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~~December 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~~January 2322, ~~2025~~2026, 7,~~805~~761,~~037~~163 shares of the registrant's Common Stock, $0.01 par value, were outstanding.

CAVCO INDUSTRIES, INC.

FORM 10-Q

~~September~~December 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 Balance Sheets as of December 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 Comprehensive Income (unaudited) for the three and nine months ended December 27, 2025 and December 28, 2024			2
Consolidated Statements of Cash Flows (unaudited) for the six months ended September 27, 2025 and September 28, 2024			3
Consolidated Statements of Cash Flows (unaudited) for the nine months ended December 27, 2025 and December 28, 2024			3
Notes to Consolidated Financial Statements (unaudited)			4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			1922
Item 3. Quantitative and Qualitative Disclosures About Market Risk			2629
Item 4. Controls and Procedures			2630
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			2831
Item 1A. Risk Factors			2831
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			2831
Item 3. Not applicable
Item 4. Not applicable
Item 5. Other Information			2831
Item 6. Exhibits			2932
SIGNATURES			3033

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
	December 27,2025		March 29,2025
ASSETS	(Unaudited)
Current assets
Cash and cash equivalents	$	~~374~~224,~~978~~616	$	356,225
Restricted cash, current	2417,~~391~~271		18,535
Accounts receivable, net	~~115~~105,~~654~~956		105,849
Short-term investments	1617,~~865~~277		19,842
Current portion of consumer loans receivable, net	3338,~~493~~679		35,852
Current portion of commercial loans receivable, net	4345,~~468~~659		43,492
Current portion of commercial loans receivable from affiliates, net	2,~~227~~015		2,881
Inventories	~~258~~290,~~423~~540		252,695
Prepaid expenses and other current assets	6574,~~048~~782		74,815
Total current assets	~~934~~816,~~547~~795		910,186
Restricted cash	585		585
Investments	24,~~341~~782		18,067
Consumer loans receivable, net	1920,~~390~~104		20,685
Commercial loans receivable, net	5653,~~458~~393		48,605
Commercial loans receivable from affiliates, net	5,~~292~~163		4,768
Property, plant and equipment, net	~~236~~276,~~709~~716		227,620
Goodwill	~~121~~207,~~969~~803		121,969
Other intangibles, net	1528,~~987~~678		16,731
Operating lease right-of-use assets	3338,~~791~~176		35,576
Deferred income taxes	—		1,853
Total assets	$	1,~~449~~472,~~069~~195	$	1,406,645
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	4435,~~075~~003	$	37,195
Accrued expenses and other current liabilities	~~273~~293,~~975~~674		265,971
Total current liabilities	~~318~~328,~~050~~677		303,166
Operating lease liabilities	3034,~~360~~065		31,538
Other liabilities	7,~~258~~210		7,359
Deferred income taxes	713,~~264~~024		—
Total liabilities	~~362~~382,~~932~~976		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
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,471,289 and 9,436,732 shares, respectively; Outstanding 7,786,626 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)
Treasury stock, at cost; 1,684,663 and 1,428,720 shares, respectively	(555,587)		(424,624)
Additional paid-in capital	~~294~~298,~~984~~231		290,940
Retained earnings	1,~~302~~346,~~186~~253		1,198,163
Accumulated other comprehensive income	~~219~~227		9
Total stockholders' equity	1,~~086~~089,~~137~~219		1,064,582
Total liabilities and stockholders' equity	$	1,~~449~~472,~~069~~195	$	1,406,645

See accompanying Notes to Consolidated Financial Statements

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CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended

~~Six~~Nine Months Ended

September 27,2025

September 28,2024

September 27,2025

September 28,2024

December 27,2025

December 28,2024

December 27,2025

December 28,2024

Net revenue

~~556~~580,~~527~~994

~~507~~522,~~461~~040

1,~~113~~694,~~384~~378

~~985~~1,~~060~~507,100

Cost of sales

~~422~~445,~~120~~073

~~391~~392,~~339~~090

~~849~~1,~~471~~294,544

~~765~~1,~~536~~157,626

Gross profit

~~134~~135,~~407~~921

~~116~~129,~~122~~950

~~263~~399,~~913~~834

~~219~~349,~~524~~474

Selling, general and administrative expenses

7281,~~229~~361

6665,~~997~~980

~~141~~222,~~377~~738

~~131~~197,~~848~~828

Income from operations

6254,~~178~~560

4963,~~125~~970

~~122~~177,~~536~~096

87151,~~676~~646

Interest income

52,~~046~~956

5,~~692~~353

1013,~~149~~105

1116,~~203~~556

Interest expense

(~~112~~131)

(~~125~~155)

(~~276~~407)

(~~215~~370)

Other income, net

~~142~~213

~~258~~168

~~142~~355

~~147~~315

Income before income taxes

6757,~~254~~598

5469,~~950~~336

~~132~~190,~~551~~149

98168,~~811~~147

Income tax expense

(1413,~~873~~531)

(1112,~~135~~874)

(2842,~~528~~059)

(2033,~~567~~441)

Net income

5244,~~381~~067

4356,~~815~~462

~~104~~148,~~023~~090

78134,~~244~~706

Comprehensive income

Net income

5244,~~381~~067

4356,~~815~~462

~~104~~148,~~023~~090

78134,~~244~~706

Reclassification adjustment for securities sold

~~136~~(10)

~~262~~(97)

~~253~~243

~~271~~174

Applicable income tax expense

(29)

(55)

(53)

(57)

Applicable income tax (expense) benefit

(51)

(37)

Net change in unrealized position of investments held

821

~~(11)~~8

1233

5462

Applicable income tax (expense) benefit

(1)

(2)

(11)

Applicable income tax expense

(5)

(2)

(7)

(13)

Comprehensive income

5244,~~495~~075

4456,~~014~~391

~~104~~148,~~233~~308

78134,~~501~~892

Net income per share

Basic

65.6265

56.3397

1318.1278

916.4842

Diluted

65.5558

56.2890

1218.9655

916.3825

Weighted average shares outstanding

Basic

7,~~909~~801,~~326~~698

8,~~226~~096,~~298~~538

7,~~931~~887,~~589~~594

8,~~256~~203,~~664~~448

Diluted

7,~~992~~891,~~745~~093

8,~~305~~186,~~326~~814

87,~~024~~981,~~720~~609

8,~~337~~291,~~671~~647

See accompanying Notes to Consolidated Financial Statements

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CAVCO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Six Months Ended
	Nine Months Ended
	September 27,2025		September 28,2024
	December 27,2025		December 28,2024
OPERATING ACTIVITIES
Net income	$	~~104~~148,~~023~~090	$	78134,~~244~~706
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1016,~~502~~663		914,~~520~~304
Provision for credit losses	(64176)		(~~260~~874)
Deferred income taxes	9,~~071~~170		8817
Stock-based compensation expense	710,~~093~~265		46,~~907~~653
Non-cash interest income, net	(~~457~~582)		(~~527~~787)
Loss (gain) on sale or retirement of property, plant and equipment, net	(15)		26
Gain on sale or retirement of property, plant and equipment, net	(44)		(19)
Gain on investments and sale of loans, net	(23,~~551~~671)		(1,~~694~~901)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(95,~~783)~~225		(1714,~~261~~762)
Consumer loans receivable originated	(2943,~~807~~040)		(3954,~~914~~155)
Proceeds received on consumer loans receivable	3342,~~922~~757		3447,~~045~~026
Inventories	(510,~~728)~~010		(21,~~686~~960)
Prepaid expenses and other current assets	104,~~463~~560		14,~~017~~997
Commercial loans receivable originated	(83117,~~163~~299)		(5487,~~724~~543)
Principal payments received on commercial loans receivable	75110,~~438~~800		5585,~~147~~008
Accounts payable, accrued expenses and other liabilities	157,~~050~~391		369,~~146~~141
Net cash provided by operating activities	~~133~~200,~~994~~119		~~102~~139,~~074~~851
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(1827,~~870~~360)		(915,~~854~~288)
Proceeds from sale of property, plant and equipment	38		127
Payments for acquisitions, net	(171,446)		—
Purchases of investments	(15,590)		(12,433)
Proceeds from sale of property, plant and equipment	158		194
Proceeds from sale of investments	14,273		11,131
Purchases of investments	(18,952)		(21,588)
Net cash used in investing activities	(20,149)		(11,029)
Proceeds from sale of investments	17,748		22,706
Net cash used in investing activities	(199,852)		(13,976)
FINANCING ACTIVITIES
Payments for taxes on stock option exercises and releases of equity awards	(4,~~932~~949)		(23,~~921~~425)
Proceeds from exercise of stock options	1,884		12,~~793~~130
Payments on finance leases and other secured financings	(~~102~~184)		(~~177~~261)
Payments for common stock repurchases	(86129,~~086~~891)		(72114,~~276~~446)
Net cash used in financing activities	(89133,~~236~~140)		(73116,~~581~~002)
Net (decrease) increase in cash, cash equivalents and restricted cash	24(132,~~609~~873)		179,~~464~~873
Cash, cash equivalents and restricted cash at beginning of the fiscal year	375,345		368,753
Cash, cash equivalents and restricted cash at end of the period	$	~~399~~242,~~954~~472	$	~~386~~378,~~217~~626
Supplemental disclosures of cash flow information
Cash paid for income taxes	$	1529,~~192~~676	$	1834,~~825~~173
Cash paid for interest	$	~~137~~205	$	30
Supplemental disclosures of noncash activity
Change in GNMA loans eligible for repurchase	$	(212)	$	496
Payable due for acquisition of a business	$	3,358	$	—
Fair value of contingent acquisition purchase price receivable	$	4,838	$	—
Change in GNMA loans eligible for repurchase	$	347	$	730

See accompanying Notes to Consolidated Financial Statements

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CAVCO INDUSTRIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements (Unaudited), unless otherwise stated.

In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the interim results for the periods presented. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events ~~other than those mentioned in Note 19~~. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K for the year ended March 29, 2025, filed with the SEC ("Form 10-K").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the Consolidated Financial Statements. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest March 31st. The current fiscal year will end on March 28, 2026 and will include 52 weeks.

As disclosed on our Form 8-K filed on September 30, 2025, on September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, nineteen wholly-owned retail locations and financial service operations. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 19.

For a description of significant accounting policies used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K.

2. Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to enhance the disclosures about segment expenses. The new standard requires the identification and disclosure of the Company’'s Chief Operating Decision Maker ("CODM"), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 effective for the annual period beginning March 31, 2024, and for interim periods beginning March 30, 2025. ASU 2023-07 is applied retrospectively to all prior periods presented in the accompanying Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

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information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its Consolidated Financial Statements.

3. Revenue from Contracts with Customers

The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):

	Three Months Ended				~~Six~~Nine Months Ended
	September 27, 2025		September 28, 2024		September 27,2025		September 28,2024
	December 27, 2025		December 28, 2024		December 27,2025		December 28,2024
Factory-built housing
Home sales	$	~~509~~532,~~750~~497	$	~~469~~471,~~676~~998	$	1,~~019~~551,~~486~~983	$	~~906~~1,~~105~~378,103
Delivery, setup and other revenues	2526,~~367~~000		1628,~~667~~862		5177,325		3867,~~286~~148
	535,117		486,343		1,070,811		944,391
	558,497		500,860		1,629,308		1,445,251
Financial services
Insurance agency commissions received from third-party insurance companies	1,~~514~~975		1,~~268~~246		24,~~924~~899		23,~~674~~920
All other sources	1920,~~896~~522		19,~~850~~934		3960,~~649~~171		3757,~~995~~929
	21,410		21,118		42,573		40,669
	22,497		21,180		65,070		61,849
	$	~~556~~580,~~527~~994	$	~~507~~522,~~461~~040	$	1,~~113~~694,~~384~~378	$	~~985~~1,~~060~~507,100

4. Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):

September 27,2025

September 28,2024

December 27,2025

December 28,2024

Cash and cash equivalents

~~374~~224,~~978~~616

~~364~~362,~~113~~863

Restricted cash, current

2417,~~391~~271

2115,~~519~~178

Restricted cash

585

~~399~~242,~~954~~472

~~386~~378,~~217~~626

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5. Investments

Investments consisted of the following (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Available-for-sale debt securities	$	2322,~~197~~908	$	21,415
Marketable equity securities	1213,~~859~~499		11,425
Non-marketable equity investments	5,~~150~~652		5,069
	41,206		37,909
	42,059		37,909
Less short-term investments	(1617,~~865~~277)		(19,842)
	$	24,~~341~~782	$	18,067

The amortized cost and fair value of our investments in available-for-sale debt securities, by security type, are shown in the table below (in thousands):

	September 27, 2025				March 29, 2025
	December 27, 2025				March 29, 2025
	AmortizedCost		FairValue		Amortized Cost		FairValue
Residential mortgage-backed securities	$	810,~~753~~691	$	810,~~836~~790	$	4,122	$	4,120
State and political subdivision debt securities	65,~~193~~744		65,~~314~~849		6,955		6,976
Corporate debt securities	76,~~974~~186		86,~~047~~269		10,326		10,319
	$	22,~~920~~621	$	2322,~~197~~908	$	21,403	$	21,415

The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities may differ from contractual maturities as borrowers at times have the right to call or prepay obligations, with or without penalties.

	September 27, 2025
	December 27, 2025
	AmortizedCost		FairValue
Due in less than one year	$	31,~~649~~939	$	31,~~640~~940
Due after one year through five years	6,~~355~~510		6,~~471~~637
Due after five years through ten years	~~1,541~~910		~~1,567~~924
Due after ten years	2,~~622~~571		2,~~683~~617
Mortgage-backed securities	810,~~753~~691		810,~~836~~790
	$	22,~~920~~621	$	2322,~~197~~908

Net investment gains and losses on marketable equity securities were as follows (in thousands):

	Three Months Ended				~~Six~~Nine Months Ended
	September 27,2025		September 28,2024		September 27,2025		September 28,2024
	December 27,2025		December 28,2024		December 27,2025		December 28,2024
Marketable equity securities
Net gain recognized during the period	$	993	$	514	$	1,592	$	60
Net gain (loss) recognized during the period	$	478	$	(954)	$	2,070	$	(440)
Less: Net (gain) loss recognized on securities sold during the period	(47)		88		9		(464)
Less: Net gain recognized on securities sold during the period	(283)		(1,649)		(274)		(1,561)
Unrealized gain (loss) recognized during the period on securities still held	$	~~946~~195	$	~~602~~(2,603)	$	1,~~601~~796	$	(~~404~~2,001)

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6. Inventories

Inventories consisted of the following (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Raw materials	$	7786,~~535~~573	$	79,098
Work in process	3435,~~349~~004		29,808
Finished goods	~~146~~168,~~539~~963		143,789
	$	~~258~~290,~~423~~540	$	252,695

7. Consumer Loans Receivable

The following table summarizes consumer loans receivable (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Loans held for investment, previously securitized	$	1211,~~168~~392	$	13,775
Loans held for investment	1214,~~048~~955		12,196
Loans held for sale	2533,~~086~~390		27,981
Construction advances	52,~~126~~811		4,210
	54,428		58,162
	62,548		58,162
Deferred financing fees and other, net	(~~675~~1,780)		(686)
Allowance for loan losses	(~~870~~1,985)		(939)
	52,883		56,537
	58,783		56,537
Less current portion	(3338,~~493~~679)		(35,852)
	$	1920,~~390~~104	$	20,685

The consumer loans held for investment had the following characteristics:

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Weighted average contractual interest rate	7.87	%	7.9	%
Weighted average effective interest rate	87.36	%	10.3	%
Weighted average months to maturity	~~222~~236		221

The following table is a consolidated summary of the delinquency status of the outstanding principal balance of consumer loans receivable (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Current	$	5259,~~812~~408	$	56,401
31 to 60 days	~~167~~1,659		1,082
61 to 90 days	~~190~~333		4
91+ days	1,~~259~~148		675
	$	5462,~~428~~548	$	58,162

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The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):

	September 27, 2025
	December 27, 2025
	2026		2025		2024		2023		2022		Prior		Total
Prime- FICO score 680 and greater	$	1218,~~512~~517	$	7,~~954~~503	$	4,~~676~~463	$	~~320~~319	$	9089	$	1312,~~125~~297	$	3843,~~677~~188
Near Prime- FICO score 620-679	2,~~372~~893		1,~~918~~630		~~622~~619		—		—		98,~~230~~671		1413,~~142~~813
Sub-Prime- FICO score less than 620	—		~~320~~—		—		—		—		~~598~~569		~~918~~569
No FICO score	172		65281		202		—957		—1,247		~~252~~2,119		~~691~~4,978
	$	1521,~~056~~582	$	109,~~257~~414	$	5,~~500~~284	$	~~320~~1,276	$	901,336	$	23,~~205~~656	$	5462,~~428~~548


	March 29, 2025
	2025		2024		2023		2022		2021		Prior		Total
Prime- FICO score 680 and greater	$	18,133	$	9,209	$	323	$	92	$	761	$	13,197	$	41,715
Near Prime- FICO score 620-679	2,948		1,210		—		—		1,026		9,000		14,184
Sub-Prime- FICO score less than 620	537		—		—		—		17		680		1,234
No FICO score	317		441		—		—		—		271		1,029
	$	21,935	$	10,860	$	323	$	92	$	1,804	$	23,148	$	58,162

As of ~~September~~December 27, 2025, 47% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 1512% was concentrated in Florida. As of March 29, 2025, 54% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of ~~September~~December 27, 2025 or March 29, 2025.

8. Commercial Loans Receivable

The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers.

Commercial loans receivable, net consisted of the following (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Loans receivable (including from affiliates)	$	~~108~~106,~~038~~811	$	100,297
Allowance for loan losses	(~~387~~375)		(361)
Deferred financing fees, net	(206)		(190)
	107,445		99,746
	106,230		99,746
Less current portion of commercial loans receivable (including from affiliates), net	(4547,~~695~~674)		(46,373)
	$	6158,~~750~~556	$	53,373

The commercial loans receivable balance had the following characteristics:

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Weighted average contractual interest rate	7.78	%	8.3	%
Weighted average months outstanding	910		10

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~~Nonperforming~~ status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. As of September 27, 2025 and March 29, 2025, there were no commercial loans considered nonperforming. The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):

	September 27, 2025
	December 27, 2025
	2026		2025		2024		2023		2022		Prior		Total
Performing	$	5562,~~071~~873	$	3427,~~448~~832	$	1513,~~641~~632	$	21,~~201~~947	$	~~392~~339	$	~~285~~188	$	~~108~~106,~~038~~811


	March 29, 2025
	2025		2024		2023		2022		2021		Prior		Total
Performing	$	66,843	$	24,215	$	7,006	$	1,014	$	1,219	$	—	$	100,297

As of ~~September~~December 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in ~~California~~Arizona ~~(14~~15%), New York (14%), ~~Arizona~~California ~~(14~~13%), and North Carolina ~~(11~~12%). As of March 29, 2025, concentrations were 16% in California and 17% in New York.

We had concentrations with one independent third-party and its affiliates that equaled ~~11% and~~ 10% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of ~~September~~December 27, 2025 and March 29, 2025~~, respectively~~. The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.

9. ~~Accrued~~Goodwill ~~Expenses~~ and Other ~~Current~~Intangibles, ~~Liabilities~~net

Goodwill and other intangibles, net, consisted of the following (in thousands):


	December 27, 2025						March 29, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived
Goodwill	$	207,803	$	—	$	207,803	$	121,969	$	—	$	121,969
Trademarks and trade names	7,020		—		7,020		7,020		—		7,020
State insurance licenses	1,100		—		1,100		1,100		—		1,100
	215,923		—		215,923		130,089		—		130,089
Finite-lived
Customer relationships	28,300		(7,905)		20,395		15,000		(6,676)		8,324
Other	1,114		(951)		163		1,114		(827)		287
	$	245,337	$	(8,856)	$	236,481	$	146,203	$	(7,503)	$	138,700

Changes to Goodwill for the nine months ended December 27, 2025 were as follows (in thousands):


Goodwill beginning of the period	$	121,969
American Homestar Acquisition (1)	85,834
Goodwill end of the period	$	207,803

(1) See Note 19, Acquisition

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Amortization expense recognized on intangible assets for the three and nine months ended December 27, 2025 was $0.6 million and $1.4 million, respectively. Amortization expense recognized on intangible assets for the three and nine months ended December 28, 2024 was $0.4 million and $1.2 million, respectively. Customer relationships have a weighted average remaining life of 9.2 years and other finite lived intangibles have a weighted average remaining life of 0.5 years.

Expected future amortization is as follows (in thousands):


Remainder of fiscal year 2026	$	599
Fiscal 2027	2,375
Fiscal 2028	2,249
Fiscal 2029	2,215
Fiscal 2030	1,935
Fiscal 2031	1,795
Thereafter	9,390
	$	20,558

10. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Salaries, wages and benefits	$	49,~~184~~508	$	45,640
Customer deposits	4648,~~449~~259		46,934
Estimated warranties	3539,~~577~~954		33,189
Unearned insurance premiums	3432,~~010~~306		33,863
Accrued volume rebates	2931,~~194~~120		21,208
Accrued insurance	1213,~~689~~253		13,094
Insurance loss reserves	10,~~260~~929		16,201
Other	5668,~~612~~345		55,842
	$	~~273~~293,~~975~~674	$	265,971

1011. Warranties

Activity in the liability for estimated warranties was as follows (in thousands):

	Three Months Ended				~~Six~~Nine Months Ended
	September 27,2025		September 28,2024		September 27,2025		September 28,2024
	December 27,2025		December 28,2024		December 27,2025		December 28,2024
Balance at beginning of period	$	3435,~~383~~577	$	3133,~~815~~081	$	33,189	$	31,718
Charged to costs and expenses	17,023		13,990		33,648		26,081
Purchase accounting additions	2,231		—		2,231		—
Payments and deductions	(15,829)		(12,724)		(31,260)		(24,718)
Charged to costs and expenses	20,524		14,322		54,172		40,403
Balance at end of period	$	35,577	$	33,081	$	35,577	$	33,081
Payments and deductions	(18,378)		(12,991)		(49,638)		(37,709)
Balance at end of period	$	39,954	$	34,412	$	39,954	$	34,412

910

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1112. Other Liabilities

The following table summarizes secured financings and other obligations (in thousands):

	September 27,2025		March 29,2025
	December 27,2025		March 29,2025
Finance lease liabilities	$	6,~~045~~025	$	6,086
Other secured financing	1,~~535~~476		1,594
	7,580		7,680
	7,501		7,680
Less current portion included in Accrued expenses and other current liabilities	(~~322~~291)		(321)
	$	7,~~258~~210	$	7,359

1213. Debt

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, and letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $75 million revolving credit facility (the "Revolving Credit Facility"), including a $10 million letter of credit sub-facility.

The Revolving Credit Facility is guaranteed, on a joint and several basis, by certain of the Company's subsidiaries. Subject to certain conditions and requirements set forth in the Credit Agreement, including the availability of additional lender commitments, the Company may request from time to time one or more term loan facilities, or increases in the aggregate commitments under the Revolving Credit Facility, in an aggregate amount not exceeding $75 million up to $150 million.

As of ~~September~~December 27, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.

1314. Reinsurance and Insurance Loss Reserves

Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

1011

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The effects of reinsurance on premiums written and earned were as follows (in thousands):

Three Months Ended

September 27, 2025

September 28, 2024

December 27, 2025

December 28, 2024

Written

Earned

Written

Earned

Direct premiums

9,~~292~~643

11,~~184~~084

919,~~380~~260

1224,~~177~~645

Assumed premiums—nonaffiliated

119,~~716~~996

1011,~~963~~018

1121,~~303~~534

1020,~~095~~629

Ceded premiums—nonaffiliated

(7,~~654~~309)

(817,~~880~~387)

1312,~~354~~330

14,~~493~~793

1123,~~803~~407

1327,~~392~~887

Six Months Ended

Nine Months Ended

September 27, 2025

September 28, 2024

December 27, 2025

December 28, 2024

Written

Earned

Written

Earned

Direct premiums

2131,~~443~~086

2233,~~716~~800

2232,~~883~~763

2436,~~479~~947

Assumed premiums—nonaffiliated

2333,~~198~~194

2132,~~833~~851

2333,~~038~~269

1930,~~599~~133

Ceded premiums—nonaffiliated

(1522,~~364~~673)

(1725,~~065~~572)

2941,~~277~~607

2943,~~185~~978

2840,~~856~~460

2741,~~013~~508

Typical insurance policies written or assumed have a maximum coverage of $0.4 million per claim, of which we cede $0.215 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.325 million per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $4.0 million per occurrence, up to a maximum of $90 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three and nine months ended December 27, 2025 and December 28, 2024 (in thousands):

Three Months Ended

~~Six~~Nine Months Ended

September 27,2025

September 28,2024

September 27,2025

September 28,2024

December 27,2025

December 28,2024

December 27,2025

December 28,2024

Balance at beginning of period

1310,~~118~~260

1814,~~927~~620

16,201

10,540

Net incurred losses during the period

76,~~782~~578

149,~~128~~662

1825,~~885~~463

3241,~~091~~753

Net claim payments during the period

(105,~~640~~909)

(1812,~~435~~028)

(2430,~~826~~735)

(2840,~~011~~039)

Balance at end of period

10,~~260~~929

1412,~~620~~254

10,~~260~~929

1412,~~620~~254

1415. Commitments and Contingencies

Repurchase Contingencies. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $~~137~~148 million and $133 million at ~~September~~December 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale value of the homes. ~~During the three and six months ended September 27, 2025, we received a demand notice for one home. The inventory was obtained and resold.~~ Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $3.37 million at ~~September~~December 27, 2025 and $3.3 million at March 29, 2025.

Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands):

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	September 27,2025		March 29,2025
Construction loan contract amount	$	10,459	$	12,366
Cumulative advances	(5,126)		(4,210)
	$	5,333	$	8,156

Representations and Warranties of Mortgages Sold. The reserve for contingent repurchases and indemnification obligations was $0.6 million as of September 27, 2025 and March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the six months ended September 27, 2025 or September 28, 2024.

Interest Rate Lock Commitments ("IRLCs"). As of September 27, 2025 and March 29, 2025, we had outstanding IRLCs with a notional amount of $25.2 million and $16.3 million, respectively. For the three and six months ended September 27, 2025, and September 28, 2024, we recognized insignificant non-cash gains on outstanding IRLCs.

Forward Sales Commitments. As of September 27, 2025 and March 29, 2025, we had $14.4 million and $20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively. During the three and six months ended September 27, 2025, we recognized insignificant non-cash gains on Commitments. During the three and six months ended September 28, 2024, we recognized insignificant non-cash losses.

Legal Matters. We are party to certain lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.

15. Stockholders' Equity

The following tables represent changes in Stockholders' equity during the six months ended September 27, 2025 and September 28, 2024, respectively (dollars in thousands):

				Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income		Total
	Common Stock
	Shares	Amount
Balance, March 29, 2025	9,436,732	$	94	$	(424,624)	$	290,940	$	1,198,163	$	9	$	1,064,582
Net income	—	—		—		—		51,642		—		51,642
Other comprehensive income, net	—	—		—		—		—		96		96
Net issuance of common stock under stock incentive plans	16,631	1		—		(4,682)		—		—		(4,681)
Stock-based compensation	—	—		—		3,563		—		—		3,563
Common stock repurchases	—	—		(50,369)		—		—		—		(50,369)
Balance, June 28, 2025	9,453,363	$	95	$	(474,993)	$	289,821	$	1,249,805	$	105	$	1,064,833
Net income	—	—		—		—		52,381		—		52,381
Other comprehensive income, net	—	—		—		—		—		114		114
Net issuance of common stock under stock incentive plans	17,457	—		—		1,633		—		—		1,633
Stock-based compensation	—	—		—		3,530		—		—		3,530
Common stock repurchases	—	—		(36,354)		—		—		—		(36,354)
Balance, September 27, 2025	9,470,820	$	95	$	(511,347)	$	294,984	$	1,302,186	$	219	$	1,086,137

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					Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive (loss) income		Total
	December 27,2025		March 29,2025
	Common Stock
Construction loan contract amount	$	6,034	$	12,366
	Shares		Amount
Cumulative advances	(2,811)		(4,210)
Balance, March 30, 2024	9,389,953		$	94	$	(274,693)	$	281,216	$	1,027,127	$	(333)	$	1,033,411
	$	3,223	$	8,156
Net income	—		—		—		—		34,429		—		34,429
Other comprehensive income, net	—		—		—		—		—		58		58
Net issuance of common stock under stock incentive plans	11,104		—		—		(2,348)		—		—		(2,348)
Stock-based compensation	—		—		—		2,194		—		—		2,194
Common stock repurchases	—		—		(29,204)		—		—		—		(29,204)
Balance, June 29, 2024	9,401,057		$	94	$	(303,897)	$	281,062	$	1,061,556	$	(275)	$	1,038,540
Net income	—		—		—		—		43,815		—		43,815
Other comprehensive income, net	—		—		—		—		—		198		198
Net issuance of common stock under stock incentive plans	16,275		—		—		1,220		—		—		1,220
Stock-based compensation	—		—		—		2,713		—		—		2,713
Common stock repurchases	—		—		(44,509)		—		—		—		(44,509)
Balance, September 28, 2024	9,417,332		$	94	$	(348,406)	$	284,995	$	1,105,371	$	(77)	$	1,041,977

16Representations and Warranties of Mortgages Sold. ~~Earnings~~The ~~Per~~reserve ~~Share~~for contingent repurchases and indemnification obligations was $0.6 million as of December 27, 2025 and March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the nine months ended December 27, 2025 or December 28, 2024.

~~The~~Interest ~~following~~Rate ~~table~~Lock ~~sets~~Commitments ~~forth~~("IRLCs"). ~~the~~As ~~computation~~of December 27, 2025 and March 29, 2025, we had outstanding IRLCs with a notional amount of ~~basic~~$36.0 million and ~~diluted~~$16.3 ~~earnings~~million, ~~per~~respectively. ~~share~~For ~~(dollars~~the inthree ~~thousands~~and nine months ended December 27, ~~except~~2025, ~~per~~we ~~share~~recognized ~~amounts):~~insignificant non-cash gains on outstanding IRLCs. For the three and nine months ended December 28, 2024, we recognized insignificant non-cash losses and gains, respectively, on outstanding IRLCs.

	Three Months Ended				Six Months Ended
	September 27,2025		September 28,2024		September 27,2025		September 28,2024
Net income	$	52,381	$	43,815	$	104,023	$	78,244
Weighted average shares outstanding
Basic	7,909,326		8,226,298		7,931,589		8,256,664
Effect of dilutive securities	83,419		79,028		93,131		81,007
Diluted	7,992,745		8,305,326		8,024,720		8,337,671
Net income per share
Basic	$	6.62	$	5.33	$	13.12	$	9.48
Diluted	$	6.55	$	5.28	$	12.96	$	9.38
Anti-dilutive common stock equivalents excluded	—		257		264		428

Forward Sales Commitments. As of December 27, 2025 and March 29, 2025, we had $10.6 million and $20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively. During the three and nine months ended December 27, 2025, we recognized insignificant non-cash gains on Commitments. During the three and nine months ended December 28, 2024, we recognized insignificant non-cash gains.

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1716. ~~Fair~~Stockholders' ~~Value~~Equity ~~Measurements~~

The ~~book~~following ~~value~~tables ~~and~~represent ~~estimated~~changes ~~fair~~in ~~value~~Stockholders' ofequity ~~our~~during ~~financial~~the ~~instruments~~nine ~~were~~months asended ~~follows~~December 27, 2025 and December 28, 2024, respectively (dollars in thousands):

	September 27, 2025				March 29, 2025
					Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income		Total
	BookValue		EstimatedFair Value		BookValue		EstimatedFair Value
	Common Stock
Available-for-sale debt securities	$	23,197	$	23,197	$	21,415	$	21,415
	Shares		Amount
Marketable equity securities	12,859		12,859		11,425		11,425
Balance, March 29, 2025	9,436,732		$	94	$	(424,624)	$	290,940	$	1,198,163	$	9	$	1,064,582
Non-marketable equity investments	5,150		5,150		5,069		5,069
Net income	—		—		—		—		51,642		—		51,642
Consumer loans receivable	52,883		54,402		56,537		59,365
Other comprehensive income, net	—		—		—		—		—		96		96
Commercial loans receivable	107,445		97,352		99,746		89,216
Net issuance of common stock under stock incentive plans	16,631		1		—		(4,682)		—		—		(4,681)
Other secured financing	(1,535)		(1,534)		(1,594)		(1,569)
Stock-based compensation	—		—		—		3,563		—		—		3,563
Common stock repurchases	—		—		(50,369)		—		—		—		(50,369)
Balance, June 28, 2025	9,453,363		$	95	$	(474,993)	$	289,821	$	1,249,805	$	105	$	1,064,833
Net income	—		—		—		—		52,381		—		52,381
Other comprehensive income, net	—		—		—		—		—		114		114
Net issuance of common stock under stock incentive plans	17,457		—		—		1,633		—		—		1,633
Stock-based compensation	—		—		—		3,530		—		—		3,530
Common stock repurchases	—		—		(36,354)		—		—		—		(36,354)
Balance, September 27, 2025	9,470,820		$	95	$	(511,347)	$	294,984	$	1,302,186	$	219	$	1,086,137
Net income	—		—		—		—		44,067		—		44,067
Other comprehensive income, net	—		—		—		—		—		8		8
Net issuance of common stock under stock incentive plans	469		—		—		75		—		—		75
Stock-based compensation	—		—		—		3,172		—		—		3,172
Common stock repurchases	—		—		(44,240)		—		—		—		(44,240)
Balance, December 27, 2025	9,471,289		$	95	$	(555,587)	$	298,231	$	1,346,253	$	227	$	1,089,219

See Note 20, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value.

	September 27,2025			March 29,2025
Number of loans serviced with MSRs	3,550			3,647
Weighted average servicing fee (basis points)	34.25			34.74
Capitalized servicing multiple	170.69		%	179.97		%
Capitalized servicing rate (basis points)	58.46			62.52
Serviced portfolio with MSRs (in thousands)	$	438,870		$	451,080
MSRs (in thousands)	$	2,566		$	2,820

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18. Business Segment Information


				Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive (loss) income		Total
	Common Stock
	Shares	Amount
Balance, March 30, 2024	9,389,953	$	94	$	(274,693)	$	281,216	$	1,027,127	$	(333)	$	1,033,411
Net income	—	—		—		—		34,429		—		34,429
Other comprehensive income, net	—	—		—		—		—		58		58
Net issuance of common stock under stock incentive plans	11,104	—		—		(2,348)		—		—		(2,348)
Stock-based compensation	—	—		—		2,194		—		—		2,194
Common stock repurchases	—	—		(29,204)		—		—		—		(29,204)
Balance, June 29, 2024	9,401,057	$	94	$	(303,897)	$	281,062	$	1,061,556	$	(275)	$	1,038,540
Net income	—	—		—		—		43,815		—		43,815
Other comprehensive income, net	—	—		—		—		—		198		198
Net issuance of common stock under stock incentive plans	16,275	—		—		1,220		—		—		1,220
Stock-based compensation	—	—		—		2,713		—		—		2,713
Common stock repurchases	—	—		(44,509)		—		—		—		(44,509)
Balance, September 28, 2024	9,417,332	$	94	$	(348,406)	$	284,995	$	1,105,371	$	(77)	$	1,041,977
Net income	—	—		—		—		56,462		—		56,462
Other comprehensive (loss), net	—	—		—		—		—		(70)		(70)
Net issuance of common stock under stock incentive plans	5,637	—		—		(168)		—		—		(168)
Stock-based compensation	—	—		—		1,746		—		—		1,746
Common stock repurchases	—	—		(42,722)		—		—		—		(42,722)
Balance, December 28, 2024	9,422,969	$	94	$	(391,128)	$	286,573	$	1,161,833	$	(147)	$	1,057,225

We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately17. ~~The~~Earnings ~~factory-built~~Per housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):Share

	Three Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	535,117	$	21,410	$	556,527
Cost of sales	412,623		9,497		422,120
Gross profit	122,494		11,913		134,407
Selling, general and administrative expenses	65,757		6,472		72,229
Income from operations	56,737		5,441		62,178
Interest income	5,046		—		5,046
Interest expense	(112)		—		(112)
Other income, net	142		—		142
Income before income taxes	61,813		5,441		67,254
Income tax expense	(13,661)		(1,212)		(14,873)
Net income	$	48,152	$	4,229	$	52,381
	Six Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	1,070,811	$	42,573	$	1,113,384
Cost of sales	827,473		21,998		849,471
Gross profit	243,338		20,575		263,913
Selling, general and administrative expenses	128,911		12,466		141,377
Income from operations	114,427		8,109		122,536
Interest income	10,149		—		10,149
Interest expense	(276)		—		(276)
Other income, net	142		—		142
Income before income taxes	124,442		8,109		132,551
Income tax expense	(26,789)		(1,739)		(28,528)
Net income	$	97,653	$	6,370	$	104,023

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024
Net income	$	44,067	$	56,462	$	148,090	$	134,706
Weighted average shares outstanding
Basic	7,801,698		8,096,538		7,887,594		8,203,448
Effect of dilutive securities	89,395		90,276		94,015		88,199
Diluted	7,891,093		8,186,814		7,981,609		8,291,647
Net income per share
Basic	$	5.65	$	6.97	$	18.78	$	16.42
Diluted	$	5.58	$	6.90	$	18.55	$	16.25

Anti-dilutive common stock equivalents excluded	2		—		1		169

Table of Contents

	Three Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	4,898	$	63	$	4,961
Amortization	$	366	$	6	$	372
Capital expenditures	$	9,861	$	—	$	9,861
	Six Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	9,633	$	125	$	9,758
Amortization	$	732	$	12	$	744
Capital expenditures	$	18,870	$	—	$	18,870

18. Fair Value Measurements

The book value and estimated fair value of our financial instruments were as follows (in thousands):


	December 27, 2025				March 29, 2025
	Book Value		Estimated Fair Value		Book Value		Estimated Fair Value
Available-for-sale debt securities	$	22,908	$	22,908	$	21,415	$	21,415
Marketable equity securities	13,499		13,499		11,425		11,425
Non-marketable equity investments	5,652		5,652		5,069		5,069
Consumer loans receivable	58,783		58,938		56,537		59,365
Commercial loans receivable	106,230		99,776		99,746		89,216
Other secured financing	(1,476)		(1,474)		(1,594)		(1,569)

Mortgage Servicing. Mortgage Servicing Rights ("MSRs") are recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets.


	December 27, 2025			March 29, 2025
Number of loans serviced with MSRs	3,517			3,647
Weighted average servicing fee (basis points)	34.01			34.74
Capitalized servicing multiple	173.01		%	179.97		%
Capitalized servicing rate (basis points)	58.84			62.52
Serviced portfolio with MSRs (in thousands)	$	435,646		$	451,080
MSRs (in thousands)	$	2,564		$	2,820

19. Acquisition

American Homestar Acquisition

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including their two manufacturing facilities and 19 retail locations, by acquiring 100% of the outstanding stock for total consideration of $179.9 million, which is subject to customary adjustments. The total consideration transferred was $181.4 million in cash, $3.4 million in a liability to be paid in cash and contingent consideration to be received from the seller pending the outcome of future matters is fair valued at $4.8 million. The range of possible outcomes is $0 million to $4.8 million. This purchase enhances our position in the South Central U.S. while adding coverage and scale with high quality products. We believe this purchase will have a positive financial impact with accretive earnings and cash flow and meaningful improvement opportunities including cost, purchasing and product optimization synergies.

We have expensed $5.0 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acquisition Date (in thousands). The purchase accounting is provisional and certain estimated fair values for leases, Other current assets, Accounts payable and accrued expenses and Deferred tax liability are not yet finalized and are subject to change, which could be significant. We will finalize the amounts recognized as we obtain the information necessary to complete the analysis. We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date.

Table of Contents

	Three Months Ended September 28, 2024
	September 29,2025
	Factory-built housing		Financial services		Consolidated
Cash	$	8,484
Net revenue	$	486,343	$	21,118	$	507,461
Accounts receivable	5,310
Cost of sales	374,823		16,516		391,339
Inventories	47,855
Gross profit	111,520		4,602		116,122
Other current assets	2,574
Selling, general and administrative expenses	61,440		5,557		66,997
Property, plant and equipment	37,160
Income (loss) from operations	50,080		(955)		49,125
Consumer loans receivable	1,870
Interest income	5,692		—		5,692
Operating lease right-of-use asset	2,952
Interest expense	(125)		—		(125)
Intangible assets(1)	13,300
Other income, net	258		—		258
Total identifiable assets acquired	119,505
Income (loss) before income taxes	55,905		(955)		54,950
Accounts payable and accrued liabilities	16,757
Income tax expense	(11,099)		(36)		(11,135)
Operating lease liability	2,952
Net income (loss)	$	44,806	$	(991)	$	43,815
Deferred tax liability	5,700
	Six Months Ended September 28, 2024
Net identifiable assets acquired	94,096
	Factory-built housing		Financial services		Consolidated
Goodwill(2)	85,834
Net revenue	$	944,391	$	40,669	$	985,060
Net assets acquired	$	179,930
Cost of sales	729,361		36,175		765,536
Gross profit	215,030		4,494		219,524
Selling, general and administrative expenses	121,160		10,688		131,848
Income (loss) from operations	93,870		(6,194)		87,676
Interest income	11,203		—		11,203
Interest expense	(215)		—		(215)
Other income, net	147		—		147
Income (loss) before income taxes	105,005		(6,194)		98,811
Income tax (expense) benefit	(21,755)		1,188		(20,567)
Net income (loss)	$	83,250	$	(5,006)	$	78,244

	Three Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	4,312	$	63	$	4,375
Amortization	$	378	$	7	$	385
Capital expenditures	$	4,878	$	27	$	4,905
	Six Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	8,616	$	128	$	8,744
Amortization	$	764	$	13	$	777
Capital expenditures	$	9,729	$	90	$	9,819

(1) Consists of $13.3 million assigned to customer-related intangibles, subject to a useful life of 14 years amortized on a straight-line basis.

(2) Attributable to the Factory-built housing segment and not deductible for income tax purposes.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in business combinations. The goodwill recognized is attributable primarily to the expected synergies in purchasing and product distribution optimization from combining operations, the assembled workforce in one of the most important manufactured housing markets in the U.S., and more broadly the added capacity and distribution needed to meet growing housing needs.

Since the Acquisition Date, American Homestar has contributed Net revenue of $42.0 million and Net income of $2.4 million for the three months ended December 27, 2025.

Pro Forma Impact of American Homestar Acquisition (Unaudited). The following table presents supplemental pro forma information as if the American Homestar acquisition had occurred on March 31, 2024 (in thousands, except per share data):


	December 27, 2025		December 28, 2024
	Nine Months Ended		Three Months Ended		Nine Months Ended
Net revenue	$	1,794,651	$	574,938	$	1,647,449
Net income	154,373		59,939		144,770
Diluted net income per share	19.34		7.32		17.46

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	September 27,2025		March 29,2025
Total assets:
Factory-built housing	$	1,210,524	$	1,191,216
Financial services	238,545		215,429
Consolidated	$	1,449,069	$	1,406,645

20. Business Segment Information

19We operate principally in two segments: (1) Factory-built housing, which includes wholesale and retail Factory-built housing operations and (2) Financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. ~~Subsequent~~The ~~Events~~Factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):

As announced on September 30, 2025 in a current report on Form 8-K, we completed the acquisition of American Homestar Corporation and other related entities (collectively "American Homestar"), including their two manufacturing facilities, nineteen retail locations and financial service operations. The addition of American Homestar to our existing manufacturing and retail system strengthens our position in the South Central U.S.. The purchase price totaled $190 million, before certain customary adjustments, and was funded with cash on hand.


	Three Months Ended December 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	558,497	$	22,497	$	580,994
Cost of sales	437,242		7,831		445,073
Gross profit	121,255		14,666		135,921
Selling, general and administrative expenses	74,162		7,199		81,361
Income from operations	47,093		7,467		54,560
Interest income	2,956		—		2,956
Interest expense	(131)		—		(131)
Other income, net	213		—		213
Income before income taxes	50,131		7,467		57,598
Income tax expense	(11,981)		(1,550)		(13,531)
Net income	$	38,150	$	5,917	$	44,067

	Nine Months Ended December 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	1,629,308	$	65,070	$	1,694,378
Cost of sales	1,264,715		29,829		1,294,544
Gross profit	364,593		35,241		399,834
Selling, general and administrative expenses	203,073		19,665		222,738
Income from operations	161,520		15,576		177,096
Interest income	13,105		—		13,105
Interest expense	(407)		—		(407)
Other income, net	355		—		355
Income before income taxes	174,573		15,576		190,149
Income tax expense	(38,770)		(3,289)		(42,059)
Net income	$	135,803	$	12,287	$	148,090

Table of Contents


	Three Months Ended December 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	5,497	$	55	$	5,552
Amortization	$	602	$	7	$	609
Capital expenditures	$	8,448	$	42	$	8,490

	Nine Months Ended December 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	15,130	$	180	$	15,310
Amortization	$	1,334	$	19	$	1,353
Capital expenditures	$	27,318	$	42	$	27,360

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	Three Months Ended December 28, 2024
	Factory-built housing		Financial services		Consolidated
Net revenue	$	500,860	$	21,180	$	522,040
Cost of sales	382,667		9,423		392,090
Gross profit	118,193		11,757		129,950
Selling, general and administrative expenses	60,408		5,572		65,980
Income from operations	57,785		6,185		63,970
Interest income	5,353		—		5,353
Interest expense	(155)		—		(155)
Other income, net	168		—		168
Income before income taxes	63,151		6,185		69,336
Income tax expense	(11,715)		(1,159)		(12,874)
Net income	$	51,436	$	5,026	$	56,462

	Nine Months Ended December 28, 2024
	Factory-built housing		Financial services		Consolidated
Net revenue	$	1,445,251	$	61,849	$	1,507,100
Cost of sales	1,112,029		45,597		1,157,626
Gross profit	333,222		16,252		349,474
Selling, general and administrative expenses	181,569		16,259		197,828
Income (loss) from operations	151,653		(7)		151,646
Interest income	16,556		—		16,556
Interest expense	(370)		—		(370)
Other income, net	315		—		315
Income (loss) before income taxes	168,154		(7)		168,147
Income tax (expense) benefit	(33,470)		29		(33,441)
Net income	$	134,684	$	22	$	134,706


	Three Months Ended December 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	4,344	$	63	$	4,407
Amortization	$	370	$	7	$	377
Capital expenditures	$	5,434	$	—	$	5,434

	Nine Months Ended December 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	12,960	$	191	$	13,151
Amortization	$	1,135	$	19	$	1,154
Capital expenditures	$	15,163	$	90	$	15,253

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	December 27, 2025		March 29, 2025
Total assets:
Factory-built housing	$	1,228,925	$	1,191,216
Financial services	243,270		215,429
Consolidated	$	1,472,195	$	1,406,645

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements in this Quarterly Report on Form 10-Q (the "Report") include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "intends," "plans," or "anticipates," or by discussions of strategy, plans or intentions. Forward-looking statements include, for example, discussions regarding the manufactured housing and site-built housing industries; discussions regarding our efforts and the efforts of other industry participants to develop the home-only loan secondary market; our financial performance and operating results; our strategy; our liquidity and financial resources; our outlook with respect to Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") and the manufactured housing business in general; the expected effect of certain risks and uncertainties on our business, financial condition and results of operations; economic conditions, including concerns of a possible recession, and consumer confidence; trends in interest rates and inflation; potential acquisitions, strategic investments and other expansions; the sufficiency of our liquidity; that we may seek alternative sources of financing in the future; operational and legal risks; how we may be affected by any pandemic or outbreak; geopolitical conditions; the cost and availability of labor and raw materials; governmental regulations and legal proceedings; the availability of favorable consumer and wholesale manufactured home financing; and the ultimate outcome of our commitments and contingencies. Forward-looking statements contained in this Report speak only as of the date of this Report or, in the case of any document incorporated by reference, the date of that document. We do not intend to publicly update or revise any forward-looking statement contained in this Report or in any document incorporated herein by reference to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.

Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, many of which are beyond our control. To the extent that our assumptions and expectations differ from actual results, our ability to meet such forward-looking statements may be significantly hindered. Factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, without limitation, those discussed under Risk Factors in Part I, Item 1A of our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "Form 10-K").

Introduction

The following should be read in conjunction with the Company's unaudited Consolidated Financial Statements and the related Notes that appear in Part I, Item 1 of this Report. References to "Note" or "Notes" pertain to the Notes to our unaudited Consolidated Financial Statements.

Company Overview

Headquartered in Phoenix, Arizona, we design and produce ~~factory~~Factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and ~~factory~~Factory-built commercial structures. Our finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer, and a Government National Mortgage Association ("GNMA") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of ~~factory~~Factory-built homes. Our insurance subsidiary, Standard Casualty Company, provides property and casualty insurance primarily to owners of manufactured homes.

1922

Table of Contents

AsWe ~~of September 27, 2025 we~~ operate a total of 3133 homebuilding production lines with domestic locations in Millersburg and Woodburn, Oregon; Riverside, California; Nampa, Idaho; Phoenix, Glendale and Goodyear, Arizona; Deming, New Mexico; Duncan, Oklahoma; Austin, Fort Worth (two lines), Lancaster, Seguin and Waco, Texas; Montevideo, Minnesota; Dorchester, Wisconsin; Nappanee and Goshen, Indiana; Lafayette, Tennessee; Douglas and Moultrie, Georgia; Shippenville (two lines) and Emlenton, Pennsylvania; Martinsville and Rocky Mount, Virginia; Crouse and Hamlet, North Carolina; Ocala and Plant City, Florida; and two international lines in Ojinaga, Mexico. We distribute our homes through a large network of independent distribution points and 7999 Company-owned U.S. retail stores, of which 4662 are located in Texas.

Company and Industry Outlook

According to data reported by the Manufactured Housing Institute, industry home shipments for the calendar year through ~~August~~November 2025 were 7095,~~757~~947, ana ~~increase~~decrease of 30.23% compared to 6896,~~550~~240 shipments in the same calendar period last year. The manufactured housing industry offers solutions to the housing crisis with lower average price per square foot than a site-built home and the comparatively lower cost associated with manufactured home ownership, which remains competitive with rental housing.

The two largest manufactured housing consumer demographics, young adults and those who are age 55 and older, are both growing. "First-time" and "move-up" buyers of affordable homes are historically among the largest segments of new manufactured home purchasers. Included in this group are lower-income households that are particularly affected by periods of low employment rates and underemployment. Consumer confidence is especially important among manufactured home buyers interested in our products for seasonal or retirement living.

We employ a concerted effort to identify niche market opportunities where our diverse product lines and custom building capabilities provide us with a competitive advantage. We are focused on building quality, energy efficient homes for the modern home buyer. Our green building initiatives involve the creation of an energy efficient envelope, including higher utilization of renewable materials and provide lower utility costs. We also build homes designed to use alternative energy sources, such as solar.

We maintain a conservative cost structure in an effort to build added value into our homes and we work diligently to maintain a solid financial position. Our balance sheet strength, including the position in cash and cash equivalents, helps avoid liquidity problems and enables us to act effectively as market opportunities or challenges present themselves.

We continue to make certain commercial loan programs available to members of our wholesale distribution chain. Under direct commercial loan arrangements, we provide funds for financed home purchases by distributors, community operators and residential developers (see Note 8, Commercial Loans Receivable, to the unaudited Consolidated Financial Statements). Our involvement in commercial lending helps to increase the availability of manufactured home financing to distributors, community operators and residential developers and provides additional opportunities for product exposure to potential home buyers. While these initiatives support our ongoing efforts to expand product distribution, they also expose us to risks associated with the creditworthiness of this customer base and our inventory financing partners.

The lack of an efficient secondary market for manufactured home-only loans and the limited number of institutions providing such loans results in higher borrowing costs for home-only loans and continues to constrain industry growth. We work independently and with other industry participants to develop secondary market opportunities for manufactured home-only loan and non-conforming mortgage portfolios and expand lending availability in the industry. We also develop and invest in home-only lending programs to grow sales of homes through traditional distribution points. We believe that growing our investment and participation in home-only lending may provide additional sales growth opportunities for our ~~factory~~Factory-built housing operations and reduce our customers' dependence on independent lenders for this source of financing.

2023

Table of Contents

Key housing building materials include wood, wood products, steel, gypsum wallboard, windows, doors fiberglass insulation, carpet, vinyl, fasteners, plumbing materials, aluminum, appliances and electrical items. Fluctuations in the cost of materials and labor may affect gross margins from home sales to the extent that an increase in costs cannot be efficiently matched to the home sales price. Pricing and availability of certain raw materials have been volatile due to a number of factors in the current environment. We continue to monitor and react to inflation in the cost of these materials by maintaining a focus on our product pricing in response to higher materials costs, but such product pricing increases may lag behind the escalation of such costs. From time to time and to varying degrees, we may experience shortages in the availability of materials and/or labor in the markets ~~served~~in which we operate. Availability of these inputs has not caused significant production halts in the current period, but we have experienced periodic shutdowns in other periods and shortages of primary building materials have caused production inefficiencies as we have needed to change processes in response to the delay in materials. These shortages may also result in extended order backlogs, delays in the delivery of homes and reduced gross margins from home sales.

Our backlog at ~~September~~December 27, 2025 was $~~210~~160 million compared to $197 million at March 29, 2025, ana ~~increase~~decrease of $1337 million, and ~~down~~a decrease of $6664 million compared to $~~276~~224 million at ~~September~~December 28, 2024.

While it is difficult to predict the future of housing demand, employee availability, supply chain and Company performance and operations, maintaining an appropriately sized and well-trained workforce is key to meeting demand. We continually review the wage rates of our production employees and have established other monetary incentive and benefit programs, with a goal of providing competitive compensation. We are also working to more extensively use web-based recruiting tools, update our recruitment brochures and improve the appearance and appeal of our manufacturing facilities to improve the recruitment and retention of qualified production employees and reduce annualized turnover rates.

2124

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Results of Operations

Net Revenue

	Three Months Ended
($ in thousands, except revenue per home sold)	~~September~~December 27,2025		~~September~~December 28,2024		Change
Factory-built housing	$	~~535~~558,~~117~~497	$	~~486~~500,~~343~~860	$	4857,~~774~~637	1011.05	%
Financial services	2122,~~410~~497		21,~~118~~180		~~292~~1,317		16.42	%
	$	~~556~~580,~~527~~994	$	~~507~~522,~~461~~040	$	4958,~~066~~954	911.73	%
Factory-built homes sold
by Company-owned retail sales centers	1,~~187~~339		1,~~032~~075		~~155~~264		1524.06	%
to independent retailers, builders, communities and developers	3,~~991~~882		3,~~881~~984		~~110~~(102)		(2.86)	%
	5,178		4,913		265		5.4	%
	5,221		5,059		162		3.2	%
Net factory-built housing revenue per home sold	$	103,344	$	98,991	$	4,353	4.4	%
Net Factory-built housing revenue per home sold	$	106,971	$	99,004	$	7,967	8.0	%
	Six Months Ended
	Nine Months Ended
($ in thousands, except revenue per home sold)	~~September~~December 27,2025		~~September~~December 28,2024		Change
Factory-built housing	$	1,~~070~~629,~~811~~308	$	~~944~~1,~~391~~445,251	$	~~126~~184,~~420~~057	1312.47	%
Financial services	4265,~~573~~070		4061,~~669~~849		13,~~904~~221		45.72	%
	$	1,~~113~~694,~~384~~378	$	~~985~~1,~~060~~507,100	$	~~128~~187,~~324~~278	1312.04	%
Factory-built homes sold
by Company-owned retail sales centers	23,~~210~~549		23,~~045~~120		~~165~~429		813.18	%
to independent retailers, builders, communities and developers	812,~~384~~266		711,~~589~~573		~~795~~693		106.50	%
	10,594		9,634		960		10.0	%
	15,815		14,693		1,122		7.6	%
Net factory-built housing revenue per home sold	$	101,077	$	98,027	$	3,050	3.1	%
Net Factory-built housing revenue per home sold	$	103,023	$	98,363	$	4,660	4.7	%

Factory-built housing Net revenue increased for the three and ~~six~~nine months ended ~~September~~December 27, 2025 due to higher home sales volume and an increase in Net revenue per home sold. The American Homestar acquisition contributed $42.0 million in the current year periods.

Net ~~factory~~Factory-built housing revenue per home sold is a volatile metric dependent upon several factors. A primary factor is the price disparity between sales of homes to independent distributors, builders, communities and developers and sales of homes to consumers by Company-owned retail stores. Wholesale sales prices are primarily comprised of the home and the cost to ship the home from a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utility connections, site improvements, landscaping and additional services. Our homes are constructed in one or more floor sections ("modules") which are then installed on the customer's site. Changes in the number of modules per home, the selection of different home types/models and optional home upgrades create changes in product mix, also causing fluctuations in this metric.

For the three and ~~six~~nine months ended ~~September~~December 27, 2025, Financial services Net revenue increased primarily due to higher insurance premiums.

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Gross Profit

	Three Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Factory-built housing	$	~~122~~121,~~493~~255		$	~~111~~118,~~520~~193		$	103,~~973~~062	92.86	%
Financial services	1114,~~914~~666			411,~~602~~757			72,~~312~~909		~~158~~24.97	%
	$	~~134~~135,~~407~~921		$	~~116~~129,~~122~~950		$	185,~~285~~971	154.76	%
Gross profit as % of Net revenue
Consolidated	2423.24		%	2224.9		%	N/A		(1.35)	%
Factory-built housing	2221.97		%	2223.96		%	N/A		—(1.9)	%
Financial services	5565.62		%	2155.85		%	N/A		339.87	%
	Six Months Ended
	Nine Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Factory-built housing	$	~~243~~364,~~338~~593		$	~~215~~333,~~030~~223		$	2831,~~308~~370	139.24	%
Financial services	2035,~~575~~241			416,~~494~~251			1618,~~081~~990		~~357~~116.89	%
	$	~~263~~399,~~913~~834		$	~~219~~349,~~524~~474		$	4450,~~389~~360	2014.24	%
Gross profit as % of Net revenue
Consolidated	23.76		%	2223.32		%	N/A		10.4	%
Factory-built housing	22.74		%	2223.81		%	N/A		(0.17)	%
Financial services	4854.32		%	1126.13		%	N/A		3727.29	%

In the Factory-built housing ~~Gross~~segment, ~~profit and~~ Gross profit ~~as a percentage of Net revenue~~ for the three and ~~six~~nine months ended ~~September~~December 27, 2025 increased due to ~~higher~~an increase in home sales volume and ~~an increase in~~ Net revenue per home sold, partially offset by higher costs per unit.

Financial services Gross profit in dollars and as a percentage of Financial services Net revenue increased for the three and ~~six~~nine months ended ~~September~~December 27, 2025 ~~increased~~ due to higher insurance premiums and lower claim losses. The claim loss reduction resulted from policy underwriting improvements and severe weather events in the prior year periods.

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Selling, General and Administrative Expenses

	Three Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Factory-built housing	$	6574,~~757~~162		$	6160,~~440~~409		$	413,~~317~~753	722.08	%
Financial services	67,~~472~~199			5,~~557~~571			~~915~~1,628		1629.52	%
	$	7281,~~229~~361		$	6665,~~997~~980		$	515,~~232~~381	723.83	%
Selling, general and administrative expenses as % of Net revenue	1314.0		%	1312.26		%	N/A		(01.2)4	%
	Six Months Ended
	Nine Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Factory-built housing	$	~~128~~203,~~911~~073		$	~~121~~181,~~160~~569		$	721,~~751~~504	611.48	%
Financial services	1219,~~466~~665			1016,~~688~~259			13,~~778~~406		1620.69	%
	$	~~141~~222,~~377~~738		$	~~131~~197,~~848~~828		$	924,~~529~~910	712.26	%
Selling, general and administrative expenses as % of Net revenue	1213.71		%	13.41		%	N/A		~~(0.7)~~—	%

Factory-built housing Selling, general and administrative expenses increased for the three and ~~six~~nine months ended ~~September~~December 27, 2025 due primarily to the addition of American Homestar, which added $6.9 million of incremental expense, as awell ~~result~~as acquisition related deal costs of ~~variable~~$2.9 ~~compensation~~million. ~~driven~~For bythe ~~higher~~nine ~~incentive~~months ~~compensation~~ended December 27, 2025, in addition to the above items, the increase is also due to higher incentive based compensation from higher earnings compared to the prior year ~~periods~~period, as well as an additional $1.5 million in deal costs during that period. Total deal costs in the nine months ended December 27, 2025 was $4.4 million.

Financial services Selling, general and administrative expenses for the three and ~~six~~nine months ended ~~September~~December 27, 2025 increased primarily due to increases in compensation year over year.

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Other Components of Net Income

	Three Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Interest income	$	52,~~046~~956		$	5,~~692~~353		$	(~~646~~2,397)	(1144.38)	%
Interest expense	(~~112~~131)			(~~125~~155)			(1324)		(1015.45)	%
Other income, net	~~142~~213			~~258~~168			~~(116)~~45		45(26.08)	%
Income tax expense	(1413,~~873~~531)			(1112,~~135~~874)			~~3,738~~657		335.61	%
Effective tax rate	2223.15		%	2018.36		%	N/A		14.89	%
	Six Months Ended
	Nine Months Ended
($ in thousands)	~~September~~December 27,2025			~~September~~December 28,2024			Change
Interest income	$	1013,~~149~~105		$	1116,~~203~~556		$	(13,~~054~~451)	(920.48)	%
Interest expense	(~~276~~407)			(~~215~~370)			6137		2810.40	%
Other income, net	~~142~~355			~~147~~315			~~(5)~~40		3(12.47)	%
Income tax expense	(2842,~~528~~059)			(2033,~~567~~441)			78,~~961~~618		3825.78	%
Effective tax rate	2122.51		%	2019.89		%	N/A		02.72	%

Interest income consists primarily of interest earned on cash balances held in money market accounts, and interest earned on commercial floorplan lending. Interest income is down in the three and nine months ended December 27, 2025 primarily due to lower interest rates on deposited cash and a decrease in cash balances due to the American Homestar acquisition in the three months ended December 27, 2025. Interest expense consists primarily of interest related to finance leases.

Other income, net primarily consists of realized and unrealized gains and losses on corporate investments and gains and losses from the sale of property, plant and equipment.

Income tax expense increased compared to the prior year period due to higher ~~profit~~income before income taxes and a change in the effective tax rate due primarily to fewer energy star credits in the current year as well as certain deal costs that are not deductible for federal income tax purposes.

Liquidity and Capital Resources

We believe that cash and cash equivalents at ~~September~~December 27, 2025, together with cash flow from operations, will be sufficient to fund our operations, cover our obligations, ~~provide for our planned acquisition of American Homestar~~ and provide for growth for the next 12 months and into the foreseeable future. We maintain cash in U.S. Treasury and other money market funds, some of which is in excess of federally insured limits, but we have not experienced any losses with regards to such excesses. We expect to continue to evaluate potential acquisitions of, or strategic investments in, businesses that are complementary to the Company, as well as other expansion opportunities. Such transactions may require the use of cash and have other impacts on our liquidity and capital resources. We believe we have sufficient liquid resources including our $75 million Revolving Credit Facility, which may be increased from time to time through additional term facilities by up to an aggregate amount of $75 million up to $150 million. No amounts are currently outstanding under the Revolving Credit Facility. Depending on our operating results and strategic opportunities, we may choose to seek additional or alternative sources of financing in the future. There can be no assurance that such financing would be available on satisfactory terms, if at all. If this financing were not available, it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources at such time. The exact nature of any changes to our plans that would be considered depends on various factors, such as conditions in the ~~factory~~Factory-built housing industry and general economic conditions outside of our control.

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, the assets owned by our insurance subsidiary are generally not available to satisfy the claims of Cavco or its other subsidiaries. We believe that stockholders' equity at the insurance subsidiary remains sufficient and do not believe that the ability to pay ordinary dividends to Cavco at anticipated levels will be restricted per state regulations.28

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~~The~~State ~~following~~insurance isregulations arestrict ~~summary~~the amount of dividends that can be paid to stockholders of insurance companies. As a result, the ~~Company's~~assets ~~cash~~owned ~~flows~~by ~~for~~our insurance subsidiary are generally not available to satisfy the ~~six~~claims ~~months~~of ~~ended~~Cavco ~~September~~or ~~27,~~its ~~2025~~other subsidiaries. We believe that stockholders' equity at the insurance subsidiary remains sufficient and ~~September 28,~~do ~~2024,~~not ~~respectively:~~believe that the ability to pay ordinary dividends to Cavco at anticipated levels will be restricted per state regulations.

	Six Months Ended
(in thousands)	September 27,2025		September 28,2024		$ Change
Cash, cash equivalents and restricted cash at beginning of the fiscal year	$	375,345	$	368,753	$	6,592
Net cash provided by operating activities	133,994		102,074		31,920
Net cash used in investing activities	(20,149)		(11,029)		(9,120)
Net cash used in financing activities	(89,236)		(73,581)		(15,655)
Cash, cash equivalents and restricted cash at end of the period	$	399,954	$	386,217	$	13,737

The following is a summary of the Company's cash flows for the nine months ended December 27, 2025 and December 28, 2024, respectively:

Net cash provided by operating activities increased primarily from higher Net income, a decrease in Consumer loans originated compared to the prior year period and a decrease in Prepaid expenses and other current assets. The increase was partially offset by an increase in Commercial loans originated.


	Nine Months Ended
(in thousands)	December 27, 2025		December 28, 2024		$ Change
Cash, cash equivalents and restricted cash at beginning of the fiscal year	$	375,345	$	368,753	$	6,592
Net cash provided by operating activities	200,119		139,851		60,268
Net cash used in investing activities	(199,852)		(13,976)		(185,876)
Net cash used in financing activities	(133,140)		(116,002)		(17,138)
Cash, cash equivalents and restricted cash at end of the period	$	242,472	$	378,626	$	(136,154)

~~Consumer~~Net ~~loan~~cash ~~originations~~provided ~~decreased~~by ~~$10.1~~operating ~~million~~activities toincreased ~~$29.8~~primarily ~~million~~from ~~for~~higher ~~the~~Net ~~six months ended September 27~~income, ~~2025~~an ~~from~~increase ~~$39.9~~in ~~million~~Deferred ~~for~~income ~~the six months ended September 28~~taxes, ~~2024,~~a ~~and~~decrease ~~proceeds~~in ~~from~~Consumer ~~consumer~~ loans ~~decreased~~originated ~~$0.1~~compared ~~million~~ to ~~$33.9~~the ~~million~~prior ~~for~~year ~~the~~period ~~six~~and ~~months~~decreases ~~ended~~in ~~September 27~~Accounts receivable, ~~2025~~net ~~from~~and ~~$34~~Inventory.0 ~~million~~The ~~for~~increase ~~the~~was ~~six~~partially ~~months~~offset ~~ended~~by ~~September 28,~~an ~~2024~~increase in Commercial loans originated.

~~Commercial~~Consumer loan originations ~~increased~~decreased $2811.52 million to $8343.20 million for the ~~six~~nine months ended ~~September~~December 27, 2025 from $54.72 million for the ~~six~~nine months ended ~~September~~December 28, 2024., ~~Proceeds~~and proceeds from ~~the~~consumer ~~collection on commercial~~ loans ~~provided~~decreased $~~75.~~4.3 million ~~this year, compared~~ to $5542.18 million infor the ~~prior~~nine ~~year,~~months aended ~~net~~December 27, ~~increase~~2025 offrom $2047.30 million for the nine months ended December 28, 2024.

~~The~~Commercial ~~change~~loan inoriginations ~~Net~~increased ~~cash~~$29.8 ~~used~~million into ~~investing~~$117.3 ~~activities~~million isfor ~~primarily~~the ~~due~~nine tomonths anended ~~increase~~December 27, in2025 ~~cash~~from ~~paid~~$87.5 million for ~~property~~the ~~plant~~nine ~~and~~months ~~equipment~~ended December 28, 2024. Proceeds from the collection on commercial loans provided $110.8 million for the nine months ended December 27, 2025, compared to $85.0 million in the ~~current~~comparable prior year, a net increase of $25.8 million.

The change in Net cash used in ~~financing~~investing activities ~~was~~is primarily due to the ~~repurchase~~cash ofpaid ~~more~~for ~~shares~~the acquisition of ~~common~~American ~~stock~~Homestar and atan aincrease ~~higher~~in ~~average~~cash ~~daily~~paid ~~stock~~for ~~price~~property plant and equipment in the current year.

The change in Net cash used in financing activities was primarily due to the repurchase of a higher number of shares of common stock, which were also at a higher average daily stock price.

Obligations and Commitments. There were no material changes to the obligations and commitments as set forth in the Form 10-K.

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates during the ~~six~~nine months ended ~~September~~December 27, 2025, as compared to those disclosed in Part II, Item 7 of the Form 10-K, under the heading "Critical Accounting Estimates," which provides a discussion of the critical accounting estimates that management believes are critical to the Company's operating results or may affect significant judgments and estimates used in the preparation of the Company's Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K.

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Item 4. Controls and Procedures

(a) Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of the Company's management, including its President and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the Company's President and Chief Executive Officer and its Chief Financial Officer concluded that, as of ~~September~~December 27, 2025, its disclosure controls and procedures were effective.

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(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the fiscal quarter ended ~~September~~December 27, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See the information under the "Legal Matters" caption in Note 1315, Commitments and Contingencies to the unaudited Consolidated Financial Statements, which is incorporated herein by reference.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, Item 1A, Risk Factors, in the Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Report and in the Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth repurchases of our common stock during the ~~second~~third quarter of fiscal year 2026:

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or ~~Programs1~~Programs (1)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(in thousands)
June 29, 2025 to August 2, 2025	—	$	—	—	$	177,765
September 28, 2025 to November 1, 2025	78,600	$	543.82	78,600	$	98,938
August 3, 2025 to August 30, 2025	12,500	486.84		12,500	171,680
November 2, 2025 to November 29, 2025	1,980	535.23		1,980	97,878
August 31, 2025 to September 27, 2025	54,570	549.73		54,570	141,681
November 30, 2025 to December 27, 2025	—	—		—	97,878
	67,070			67,070
	80,580			80,580

The payment of dividends to Company stockholders is subject to the discretion of the Board of Directors, and various factors may prevent us from paying dividends. Such factors include Company cash requirements, covenants of our credit agreement and liquidity or other requirements of state, corporate and other laws.

~~1The stock repurchase plan announced on October 31, 2024 approved $100 million in stock repurchases. As of September 27, 2025 there is nothing remaining from this approval.~~ (1)The stock repurchase plan announced on May 22, 2025 approved $150 million in stock repurchases and there is $~~142~~98 million ~~dollars~~ remaining as of ~~September~~December 27, 2025 from this approval. ~~These~~This ~~plans~~plan dodoes not have an expiration date.

Item 5. Other Information

Rule 10b5-1 Trading Plans

~~During~~On ~~the~~November ~~three~~26, ~~months~~2025, ~~ended~~Allison ~~September 27~~Aden, ~~2025~~the Company's Chief Financial Officer, noadopted ~~director~~a orprogrammed ~~officer~~plan of ~~the~~transactions ~~Company~~intended ~~adopted,~~to ~~modified,~~satisfy orthe ~~terminated~~affirmative adefense "conditions of Rule 10b5-1(c) ~~trading~~(the ~~arrangement~~"Aden ~~or "non-Rule~~ 10b5-1 ~~trading~~Plan"). ~~arrangement~~This plan provides for a first possible trade date of February 25," as2026, ~~each~~and ~~term~~terminates isautomatically ~~defined~~on inJuly ~~Item~~3, ~~408~~2026, if not before. The aggregate number of ~~Regulation~~shares Sto potentially be sold pursuant to the Aden 10b5-K1 Plan is up to 3,000 shares of Common Stock.

On December 12, 2025, Lisa Daniels, an independent director, also adopted a programmed plan of transactions intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (the "Daniels 10b5-1 Plan"). This plan was adopted in order to sell-to-cover a number of shares of our Common Stock to satisfy income tax obligations to be incurred by Ms. Daniels in connection with the anticipated vesting of her restricted stock units on July 28, 2026.

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The Daniels 10b5-1 Plan provides for a first possible trade date of July 30, 2026, and terminates automatically on August 5, 2026. The aggregate number of shares to be sold pursuant to the plan is 30 shares of our Common Stock.

During the three months ended December 27, 2025, no director or officer of the Company, other than Ms. Aden and Ms. Daniels, adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits


Exhibit No.		Exhibit
31.1	(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
31.2	(1)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a)
32	(2)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1) Filed herewith.

(2) Furnished herewith.

All other items required under Part II are omitted because they are not applicable.

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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 thereunto duly authorized.

Cavco Industries, Inc.
Registrant
Signature	Title	Date
/s/ William C. Boor	Director, President and Chief Executive Officer	~~October~~January 3130, ~~2025~~2026
William C. Boor	(Principal Executive Officer)
/s/ Allison K. Aden	Executive Vice President, Chief Financial Officer and Treasurer	~~October~~January 3130, ~~2025~~2026
Allison K. Aden	(Principal Financial Officer)

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Filing Compare · CAVCO INDUSTRIES, INC.