CARRIAGE SERVICES INC

Carriage Services, Inc. (NYSE: CSV) operates as a leading provider of funeral and cemetery services and merchandise throughout the United States. The company maintains its website at www.carriageservices.com and serves families through a comprehensive portfolio of deathcare solutions delivered on both an at-need and preneed basis.

As of December 31, 2025, Carriage operates 155 funeral homes across 24 states and 28 cemeteries in 9 states, employing 2,321 total employees including 1,248 full-time and 1,073 part-time workers. The company generates revenue through two primary business segments: Funeral Home Operations, which accounts for approximately 65 percent of total revenue, and Cemetery Operations, contributing approximately 35 percent of revenue.

Carriage's funeral home operations provide comprehensive services including consultation, remains preparation, casket sales, funeral merchandise, facility use for visitation and services, and transportation. The cemetery segment offers interment rights such as grave sites, lawn crypts, mausoleum spaces, and niches, along with related merchandise including markers, outer burial containers, and monuments.

The company's business model emphasizes preneed sales, where approximately 16 percent of funeral services and 64 percent of cemetery revenue derive from contracts established prior to death. Preneed contracts are typically secured through trust funds or life insurance policies. Carriage maintains a backlog of 93,286 preneed funeral contracts and 65,681 preneed cemetery contracts as of year-end 2025.

Carriage's strategic framework centers on three foundational objectives: Disciplined Capital Allocation, Purposeful Growth, and Relentless Improvement. The company pursues growth through strategic acquisitions and divestitures, with 2025 activity including eight funeral home acquisitions, one cemetery acquisition, and one cremation-focused business in Florida for $56.5 million in aggregate consideration, while divesting thirteen funeral homes and four cemeteries for $40.4 million.

The company competes with Service Corporation International and numerous independent operators. Carriage believes it represents one of the two largest publicly held funeral and cemetery operators in the United States, collectively representing approximately 23 percent of industry revenue. The company's operations are managed by entrepreneurially focused Managing Partners who operate according to established Standards within the company's Standards Operating Model.