Carriage Services Announces New Capital Allocation Framework

HOUSTON, Sept. 30, 2026 /CourierPR/ -- Carriage Services, Inc., a leading provider of funeral and cemetery services in the United States, has announced a comprehensive capital allocation framework designed to enhance long-term shareholder value per share, strengthen the company’s financial position, and support the execution of its 2030 Vision. The company has terminated its existing $100 million at-the-market equity offering program, effective October 4, 2026.

The termination of the program comes as Carriage strengthens its liquidity and positions itself for greater financial flexibility. Quezada explained that the company has completed a new $300 million revolving credit facility with a new bank syndicate led by JPMorgan Chase, replacing its existing $250 million facility. The new facility will expand the company's banking relationships and enhance its financial flexibility.

As part of the new capital allocation framework, Carriage is lowering its targeted leverage ratio range from 3.5x, 4.0x to 3.0x, 3.5x. The company expects to progress toward this target through consistent operating performance, growth in Adjusted Consolidated EBITDA and free cash flow, disciplined debt reduction, and prudent capital deployment. The framework also includes a disciplined approach to leverage, with the Company committed to maintaining a strong and appropriately capitalized balance sheet.

Carriage will continue to fund the maintenance and growth investments necessary to strengthen its existing businesses, including new cemetery developments and inventory, as well as new systems and capabilities required to execute the company's 2030 Vision. The company will also balance debt reduction, selective acquisitions, and share repurchases based on their expected returns, strategic value, and impact on long-term value per share.

The company's first priority is to fund the operating and strategic needs of its existing businesses. Beyond those investments, Carriage will balance debt reduction, selective acquisitions, and share repurchases based on their expected returns, strategic value, and impact on long-term value per share. The increased capacity under the new credit facility is a source of financial flexibility, not a change in Carriage's leverage philosophy. The Company remains committed to disciplined leverage and strengthening its credit profile.

Carriage will continue to pursue selective, high-quality acquisitions that demonstrate strong cultural and strategic alignment, sustainable earnings, attractive returns on invested capital, and the ability to create long-term value per share. The company intends to remain selective and disciplined, pursuing acquisitions when the strategic and financial merits justify the deployment of capital.

Carriage's capital allocation decisions will be guided by a fundamental objective: creating sustainable long-term value per share while maintaining a strong and appropriately capitalized balance sheet. The company's new credit facility, entered into with a new bank syndicate led by JPMorgan Chase, will strengthen its liquidity and enhance its financial flexibility. The company expects to progress toward its target leverage ratio through consistent operating performance, growth in Adjusted Consolidated EBITDA and free cash flow, disciplined debt reduction, and prudent capital deployment.

Carriage Services, Inc., a leading provider of funeral and cemetery services in the United States, has announced a comprehensive capital allocation framework designed to enhance long-term shareholder value per share, strengthen the company's financial position, and support the execution of its 2030 Vision. The company has terminated its existing $100 million at-the-market equity offering program, effective October 4, 2026. The new credit facility, entered into with a new bank syndicate led by JPMorgan Chase, will strengthen its liquidity and enhance its financial flexibility. The company's targeted leverage ratio range has been lowered from 3.5x, 4.0x to 3.0x, 3.5x, and the company expects to progress toward this target through consistent operating performance, growth in Adjusted Consolidated EBITDA and free cash flow, disciplined debt reduction, and prudent capital deployment. The company's new credit facility, entered into with a new bank syndicate led by JPMorgan Chase, will strengthen its liquidity and enhance its financial flexibility. The company expects to progress toward its target leverage ratio through consistent operating performance, growth in Adjusted Consolidated EBITDA and free cash flow, disciplined debt reduction, and prudent capital deployment.