Carriage Services, Inc. reported a total revenue of $417.4 million for the fiscal year ending December 31, 2025, reflecting a 3.3% increase from $404.2 million in 2024. The company's net income saw a significant rise of 56.3%, reaching $51.5 million compared to $33.0 million in the previous year. This increase in profitability was attributed to a decrease in general and administrative expenses, which fell by $10.4 million, alongside a $3.3 million increase in gross profit. The average revenue per funeral contract also increased by 2.6%, contributing to the overall revenue growth.
In terms of operational changes, Carriage Services made strategic acquisitions and divestitures during 2025. The company acquired eight funeral homes, one cemetery, and a cremation-focused business in Florida for a total of $56.5 million. Conversely, it divested thirteen funeral homes and four cemeteries for $40.4 million, resulting in a gain of $1.5 million. These transactions are part of Carriage's ongoing strategy to optimize its portfolio and enhance its market position.
The company reported a total of 155 funeral homes and 28 cemeteries across 24 and 9 states, respectively, as of December 31, 2025. The preneed sales segment remains a critical focus, with 11,967 preneed funeral contracts sold in 2025, a slight increase from 10,750 in 2024. The backlog of preneed contracts stood at 93,286, indicating a strong future revenue stream. Additionally, the company has entered into a partnership with a national insurance provider, which is expected to drive a 20% growth in preneed funeral sales over the next five years.
Looking ahead, Carriage Services anticipates continued growth driven by its disciplined capital allocation strategy and focus on preneed sales. The company plans to prioritize investments in strategic acquisitions, capital expenditures, and debt repayments while maintaining a strong liquidity position. As of December 31, 2025, Carriage had $126.7 million in outstanding borrowings under its credit facility, with a total debt of $532.9 million. The company remains committed to navigating market conditions and consumer preferences to sustain its growth trajectory in the funeral and cemetery services industry.
About CARRIAGE SERVICES INC
Carriage Services, Inc. operates funeral homes and cemeteries across the United States, providing comprehensive funeral, memorial, and cemetery services and merchandise. Its business segments include funeral home operations and cemetery operations, serving families through at-need and preneed arrangements. The company emphasizes local brand heritage, personalized service, and preneed sales secured by trusts or insurance. Its business model focuses on disciplined capital allocation, strategic growth, and continuous operational improvement.
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