Cavco Industries, Inc. reported a notable increase in financial performance for the three months and nine months ended December 27, 2025, as detailed in its latest 10-Q filing. The company achieved net revenue of $580.994 million for the third quarter, up 11.3% from $522.040 million in the same period last year. For the nine-month period, revenue rose to $1.694 billion, a 12.4% increase from $1.507 billion. The net income for the third quarter was $44.067 million, down from $56.462 million a year earlier, while net income for the nine months reached $148.090 million, compared to $134.706 million in the prior year.
The financial results reflect significant changes compared to the previous fiscal period, particularly driven by the acquisition of American Homestar Corporation, which contributed $42 million in revenue since its acquisition on September 29, 2025. The company’s gross profit for the third quarter increased to $135.921 million, a 4.6% rise from $129.950 million, while gross profit for the nine months was $399.834 million, up 14.4% from $349.474 million. However, selling, general, and administrative expenses also rose, totaling $81.361 million for the third quarter, a 23.3% increase from $65.980 million, largely due to the integration costs associated with the acquisition.
Operationally, Cavco Industries reported a total of 5,221 factory-built homes sold in the third quarter, a 3.2% increase from 5,059 homes sold in the same quarter last year. The company’s retail sales centers saw a 24.6% increase in home sales, while sales to independent retailers, builders, and developers decreased slightly by 2.6%. The average revenue per home sold increased to $106,971, reflecting an 8.0% rise from the previous year. The company’s backlog at the end of the reporting period was $160 million, down from $197 million at the end of the previous fiscal year.
Cavco's balance sheet showed total assets of $1.472 billion, an increase from $1.407 billion at the end of the previous fiscal year. The company’s cash and cash equivalents decreased to $224.616 million from $356.225 million, primarily due to cash used for the acquisition and increased capital expenditures. The company’s employee headcount remained stable, supporting its operational needs amid ongoing market conditions. Looking ahead, Cavco Industries expressed optimism about its growth potential, particularly in the manufactured housing sector, despite challenges such as fluctuating material costs and labor availability. The company plans to continue exploring strategic acquisitions and investments to enhance its market position and operational efficiency.
About CAVCO INDUSTRIES INC.
Cavco Industries, Inc. designs and manufactures factory-built homes, including HUD-code manufactured homes, modular homes, park model RVs, vacation cabins, and commercial structures. It serves entry-level, move-up, and 55+ homebuyers through a network of independent and company-owned retailers across the U.S. and Canada. Cavco’s business model integrates customizable, energy-efficient housing production with financing and insurance services tailored to manufactured home customers, emphasizing affordability and quality.
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