Carriage Services Reports Mixed Q2 Results with Increased Net Income and Revenue Growth in First Half of 2025

Carriage Services, Inc. reported its financial results for the second quarter and first half of 2025, revealing a mixed performance in revenue and profitability. For the three months ended June 30, 2025, total revenue was $102.1 million, a slight decrease from $102.3 million in the same period of 2024. The company’s net income for the quarter increased significantly to $11.7 million, compared to $6.3 million in the prior year, driven by reduced general and administrative expenses and lower interest costs. Basic earnings per share rose to $0.75 from $0.41 year-over-year.

In the first half of 2025, Carriage Services generated $209.2 million in revenue, up from $205.8 million in the first half of 2024. The increase was attributed to a 4.4% rise in the average price per preneed interment right sold, although this was partially offset by a 4.8% decline in the number of preneed interment rights sold. Net income for the six months ended June 30, 2025, was $32.7 million, a substantial increase from $13.2 million in the same period last year, reflecting a decrease in administrative expenses and gains from divestitures.

Operationally, Carriage Services continues to focus on strategic growth and market share expansion. The company operates 159 funeral homes across 25 states and 28 cemeteries in 10 states. During the first half of 2025, it sold two funeral homes and three cemeteries for a total of $15.8 million, resulting in a gain of $5.9 million. Additionally, the company sold real property for $3.0 million, contributing to its financial performance. The company also reported a decrease in its employee headcount, reflecting ongoing efforts to streamline operations.

The company’s balance sheet showed total assets of $1.28 billion as of June 30, 2025, with total liabilities decreasing to $1.04 billion from $1.07 billion at the end of 2024. Cash and cash equivalents increased to $1.4 million, while the company reduced its outstanding borrowings under its credit facility to $112.9 million from $137 million at the end of 2024. Carriage Services remains committed to managing its capital effectively, focusing on debt repayment, dividends, and potential acquisitions.

Looking ahead, Carriage Services anticipates continued challenges from macroeconomic factors, including inflation and changing consumer spending patterns. The company is monitoring these trends closely and is prepared to adjust its strategies as necessary. Management remains optimistic about the company’s ability to navigate these challenges while executing its growth strategy and maintaining financial stability.