Filing Flows › Carriage Services (CSV) › Q3 2025
Carriage Services (CSV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Carriage Services (CSV) reported revenue of $103M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +0.6% from the quarter before. Operating margin was 17.0%, net earnings $6.6M (6.4% of revenue).
Carriage Services, Q3 2025: revenue $103M (+2% year over year), operating margin 17.0%, net earnings $6.6M, operating cash flow $24.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $103M | +0.6% | +2% |
| Gross profit | $36.2M | +0.9% | +2% |
| Operating profit | $17.5M | -27% | -24% |
| Net earnings | $6.6M | -44% | -33% |
| Operating cash flow | $24.7M | +205% | +18% |
| Free cash flow | $18.0M | — | +11% |
What changed
Revenue was $102.7M in Q3 2025, up 2% year over year and up 1% from the previous quarter. Service revenue was the largest line at 43% of revenue. Cemetery interment rights added $2.9M year over year (up 12%), 140% of the total change. Merchandise declined 7%.
Gross margin was 35.3%, unchanged from a year earlier. Operating profit was $17.5M, a 17.0% margin (down 5.7 points year over year). Operating profit fell $5.4M even though revenue rose $2.1M versus a year earlier, so costs grew faster than sales. Operating expenses grew 49% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+1595%). Net earnings were $6.6M, down 33% year over year. The effective tax rate was 34.3%.
Operating cash flow was $24.7M (up 18% year over year), 376% of net earnings. Non-cash charges added back $6.5M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items added $9.6M. After cash used for capital expenditures ($6.7M), free cash flow as the company reports it was $18.0M.
Questions
What was Carriage Services' revenue in the third quarter 2025?
Carriage Services (CSV) reported revenue of $103M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +0.6% from the quarter before.
Was Carriage Services profitable in the third quarter 2025?
Operating profit was $17.5M (17.0% of revenue) and net earnings $6.6M.
Source: Carriage Services 10-Q on SEC EDGAR.