CSV · Carriage Services, Inc.

Carriage Services announced Q1 2026 results showing revenue of $106.1 million, a slight 0.8% decline from $107.1 million in the prior year, primarily due to a 5.8% drop in comparable funeral volumes partially offset by strong cemetery performance. Cemetery revenue grew 6.0% driven by 10.0% higher preneed sales production and 11.0% increase in average price per preneed interment right sold to $6,017. Funeral segment saw 3.1% higher average revenue per contract to $6,051 but 0.9% lower contract volume. Despite revenue pressure, operational discipline drove adjusted EBITDA to $33.8 million, up 2.4% YoY with 100bps margin expansion to 31.8%, reflecting effective cost management. GAAP net income fell to $13.5 million ($0.84 diluted EPS) from $20.9 million ($1.34 EPS) mainly due to absence of $7.8 million prior-year divestiture gains. CEO Carlos Quezada highlighted cemetery growth, margin expansion, and leverage reduction to 4.0x, positioning the company for strategic growth. Concurrently, the company established a $100 million ATM equity program via agreement with Oppenheimer & Co. and Raymond James, providing flexible capital for accretive acquisitions and balance sheet optimization without immediate funding needs. Sales agents earn up to 3% commission on gross proceeds, with shares sold at market prices. The company reaffirmed full-year 2026 guidance of $440-450 million revenue, $135-140 million adjusted EBITDA, and $3.35-3.55 adjusted EPS, signaling confidence in sustained performance.