Carriage Services (CSV) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $105.5 million, up 8% year-over-year, with funeral and cemetery segments both showing strong growth.

• Full-year 2025 revenue was $417.4 million, up 3.3%, impacted by divestitures and new acquisitions.

• Adjusted consolidated EBITDA for Q4 was $32.5 million (margin 30.8%); full-year EBITDA was $130.7 million (margin 31.3%).

• Adjusted diluted EPS for Q4 was $0.75, up 21% year-over-year; full-year adjusted diluted EPS was $3.20, up 20.8%.

• Strategic focus shifted from rebuilding to compounding, emphasizing scalable growth, disciplined capital allocation, and operational excellence, with leverage ratio reduced to 4.0x.

Financial highlights

• Funeral operating revenue in Q4 was $61.1 million, up 9.6% year-over-year; funeral home volume rose 6.8%.

• Cemetery operating revenue in Q4 was $33.8 million, up 18.4%, driven by a 25.5% increase in pre-need sales.

• Pre-need insurance contracts sold increased 33.8% year-over-year in Q4.

• Adjusted free cash flow for the year was $45.7 million, up from $42.7 million.

• Overhead costs decreased to $56.6 million (13.6% of revenue) for the year, down from $66.9 million (16.5%).

Outlook and guidance

• 2026 revenue guidance is $440 million–$450 million, representing 5.5–8% growth.

• Adjusted consolidated EBITDA forecasted at $135 million–$140 million, with margins of 30.5–31.5%.

• Adjusted diluted EPS expected to be $3.35–$3.55; effective tax rate to rise to 28.5–29%.

• Adjusted free cash flow projected at $40 million–$50 million, with capital expenditures of $25 million–$30 million.

• Guidance includes $5 million–$10 million revenue impact from anticipated 2026 acquisitions and excludes gains/losses from divestitures and other special items.