Carriage Services (CSV) Q3 2025 earnings summary

Executive summary

• Third quarter and year-to-date results showed continued momentum, with revenue growth driven by strong preneed cemetery and funeral sales, strategic acquisitions, and disciplined capital allocation.

• Integration of new acquisitions and technology investments, such as Sales Edge 2.0 CRM and Project Trinity, are supporting long-term value creation and operational efficiency.

• Enhanced lead strategy and ongoing system improvements are driving organic 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.

• Acquired multiple businesses, adding over $15 million in annual revenue, and divested non-core assets.

Financial highlights

• Q3 2025 revenue was $102.7 million, up 2.0% year-over-year; nine months revenue was $312.0 million, up $5.5 million year-over-year.

• Adjusted consolidated EBITDA for Q3 2025 was $33.0 million (32.1% margin), up from $30.7 million (30.5% margin) in Q3 2024; YTD EBITDA was $98.2 million (31.5% margin).

• Adjusted diluted EPS for Q3 2025 was $0.75, up 17.2% year-over-year; YTD adjusted diluted EPS was $2.45.

• 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 was $39.2 million, up $16.1 million year-over-year.

• Adjusted free cash flow for Q3 2025 was $19.0 million, up from $17.7 million in Q3 2024; YTD adjusted free cash flow was $39.3 million.

Outlook and guidance

• Full-year 2025 guidance: revenue of $413–$417 million, adjusted consolidated EBITDA of $130–$132 million, adjusted diluted EPS of $3.25–$3.30, and adjusted free cash flow of $44–$48 million.

• Guidance excludes gains/losses from divestitures, acquisition costs, severance, impairments, and other special items.

• Fourth quarter expected to see normalized funeral volume and continued strong preneed cemetery sales; 2026 funeral home volume growth modeled at 1–2%.

• Expects continued resilience despite inflation and tariff uncertainties; focus remains on debt repayment, dividends, internal growth, and strategic acquisitions.