Carriage Services, Inc. (CSV) Income Statement

30Y historyFree accessUpdated daily

Revenue has moved within a narrow $97.7M to $107.1M band while gross margin fell about five points to 31.2% in Q3 2026, suggesting the earnings base is weakening despite stable operating margins near 19% to 24%.

Annual statement

CSV Income Statement

Carriage Services, Inc. (CSV) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	414.81M	417.44M	404.2M	382.52M	370.17M	375.89M	329.45M	274.11M	267.99M	258.14M	248.2M	242.5M	226.12M	213.96M	204.15M	190.64M	184.95M	177.63M	176.93M	167.82M	151.09M	155.03M	150.21M	150.82M	154.18M	162.49M	162.61M	168.5M	116.8M	77.4M	40.3M
Revenue Growth %	1.28%	3.28%	5.67%	3.34%	-1.52%	14.1%	20.19%	2.28%	3.82%	4%	2.35%	7.24%	5.69%	4.8%	7.09%	3.08%	4.12%	0.4%	5.42%	11.08%	-2.55%	3.21%	-0.41%	-2.17%	-5.12%	-0.07%	-3.5%	44.26%	50.9%	92.06%	-
Cost of Goods Sold	273.22M	270.76M	260.81M	258.23M	250.95M	246.37M	223.53M	194.52M	192.04M	181.34M	168.55M	164.99M	156.12M	149.58M	142.27M	138.33M	137.5M	131.51M	133.88M	122.02M	117.03M	117.77M	111.9M	112.13M	111.09M	122.2M	109.02M	105M	71.1M	50.2M	29.6M
COGS % of Revenue	-	64.86%	64.52%	67.51%	67.79%	65.54%	67.85%	70.97%	71.66%	70.25%	67.91%	68.04%	69.04%	69.91%	69.69%	72.56%	74.35%	74.04%	75.67%	72.71%	77.46%	75.96%	74.5%	74.34%	72.05%	75.2%	67.05%	62.31%	60.87%	64.86%	73.45%
Gross Profit	141.59M	146.68M	143.39M	124.3M	119.23M	129.52M	105.92M	79.58M	75.95M	76.8M	79.65M	77.51M	70.01M	64.38M	61.88M	52.3M	47.45M	46.12M	43.04M	45.8M	34.05M	37.27M	38.3M	38.69M	43.09M	40.3M	53.58M	63.5M	45.7M	27.2M	10.7M
Gross Margin %	34.13%	35.14%	35.48%	32.49%	32.21%	34.46%	32.15%	29.03%	28.34%	29.75%	32.09%	31.96%	30.96%	30.09%	30.31%	27.44%	25.65%	25.96%	24.33%	27.29%	22.54%	24.04%	25.5%	25.66%	27.95%	24.8%	32.95%	37.69%	39.13%	35.14%	26.55%
Gross Profit Growth %	-	2.29%	15.36%	4.25%	-7.95%	22.27%	33.09%	4.79%	-1.11%	-3.58%	2.76%	10.71%	8.74%	4.05%	18.3%	10.24%	2.88%	7.14%	-6.02%	34.5%	-8.62%	-2.71%	-1.01%	-10.2%	6.93%	-24.8%	-15.62%	38.95%	68.01%	154.21%	-
Operating Expenses	48.51M	48.65M	61.59M	43.32M	39.5M	35.86M	48.7M	27.3M	32.64M	27.86M	29.45M	28.86M	30.29M	27.38M	23.46M	22.76M	16.81M	16M	18.11M	16.02M	56.85M	11.56M	11.16M	10.28M	10.84M	8.7M	31.66M	26.3M	19M	13.1M	6.1M
OpEx % of Revenue	-	11.65%	15.24%	11.32%	10.67%	9.54%	14.78%	9.96%	12.18%	10.79%	11.86%	11.9%	13.4%	12.8%	11.49%	11.94%	9.09%	9.01%	10.24%	9.54%	37.62%	7.46%	7.43%	6.82%	7.03%	5.35%	19.47%	15.61%	16.27%	16.93%	15.14%
Selling, General & Admin	37.74M	48.65M	59.01M	42.13M	37.47M	35.19M	27.25M	25.88M	30.83M	26.25M	27.94M	27.11M	30.29M	25.92M	23.46M	21.75M	15.45M	14.41M	16.5M	14.63M	11.26M	12.38M	10.66M	10.86M	10.84M	8.7M	10.26M	9.3M	7.6M	5.3M	2.5M
SG&A % of Revenue	-	11.65%	14.6%	11.01%	10.12%	9.36%	8.27%	9.44%	11.5%	10.17%	11.26%	11.18%	13.4%	12.12%	11.49%	11.41%	8.35%	8.11%	9.32%	8.72%	7.45%	7.99%	7.1%	7.2%	7.03%	5.35%	6.31%	5.52%	6.51%	6.85%	6.2%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	680K	0	2.58M	1.19M	2.03M	666K	21.44M	1.42M	-1.24M	1.12M	-1.79M	-45K	0	81K	0	1.01M	1.35M	1.59M	1.62M	1.39M	45.59M	-822K	495K	-577K	0	0	21.41M	17M	11.4M	7.8M	3.6M
Operating Income	93.08M	98.03M	81.8M	80.98M	79.73M	93.66M	57.23M	52.29M	43.31M	48.94M	50.2M	48.65M	39.72M	37M	38.42M	29.55M	30.64M	30.11M	24.93M	29.79M	-22.79M	25.7M	27.14M	28.41M	32.25M	31.6M	21.92M	37.2M	26.7M	14.1M	4.6M
Operating Margin %	22.44%	23.48%	20.24%	21.17%	21.54%	24.92%	17.37%	19.08%	16.16%	18.96%	20.23%	20.06%	17.56%	17.29%	18.82%	15.5%	16.57%	16.95%	14.09%	17.75%	-15.09%	16.58%	18.07%	18.84%	20.92%	19.45%	13.48%	22.08%	22.86%	18.22%	11.41%
Operating Income Growth %	-	19.84%	1.01%	1.57%	-14.88%	63.66%	9.44%	20.74%	-11.51%	-2.52%	3.2%	22.49%	7.33%	-3.68%	30.02%	-3.57%	1.75%	20.79%	-16.3%	230.67%	-188.68%	-5.3%	-4.46%	-11.9%	2.06%	44.15%	-41.08%	39.33%	89.36%	206.52%	-
EBITDA	113.42M	123.74M	106.05M	103.5M	99.53M	115.47M	77.92M	71.29M	60.74M	64.92M	65.63M	62.43M	51.66M	48.75M	48.47M	39.16M	40.62M	40.45M	35.3M	40.02M	-13.39M	34.93M	37.97M	39.52M	43.35M	48.56M	43.33M	54.2M	38.1M	21.9M	8.2M
EBITDA Margin %	27.34%	29.64%	26.24%	27.06%	26.89%	30.72%	23.65%	26.01%	22.66%	25.15%	26.44%	25.74%	22.85%	22.79%	23.74%	20.54%	21.96%	22.77%	19.95%	23.85%	-8.86%	22.53%	25.28%	26.2%	28.12%	29.89%	26.65%	32.17%	32.62%	28.29%	20.35%
EBITDA Growth %	-9.42%	16.69%	2.46%	3.99%	-13.8%	48.19%	9.29%	17.38%	-6.44%	-1.07%	5.12%	20.84%	5.97%	0.58%	23.78%	-3.59%	0.4%	14.59%	-11.8%	398.87%	-138.34%	-8.02%	-3.92%	-8.84%	-10.73%	12.09%	-20.06%	42.26%	73.97%	167.07%	-
D&A (Non-Cash Add-back)	20.39M	25.71M	24.25M	22.52M	19.8M	21.8M	20.69M	19M	17.43M	15.98M	15.42M	13.78M	11.95M	11.75M	10.05M	9.61M	9.98M	10.34M	10.37M	10.24M	9.4M	9.22M	10.83M	11.11M	11.11M	16.97M	21.41M	17M	11.4M	7.8M	3.6M
EBIT	93.23M	98.63M	82.16M	82.69M	83.09M	69.77M	57.37M	48.18M	41.57M	50.06M	47.85M	48.6M	35.46M	37.08M	34.2M	28.89M	31.71M	30.34M	21.86M	30.94M	22.61M	25.63M	28.08M	26.68M	32.25M	31.6M	21.92M	37.2M	26.7M	14.1M	4.6M
Net Interest Income	-27.39M	-28.36M	-32.08M	-36.27M	-25.89M	-25.46M	-32.73M	-25.76M	-23.3M	-17.28M	-15.61M	-14.01M	-12.76M	-12.62M	-17.09M	-18.09M	-18.26M	-18.27M	-18.1M	-17.19M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	51K	0	0	229K	1.15M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	27.39M	28.36M	32.08M	36.27M	25.89M	25.46M	32.73M	25.76M	23.3M	17.28M	15.61M	14.01M	12.76M	12.62M	17.1M	18.3M	18.26M	18.27M	18.33M	18.34M	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-27.46M	-27.77M	-31.72M	-34.55M	-22.53M	-49.36M	-32.59M	-29.87M	-23.85M	-16.16M	-17.96M	-14.06M	-17.01M	-12.54M	-17.02M	-17.41M	-17.19M	-18.27M	-21.4M	-17.19M	-16.59M	-25.72M	-16.12M	-16.08M	-20.09M	-20.34M	-122.95M	-17.8M	-9.7M	-5.9M	-4.3M
Pretax Income	65.62M	70.26M	50.08M	46.43M	57.19M	44.3M	24.64M	22.42M	18.27M	32.78M	32.24M	34.59M	22.7M	24.46M	19.25M	12.14M	13.45M	11.85M	3.53M	12.59M	6.2M	-13K	11.03M	10.6M	12.16M	11.25M	-101.03M	19.4M	17M	8.2M	300K
Pretax Margin %	15.82%	16.83%	12.39%	12.14%	15.45%	11.79%	7.48%	8.18%	6.82%	12.7%	12.99%	14.26%	10.04%	11.43%	9.43%	6.37%	7.27%	6.67%	1.99%	7.5%	4.1%	-0.01%	7.34%	7.03%	7.89%	6.93%	-62.13%	11.51%	14.55%	10.59%	0.74%
Income Tax	18.7M	18.76M	17.13M	13.02M	15.81M	11.14M	8.55M	7.88M	6.62M	-4.41M	12.66M	13.74M	7.25M	9.28M	7.64M	5.16M	5.37M	4.8M	1.73M	5.07M	2.38M	32K	71K	3.97M	-8.12M	2.25M	-8.03M	8.5M	7.5M	3.7M	100K
Effective Tax Rate %	28.5%	26.69%	34.2%	28.03%	27.65%	25.16%	34.7%	35.17%	36.25%	-13.46%	39.27%	39.71%	31.96%	37.92%	39.7%	42.51%	39.92%	40.5%	48.88%	40.24%	38.3%	-246.15%	0.64%	37.49%	-66.73%	20%	7.95%	43.81%	44.12%	45.12%	33.33%
Net Income	46.92M	51.51M	32.95M	33.41M	41.38M	33.16M	16.09M	14.53M	11.64M	37.19M	19.58M	20.85M	15.84M	19.3M	11.4M	6.98M	8.08M	7.05M	258K	8.28M	-1.42M	891K	9.23M	6.63M	20.28M	9M	-132M	10.7M	9.5M	4.3M	-300K
Net Margin %	11.31%	12.34%	8.15%	8.73%	11.18%	8.82%	4.88%	5.3%	4.35%	14.41%	7.89%	8.6%	7%	9.02%	5.59%	3.66%	4.37%	3.97%	0.15%	4.93%	-0.94%	0.57%	6.15%	4.39%	13.15%	5.54%	-81.18%	6.35%	8.13%	5.56%	-0.74%
Net Income Growth %	-4.24%	56.3%	-1.38%	-19.26%	24.8%	106.08%	10.71%	24.8%	-68.69%	89.94%	-6.1%	31.66%	-17.92%	69.22%	63.41%	-13.63%	14.63%	2631.78%	-96.88%	684.68%	-258.92%	-90.35%	39.38%	-67.33%	125.26%	106.82%	-1333.61%	12.63%	120.93%	1533.33%	-
Net Income (Continuing)	46.92M	51.51M	32.95M	33.41M	41.38M	33.16M	16.09M	14.53M	11.64M	37.19M	19.58M	20.85M	15.45M	15.12M	10.32M	6.21M	8.08M	7.05M	1.8M	7.36M	3.83M	-45K	10.95M	5.9M	20.28M	9M	-93M	10.9M	9.5M	4.5M	200K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-204K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	165.71M	31.19M	33.11M	98.65M	0	400K	209K	0	0	0	0	0
EPS (Diluted)	2.98	3.25	2.10	2.14	2.63	1.81	0.89	0.80	0.63	2.09	1.12	1.12	0.85	1.00	0.63	0.38	0.45	0.40	0.01	0.43	-0.07	-1.19	0.51	0.37	1.16	0.51	-8.22	0.66	0.65	0.32	-0.04
EPS Growth %	-5.47%	54.76%	-1.87%	-18.63%	45.3%	103.37%	11.25%	26.98%	-69.86%	86.61%	0%	31.76%	-15%	58.73%	65.79%	-15.56%	12.5%	3900%	-97.67%	674.1%	93.71%	-333.33%	37.84%	-68.1%	127.45%	106.2%	-1345.45%	1.54%	103.13%	1006.52%	-
EPS (Basic)	-	3.29	2.17	2.24	2.78	1.90	0.90	0.81	0.65	2.25	1.18	1.16	0.86	1.06	0.63	0.38	0.46	0.40	0.01	0.44	-0.08	-1.19	0.52	0.38	1.20	0.54	-8.22	0.67	0.67	0.33	-0.04
Diluted Shares Outstanding	15.76M	15.63M	15.44M	15.46M	15.71M	18.27M	18.08M	18M	18.37M	17.71M	17.46M	18.31M	18.26M	22.39M	18.23M	18.4M	17.94M	17.75M	19.36M	19.51M	18.91M	18.33M	18.26M	17.81M	17.43M	17.49M	16.06M	16.06M	13.81M	10.63M	8.49M
Basic Shares Outstanding	15.67M	15.43M	14.97M	14.8M	14.86M	17.41M	17.87M	17.88M	17.97M	16.44M	16.52M	17.79M	18.11M	17.83M	18.13M	18.36M	17.64M	17.57M	19.05M	19.02M	18.55M	18.33M	17.79M	17.44M	16.97M	16.7M	16.06M	15.82M	13.31M	10.3M	8.49M
Dividend Payout Ratio	-	13.64%	20.66%	20.08%	16.34%	21.91%	37.59%	37.14%	47.34%	9.97%	12.73%	8.72%	11.62%	9.42%	15.82%	19.72%	-	-	-	-	-	-	-	-	-	0.41%	-	0.93%	6.32%	20.93%	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityModerate

Balance SheetMixed

Cash FlowStable

Top Statement Risk

Declining at-need volume pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Top-Line Momentum Fading Into Volume Softness

Based on reported figures, CSV's quarterly revenue has moved within a narrow $97.7M to $107.1M band, with the latest quarter at $100.3M showing a 2.3% year-over-year decline that points to softening demand.

The flat-to-negative growth profile suggests the company is no longer benefiting from the pandemic-era mortality pull-forward that supported earlier periods. Management's cited 3.5% decline in at-need volume, if sustained, would indicate that organic growth is becoming increasingly dependent on acquisitions or pricing. Investors should monitor whether the revenue trend stabilizes in subsequent quarters or continues to drift lower.

Gross Margin Compression Tracking Mix Shift

As reported in financial statements, CSV's gross margin fell from roughly 36.4% in Q1 2026 to 31.2% in Q3 2026, a contraction of about 5 percentage points within two quarters.

This compression is consistent with the structural pressure from rising merchandise and labor costs alongside a gradual shift toward lower-ticket cremation services. The pace of the decline appears more pronounced than a typical seasonal fluctuation, which suggests pricing power on memorialization products may be weakening. Sustained margins near current levels would materially reduce the earnings cushion available to service acquisition debt.

EPS Volatility Outpacing Operating Stability

Per reported figures, diluted EPS swung between $0.41 and $1.34 over the ten-quarter window while operating margins held within a relatively tight 18% to 30% range, indicating that bottom-line volatility is driven by factors beyond core operations.

The gap between stable operating income and erratic net income suggests that below-the-line items, such as trust fund investment performance, interest expense, or tax effects, are contributing meaningfully to reported earnings. The Q1 2025 spike in net margin to 19.5% appears to rest on non-recurring or non-operating contributions and therefore should not be extrapolated. Analysts should adjust for these items before using reported EPS as a baseline.

Margin Erosion and Growth Stall Risks

The strongest bear case rests on reported figures showing revenue declining year over year while gross margin compresses roughly five points, a combination that may signal the earnings base is weakening rather than stabilizing.

Short-sellers would likely point to the Q2 2026 EPS miss of $0.78 against an $0.88 consensus as an early sign that operating deleverage is arriving faster than management anticipated. If at-need volume declines persist, the high fixed-cost base of facilities and licensed staff could compress operating margins further. This scenario warrants further investigation rather than being treated as a proven outcome, though it deserves weight given the elevated leverage indicated in the data.

CSV — Frequently Asked Questions

Quick answers to the most common questions about buying CSV stock.

What was Carriage Services, Inc.'s (CSV) revenue in 2025?

For fiscal year 2025, Carriage Services, Inc. (CSV) reported total revenue of $417.4M. This represents a 935.8% increase compared to $40.3M in 1996.

Is Carriage Services, Inc. (CSV) profitable?

Carriage Services, Inc. (CSV) is profitable, generating $51.5M in net income for the fiscal year ending 2025 with a net profit margin of 12.3%.

What is Carriage Services, Inc.'s operating profit margin?

Carriage Services, Inc. (CSV) reported an operating income of $98.0M, resulting in an operating profit margin of 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Carriage Services, Inc.'s gross profit and gross margin?

Carriage Services, Inc. (CSV) generated $146.7M in gross profit for the year, representing a gross profit margin of 35.1%. This demonstrates the company's core pricing power and production efficiency.