10-Q · February 2, 2026
Cavco Industries reported revenue of $580.99 million for Q3 2026, up 11.3% year-over-year. However, gross and operating margins saw a decline, leading to an EPS of $5.58, which missed expectations of $6.00. The…
Earnings analysis · 10-K
CVCO earnings analysis
Filed May 22, 2026 · Our reading of the company's report
The latest report
Cavco Industries reported a robust performance for fiscal 2026 with a net revenue of $2.244 billion, marking an 11.4% increase year-over-year, driven by the factory-built housing segment. The acquisition of American…
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Cavco Industries reported a robust performance for fiscal 2026 with a net revenue of $2.244 billion, marking an 11.4% increase year-over-year, driven by the factory-built housing segment. The acquisition of American Homestar significantly boosted growth, contributing $91.3 million to net revenue and net income of $5.2 million, while gross margin improved to 23.5%. Despite missing revenue estimates in Q4, EPS of $5.42 exceeded expectations, reflecting a strong financial position.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $23.98
- Segment
- factory-built housing
- Segment
- financial services
What stood out
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Strong Revenue Growth
Cavco posted net revenue of $2.245 billion for fiscal 2026, up 11.4% year-over-year.
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EPS Beat Expectations
The company achieved an EPS of $5.42 in Q4, exceeding estimates by 2.3%.
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Acquisition Impact
The acquisition of American Homestar added an incremental $91.3 million in revenue for the fiscal year.
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Improved Gross Margin
Gross margin improved to 23.5%, up from 23.1% in the previous fiscal year.
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Increased Free Cash Flow
Free cash flow increased significantly to $267.5 million, up from $178.5 million in the prior year.
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Stable Financial Position
The company has a strong balance sheet with a $75 million revolving credit facility and no outstanding borrowings.
What to watch
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Cybersecurity Threats
The filing highlights increasing risks associated with cybersecurity, an area of focus for corporate governance.
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Supply Chain Challenges
The company acknowledged ongoing challenges in the supply chain impacting production timelines, which could affect future performance.
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Market Interest Rate Sensitivity
Rising interest rates may negatively impact housing demand and, subsequently, sales, posing a risk to future revenue growth.
Management's outlook
The company did not provide explicit numeric guidance in the 10-K, opting instead to defer details to the upcoming earnings call.
Earlier filings 4
10-Q · October 31, 2025
Cavco Industries reported strong Q2 results for 2026, with revenue of $556.5 million, a 9.7% increase year-over-year. EPS rose to $6.55, outpacing expectations, and the company demonstrated robust gross margins,…
10-Q · August 4, 2025
Cavco Industries, Inc. reported solid Q1 results for fiscal 2026, with revenues increasing by 16.6% year-over-year to $556.9 million and EPS soaring 18% to $6.42. The company's gross profit margin improved slightly,…
10-K · May 23, 2025
Cavco Industries, Inc. reported strong results for fiscal year 2025, highlighting a significant increase in net revenue to $2.02 billion, a 12.3% increase year-over-year, and an EPS of $20.71. The company also undertook…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.