Quarterly Highlights
Net revenue of $550 million up 8% from $508 million in the prior year quarter.
Gross profit as a percentage of Net revenue was 23.1%, up 30 basis points ("bps"), with factory-built housing Gross profit as a percentage of Net revenue at 21.2%, down 110 bps.
Net income was $42 million. Net income per diluted share was $5.42 compared to $4.47.
Full Fiscal Year Highlights
Net revenue was $2,245 million, up $230 million or 11.4% compared to $2,015 million last year.
Factory-built housing Gross profit as a percentage of Net revenue was 22.1%, compared to 22.9%.
Income before income taxes was $245 million, up $34 million or 15.9% compared to $211 million.
Net income per diluted share was $23.98 compared to $20.71.
Backlogs at March 28, 2026 were $195 million, down from $197 million at March 29, 2025.
Stock repurchases were approximately $160 million in the year.
On May 18, 2026, the Company's Board of Directors approved an additional $150 million stock repurchase program.
Commenting on the results, Bill Boor, President and Chief Executive Officer, said, "Cavco made a lot of progress across many fronts in fiscal year 2026. In addition to continuing a progression of digital marketing, branding and product line transformations, all aimed at improving the customer and retailer experience, we sold a record number of homes. We also joined forces with American Homestar which is exceeding expectations for tangible synergies and operating performance. Finally, as announced yesterday, in Q4 we broke ground on a new, state-of the art production facility in El Mirage, Arizona. This expansion reflects our consistent capital allocation approach focused on the long-term need for factory-built solutions to the worsening housing crisis in America."
He continued, "Wholesale orders in the fourth quarter were up significantly from both the third quarter of this year and the fourth quarter of last year, with the bulk of that pick-up and the accompanying backlog increase happening in March. Additionally, both our insurance and lending operations posted strong results in the quarter. Despite an environment that has not materially improved and remains uncertain, we continued to perform well and invest in the future."
Three months ended March 28, 2026 compared to three months ended March 29, 2025
Three Months Ended
($ in thousands, except revenue per home sold)
March 28,2026
March 29,2025
Change
Net revenue
Factory-built housing
$
528,048
$
487,860
$
40,188
8.2
%
Financial services
22,079
20,498
1,581
7.7
%
$
550,127
$
508,358
$
41,769
8.2
%
Factory-built modules sold
8,328
8,260
68
0.8
%
Factory-built homes sold (consisting of one or more modules)
5,027
5,060
(33
)
(0.7
)%
Net factory-built housing revenue per home sold
$
105,042
$
96,415
$
8,627
8.9
%
In the factory-built housing segment, the increase in Net revenue was caused by higher average selling price per home sold primarily caused by a higher percentage of sales through Company-owned stores and product mix.
Financial services segment Net revenue increased primarily due to more loan sales in the current period after securing a long term agreement to sell loans to a third party investor. Additionally, to a lesser extent, the addition of the American Homestar financial services operation also contributed to net revenue.
Three Months Ended
($ in thousands)
March 28,2026
March 29,2025
Change
Gross profit
Factory-built housing
$
111,737
$
108,573
$
3,164
2.9
%
Financial services
15,316
7,544
7,772
103.0
%
$
127,053
$
116,117
$
10,936
9.4
%
Gross profit as % of Net revenue
Consolidated
23.1
%
22.8
%
N/A
0.3
%
Factory-built housing
21.2
%
22.3
%
N/A
(1.1
)%
Financial services
69.4
%
36.8
%
N/A
32.6
%
Selling, general and administrative expenses
Factory-built housing
$
68,008
$
71,458
$
(3,450
)
(4.8
)%
Financial services
7,572
6,029
1,543
25.6
%
$
75,580
$
77,487
$
(1,907
)
(2.5
)%
Income from operations
Factory-built housing
$
43,729
$
37,115
$
6,614
17.8
%
Financial services
7,744
1,515
6,229
411.2
%
$
51,473
$
38,630
$
12,843
33.2
%
In the factory-built housing segment, Gross profit increased from higher average selling price per home sold, partially offset by higher input costs and lower home sales. Selling, general and administrative expenses decreased compared to the prior year period primarily due to a $10 million non‑cash charge related to adjustment of certain legacy brand intangibles in the fourth quarter of fiscal 2025, which impacted Diluted net income per share by $0.93. Excluding the impact of that charge, SG&A increased year‑over‑year due to the inclusion of Selling, general and administrative expense from the Company's acquisition of American Homestar completed at the beginning of the third quarter of this fiscal year.
In the financial services segment, Gross profit increased primarily due to higher premiums and lower claims losses on insurance policies, as well as an increase in loans sold. The claims loss reduction resulted from both policy underwriting improvements and a reduction due to severe weather events in the prior year period which resulted in higher claims that did not recur. Selling, general and administrative expenses increased due to higher compensation.
Three Months Ended
($ in thousands, except per share amounts)
March 28,2026
March 29,2025
Change
Net income
$
42,461
$
36,330
$
6,131
16.9
%
Diluted net income per share
$
5.42
$
4.47
$
0.95
21.3
%
Year ended March 28, 2026 compared to the year ended March 29, 2025
Year Ended
($ in thousands, except revenue per home sold)
March 28,2026
March 29,2025
Change
Net revenue
Factory-built housing
$
2,157,356
$
1,933,111
$
224,245
11.6
%
Financial services
87,149
82,347
4,802
5.8
%
$
2,244,505
