Carriage Services, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $102.7 million for the quarter, a 2.0% increase from $100.7 million in the same period last year. For the nine months, revenue rose to $312.0 million, up from $306.5 million in 2024. The company’s net income for the third quarter was $6.6 million, down from $9.9 million a year earlier, while net income for the nine months increased significantly to $39.2 million from $23.1 million in the prior year.
The company experienced a 5.5% decrease in funeral contract volume during the third quarter, which was partially offset by a 2.0% increase in average revenue per contract. Additionally, the number of preneed interment rights sold increased by 1.7%, with a notable 16.7% rise in the average price per interment right sold. Gross profit for the quarter was $36.2 million, compared to $35.5 million in the previous year, reflecting the revenue growth despite the decline in contract volume.
Strategically, Carriage Services made significant acquisitions during the nine months, acquiring eight funeral homes, one cemetery, and one cremation-focused business in Florida for approximately $56.5 million. The company also divested nine funeral homes and four cemeteries for a total of $33.8 million, resulting in a gain of $0.8 million. These acquisitions and divestitures are part of the company's ongoing strategy to enhance its footprint in key markets and optimize its operations.
Operationally, Carriage Services operated 159 funeral homes across 24 states and 28 cemeteries in 9 states as of September 30, 2025. The company reported a total employee headcount of 1,200, reflecting its commitment to maintaining a skilled workforce to support its operations. The company’s liquidity position remained stable, with cash and cash equivalents at $1.2 million at the end of the quarter, consistent with the previous quarter.
Looking ahead, Carriage Services anticipates continued growth driven by its strategic acquisitions and operational efficiencies. The company remains focused on managing costs amid inflationary pressures and evolving market conditions. It expects to leverage its existing cash flows and available credit facilities to support future growth initiatives while maintaining compliance with its financial covenants. The company’s outlook reflects confidence in its ability to navigate the current economic landscape and capitalize on opportunities for expansion.
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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