Carriage Services (CSV) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 8% year-over-year to $105.5 million, with full-year revenue reaching $417.4 million, up 3.3% from 2024, driven by strong funeral and cemetery segments and strategic divestitures.

• Adjusted consolidated EBITDA for Q4 was $32.5 million (up 11%), and for the year $130.7 million (up 3.5%), with a margin of 31.3%.

• Adjusted diluted EPS for Q4 was $0.75 (up 21%), and for the year $3.20 (up 20.8%), with GAAP diluted EPS for the year at $3.25 (up 54.8%).

• Strategic focus shifted to scalable growth, disciplined capital allocation, and operational excellence, including debt paydown and leverage ratio reduction to 4.0x.

• Active M&A strategy with divestitures of non-core assets and acquisitions of complementary assets, contributing to improved balance sheet.

Financial highlights

• Q4 funeral operating revenue was $61.1 million, up 9.6% year-over-year; cemetery operating revenue for Q4 was $33.8 million, up 18.4%, driven by a 25.5% increase in pre-need cemetery sales.

• Financial revenue for Q4 was $9.3 million, up 15.3% year-over-year, mainly from trust fund investments; full year financial revenue up 17.7%.

• Pre-need insurance contracts sold increased 33.8% year-over-year in Q4; field EBITDA for cemetery segment increased 25.1% year-over-year.

• Adjusted consolidated EBITDA margin for Q4 was 30.8%, up 80 basis points; full-year margin was 31.3%.

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

Outlook and guidance

• 2026 revenue expected between $440 million and $450 million, a 5.5-8% increase over 2025; adjusted consolidated EBITDA forecasted at $135-140 million, with margins of 30.5-31.5%.

• Adjusted diluted EPS projected at $3.35-$3.55; effective tax rate expected to rise to 28.5-29%.

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

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

• Guidance assumes continued disciplined capital allocation and successful integration of acquisitions.