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Carriage Services (CSV) investor relations material
Carriage Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $102.1M, nearly flat year-over-year, with funeral operating revenue up 1.4% and cemetery revenue down 0.6%.
GAAP net income rose to $11.7M (up 85.7% year-over-year), with diluted EPS up 85% to $0.74.
Adjusted consolidated EBITDA for Q2 was $32.3M (31.6% margin), with margin compression in both segments.
Strategic acquisitions under contract are expected to add over $15M in annual revenue, with closings anticipated in Q3 2025.
Divestitures included the sale of multiple funeral homes and cemeteries, resulting in gains and a focus on portfolio high-grading.
Financial highlights
Six-month revenue was $209.2M, up $3.4M year-over-year; Q2 gross profit was $35.9M, down $1.1M year-over-year.
Adjusted diluted EPS for Q2 was $0.74, up 17.5% year-over-year; YTD adjusted EPS was $1.70, up 23.2%.
Adjusted free cash flow for Q2 was $6.9M; six-month adjusted free cash flow reached $20.3M.
Overhead costs decreased to 13.2% of revenue YTD Q2 2025 from 19.3% YTD Q2 2024.
Financial revenue rose 18.8% to $8.2M, driven by a 96.2% increase in preneed funeral commission income.
Outlook and guidance
Full-year 2025 guidance raised: revenue $410M–$420M, adjusted EBITDA $129M–$134M, adjusted diluted EPS $3.15–$3.35, and adjusted free cash flow $40M–$50M.
Overhead expenses expected at 13–13.5% of revenue; leverage ratio projected to end the year between 4.1x and 4.2x.
Fourth quarter expected to show the most significant year-over-year growth due to acquisitions and improved cemetery margins.
Guidance reflects expected impact of acquisitions and divestitures in the second half of 2025.
No significant liquidity constraints are anticipated; cash and credit resources expected to cover obligations and growth plans.
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