Carriage Services (CSV) financial statements
Carriage Services reported revenue of $417M in fiscal 2025, up 5.9% a year over 9 years.
Net income was $52M and the operating margin 23.4%, against 20.2% in 2016.
Free cash flow was $40M, and the company returned $7M in dividends.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carriage Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $248M | $258M | $268M | $274M | $329M | $376M | $370M | $383M | $404M | $417M |
| Cost of revenue | $169M | $181M | $192M | $195M | $224M | $246M | $251M | $258M | $261M | $271M |
| Gross profit | $80M | $77M | $76M | $80M | $106M | $130M | $119M | $124M | $143M | $147M |
| Selling, general and admin | $28M | $26M | $31M | $26M | $27M | $35M | $37M | $42M | $59M | $49M |
| Operating income | $50M | $49M | $42M | $47M | $57M | $94M | $80M | $81M | $82M | $98M |
| Interest expense | $12M | $13M | $21M | $26M | $33M | $25M | $26M | $36M | $32M | $28M |
| Pre-tax income | $32M | $33M | $18M | $22M | $25M | $44M | $57M | $46M | $50M | $70M |
| Income tax | $13M | $13M | $6M | $7M | $8M | $12M | $16M | $13M | $16M | $19M |
| Net income | $20M | $37M | $12M | $15M | $16M | $33M | $41M | $33M | $33M | $52M |
| EPS (diluted) | $1.12 | $2.09 | $0.63 | $0.80 | $0.89 | $1.81 | $2.63 | $2.14 | $2.10 | $3.25 |
| Diluted shares | 17M | 18M | 18M | 18M | 18M | 18M | 16M | 15M | 15M | 16M |
| Gross margin | 32.1% | 29.8% | 28.3% | 29.0% | 32.2% | 34.5% | 32.2% | 32.5% | 35.5% | 35.1% |
| Operating margin | 20.2% | 19.0% | 15.7% | 17.3% | 17.4% | 24.9% | 21.5% | 21.2% | 20.2% | 23.4% |
| Net margin | 7.9% | 14.4% | 4.3% | 5.3% | 4.9% | 8.8% | 11.2% | 8.7% | 8.2% | 12.3% |
Balance sheet
Fiscal years, from Carriage Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $952,000 | $952,000 | $644,000 | $716,000 | $889,000 | $1M | $1M | $2M | $1M | $2M |
| Receivables | $19M | $20M | $19M | $21M | $25M | $25M | $24M | $27M | $30M | $41M |
| Inventory | $6M | $7M | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $8M |
| Total current assets | $33M | $30M | $29M | $40M | $35M | $40M | $38M | $42M | $45M | $56M |
| Property, plant and equipment | $235M | $247M | $261M | $279M | $269M | $269M | $278M | $287M | $273M | $287M |
| Goodwill | $288M | $304M | $398M | $393M | $392M | $392M | $410M | $424M | $415M | $428M |
| Total assets | $922M | $918M | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | $1.3B | $1.3B |
| Total current liabilities | $44M | $43M | $35M | $36M | $48M | $61M | $45M | $51M | $58M | $57M |
| Long-term debt | $204M | $212M | $33M | $6M | $4M | $4M | $3M | $5M | $5M | $6M |
| Total liabilities | $709M | $724M | $696M | $903M | $905M | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B |
| Shareholders' equity | $176M | $198M | $221M | $227M | $241M | $128M | $137M | $173M | $209M | $255M |
| Net debt | $216M | $228M | $34M | $6M | $5M | $3M | $3M | $4M | $4M | $4M |
Cash flow
Fiscal years, from Carriage Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $50M | $45M | $49M | $43M | $83M | $84M | $61M | $76M | $52M | $61M |
| Capital spending | $17M | $16M | $14M | $15M | $15M | $25M | $26M | $18M | $16M | $21M |
| Free cash flow | $33M | $29M | $35M | $28M | $68M | $59M | $35M | $58M | $36M | $40M |
| Stock-based compensation | $3M | $3M | $7M | $2M | $3M | $6M | $6M | $8M | $7M | $8M |
| Dividends paid | $2M | $4M | $6M | $5M | $6M | $7M | $7M | $7M | $7M | $7M |
| Share buybacks (net) | $0 | -$16M | -$16M | -$9M | $0 | -$140M | -$37M | $0 | $0 | — |
| Net borrowing | -$11M | -$11M | -$128M | $0 | — | — | — | — | — | — |
| Free cash flow margin | 13.4% | 11.2% | 13.2% | 10.2% | 20.6% | 15.8% | 9.4% | 15.0% | 8.9% | 9.6% |
| Dividends per share | $0.14 | $0.21 | $0.30 | $0.30 | $0.33 | $0.40 | $0.43 | $0.43 | $0.44 | $0.45 |
Questions
What was Carriage Services's revenue in 2025?
$417M in fiscal 2025, from its 10-K filing.
How much free cash flow does Carriage Services generate?
$40M in fiscal 2025 (operating cash flow minus capital spending).
From Carriage Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.