Monitor the pace of ATM usage and any subsequent acquisitions; the $100M offering overhang may pressure shares until deployed. The maintained guidance provides some support but the earnings trajectory is weak, so watch for further deterioration in funeral volume trends next quarter.
Price Chart
Executive Summary
Carriage Services reported Q1 2026 GAAP diluted EPS of $0.84, down 37.3% YoY, and total revenue of $106.1M, down 0.9% YoY. The company also announced a $100M at-the-market equity offering (~13% dilution). While 2026 guidance was confirmed, the earnings deterioration combined with the dilutive capital raise points to near-term headwinds.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.84 vs $1.34 YoY (-37.3%)
- Total revenue $106.1M vs $107.1M YoY (-0.9%)
- Adjusted diluted EPS $0.86 vs $0.96 YoY (-10.4%)
- Adjusted consolidated EBITDA grew 2.4% to $33.8M, margin expanded 100 bps to 31.8%
- Announced $100M at-the-market equity offering (Equity Distribution Agreement)
- 2026 guidance confirmed: revenue $440-450M, adj EBITDA $135-140M, adj EPS $3.35-3.55
- Leverage ratio at 4.0x
Financial Impact
$100M ATM offering (~13% dilution) and YoY EPS decline of 37.3%
Risk Factors
- Dilution from potential full utilization of $100M ATM
- Continued decline in funeral contract volume (-0.9% YoY)
- Higher leverage despite improvement (4.0x)
- Potential for further EPS erosion if revenue trends continue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-056265 |
| Document: tm2612484d4_ex10-1.htm | 0001104659-26-056265 |
| 8-K Data (Synthetic) | 0001104659-26-056265 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Press Release | $35.41 | awaiting T+5 | — | $34.97 (−1.24%) |
Oct 21, 2026 5d ago | SC 13G | $35.68 | awaiting T+5 | — | $34.97 (−1.99%) |
Oct 15, 2026 11d ago | Press Release | $36.20 $35.41 | ▼ −2.18% | ▼ −1.75% | $34.97 (−3.40%) |
Oct 5, 2026 21d ago | 8-K | $32.89 $34.61 | ▲ +5.23% | ▲ +5.37% | $34.97 (+6.32%) |
Sep 30, 2026 26d ago | 8-K | $31.79 $33.73 | ▲ +6.10% | ▲ +4.80% | $34.97 (+10.00%) |
Sep 30, 2026 26d ago | Press Release | $31.79 $33.73 | ▲ +6.10% | ▲ +4.80% | $34.97 (+10.00%) |
Jul 22, 2026 13w ago | Press Release | $37.77 | awaiting T+5 | — | $34.97 (−7.41%) |
May 27, 2026 21w ago | Press Release | $42.49 $37.32 | ▼ −12.17% | ▼ −12.12% | $34.97 (−17.70%) |
May 6, 2026 24w ago | 8-K | $44.60 $43.11 | ▲ +3.34% | ▲ +4.85% | $34.97 (+21.59%) |
May 6, 2026 24w ago | Press Release | $44.60 $43.11 | ▼ −3.34% | ▼ −4.85% | $34.97 (−21.59%) |
US Market Status
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