cvco-20250927

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-08822

CAVCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

56-2405642

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

3636 North Central Ave, Ste 1200

Phoenix

Arizona

85012

(Address of principal executive offices, including zip code)

(602) 256-6263

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 23, 2025, 7,805,037 shares of the registrant's Common Stock, $0.01 par value, were outstanding.

CAVCO INDUSTRIES, INC.

FORM 10-Q

September 27, 2025

TABLE OF CONTENTS


			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of September 27, 2025 (unaudited) and March 29, 2025			1
Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended September 27, 2025 and September 28, 2024			2
Consolidated Statements of Cash Flows (unaudited) for the six months ended September 27, 2025 and September 28, 2024			3
Notes to Consolidated Financial Statements (unaudited)			4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			19
Item 3. Quantitative and Qualitative Disclosures About Market Risk			26
Item 4. Controls and Procedures			26
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			28
Item 1A. Risk Factors			28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 3. Not applicable
Item 4. Not applicable
Item 5. Other Information			28
Item 6. Exhibits			29
SIGNATURES			30

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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 shares, 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

See accompanying Notes to Consolidated Financial Statements

Table of Contents

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE 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

Comprehensive income
Net income	$	52,381	$	43,815	$	104,023	$	78,244
Reclassification adjustment for securities sold	136		262		253		271
Applicable income tax expense	(29)		(55)		(53)		(57)
Net change in unrealized position of investments held	8		(11)		12		54
Applicable income tax (expense) benefit	(1)		3		(2)		(11)
Comprehensive income	$	52,495	$	44,014	$	104,233	$	78,501

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

See accompanying Notes to Consolidated Financial Statements

Table of Contents

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Six Months Ended
	September 27, 2025		September 28, 2024
OPERATING ACTIVITIES
Net income	$	104,023	$	78,244
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	10,502		9,520
Provision for credit losses	(64)		(260)
Deferred income taxes	9,071		88
Stock-based compensation expense	7,093		4,907
Non-cash interest income, net	(457)		(527)
Loss (gain) on sale or retirement of property, plant and equipment, net	(15)		26
Gain on investments and sale of loans, net	(2,551)		(1,694)

Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(9,783)

SEC Form 10-Q filed by Cavco Industries Inc.