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National funeral home and cemetery operator Carriage Services announced their 3rd Quarter results last week. In total they announced total revenues of $102.7 million in revenues for the 3rd Quarter in comparison to the 2024 3rd Quarter of $100.7 million — that’s a 2% total increase. The same report also stated that the company’s revenue for the 9 month period ending September 30, 2025, totaled $312.0 million as compared to the total revenue for the same 9-month period of 2024 of $306.5 million — that’s an increase of about 1.8% on the year so far.
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That doesn’t tell the whole story, however, as the press release from Carriage Services, which you can access here, alludes to how strong the cemetery and preneed operations of the company have been. Here’s a couple of bullet points from the press release that points to that fact:
- Total revenue grew 2.0% over the prior year quarter, driven by increased operating revenue of 5.2% primarily as a result of 21.4% growth in cemetery preneed sales;
- Cemetery operating revenue increased 12.6% over the prior year quarter, driven by a 4.6% increase in the number of preneed interment rights sold and a 15.1% increase in the average price of preneed interment rights sold
- Financial revenue increased 27.2% over the prior year quarter, primarily driven by a 27.9% increase in preneed insurance contracts sold resulting in an increase in general agency commission revenue
On the other side of the equation, funerals, I noticed that the number of funeral contracts slipped about 2% over the same 3-month (3Q) period of last year and the increase in Funeral Revenue per case was less than 1% coming in at increased revenue rate of 0.7%. The low rate of funeral contract revenue growth makes sense when you also notice the company’s rate of cremation to burial also slightly increased for the 3Q period. . . . . Carriage Services reported a 3Q25 cremation rate of 61% as compared to a 3Q24 cremation rate of 60.4%.
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Carriage Services Vice-Chairman and CEO Carlos Quezada summed up the quarter with some prepared remarks in the press release. In part, Quezada made these comments:
“We are excited to be back in growth mode, expanding our footprint this quarter through strategic acquisitions of businesses that served over 2,600 families and generated more than $15 million in annual revenue last year. At the same time, we divested certain non-core assets to reallocate capital towards better long-term value creation opportunities.
Total operating revenue grew 5.2% year-over-year, driven by 21.4% growth in cemetery preneed sales combined with financial revenue growth of 27.2%, reflecting the continued success of our national prearranged funeral and cemetery strategy. These results highlight the strength of our team, the effectiveness of our business strategy, and the growing demand for the premier experiences we deliver. Purposeful Growth in Action – Building Momentum Toward Our 2030 Vision.”
We finance caskets CLICK HERE and send it directly to the funeral home of your choice. Or go directly to the application HERE.
Tom Anderson
Funeral Director Daily
Funeral Director Daily take: Carriage Services management has been upfront in the past couple of years letting shareholders know that they re-allocating the assets of the business to set up greater success in the future. They have sold some business units and acquired others — which in some areas makes comparable financial data hard to interpret without knowing what has been sold and acquired.
However, from the success of their cemetery segment and this knowledge that their new preneed agreements seem to be bringing more revenue to the bottom line, I conclude that they seem to be on the right track.
From my point of view, the consumer rarely stands still and it appears to me that part of the Carriage Services’ management goal is to be ahead of the curve for that consumer and have the right products ready for tomorrow’s consumers. It’s an ongoing task that could pay big dividends in the future.
Disclaimer — The author of this article for Funeral Director Daily is a shareholder of Carriage Services.
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