CARRIAGE SERVICES INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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4. Leases
- LEASES
Our lease obligations consist of operating and finance leases related to real estate, vehicles and equipment. The components of lease cost are as follows (in thousands):
| Years Ended December 31, | ||||
|---|---|---|---|---|
| Income Statement Classification | 2025 | 2024 | 2023 | |
| Operating lease cost | Facilities and grounds expense(1) | $3,865 | $3,998 | $3,526 |
| Short-term lease cost | Facilities and grounds expense(1) | 277 | 232 | 372 |
| Variable lease cost | Facilities and grounds expense(1) | 183 | 380 | 234 |
| Finance lease cost: | ||||
| Depreciation of leased assets | Depreciation and amortization(2) | $543 | 511 | 541 |
| Interest on lease liabilities | Interest expense | 967 | 506 | 500 |
| Total finance lease cost | 1,510 | 1,017 | 1,041 | |
| Total lease cost | $5,835 | $5,627 | $5,173 | |
| (1) | Facilities and grounds expense is included within Cost of service and General, administrative, and other on our Consolidated Statements of Operations. |
| (2) | Depreciation and amortization expense is included within Field depreciation expense and General, administrative, and other on our Consolidated Statements of Operations. |
Supplemental cash flow information related to our leases is as follows (in thousands):
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash paid for operating leases included in operating activities | $4,833 | $4,325 | $3,779 |
| Cash paid for finance leases included in financing activities | 642 | 1,083 | 1,153 |
Right-of-use assets obtained in exchange for new leases are as follows (in thousands):
| Year ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $1,501 | $1,224 |
| Right-of-use assets obtained in exchange for new finance lease liabilities | 3,761 | 1,027 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| Lease Type | Balance Sheet Classification | December 31, 2025 | December 31, 2024 |
|---|---|---|---|
| Operating lease right-of-use assets | Operating lease right-of-use assets | $12,045 | $14,953 |
| Finance lease right-of-use assets | Property, plant, and equipment, net | $12,174 | $8,564 |
| Accumulated depreciation | Property, plant, and equipment, net | (3,817) | (3,214) |
| Finance lease right-of-use assets, net | $8,357 | $5,350 | |
| Operating lease current liabilities | Current portion of operating lease obligations | $3,084 | $2,810 |
| Finance lease current liabilities | Current portion of finance lease obligations | 605 | 533 |
| Total current lease liabilities | Total current lease liabilities | $3,689 | $3,343 |
| Operating lease non-current liabilities | Obligations under operating leases, net of current portion | $10,538 | $14,035 |
| Finance lease non-current liabilities | Obligations under finance leases, net of current portion | 9,339 | 6,045 |
| Total non-current lease liabilities | Total non-current lease liabilities | $19,877 | $20,080 |
| Total lease liabilities | $23,566 | $23,423 |
The average lease terms and discount rates at December 31, 2025 are as follows:
| Weighted-average remaining lease term (years) | Weighted-average discount rate | |
|---|---|---|
| Operating leases | 6.0 | 8.2% |
| Finance leases | 22.4 | 8.7% |
The aggregate future lease payments for non-cancelable operating and finance leases at December 31, 2025 are as follows (in thousands):
| Operating · Finance | ||
|---|---|---|
| Lease payments due: | ||
| 2026 | $4,008 | $1,681 |
| 2027 | 3,838 | 1,676 |
| 2028 | 3,518 | 1,184 |
| 2029 | 2,873 | 1,093 |
| 2030 | 813 | 1,108 |
| Thereafter | 1,831 | 15,663 |
| Total lease payments | $16,881 | $22,405 |
| Less: Interest | (3,259) | (12,461) |
| Present value of lease liabilities, including HFS | $13,622 | $9,944 |
At December 31, 2025, we hadno significant operating or finance leases that had not yet commenced.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.