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Carriage Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$18.9M in Q3 2026 · $38.3M over twelve months

Operating cash flow$24.7M
Capital spending−$5.8M
Free cash flow+$18.9M
Cash / net income2.8×
Cash conversion cycle30 days

Analysis

In Q3 2026, Carriage Services generated $24.7M of operating cash flow and spent $5.8M on capital projects, leaving free cash flow of $18.9M. That is $917K more than in Q3 2025 ($18.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $61.3M; the largest uses were capital spending ($23.0M), net borrowing (+) / repaid (−) ($20.1M), acquisitions ($8.5M); besides operations, cash came from asset & business sales ($8.2M), shares issued ($1.2M); the cash balance rose by $6.9M.

Operating cash flow was $24.7M against net income of $8.9M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.3M, stock-based pay +$1.7M, payables −$1.6M.

Its cash conversion cycle was 30 days (receivables 40 + inventory 10 − payables 20).

Free cash flow

Carriage Services: free cash flow by quarterCarriage Services: free cash flow by quarter$4.9MQ4 2024$10.6MQ1 2025$5.2MQ2 2025$18.0MQ3 2025$6.2MQ4 2025$11.0MQ1 2026$2.2MQ2 2026$18.9MQ3 2026
Operating cash flow less capital spending.
Carriage Services: operating cash flow against capital spendingCarriage Services: operating cash flow against capital spendingOperating cash flowCapital spending$9.3M$4.4MQ4 2024$13.8M$3.2MQ1 2025$8.1M$2.8MQ2 2025$24.7M$6.7MQ3 2025$14.1M$7.9MQ4 2025$14.9M$3.9MQ1 2026$7.6M$5.3MQ2 2026$24.7M$5.8MQ3 2026
Latest (Q3 2026): Operating cash flow $24.7M, Capital spending $5.8M.

Capital allocation, year by year

Carriage Services: where the cash came from (up) and went (down), by fiscal yearCarriage Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $84.2MFY2021: Net borrowing $503MFY2021: Shares issued $2.6MFY2021: Asset sales $7.9MFY2021: Capital spending −$24.9MFY2021: Acquisitions −$3.3MFY2021: Buybacks −$140MFY2021: Dividends −$7.3M$598MFY2021FY2022: Operating cash flow $61.0MFY2022: Net borrowing $34.4MFY2022: Shares issued $1.7MFY2022: Asset sales $5.0MFY2022: Capital spending −$26.1MFY2022: Acquisitions −$33.9MFY2022: Buybacks −$36.7MFY2022: Dividends −$6.8M$102MFY2022FY2023: Operating cash flow $75.6MFY2023: Net borrowing −$12.8MFY2023: Shares issued $1.5MFY2023: Asset sales $4.1MFY2023: Capital spending −$18.0MFY2023: Acquisitions −$44.5MFY2023: Dividends −$6.7M$81.2MFY2023FY2024: Operating cash flow $52.0MFY2024: Net borrowing −$43.2MFY2024: Shares issued $2.6MFY2024: Asset sales $12.1MFY2024: Capital spending −$16.1MFY2024: Dividends −$6.8M$66.7MFY2024FY2025: Operating cash flow $60.7MFY2025: Net borrowing −$10.9MFY2025: Shares issued $1.7MFY2025: Asset sales $44.5MFY2025: Capital spending −$20.6MFY2025: Acquisitions −$59.0MFY2025: Dividends −$7.0M$107MFY2025
Over these 5 years operating cash flow totalled $334M; the largest uses were buybacks ($177M) and acquisitions ($141M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.1M
Debt$516M
Net debt$508M
Due within a year$718K

Carriage Services funds itself: free cash flow was $38.3M over the last twelve months, and $8.1M of cash and investments stands against $516M of debt ($718K due within a year, 11.3× covered by cash).

Where the cash came from and went

Carriage Services: sources (+) and uses (−) of cash, Q3 2026Carriage Services: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$24.7MNet borrowing (+) / repaid (−)−$9.2MCapital spending−$5.8MCash drawn (+) / kept (−)−$5.6MDividends−$1.8MOther financing−$1.6MAcquisitions−$1.5MAsset & business sales$640KShares issued$228KTaxes on employees’ shares$4K
Carriage Services: sources (+) and uses (−) of cash, TTM to Q3 2026Carriage Services: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$61.3MCapital spending−$23.0MNet borrowing (+) / repaid (−)−$20.1MAcquisitions−$8.5MAsset & business sales$8.2MDividends−$7.1MCash drawn (+) / kept (−)−$6.9MOther financing−$2.6MTaxes on employees’ shares−$2.4MShares issued$1.2M

From profit to cash

Carriage Services: net income to operating cash flow, Q3 2026Carriage Services: net income to operating cash flow, Q3 2026Net income$8.9MDepreciation & amortization$6.3MStock-based pay$1.7MDeferred taxes$1.1MGains on disposals−$320KReceivables−$1.3MInventory$177KPayables−$1.6MPrepaid and other assets−$1.1MOperating cash flow$24.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202640102030
Q2 202638101929
Q1 202635102124
Q4 202534102420
Q3 202532102319
Q2 202530112119
Q1 202526101917
Q4 202429122218

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$24.7M−$5.8M−$1.5M−$1.8M−$9.2M$228K−$5.6M$18.9M
Q2 2026$7.6M−$5.3M—−$1.8M$3.5M$328K$358K$2.2M
Q1 2026$14.9M−$3.9M—−$1.8M−$6.2M$360K−$1.2M$11.0M
Q4 2025$14.1M−$7.9M−$2.5M−$1.8M−$8.2M$242K−$440K$6.2M
Q3 2025$24.7M−$6.7M−$56.5M−$1.8M$22.0M$493K$150K$18.0M
Q2 2025$8.1M−$2.8M—−$1.8M−$7.1M$295K$3.2M$5.2M
Q1 2025$13.8M−$3.2M—−$1.7M−$17.3M$688K−$3.5M$10.6M
Q4 2024$9.3M−$4.4M—−$1.7M−$3.3M$445K$95K$4.9M

Carriage Services: income statement and cash flow

Carriage Services, Q3 2026: revenue $100M (-2% year over year), operating margin 19.3%. The chart follows the revenue to costs, profit and cash.

Carriage Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.