Capstone Holding Corp. reported pro forma year-to-date revenue of $41.2 million for the third quarter of 2025, an increase of 19% compared to the previous year. Pro forma adjusted EBITDA rose 46%, and gross profit increased 34%, reflecting growth from the Carolina Stone acquisition and organic expansion. The company announced two acquisitions in the second half of the year, expected to contribute $26 million in annualized revenue. Capstone anticipates closing its second acquisition, a multi-location stone distributor with $15 million in annual revenue, before December 15. The company maintains an active M&A pipeline and targets a $100 million revenue run-rate by early 2026.
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