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Highlights

  • Carriage Services reported Q2 2025 GAAP net income of USD 5.5 million, up 85.7% year-over-year.
  • Diluted EPS rose to USD 0.74 from USD 0.40 in Q2 2024, while adjusted EPS increased 17.5% to USD 0.74.
  • The company paid down USD 7.1 million in debt, reducing its leverage ratio from 4.6x to 4.2x.

Carriage Services, Inc. (NYSE: CSV) announced its financial results for the second quarter ended June 30, 2025, showing a significant year-over-year increase in profitability despite largely flat revenue. GAAP net income rose 85.7% to USD 5.5 million compared to the prior-year quarter, while both GAAP and adjusted diluted earnings per share came in at USD 0.74—an increase of 85.0% and 17.5%, respectively.

Total revenue for the second quarter was USD 97.1 million, down USD 0.2 million from Q2 2024. The company cited a 3.9% drop in the number of preneed interment rights sold and a 0.6% decline in the average price per right. However, consolidated funeral average revenue per contract increased by 1.4%, partially offsetting the declines. Funeral contract volume was down slightly by 0.8%.

For the six-month period ended June 30, 2025, total consolidated revenue rose by USD 3.4 million, driven primarily by a USD 4.4 million increase in funeral revenue, which was partially offset by a USD 1.0 million decrease in cemetery revenue. The average price per preneed interment right sold rose 4.4%, although the number sold fell 4.8%. Funeral contract volume remained flat, while average revenue per contract increased 1.9%.

Net income for the first half of the year increased by USD 19.4 million, benefiting from a USD 10.9 million reduction in general and administrative expenses, a USD 2.7 million decline in interest expense, and a USD 9.3 million gain related to divestitures. These were partially offset by a USD 2.5 million increase in income tax expense.

The company also reported progress in deleveraging, reducing its leverage ratio to 4.2x from 4.6x in the prior-year quarter by paying down USD 7.1 million in debt. Additionally, Carriage Services confirmed it is under contract to acquire new businesses with over USD 15 million in 2024 revenue, expecting closings in the current quarter.