CARRIAGE SERVICES INC

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

CSV$28.63+6.8%Stored close · as of Nov 9, 2026

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Contents

9. 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.

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), total assets, long-lived assets, goodwill, capital expenditures and number of operating locations by segment as follows, (in thousands, except number of operating locations) for the years ended December 31, 2025, 2024, and 2023, respectively:

Year Ended, December 31, 2025	Funeral	Cemetery	Corporate	Total
Revenue
Services	$171,118	$20,160	$—	$191,278
Merchandise	76,649	17,100	—	93,749
Cemetery property	—	94,754	—	94,754
Other revenue	21,445	16,214	—	37,659
Total revenue	269,212	148,228	—	417,440
Less:
Salaries, benefits, and commission expenses	70,414	42,147	—	112,561
Cost of merchandise	21,160	8,194	—	29,354
Allocated overhead costs(1)	12,658	5,127	—	17,785
Facilities and grounds expenses	11,316	6,204	—	17,520
General and administrative expenses(2)	11,176	3,840	—	15,016
Other segment expenses(3)	57,744	21,155	48,648	127,547
Operating income (loss)	$84,744	$61,561	$(48,648)	$97,657
Interest expense	$1,318	$17	$27,030	$28,365
Depreciation and amortization	$11,252	$11,303	$1,952	$24,507
Income (loss) before income taxes	$85,874	$64,413	$(80,024)	$70,263
Income tax expense (benefit)	$22,924	$17,195	$(21,363)	$18,756
Total assets	$786,968	$534,403	$24,534	$1,345,905
Long-lived assets	$634,568	$228,898	$10,816	$874,282
Goodwill	$355,752	$72,145	$—	$427,897
Capital expenditures	$3,826	$13,600	$3,202	$20,628
Number of operating locations at year end	155	28	—	183
(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 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 and impairment charges, and amortization and depreciation expenses.

Year Ended December 31, 2024	Funeral	Cemetery	Corporate	Total
Revenue
Services	$163,696	$19,355	$—	$183,051
Merchandise	81,036	17,482	—	98,518
Cemetery property	—	88,414	—	88,414
Other revenue	18,382	15,833	—	34,215
Total revenue	263,114	141,084	—	404,198
Less:
Salaries, benefits, and commission expenses	69,552	37,958	—	107,510
Cost of merchandise	27,831	8,058	—	35,889
Allocated overhead costs(1)	13,135	4,883	—	18,018
Facilities and grounds expenses	10,561	6,527	—	17,088
General and administrative expenses(2)	10,324	3,616	—	13,940
Other segment expenses(3)	47,454	23,459	59,041	129,954
Operating income (loss)	$84,257	$56,583	$(59,041)	$81,799
Interest expense	$947	$27	$31,101	$32,075
Depreciation and amortization	$11,736	$10,161	$993	$22,890
Income (loss) before income taxes	$83,945	$56,933	$(90,798)	$50,080
Income tax expense (benefit)	$28,709	$19,471	$(31,053)	$17,127
Total assets	$781,006	$477,487	$21,087	$1,279,580
Long-lived assets	$628,681	$207,427	$10,232	$846,340
Goodwill	$356,869	$57,990	$—	$414,859
Capital expenditures	$5,724	$8,814	$1,560	$16,098
Number of operating locations at year end	162	31	—	193
(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 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 and impairment charges, and amortization and depreciation expenses.

Year Ended December 31, 2023	Funeral	Cemetery	Corporate	Total
Revenue
Services	163,600	18,566	—	182,166
Merchandise	85,795	16,385	—	102,180
Cemetery property	—	67,310	—	67,310
Other revenue	15,381	15,483	—	30,864
Total revenue	264,776	117,744	—	382,520
Less:
Salaries, benefits and commission expenses	72,210	33,962	—	106,172
Cost of merchandise	29,387	7,445	—	36,832
Allocated overhead costs(1)	12,767	4,147	—	16,914
Facilities and grounds expenses	10,063	5,578	—	15,641
General and administrative expenses(2)	10,301	3,253	—	13,554
Other segment expenses(3)	48,742	21,436	42,250	112,428
Operating income (loss)	81,306	41,923	(42,250)	80,979
Interest expense	783	8	35,475	36,266
Depreciation and amortization	12,197	8,008	912	21,117
Income (loss) before income taxes	82,453	42,208	(78,232)	46,429
Income tax expense (benefit)	23,115	11,833	(21,932)	13,016
Total assets	802,368	448,018	17,666	1,268,052
Long-lived assets	648,253	209,401	5,732	863,386
Goodwill	364,639	59,004	—	423,643
Capital expenditures	7,483	10,061	495	18,039
Number of operating locations at year end	171	32	—	203
(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 and impairment charges, and amortization and depreciation expenses.

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