CARRIAGE SERVICES INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
CSV$26.80-5.0%Stored close · as of Nov 6, 2026
Contents
12. Segment Reporting
- SEGMENT REPORTING
Our Chief Operating Decision Maker (the “CODM”), who is the Chief Executive Officer, utilizes segment operating income (loss) for resource allocation across segments, particularly during the annual budgeting and forecasting processes. The CODM examines variances on a monthly basis to make informed decisions regarding capital and personnel distribution among segments. Additionally, the CODM employs segment gross profit for product pricing evaluation and uses segment adjusted operating profit to assess each segment’s performance by comparing results and return on assets against expected outcomes.
The tables below present revenue, disaggregated by major source for each of our reportable segments, as well as, significant segment expenses, other segment expenses, operating income (loss), depreciation and amortization, interest expense, income (loss) before income taxes, income tax expense (benefit), capital expenditures and number of operating locations by segment as follows, (in thousands, except number of operating locations) for the three and six months ended June 30, 2025 and 2024, respectively:
| Three months ended June 30, 2025 | Funeral | Cemetery | Corporate | Total |
|---|---|---|---|---|
| Revenue | ||||
| Services | $41,308 | $5,202 | $— | $46,510 |
| Merchandise | 18,264 | 4,330 | — | 22,594 |
| Cemetery property | — | 23,919 | — | 23,919 |
| Other revenue | 5,675 | 3,449 | — | 9,124 |
| Total revenue | 65,247 | 36,900 | — | 102,147 |
| Less: | ||||
| Salaries, benefits and commission expenses | 17,011 | 10,533 | — | 27,544 |
| Cost of merchandise | 6,847 | 1,368 | — | 8,215 |
| Allocated overhead costs(1) | 3,386 | 1,368 | — | 4,754 |
| Facilities and grounds expenses | 2,709 | 1,560 | — | 4,269 |
| General and administrative expenses(2) | 2,703 | 956 | — | 3,659 |
| Other segment expenses(3) | 10,912 | 6,858 | 11,938 | 29,708 |
| Operating income (loss) | $21,679 | $14,257 | $(11,938) | $23,998 |
| Interest expense | $404 | $3 | $6,627 | $7,034 |
| Depreciation and amortization | $2,835 | $2,694 | $644 | $6,173 |
| Income (loss) before income taxes | $21,798 | $15,062 | $(20,003) | $16,857 |
| Income tax expense (benefit) | $6,463 | $4,279 | $(5,624) | $5,118 |
| (1) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal, and finance. | ||||
| (2) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses, and office supplies. | ||||
| (3) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses. | ||||
| Three months ended June 30, 2024 | Funeral | Cemetery | Corporate | Total |
|---|---|---|---|---|
| Revenue | ||||
| Services | $39,589 | $4,844 | $— | $44,433 |
| Merchandise | 19,664 | 4,483 | — | 24,147 |
| Cemetery property | — | 25,443 | — | 25,443 |
| Other revenue | 4,342 | 3,953 | — | 8,295 |
| Total revenue | 63,595 | 38,723 | — | 102,318 |
| Less: | ||||
| Salaries, benefits and commission expenses | 16,860 | 10,288 | — | 27,148 |
| Cost of merchandise | 6,698 | 1,201 | — | 7,899 |
| Allocated overhead costs(1) | 3,310 | 1,201 | — | 4,511 |
| Facilities and grounds expenses | 2,369 | 1,622 | — | 3,991 |
| General and administrative expenses(2) | 2,499 | 879 | — | 3,378 |
| Other segment expenses(4) | 11,091 | 7,329 | 18,602 | 37,022 |
| Operating income (loss) | $20,768 | $16,203 | $(18,602) | $18,369 |
| Interest expense | $222 | $3 | $8,099 | $8,324 |
| Depreciation and amortization | $2,907 | $3,058 | $239 | $6,204 |
| Income (loss) before income taxes | $21,032 | $16,303 | $(26,876) | $10,459 |
| Income tax expense (benefit) | $8,479 | $6,444 | $(10,723) | $4,200 |
| (1) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal and finance. | ||||
| (2) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses and office supplies. | ||||
| (3) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses. | ||||
| Six months ended, June 30, 2025 | Funeral | Cemetery | Corporate | Total |
|---|---|---|---|---|
| Revenue | ||||
| Services | $89,257 | $10,263 | $— | $99,520 |
| Merchandise | 39,820 | 8,369 | — | 48,189 |
| Cemetery property | — | 43,910 | — | 43,910 |
| Other revenue | 10,789 | 6,808 | — | 17,597 |
| Total revenue | 139,866 | 69,350 | — | 209,216 |
| Less: | ||||
| Salaries, benefits and commission expenses | 34,988 | 20,452 | — | 55,440 |
| Cost of merchandise | 14,979 | 2,699 | — | 17,678 |
| Allocated overhead costs(1) | 6,613 | 2,699 | — | 9,312 |
| Facilities and grounds expenses | 5,638 | 2,765 | — | 8,403 |
| General and administrative expenses(2) | 5,724 | 1,851 | — | 7,575 |
| Other segment expenses(3) | 22,058 | 9,202 | 23,986 | 55,246 |
| Operating income (loss) | $49,866 | $29,682 | $(23,986) | $55,562 |
| Interest expense | $684 | $6 | $13,642 | $14,332 |
| Depreciation and amortization | $5,661 | $5,018 | $895 | $11,574 |
| Income (loss) before income taxes | $51,867 | $31,078 | $(39,834) | $43,111 |
| Income tax expense (benefit) | $12,567 | $7,530 | $(9,651) | $10,446 |
| Capital expenditures | $1,258 | $3,701 | $1,049 | $6,008 |
| Number of operating locations at year end | 159 | 28 | — | 187 |
| (1) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal, and finance. | ||||
| (2) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses, and office supplies. | ||||
| (3) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses. | ||||
| Six months ended June 30, 2024 | Funeral | Cemetery | Corporate | Total |
|---|---|---|---|---|
| Revenue | ||||
| Services | $84,396 | $9,736 | $— | $94,132 |
| Merchandise | 42,323 | 8,623 | — | 50,946 |
| Cemetery property | — | 44,146 | — | 44,146 |
| Other revenue | 8,707 | 7,880 | — | 16,587 |
| Total revenue | 135,426 | 70,385 | — | 205,811 |
| Less:(1) | ||||
| Salaries, benefits and commission expenses | 35,158 | 19,185 | — | 54,343 |
| Cost of merchandise | 14,541 | 2,357 | — | 16,898 |
| Allocated overhead costs(2) | 6,606 | 2,357 | — | 8,963 |
| Facilities and grounds expenses | 5,063 | 2,802 | — | 7,865 |
| General and administrative expenses(3) | 5,272 | 1,802 | — | 7,074 |
| Other segment expenses(4) | 24,944 | 13,037 | 34,841 | 72,822 |
| Operating income (loss) | $43,842 | $28,845 | $(34,841) | $37,846 |
| Interest expense | $447 | $7 | $16,582 | $17,036 |
| Depreciation and amortization | $5,875 | $5,313 | $476 | $11,664 |
| Income (loss) before income taxes | $43,901 | $29,012 | $(51,732) | $21,181 |
| Income tax expense (benefit) | $16,475 | $10,888 | $(19,414) | $7,949 |
| Capital expenditures | $2,415 | $4,472 | $209 | $7,096 |
| Number of operating locations at year end | 164 | 31 | — | 195 |
| (2) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal, and finance. | ||||
| (3) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses, and office supplies. | ||||
| (4) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses. | ||||
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