Carriage Services, Inc. reported its third‑quarter 2025 results on November 6, 2025, posting adjusted earnings per share of $0.75—$0.02 above the consensus estimate of $0.73—and revenue of $102.7 million, $1.74 million higher than the $100.96 million forecast. The company confirmed its full‑year 2025 outlook, projecting revenue between $413 million and $417 million and adjusted EBITDA between $130 million and $132 million, unchanged from the guidance issued earlier in the year.
Revenue grew 5.2% year‑over‑year to $102.7 million, driven by a 21.4% increase in cemetery preneed sales and a 27.2% rise in financial revenue. Funeral operating revenue, however, slipped 1.3% as lower volume in the summer months offset gains in other segments. The mix shift toward higher‑margin cemetery and financial services helped lift overall top‑line growth despite the modest decline in funeral volume.
Adjusted EPS rose 17.2% from $0.64 in Q3 2024, reflecting disciplined cost control and a favorable segment mix. GAAP diluted EPS, however, fell to $0.41 from $0.63 in the same quarter, a decline that investors cited as a concern. The company’s adjusted EBITDA margin expanded to 32.1% from 30.5% year‑over‑year, driven by higher contribution from cemetery and pre‑arranged funeral programs.
Management reiterated confidence in the company’s trajectory. CEO Carlos Quezada said the quarter “reflects continued momentum and demonstrates the effectiveness of our strategic objectives grounded in disciplined capital allocation, relentless improvement, and purposeful growth.” CFO John Enwright highlighted the company’s 17% EPS growth year‑to‑date and noted that the firm’s strategic investments in sales technology—such as Sales Edge 2.0 and the upcoming AI‑powered agent Titan—are expected to accelerate future sales growth.
The market reaction was muted, with the stock falling 6.15% on the day of the release. Analysts and investors pointed to the slight miss on the midpoint of the full‑year EBITDA guidance ($131 million versus the $132.3 million consensus) and the decline in GAAP EPS as key factors dampening enthusiasm, despite the earnings and revenue beats. The company’s guidance, however, remains unchanged, signaling management’s confidence that the company can maintain profitability while continuing to execute its growth strategy.
Overall, Carriage Services’ Q3 2025 results demonstrate solid execution in its core cemetery and financial segments, while the company acknowledges headwinds in funeral volume and the need to manage GAAP earnings. The firm’s strategic focus on technology, debt reduction, and operational improvements positions it for continued growth in the coming quarters.
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