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Form 8-K

sec.gov

8-K — CAVCO INDUSTRIES, INC.

Accession: 0001628280-26-037575

Filed: 2026-05-22

Period: 2026-05-21

CIK: 0000278166

SIC: 2451 (MOBILE HOMES)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — cvco-20260521.htm (Primary)

EX-99.1 (cvco-2026328xex991.htm)

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8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 21, 2026

CAVCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware 000-08822 56-2405642

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

3636 North Central Avenue, Suite 1200

Phoenix Arizona 85012

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (602) 256-6263

Not applicable

(Former name or former address if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02.    Results of Operations and Financial Condition

On May 21, 2026, Cavco Industries, Inc., a Delaware corporation (the "Company"), announced financial results for its fiscal fourth quarter and year ended March 28, 2026. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated in this Item 2.02 by reference.

Item 8.01.    Other Events

On May 18, 2026, the Company's Board of Directors approved a new $150 million stock repurchase program which was also announced in the press release attached as Exhibit 99.1 hereto. The purchases may be made in the open market or one or more privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The actual timing, number and value of shares repurchased under the program will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and other strategic capital needs and opportunities. The program does not obligate Cavco to acquire any particular amount of common stock and may be suspended or discontinued at any time. The Company expects to finance the program from existing cash resources.

Item 9.01.    Financial Statements and Exhibits

Exhibit

Number

Description

99.1

Press Release dated May 21, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CAVCO INDUSTRIES, INC.

By: /s/ Allison K. Aden

Allison K. Aden

Executive Vice President, Chief Financial Officer & Treasurer

Date: May 22, 2026

EXHIBIT INDEX

Exhibit

Number

Description

99.1

Press Release dated May 21, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1

EX-99.1

Filename: cvco-2026328xex991.htm · Sequence: 2

Document

For additional information, contact:

Mark Fusler

Corporate Controller and Investor Relations

investor_relations@cavco.com

News Release

Phone: 602-256-6263

On the Internet: www.cavcoindustries.com

FOR IMMEDIATE RELEASE

CAVCO INDUSTRIES REPORTS FISCAL 2026 FOURTH QUARTER AND YEAR END RESULTS

Cavco finishes fiscal year with record number of homes sold

PHOENIX, May 21, 2026 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the fourth quarter and fiscal year ended March 28, 2026.

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  $ 2,015,458  $ 229,047  11.4  %

Factory-built modules sold 34,745  32,428  2,317  7.1  %

Factory-built homes sold (consisting of one or more modules) 20,842  19,753  1,089  5.5  %

Net factory-built housing revenue per home sold $ 103,510  $ 97,864  $ 5,646  5.8  %

•In the factory-built housing segment, the year-over-year increase in Net revenue was primarily due to higher average selling prices and home sales volume. The current year period includes six months of operations of American Homestar.

•Financial services segment Net revenue increased year-over-year primarily due to higher insurance premiums in the current year compared to the prior year, partially offset by fewer policies in force.

Year Ended

($ in thousands) March 28,

2026 March 29,

2025 Change

Gross profit

Factory-built housing $ 476,330  $ 441,797  $ 34,533  7.8  %

Financial services 50,557  23,794  26,763  112.5  %

$ 526,887  $ 465,591  $ 61,296  13.2  %

Gross profit as % of Net revenue

Consolidated 23.5  % 23.1  % N/A 0.4  %

Factory-built housing 22.1  % 22.9  % N/A (0.8) %

Financial services 58.0  % 28.9  % N/A 29.1  %

Selling, general and administrative expenses

Factory-built housing $ 271,081  $ 253,027  $ 18,054  7.1  %

Financial services 27,237  22,288  4,949  22.2  %

$ 298,318  $ 275,315  $ 23,003  8.4  %

Income from operations

Factory-built housing $ 205,249  $ 188,770  $ 16,479  8.7  %

Financial services 23,320  1,506  21,814  1,448.5  %

$ 228,569  $ 190,276  $ 38,293  20.1  %

•In the factory-built housing segment, Gross profit increased from higher average selling price and volume driven partially by current year including six months of American Homestar activity, partially offset by higher input costs. Selling, general and administrative expenses increased as a result of higher incentive compensation on higher sales, the inclusion of Selling, general and administrative expenses from the acquisition of American Homestar acquisition in the third quarter of the current fiscal year and deal costs related to the acquisition. These costs were partially offset by a non-recurring $10.0 million non-cash charge related to the adjustment of certain legacy brand intangibles in the prior year.

•In the financial services segment, Gross profit increased primarily due to the insurance division having higher premiums and lower claims losses. The claims loss reduction resulted from policy underwriting improvements and severe weather events in the prior year period. Selling, general and administrative expenses increased primarily due to higher compensation.

Year Ended

($ in thousands, except per share amounts) March 28,

2026 March 29,

2025 Change

Net income $ 190,551  $ 171,036  $ 19,515  11.4  %

Diluted net income per share $ 23.98  $ 20.71  $ 3.27  15.8  %

Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, May 22, 2026 at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register at https://register-conf.media-server.com/register/BId51ae2066bd749828b40cc80a98752c1 to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 29, 2025 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

CAVCO INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

March 28,

2026 March 29,

2025

ASSETS (Unaudited)

Current assets

Cash and cash equivalents $ 236,721  $ 356,225

Restricted cash, current 20,306  18,535

Accounts receivable, net 108,288  105,849

Short-term investments 16,233  19,842

Current portion of consumer loans receivable, net 19,207  35,852

Current portion of commercial loans receivable, net 54,841  43,492

Current portion of commercial loans receivable from affiliates, net 1,836  2,881

Inventories 295,671  252,695

Prepaid expenses and other current assets 71,630  74,815

Total current assets 824,733  910,186

Restricted cash 585  585

Investments 38,151  18,067

Consumer loans receivable, net 18,974  20,685

Commercial loans receivable, net 55,801  48,605

Commercial loans receivable from affiliates, net 3,519  4,768

Property, plant and equipment, net 278,890  227,620

Goodwill 208,841  121,969

Other intangibles, net 28,067  16,731

Operating lease right-of-use assets 33,578  35,576

Deferred income taxes —  1,853

Total assets $ 1,491,139  $ 1,406,645

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 44,168  $ 37,195

Accrued expenses and other current liabilities 291,230  265,971

Total current liabilities 335,398  303,166

Operating lease liabilities 30,747  31,538

Other liabilities 7,096  7,359

Deferred income taxes 14,716  —

Total liabilities 387,957  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 9,474,288 and 9,436,732 shares, respectively; Outstanding 7,738,700 and 8,008,012 shares, respectively

95  94

Treasury stock, at cost; 1,735,588 and 1,428,720 shares, respectively

(585,865) (424,624)

Additional paid-in capital 300,208  290,940

Retained earnings 1,388,714  1,198,163

Accumulated other comprehensive income (loss) 30  9

Total stockholders' equity 1,103,182  1,064,582

Total liabilities and stockholders' equity $ 1,491,139  $ 1,406,645

CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended Year Ended

March 28,

2026 March 29,

2025 March 28,

2026 March 29,

2025

Net revenue $ 550,127  $ 508,358  $ 2,244,505  $ 2,015,458

Cost of sales 423,074  392,241  1,717,618  1,549,867

Gross profit 127,053  116,117  526,887  465,591

Selling, general and administrative expenses 75,580  77,487  298,318  275,315

Income from operations 51,473  38,630  228,569  190,276

Interest income 3,232  4,533  16,337  21,089

Interest expense (134) (147) (541) (517)

Other (expense) income, net (20) (93) 335  222

Income before income taxes 54,551  42,923  244,700  211,070

Income tax expense (12,090) (6,593) (54,149) (40,034)

Net income $ 42,461  $ 36,330  $ 190,551  $ 171,036

Net income per share

Basic $ 5.48  $ 4.53  $ 24.26  $ 20.97

Diluted $ 5.42  $ 4.47  $ 23.98  $ 20.71

Weighted average shares outstanding

Basic 7,750,223  8,015,611  7,853,251  8,157,615

Diluted 7,840,942  8,120,407  7,946,049  8,259,956

CAVCO INDUSTRIES, INC.

OTHER OPERATING DATA

(Dollars in thousands)

(Unaudited)

Three Months Ended Year Ended

March 28,

2026 March 29,

2025 March 28,

2026 March 29,

2025

Capital expenditures $ 8,046  $ 6,174  $ 35,406  $ 21,427

Depreciation $ 5,769  $ 4,578  $ 21,079  $ 17,729

Amortization of other intangibles $ 610  $ 376  $ 1,963  $ 1,530

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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