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Carriage Services (CSV) investor relations material
Carriage Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third quarter results reflect continued momentum toward long-term vision, supported by disciplined capital allocation, operational improvement, and purposeful growth.
Operates in two segments: Funeral Home (70% of revenue) and Cemetery (30%), with 159 funeral homes in 24 states and 28 cemeteries in 9 states as of September 30, 2025.
Strategic acquisitions and divestitures enhanced market presence, adding over $15 million in annual revenue and expanding the network.
Focus on technology, innovation, and partnerships to accelerate sales and enhance customer experience.
Acquired eight funeral homes, one cemetery, and one cremation business in Florida for $56.5M; sold nine funeral homes and four cemeteries for $33.8M.
Financial highlights
Q3 2025 revenue was $102.7 million, up 2.0% year-over-year, with operating revenue up 5.2% driven by a 21.4% increase in pre-need cemetery sales.
Adjusted consolidated EBITDA for Q3 2025 was $33.0 million (32.1% margin), up from $30.7 million (30.5% margin) in Q3 2024; adjusted diluted EPS was $0.75, up 17.2%.
Net income for Q3 2025 was $6.6 million, down from $9.9 million in Q3 2024, due to higher divestiture and impairment charges; nine months net income rose to $39.2 million from $23.1 million year-over-year.
Adjusted free cash flow for Q3 2025 was $19.0 million, up from $17.7 million in Q3 2024.
General agency commission revenue from insurance-funded pre-arranged funeral sales rose to $2.6 million, up 61% year-over-year.
Outlook and guidance
2025 guidance projects total revenue of $413–$417 million, adjusted consolidated EBITDA of $130–$132 million, and adjusted diluted EPS of $3.25–$3.30.
Adjusted free cash flow for 2025 is expected to be $44–$48 million; overhead expenses at 13–13.5% of revenues; leverage ratio to end 2025 at 4–4.1x.
Guidance excludes gains/losses from divestitures, acquisition costs, severance, impairments, and other special items.
Fourth quarter volume trends are positive, with expectations for normalized growth and strong pre-need cemetery sales.
Focus remains on debt repayment, dividends, internal growth, and strategic acquisitions.
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