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
