CARRIAGE SERVICES INCCSV
CARRIAGE SERVICES INC Segments Disclosure
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. | |||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 2, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.