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Dec 27, 2025
Cavco Q3 2026 Earnings Report
Cavco Industries Reports Fiscal 2026 Third Quarter Results, Including American Homestar Acquisition
Key Takeaways
Cavco Industries reported a solid third fiscal quarter for 2026, with net revenue increasing by 11.3% to $581.0 million, primarily driven by growth in home sales volume and average selling price per home. Despite the revenue growth, net income and diluted EPS saw a decline, impacted by deal costs related to the American Homestar acquisition and a decrease in factory-built housing gross profit margin.
Net revenue increased by 11.3% to $581.0 million, compared to $522.0 million in the prior year's third quarter.
Diluted net income per share was $5.58, a decrease of 19.1% from $6.90 in the prior year quarter.
The acquisition of American Homestar Corporation contributed $42 million to Net revenue and 343 homes sold.
Factory-built housing Gross profit as a percentage of Net revenue decreased to 21.7% from 23.6% in the prior year.
Revenue by Segment
Forward Guidance
Cavco Industries anticipates an optimistic market tone moving into the Spring selling season, with a focus on assessing the ability to increase production. The company expects to see positive impacts from the American Homestar acquisition as integration concludes.
Positive Outlook
- Market tone remains optimistic, especially for the Spring selling season.
- Affordable housing continues to be a rising topic in national policy discussions.
- The positive impact of the American Homestar acquisition is expected to exceed previous expectations once the investment phase concludes.
- Operating approach maintained a steady daily production pace by utilizing backlog and additional days down over holidays.
- Financial services segment results are expected to continue strong performance due to improved profitability in insurance operations.
Challenges Ahead
- Industry shipments slowed in the quarter, with HUD shipments at a significantly lower pace in October and November.
- Deal costs and integration plan spending for American Homestar impacted current quarter results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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