SERVICE CORPORATION INTERNATIONAL ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS, CONFIRMS 2025 EARNINGS MIDPOINT AND RAISES 2025 CASH FLOW GUIDANCE
Conference call on Thursday, October 30, 2025, at 8:00 a.m. Central Time.
HOUSTON, Oct. 29, 2025 Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the third quarter of 2025.
Third Quarter Highlights:
Tom Ryan, the Company's Chairman and CEO, commented on the third quarter performance:
"We are proud to report adjusted earnings per share of $0.87 and net cash provided by operating activities of $252.3 million. Strong performance in our cemetery segment was led by an increase in preneed cemetery sales production of 10%, which drove growth in comparable cemetery revenue of 7% and cemetery gross profit of 12%. An increase in our comparable core funeral average was offset by the anticipated decline in comparable core funeral services performed. In addition, our non-funeral home sales average increased 13.4%, far outpacing the slight decline in non-funeral home services performed. Finally, our core funeral preneed sales production increased 9% with increases in both insurance and trust production. Based on these strong results, we are well positioned to have a strong finish to the year.
I would like to thank our 25,000 associates for their unwavering commitment in providing excellent service to our client families. We remain focused on our long-term growth strategy, which is on track as we continue to grow revenue, leverage our unparalleled scale, and allocate our capital wisely to enhance shareholder value."
Details of our third quarter 2025 financial results and the unaudited consolidated financial statements can be found in the Appendix at the end of this press release. The table below summarizes our key financial results.
(Dollars in millions, except for per share amounts)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Revenue
$ 1,058.1
$ 1,014.0
$ 3,197.7
$ 3,093.4
Operating income
$ 226.4
$ 212.4
$ 702.5
$ 665.5
Net income attributable to common stockholders
$ 117.5
$ 117.8
$ 383.2
$ 367.3
Diluted earnings per share
$ 0.83
$ 0.81
$ 2.68
$ 2.50
Earnings excluding special items (1)
$ 122.7
$ 115.3
$ 387.8
$ 363.1
Diluted earnings per share excluding special items (1)
$ 0.87
$ 0.79
$ 2.71
$ 2.47
Diluted weighted average shares outstanding
141.4
146.2
143.2
147.0
Net cash provided by operating activities
$ 252.3
$ 263.8
$ 729.9
$ 680.8
Net cash provided by operating activities excluding special items (1)
$ 267.9
$ 269.0
$ 751.8
$ 709.0
(1)
Earnings excluding special items, diluted earnings per share excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. These items are also referred to as "adjusted earnings per share" and "adjusted operating cash flow". A reconciliation from net income attributable to common stockholders, diluted earnings per share, and net cash provided by operating activities in accordance with generally accepted accounting principles in the United States (GAAP) can be found later in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures" in the Appendix at the end of this press release.
UPDATED 2025 GUIDANCE
The $3.85 midpoint of our annual guidance range for 2025 detailed below is confirmed with a more narrow range expected for earnings per share of $3.80 to $3.90. Our cash flow outlook has increased to a range of $910 million to $950 million due to lower cash taxes and working capital timing. Our outlook for diluted earnings per share from continuing operations excluding special items, at the midpoint of our guidance range, is anticipated to be within our expected long-term growth framework of 8%-12%.
(Dollars in millions, except per share amounts)
2025 Outlook
Revised 2025 Outlook
Diluted earnings per share excluding special items (1)
$3.70 - $4.00
$3.80 - $3.90
Net cash provided by operating activities excluding special items and
cash taxes (1)
$1,025 - $1,085
$1,045 - $1,085
Cash taxes expected in 2025 (at the midpoint of Diluted earnings per
share guidance)
$145
$135
Net cash provided by operating activities excluding special items (1)
$880 - $940
$910 - $950
Capital improvements at existing field locations
$130
$130
Development of cemetery property
$160
$160
Digital investments and corporate
$25
$25
Total maintenance, cemetery development, and other capital
expenditures (Maintenance capital expenditures)
$315
$315
(1)
Diluted earnings per share excluding special items and net cash provided by operating activities excluding special items are non-GAAP financial measures. We normally reconcile these non-GAAP financial measures from diluted earnings per share and net cash provided by operating activities; however, diluted earnings per share and net cash provided by operating activities calculated in accordance with GAAP are not currently accessible on a forward-looking basis. Our outlook for 2025 excludes the following because this information is not currently available for 2025: Expenses net of insurance recoveries related to weather events and hurricanes, gains or losses associated with asset divestitures, gains or losses associated with the early extinguishment of debt, potential tax reserve adjustments and IRS payments and/or refunds, acquisition and integration costs, system implementation and transition costs, and potential costs or cash outflows associated with estimated litigation charges or legal settlements or the recognition of receivables for insurance recoveries associated with litigation, or deferred tax payments. The foregoing items could materially impact our forward-looking diluted earnings per share and/or our net cash provided by operating activities calculated in accordance with GAAP.
CONFERENCE CALL AND WEBCAST
We will host a conference call on Thursday, October 30, 2025, at 8:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in numbers are (888) 317-6003 (US) or (412) 317-6061 (International) with the passcode of 1151875. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through November 6, 2025 and can be accessed at (877) 344-7529 (US) or (412) 317-0088 (International) with the passcode of 5177797. Additionally, a replay of the conference call will be available on our website for approximately three months.
ABOUT SERVICE CORPORATION INTERNATIONAL
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of funeral, cemetery and cremation services, as well as final-arrangement planning in advance, serving more than 700,000 families each year. Our diversified portfolio of brands provides families and individuals a full range of choices to meet their needs, from simple cremations to full life celebrations and personalized remembrances. Our Dignity Memorial® brand is the name families turn to for professionalism, compassion, and attention to detail that is second to none. At September 30, 2025, we owned and operated 1,487 funeral service locations and 499 cemeteries (of which 312 are combination locations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
For additional information contact: InvestorRelations@sci-us.com
Investors:
Trey Bocage - Assistant Vice President / Investor Relations
(713) 525-3454
Andrea Low - Director / Investor Relations
(713) 525-2811
Media:
Jay Andrew - Assistant Vice President / Corporate Communications
(713) 525-3468
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," "predict," or other similar words that convey the uncertainty of future events or outcomes. The absence of these words, however, does not mean that the statements are not forward-looking. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2024 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation and make no undertaking to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us whether as a result of new information, future events, or otherwise.
SERVICE CORPORATION INTERNATIONAL
APPENDIX: RESULTS FOR THE THIRD QUARTER OF 2025
Consolidated Statement of Operations (Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Revenue
$ 1,058,096
$ 1,013,958
$ 3,197,707
$ 3,093,356
Cost of revenue
(792,553)
(761,319)
(2,369,309)
(2,308,589)
Gross profit
265,543
252,639
828,398
784,767
Corporate general and administrative expenses
(38,332)
(43,732)
(132,499)
(124,055)
Restructuring charge
(405)
—
(1,980)
—
(Losses) gains on divestitures and impairment charges, net
(415)
3,515
8,618
4,755
Operating income
226,391
212,422
702,537
665,467
Interest expense
(65,683)
(65,804)
(191,237)
(194,540)
Losses on early extinguishment of debt
—
(25)
—
(25)
Other income, net
153
2,815
7,219
7,002
Income before income taxes
160,861
149,408
518,519
477,904
Provision for income taxes
(43,339)
(31,547)
(135,146)
(110,549)
Net income
117,522
117,861
383,373
367,355
Net income attributable to noncontrolling interests
(49)
(34)
(155)
(61)
Net income attributable to common stockholders
$ 117,473
$ 117,827
$ 383,218
$ 367,294
Basic earnings per share:
Net income attributable to common stockholders
$ 0.84
$ 0.81
$ 2.70
$ 2.53
Basic weighted average number of shares
140,318
144,706
142,097
145,421
Diluted earnings per share:
Net income attributable to common stockholders
$ 0.83
$ 0.81
$ 2.68
$ 2.50
Diluted weighted average number of shares
141,424
146,223
143,227
146,978
Consolidated Balance Sheet (Unaudited)
(Dollars in thousands, except share amounts)
September 30, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 241,339
$ 218,766
Receivables, net
93,759
94,341
Inventories
31,641
33,318
Income tax receivable
18,758
3,775
Other
34,219
27,130
Total current assets
419,716
377,330
Preneed receivables, net of reserves of $35,819 and $35,857, respectively, and
trust investments
7,270,261
6,739,332
Cemetery property
2,177,777
2,129,404
Property and equipment, net
2,679,206
2,581,069
Goodwill
2,146,617
2,081,015
Deferred charges and other assets, net of reserves of $2,389 and $2,367,
respectively
1,293,808
1,317,256
Cemetery perpetual care trust investments
2,374,391
2,154,032
Total assets
$ 18,361,776
$ 17,379,438
LIABILITIES & EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 684,873
$ 639,989
Current maturities of long-term debt
67,284
83,850
Total current liabilities
752,157
723,839
Long-term debt
4,962,355
4,751,448
Deferred revenue, net
1,776,500
1,755,170
Deferred tax liability
680,428
649,195
Other liabilities
541,343
513,480
Deferred receipts held in trust
5,717,725
5,162,525
Care trusts' corpus
2,363,984
2,145,112
Equity:
Common stock, $1 per share par value, 500,000,000 shares authorized,
147,334,081 and 146,668,589 shares issued, respectively, and 140,246,179 and
144,694,887 shares outstanding, respectively
140,246
144,695
Capital in excess of par value
980,594
986,830
Retained earnings
440,061
553,701
Accumulated other comprehensive gain (loss)
5,771
(7,221)
Total common stockholders' equity
1,566,672
1,678,005
Noncontrolling interests
612
664
Total equity
1,567,284
1,678,669
Total liabilities and equity
$ 18,361,776
$ 17,379,438
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in thousands)
Nine months ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$ 383,373
$ 367,355
Loss on early extinguishment of debt
—
25
Depreciation and amortization
163,462
153,932
Amortization of intangibles
12,353
12,759
Amortization of cemetery property
73,785
70,431
Amortization of loan costs
6,605
5,365
Provision for expected credit losses
7,394
9,693
Provision for deferred income taxes
32,310
15,243
Gains on divestitures and impairment charges, net
(8,618)
(4,755)
Share-based compensation
13,624
13,662
Change in assets and liabilities, net of effects from acquisitions and divestitures:
(Increase) decrease in receivables
(2,487)
11,366
(Increase) decrease in other assets
(18,115)
12,464
Increase in payables and other liabilities
26,006
19,148
Effect of preneed sales production and maturities:
Increase in preneed receivables, net and trust investments
(34,056)
(139,876)
Increase in deferred revenue, net
29,994
83,331
Increase in deferred receipts held in trust
44,230
50,652
Net cash provided by operating activities
729,860
680,795
Cash flows from investing activities:
Capital expenditures
(262,818)
(267,485)
Business acquisitions, net of cash acquired
(65,098)
(161,865)
Real estate acquisitions
(6,610)
(53,329)
Corporate headquarters
(44,942)
(9,352)
Proceeds from divestitures and sales of property and equipment
28,267
21,632
Payments for Company-owned life insurance policies
(216)
(3,009)
Proceeds from Company-owned life insurance policies and other
11,433
2,673
Other investing activities
(1,435)
(13,864)
Net cash used in investing activities
(341,419)
(484,599)
Cash flows from financing activities:
Proceeds from issuance of long-term debt
655,011
1,336,137
Debt issuance costs
—
(15,246)
Scheduled payments of debt
(19,117)
(18,421)
Early payments and extinguishment of debt
(490,000)
(1,210,024)
Proceeds from corporate headquarters debt facility
33,533
—
Principal payments on finance leases
(28,590)
(27,524)
Proceeds from exercise of stock options
20,904
42,898
Purchase of Company common stock
(402,093)
(197,511)
Payments of dividends
(135,977)
(130,811)
Bank overdrafts and other
(2,548)
(10,253)
Net cash used in financing activities
(368,877)
(230,755)
Effect of foreign currency
3,522
(1,566)
Net increase (decrease) in cash, cash equivalents, and restricted cash
23,086
(36,125)
Cash, cash equivalents, and restricted cash at beginning of period
221,399
224,761
Cash, cash equivalents, and restricted cash at end of period
$ 244,485
$ 188,636
Consolidated Segment Results
(See definitions of revenue line items later in this appendix.)
(Dollars in millions, except funeral services
performed and average revenue per service)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Consolidated funeral:
Atneed revenue
$ 285.0
$ 289.1
$ 910.2
$ 887.8
Matured preneed revenue
183.3
173.8
572.7
542.5
Core revenue
468.3
462.9
1,482.9
1,430.3
Non-funeral home revenue
26.2
23.2
79.5
69.8
Non-funeral home preneed sales revenue
22.5
26.9
71.2
85.1
Core general agency and other revenue
57.1
53.0
171.3
151.3
Total revenue
$ 574.1
$ 566.0
$ 1,804.9
$ 1,736.5
Gross profit
$ 99.6
$ 107.9
$ 369.6
$ 340.2
Gross profit percentage
17.3 %
19.1 %
20.5 %
19.6 %
Funeral services performed
84,636
85,743
269,504
266,140
Average revenue per service
$ 5,843
$ 5,669
$ 5,797
$ 5,637
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Consolidated cemetery:
Atneed property revenue
$ 35.9
$ 34.7
$ 110.1
$ 105.0
Atneed merchandise and service revenue
71.6
72.3
220.7
219.4
Total atneed revenue
107.5
107.0
330.8
324.4
Recognized preneed property revenue
228.6
203.4
637.7
628.2
Recognized preneed merchandise and service
revenue
109.9
103.6
314.3
301.8
Total recognized preneed revenue
338.5
307.0
952.0
930.0
Core revenue
446.0
414.0
1,282.8
1,254.4
Other cemetery revenue
38.0
34.0
110.0
102.5
Total revenue
$ 484.0
$ 448.0
$ 1,392.8
$ 1,356.9
Gross profit
$ 165.9
$ 144.8
$ 458.8
$ 444.6
Gross profit percentage
34.3 %
32.3 %
32.9 %
32.8 %
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended September 30, 2025 and 2024. We consider comparable funeral operations to be those businesses owned for the entire period beginning January 1, 2024 and ending September 30, 2025.
(Dollars in millions, except average revenue per service and average
revenue per contract sold)
Three months ended September 30,
2025
2024
Var
%
Comparable funeral revenue:
Atneed revenue (1)
$ 274.7
$ 284.9
$ (10.2)
(3.6) %
Matured preneed revenue (2)
179.5
172.6
6.9
4.0 %
Core revenue (3)
454.2
457.5
(3.3)
(0.7) %
Non-funeral home revenue (4)
26.0
23.1
2.9
12.6 %
Non-funeral home preneed sales revenue (5)
22.3
26.9
(4.6)
(17.1) %
Core general agency and other revenue (6)
56.0
52.9
3.1
5.9 %
Total comparable revenue
$ 558.5
$ 560.4
$ (1.9)
(0.3) %
Comparable gross profit
$ 98.0
$ 107.5
$ (9.5)
(8.8) %
Comparable gross profit percentage
17.5 %
19.2 %
(1.7) %
Comparable funeral services performed:
Atneed
42,455
45,193
(2,738)
(6.1) %
Matured preneed
25,467
25,214
253
1.0 %
Total core
67,922
70,407
(2,485)
(3.5) %
Non-funeral home
14,135
14,238
(103)
(0.7) %
Total comparable funeral services performed
82,057
84,645
(2,588)
(3.1) %
Comparable core cremation rate
57.3 %
56.8 %
0.5 %
Total comparable cremation rate (7)
64.4 %
63.9 %
0.5 %
Comparable funeral average revenue per service:
Atneed
$ 6,470
$ 6,304
$ 166
2.6 %
Matured preneed
7,048
6,845
203
3.0 %
Total core
6,687
6,498
189
2.9 %
Non-funeral home
1,839
1,622
217
13.4 %
Total comparable average revenue per service
$ 5,852
$ 5,678
$ 174
3.1 %
Comparable funeral preneed sales production:
Total preneed sales
$ 300.2
$ 294.5
$ 5.7
1.9 %
Core contracts sold
36,224
34,745
1,479
4.3 %
Non-funeral home contracts sold
18,400
23,339
(4,939)
(21.2) %
Core average revenue per contract sold
$ 6,712
$ 6,437
$ 275
4.3 %
Non-funeral home average revenue per contract sold
$ 3,101
$ 3,035
$ 66
2.2 %
(1)
Atneed revenue represents merchandise and services sold and delivered or performed once death has occurred.
(2)
Matured preneed revenue represents merchandise and services sold on a preneed contract through our core funeral homes, which have been delivered or performed as well as the related merchandise and service trust fund income and other insurance benefits.
(3)
Core revenue represents the sum of merchandise and services sold on an atneed contract or preneed contract, which were delivered or performed once death has occurred through our core funeral homes.
(4)
Non-funeral home revenue represents services sold on a preneed or atneed contract through one of our non-funeral home sales channels (e.g. SCI Direct) and performed once death has occurred.
(5)
Non-funeral home preneed sales revenue represents travel protection, net and merchandise sold on a preneed contract that is delivered before death has occurred and general agency revenue from our non-funeral home sales channel.
(6)
Core general agency and other revenue primarily comprises core general agency revenue, which is commissions we receive from third-party insurance companies for life insurance policies sold to preneed customers for the purpose of funding preneed arrangements and core travel protection preneed sales, net.
(7)
Total comparable cremation rate includes the impact of cremation services through our non-funeral sales channel (e.g. SCI Direct).
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended September 30, 2025 and 2024. We consider comparable cemetery operations to be those businesses owned for the entire period beginning January 1, 2024 and ending September 30, 2025.
(Dollars in millions)
Three months ended September 30,
2025
2024
Var
%
Comparable cemetery revenue:
Atneed property revenue
$ 35.7
$ 34.6
$ 1.1
3.2 %
Atneed merchandise and service revenue
71.2
72.1
(0.9)
(1.2) %
Total atneed revenue (1)
106.9
106.7
0.2
0.2 %
Recognized preneed property revenue
224.6
203.3
21.3
10.5 %
Recognized preneed merchandise and service revenue
109.5
103.5
6.0
5.8 %
Total recognized preneed revenue (2)
334.1
306.8
27.3
8.9 %
Core revenue (3)
441.0
413.5
27.5
6.7 %
Other revenue (4)
37.6
34.1
3.5
10.3 %
Total comparable revenue
$ 478.6
$ 447.6
$ 31.0
6.9 %
Comparable gross profit
$ 162.8
$ 144.8
$ 18.0
12.4 %
Comparable gross profit percentage
34.0 %
32.4 %
1.6 %
Comparable cemetery preneed and atneed sales production:
Property
$ 250.8
$ 233.2
$ 17.6
7.5 %
Merchandise and services
203.3
187.3
16.0
8.5 %
Discounts and other
(4.3)
—
(4.3)
— %
Preneed and atneed sales production
$ 449.8
$ 420.5
$ 29.3
7.0 %
Preneed sales production
$ 345.6
$ 315.3
$ 30.3
9.6 %
Recognition rate (5)
98.0 %
98.3 %
(1)
Atneed revenue represents property, merchandise, and services sold and delivered or performed once death has occurred.
(2)
Recognized preneed revenue represents property, merchandise, and services sold on a preneed contract, which were delivered or performed as well as the related merchandise and service trust fund income.
(3)
Core revenue represents the sum of property, merchandise, and services that have been delivered or performed as well as the related merchandise and service trust fund income.
(4)
Other revenue is primarily related to endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts.
(5)
Represents the ratio of current period core revenue stated as a percentage of current period preneed and atneed sales production.
Other Financial Results
Cash Flow and Capital Spending
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Net cash provided by operating activities
$ 252.3
$ 263.8
$ 729.9
$ 680.8
Legal settlement payments
—
5.2
0.4
28.2
Restructuring charge payments
15.6
—
21.5
—
Net cash provided by operating activities excluding
special items
$ 267.9
$ 269.0
$ 751.8
$ 709.0
Cash taxes included in net cash provided by
operating activities excluding special items
$ 15.1
$ 4.0
$ 114.3
$ 15.8
Net cash provided by operating activities was $252.3 million in the current quarter of 2025 compared to $263.8 million in the prior year quarter. The current year was unfavorably impacted by restructuring charge payments primarily associated with retired executives. The prior year was unfavorably impacted by legal settlement payments. Excluding these special items and an expected increase in cash taxes paid of $11.1 million, net cash provided by operating activities excluding special items increased $10.0 million to $283.0 million. The increase is attributable to $14.0 million higher operating income and $12.5 million lower cash interest offset by $16.5 million of other working capital uses.
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
Capital improvements at existing field locations
$ 34.9
$ 37.0
$ 84.7
$ 91.4
Development of cemetery property
45.0
43.8
121.1
122.4
Digital investments and corporate
6.1
3.2
16.0
22.7
Total maintenance, cemetery development, and
other capital expenditures (Maintenance capital
expenditures)
$ 86.0
$ 84.0
$ 221.8
$ 236.5
Growth capital expenditures/construction of new
funeral service locations
15.6
12.5
41.0
31.0
Total capital expenditures
$ 101.6
$ 96.5
$ 262.8
$ 267.5
Total capital expenditures increased in the current quarter by $5.1 million, primarily due to growth capital expenditures for construction of new funeral service locations.
Trust Fund Returns
Total trust fund returns include realized and unrealized gains and losses and dividends and are shown gross without netting of certain fees. A summary of our consolidated trust fund returns as of September 30, 2025 is set forth below:
Three Months
Nine Months
Preneed funeral
4.7 %
12.7 %
Preneed cemetery
5.0 %
13.4 %
Cemetery perpetual care
4.7 %
12.7 %
Combined trust funds
4.8 %
13.0 %
Non-GAAP Financial Measures
Earnings excluding special items and diluted earnings per share excluding special items shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and years, and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings excluding special items and our GAAP diluted earnings per share to diluted earnings per share excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(Dollars in millions, except diluted EPS)
Three months ended September 30,
2025
2024
Net
Income
Diluted
EPS
Net
Income
Diluted
EPS
Net income attributable to common stockholders, as reported
$ 117.5
$ 0.83
$ 117.8
$ 0.81
Pre-tax reconciling items:
Losses (gains) on divestitures and impairment charges, net
0.4
—
(3.5)
(0.02)
Restructuring charge
0.4
—
—
—
Tax reconciling items:
Tax effect from significant items
(0.1)
0.01
1.1
—
Change in non-recurring tax items
4.5
0.03
(0.1)
—
Earnings excluding special items and diluted earnings per share excluding special items
$ 122.7
$ 0.87
$ 115.3
$ 0.79
Diluted weighted average shares outstanding
141.4
146.2
(Dollars in millions, except diluted EPS)
Nine months ended September 30,
2025
2024
Net
Income
Diluted
EPS
Net
Income
Diluted
EPS
Net income attributable to common stockholders, as reported
$ 383.2
$ 2.68
$ 367.3
$ 2.50
Pre-tax reconciling items:
Gains on divestitures and impairment charges, net
(8.6)
(0.06)
(4.8)
(0.03)
Legal settlement
6.4
0.04
—
—
Restructuring charge
2.0
0.01
—
—
Tax reconciling items:
Tax effect from significant items
0.3
0.01
1.6
—
Change in non-recurring tax items
4.5
0.03
(1.0)
—
Earnings excluding special items and diluted earnings per share excluding special items
$ 387.8
$ 2.71
$ 363.1
$ 2.47
Diluted weighted average shares outstanding
143.2
147.0
SOURCE Service Corporation International