Carriage Services Reports Robust Earnings Growth and Sets Ambitious 2026 Targets

Carriage Services' 2025 adjusted EPS jumped 20.8% to $3.20. For 2026, the company projects revenue of $440M-$450M and adjusted EPS of $3.35-$3.55, signaling continued growth.

Carriage Services has concluded its 2025 fiscal year with a powerful surge in profitability, setting a positive tone for the year ahead. The company's performance was particularly strong in the final quarter, which delivered double-digit growth in per-share earnings. An analysis of the financial results and the forward-looking guidance for 2026 reveals the company's current trajectory.

Full-Year and Quarterly Performance Highlights

For the full 2025 fiscal year, Carriage Services achieved a 20.8% increase in its adjusted earnings per share, which reached $3.20. This growth was supported by both organic expansion and strategic acquisitions. The company finalized two acquisitions during the year, which together contributed over $15 million in annual revenue.

The fourth quarter served as a powerful capstone to the year. Adjusted EPS advanced by 21% to $0.75, while total revenue grew by 8% compared to the same period in the prior year. This uptick was primarily fueled by a 6.8% rise in funeral contracts and a substantial 25.5% increase in cemetery pre-need sales. Furthermore, the company strengthened its balance sheet by divesting non-core operations, a move that reduced its leverage ratio to four times its EBITDA.

Guidance Points to Continued Momentum in 2026

Management has issued an optimistic outlook for the current 2026 fiscal year, targeting further growth across key financial metrics. The company anticipates total revenue to land in the range of $440 million to $450 million. Adjusted EBITDA is projected to be between $135 million and $140 million.

On a per-share basis, adjusted earnings are forecast to climb to a band of $3.35 to $3.55. The company also expects to generate adjusted free cash flow of $40 million to $50 million, a figure that already accounts for planned capital expenditures of $25 million to $30 million. This financial roadmap underscores Carriage Services' committed strategy of enhancing profitability while systematically reducing debt.