1,449,069  $ 1,406,645 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 44,075  $ 37,195 
Accrued expenses and other current liabilities 273,975  265,971 
Total current liabilities 318,050  303,166 
Operating lease liabilities 30,360  31,538 
Other liabilities 7,258  7,359 
Deferred income taxes 7,264  — 
Total liabilities 362,932  342,063 
Stockholders' equity
Preferred stock, $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 9,470,820 and 9,436,732 shares, respectively; Outstanding 7,866,737 and 8,008,012, respectively
 95  94 
Treasury stock, at cost; 1,604,083 and 1,428,720 shares, respectively
 (511,347) (424,624)
Additional paid-in capital 294,984  290,940 
Retained earnings 1,302,186  1,198,163 
Accumulated other comprehensive income 219  9 
Total stockholders' equity 1,086,137  1,064,582 
Total liabilities and stockholders' equity $ 1,449,069  $ 1,406,645 


CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
  Three Months Ended Six Months Ended
  September 27,
2025		 September 28,
2024		 September 27,
2025		 September 28,
2024
Net revenue $ 556,527  $ 507,461  $ 1,113,384  $ 985,060 
Cost of sales 422,120  391,339  849,471  765,536 
Gross profit 134,407  116,122  263,913  219,524 
Selling, general and administrative expenses 72,229  66,997  141,377  131,848 
Income from operations 62,178  49,125  122,536  87,676 
Interest income 5,046  5,692  10,149  11,203 
Interest expense (112) (125) (276) (215)
Other income, net 142  258  142  147 
Income before income taxes 67,254  54,950  132,551  98,811 
Income tax expense (14,873) (11,135) (28,528) (20,567)
Net income $ 52,381  $ 43,815  $ 104,023  $ 78,244 
Net income per share
Basic $ 6.62  $ 5.33  $ 13.12  $ 9.48 
Diluted $ 6.55  $ 5.28  $ 12.96  $ 9.38 
Weighted average shares outstanding
Basic 7,909,326  8,226,298  7,931,589  8,256,664 
Diluted 7,992,745  8,305,326  8,024,720  8,337,671 


CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
September 27,
2025		 September 28,
2024		 September 27,
2025		 September 28,
2024
Capital expenditures $ 9,861  $ 4,905  $ 18,870  $ 9,819 
Depreciation $ 4,961  $ 4,375  $ 9,758  $ 8,744 
Amortization of other intangibles $ 372  $ 385  $ 744  $ 777 

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