Carriage Services operates 155 funeral homes across 24 states and 28 cemeteries across 9 states, providing end-of-life funeral and cemetery services to families across the U.S. Funeral homes offer a full range of services including remains preparation, merchandise (caskets, urns), facility use, and transportation — both at-need (at time of death) and preneed (pre-planned arrangements). Cemeteries sell interment rights, cemetery merchandise, and burial services, with preneed property sales driving roughly 64% of cemetery revenue. Funeral homes account for ~65% of total revenue, with cemeteries making up the remaining ~35%. Carriage's funeral business is high fixed-cost, making margins sensitive to call volume; field EBITDA margins can swing from the low 40s% at high volume to the high 30s% at lower volume. Average revenue per contract is the second key driver, and Carriage invests in cremation upsell programs to lift average revenue as cremation mix rises. Carriage also earns commission income by selling insurance-funded preneed funeral contracts through a partnership with National Guardian Life Insurance and marketing partner Precoa — this earned $9.6M in FY25 and is nearly pure margin. Additionally, Carriage's wholly owned registered investment advisory firm manages ~80% of company trust assets, earning fees on assets under management. Carriage grows organically through pricing improvements and favorable long-term death rate demographics, targets 10–20% annual growth in preneed cemetery sales, and returned to acquisitions in 2025, acquiring eight funeral homes, one cemetery, and one cremation business for ~$56.5M.