Carriage Services (CSV) Q4 2025 earnings summary

Executive summary

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

• Full year 2025 revenue was $417.4 million, a 3.3% increase, with adjusted consolidated EBITDA at $130.7 million (31.3% margin).

• 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 to scalable growth, disciplined capital allocation, and operational excellence, with leverage ratio reduced to 4.0x.

• Strategic acquisitions and divestitures contributed to improved balance sheet and lower leverage.

Financial highlights

• Funeral operating revenue in Q4 was $61.1 million, up 9.6% year-over-year; funeral home volume rose 6.8%, and average revenue per contract increased 2.6%.

• Cemetery operating revenue in Q4 was $33.8 million, up 18.4%, driven by a 25.5% increase in pre-need sales and a 15.6% rise in interment rights sold.

• 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) from $66.9 million (16.5%).

• Q4 net income was $12.3 million, up $2.4 million; full year net income was $51.5 million, up $18.6 million.

Outlook and guidance

• 2026 revenue guidance: $440 million–$450 million, with adjusted consolidated EBITDA of $135 million–$140 million.

• Adjusted diluted EPS expected to be $3.35–$3.55; adjusted free cash flow projected at $40 million–$50 million.

• Capital expenditures projected at $25 million–$30 million for 2026.

• Guidance includes $5 million–$10 million in revenue from anticipated 2026 acquisitions, with M&A EBITDA margins around 30%.

• Guidance assumes continued impact from recent acquisitions and divestitures.