Carriage Reports Q4 Revenue of $105.5M, Beating Consensus
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2026
0mins
Reports Q4 revenue $105.5M, consensus $103.65M. CEO Carlos Quezada stated, "We are very pleased with our 2025 Q4 and full year performance. In Q4, total funeral operating revenue increased by 9.6%, primarily reflecting growth in funeral operating contract volume, while total cemetery operating revenue grew 18.4%...Operating income grew 16.8% and adjusted consolidated EBITDA grew by 11.0%, while adjusted consolidated EBITDA margin grew by 80 bps to 30.8%, all versus the same quarter last year. For the full year, Carriage delivered a strong financial performance, highlighted by GAAP diluted EPS growth of nearly 55% and adjusted diluted EPS growth of 21%, reflecting disciplined execution across our business. Operating revenue increased 6.1%..We also experienced impressive growth in financial revenue, primarily driven by a 27.4% increase in insurance-funded preneed funeral contracts sold, ending the year with a 4.0x leverage ratio...With this performance, Carriage concludes three consecutive years of consistent financial improvement while strengthening our balance sheet and positioning the Company well for its next phase of disciplined growth and long-term value creation."
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About CSV
Carriage Services, Inc. is a provider of funeral and cemetery services and merchandise in the United States. Its Funeral home and cemetery businesses provide products and services to families in three areas: ceremony and tribute, generally in the form of a funeral or memorial service; disposition of remains, either through burial or cremation; and memorialization, generally through monuments, markers or inscriptions. Its funeral homes offer a complete range of services to meet a family's funeral needs, consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and memorial services and transportation services. Its Cemeteries provide interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Carriage Services Q1 2026 Earnings Call Insights
- Revenue Performance: Carriage Services reported Q1 revenue of $106.1 million, down 0.9% year-over-year, primarily due to a 5.8% decline in funeral home admit volume, although the actual decline was only 2.3% when combining Q4 2025 and Q1 2026, demonstrating the company's resilience in adversity.
- Profitability: Adjusted consolidated EBITDA reached $33.8 million with a 31.8% margin, and despite a $2.4 million decline in comparable funeral EBITDA due to lower volume, the company maintained its margin through improved cemetery operations and premium funeral sales.
- Capital Market Tool: CFO John Enwright announced the establishment of an at-the-market equity offering program (ATM) aimed at providing flexible funding support for acquisitions while ensuring leverage remains within the targeted range of 3.5x to 4x, enhancing the company's capital markets toolkit.
- 2026 Outlook: Management maintained its full-year 2026 targets, projecting revenue between $440 million and $450 million and adjusted EBITDA of $135 million to $140 million, reflecting confidence in future growth despite not incorporating the ATM program into the outlook.
See More
Carriage Services Q1 Financial Highlights
- Earnings Performance: Carriage Services reported a Q1 non-GAAP EPS of $0.86, indicating stable profitability despite a revenue decline, which lays a solid foundation for future growth.
- Revenue Growth Drivers: The company achieved Q1 revenue of $106.1 million, a 15.7% increase year-over-year, primarily driven by an 8.0% rise in insurance-funded preneed funeral contracts sold, enhancing general agency commission revenue and strengthening market competitiveness.
- Operating Income Decline: Operating income fell by $6.3 million, largely due to a prior year gain of $7.8 million from divestitures and real property sales, reflecting challenges in asset management for the company.
- EBITDA Improvement: Adjusted consolidated EBITDA grew by 2.4%, or $0.8 million, demonstrating improved profitability despite lower quarterly revenue compared to the previous year, indicating that the company's operational optimization strategies are taking effect.
See More
CARRIAGE SERVICES INC: SUBMITS SEC FILING FOR COMMON STOCK OFFERING OF UP TO $100 MILLION
- Company Announcement: CARRIAGE SERVICES INC. has filed for an offering of up to $100 million in common stock.
- Purpose of Filing: The filing is part of the company's strategy to raise capital, although specific uses for the funds have not been detailed.
See More
Carriage Services Announces Q1 2026 Earnings Release Schedule
- Earnings Release Schedule: Carriage Services plans to release its Q1 2026 earnings on May 6, 2026, after market close, reflecting the company's commitment to financial transparency, which is expected to positively impact investor confidence.
- Conference Call Timing: The earnings conference call is scheduled for May 7, 2026, at 8:00 a.m. Central Time, allowing investors to participate by dialing 800-330-6710 with Conference ID 5549353, aimed at enhancing investor engagement.
- Live Webcast: The call will be broadcast live via webcast, ensuring broader access for investors to receive real-time financial information, thereby increasing the company's visibility and transparency in the market.
- Company Operations Overview: As of March 31, 2026, Carriage Services operates 155 funeral homes and 28 cemeteries across the U.S., demonstrating its leadership position in the industry and ongoing growth potential.
See More
Carriage Services Declares Quarterly Dividend
- Quarterly Dividend Announcement: Carriage Services announced a quarterly dividend of 11.25 cents per share on April 15, 2026, payable on June 1, 2026, reflecting the company's ongoing commitment to shareholder returns.
- Record Date for Shareholders: The dividend payment will be made to common shareholders of record as of May 4, 2026, ensuring timely distribution of shareholder benefits and enhancing investor confidence.
- Operational Overview: As of March 31, 2026, Carriage Services operates 155 funeral homes and 28 cemeteries across 24 and 9 states respectively, showcasing its extensive influence in the industry.
- Commitment to Service: The company is dedicated to delivering premier experiences through innovation, partnership, and elevated service quality, further solidifying its leadership position in the funeral and cemetery services market.
See More
Carriage Services Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: Carriage Services reported total revenue of $105.5 million for Q4 2025, an 8% year-over-year increase, with funeral operating revenue growing by 9.6%, indicating successful strategic pricing and service optimization.
- Strong Cemetery Performance: Cemetery operating revenue rose by $5.3 million, or 18.4%, while preneed cemetery sales surged by 25.5%, demonstrating effective execution in diverse inventory development and strategic pricing.
- EBITDA and EPS Improvement: Adjusted consolidated EBITDA reached $32.5 million, representing 30.8% of revenue, an 11% increase year-over-year; adjusted diluted EPS was $0.75, up 21%, reflecting ongoing enhancements in profitability.
- Optimistic 2026 Outlook: Revenues are projected to range between $440 million and $450 million for 2026, with a growth rate of approximately 5.5% to 8%, and adjusted free cash flow expected to be between $40 million and $50 million, showcasing the company's confidence in future growth.
See More
Carriage Services Q1 2026 Earnings Call Insights
- Revenue Performance: Carriage Services reported Q1 revenue of $106.1 million, down 0.9% year-over-year, primarily due to a 5.8% decline in funeral home admit volume, although the actual decline was only 2.3% when combining Q4 2025 and Q1 2026, demonstrating the company's resilience in adversity.
- Profitability: Adjusted consolidated EBITDA reached $33.8 million with a 31.8% margin, and despite a $2.4 million decline in comparable funeral EBITDA due to lower volume, the company maintained its margin through improved cemetery operations and premium funeral sales.
- Capital Market Tool: CFO John Enwright announced the establishment of an at-the-market equity offering program (ATM) aimed at providing flexible funding support for acquisitions while ensuring leverage remains within the targeted range of 3.5x to 4x, enhancing the company's capital markets toolkit.
- 2026 Outlook: Management maintained its full-year 2026 targets, projecting revenue between $440 million and $450 million and adjusted EBITDA of $135 million to $140 million, reflecting confidence in future growth despite not incorporating the ATM program into the outlook.
See More
Carriage Services Q1 Financial Highlights
- Earnings Performance: Carriage Services reported a Q1 non-GAAP EPS of $0.86, indicating stable profitability despite a revenue decline, which lays a solid foundation for future growth.
- Revenue Growth Drivers: The company achieved Q1 revenue of $106.1 million, a 15.7% increase year-over-year, primarily driven by an 8.0% rise in insurance-funded preneed funeral contracts sold, enhancing general agency commission revenue and strengthening market competitiveness.
- Operating Income Decline: Operating income fell by $6.3 million, largely due to a prior year gain of $7.8 million from divestitures and real property sales, reflecting challenges in asset management for the company.
- EBITDA Improvement: Adjusted consolidated EBITDA grew by 2.4%, or $0.8 million, demonstrating improved profitability despite lower quarterly revenue compared to the previous year, indicating that the company's operational optimization strategies are taking effect.
See More
CARRIAGE SERVICES INC: SUBMITS SEC FILING FOR COMMON STOCK OFFERING OF UP TO $100 MILLION
- Company Announcement: CARRIAGE SERVICES INC. has filed for an offering of up to $100 million in common stock.
- Purpose of Filing: The filing is part of the company's strategy to raise capital, although specific uses for the funds have not been detailed.
See More
Carriage Services Announces Q1 2026 Earnings Release Schedule
- Earnings Release Schedule: Carriage Services plans to release its Q1 2026 earnings on May 6, 2026, after market close, reflecting the company's commitment to financial transparency, which is expected to positively impact investor confidence.
- Conference Call Timing: The earnings conference call is scheduled for May 7, 2026, at 8:00 a.m. Central Time, allowing investors to participate by dialing 800-330-6710 with Conference ID 5549353, aimed at enhancing investor engagement.
- Live Webcast: The call will be broadcast live via webcast, ensuring broader access for investors to receive real-time financial information, thereby increasing the company's visibility and transparency in the market.
- Company Operations Overview: As of March 31, 2026, Carriage Services operates 155 funeral homes and 28 cemeteries across the U.S., demonstrating its leadership position in the industry and ongoing growth potential.
See More
Carriage Services Declares Quarterly Dividend
- Quarterly Dividend Announcement: Carriage Services announced a quarterly dividend of 11.25 cents per share on April 15, 2026, payable on June 1, 2026, reflecting the company's ongoing commitment to shareholder returns.
- Record Date for Shareholders: The dividend payment will be made to common shareholders of record as of May 4, 2026, ensuring timely distribution of shareholder benefits and enhancing investor confidence.
- Operational Overview: As of March 31, 2026, Carriage Services operates 155 funeral homes and 28 cemeteries across 24 and 9 states respectively, showcasing its extensive influence in the industry.
- Commitment to Service: The company is dedicated to delivering premier experiences through innovation, partnership, and elevated service quality, further solidifying its leadership position in the funeral and cemetery services market.
See More
Carriage Services Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: Carriage Services reported total revenue of $105.5 million for Q4 2025, an 8% year-over-year increase, with funeral operating revenue growing by 9.6%, indicating successful strategic pricing and service optimization.
- Strong Cemetery Performance: Cemetery operating revenue rose by $5.3 million, or 18.4%, while preneed cemetery sales surged by 25.5%, demonstrating effective execution in diverse inventory development and strategic pricing.
- EBITDA and EPS Improvement: Adjusted consolidated EBITDA reached $32.5 million, representing 30.8% of revenue, an 11% increase year-over-year; adjusted diluted EPS was $0.75, up 21%, reflecting ongoing enhancements in profitability.
- Optimistic 2026 Outlook: Revenues are projected to range between $440 million and $450 million for 2026, with a growth rate of approximately 5.5% to 8%, and adjusted free cash flow expected to be between $40 million and $50 million, showcasing the company's confidence in future growth.
See More
