Carlisle Q3 2026 adjusted EBITDA margin falls to 23.8%
Carlisle expects high-single-digit fourth-quarter revenue growth with a flat adjusted EBITDA margin, without assuming a near-term new-construction recovery.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Carlisle Companies Incorporated (CSL) reported third-quarter 2026 revenue of $1,463.4 million, up 9% year over year. Diluted EPS was $5.22, up 5%, and adjusted EPS was $5.92, up 6%. Adjusted EBITDA was $348.1 million versus $348.7 million, while adjusted EBITDA margin fell to 23.8% from 25.9% as petroleum-derived raw material and freight costs rose faster than pricing. CWT revenue rose 9% to $378.5 million and adjusted EBITDA rose 13% to $68.3 million; CCM revenue rose 8% to $1,084.9 million and its adjusted EBITDA margin fell 200 basis points to 28.2%.
For the nine months ended September 30, 2026, operating cash flow was $511.2 million versus $715.8 million, and free cash flow from continuing operations was $406.9 million versus $620.3 million. Carlisle repurchased $350 million of shares in the quarter and $850 million over nine months; it raised its quarterly dividend 14%, its 50th consecutive annual increase, and remained on track for its $1.2 billion 2026 share repurchase target. Carlisle expects high-single-digit fourth-quarter revenue growth and a flat adjusted EBITDA margin, without assuming a near-term recovery in new construction.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue grew 9% to $1,463.4 million.
- Moderate pointAdjusted EPS rose 6% to $5.92 in Q3.
- Minor pointQuarterly dividend rose 14%, marking 50 consecutive annual increases.
Negative
- Moderate pointNine-month operating cash flow fell to $511.2 million from $715.8 million.
- Moderate pointAdjusted EBITDA margin declined 210 basis points year over year.
Filing Explained
At
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $1,463.4 million; up 9% year over year
Diluted EPS: $5.22; up 5% year over year
Adjusted EPS: $5.92; up 6% year over year
+5 more
8 metrics
Revenue
$1,463.4 million; up 9% year over year
Third quarter 2026
Diluted EPS
$5.22; up 5% year over year
Third quarter 2026
Adjusted EPS
$5.92; up 6% year over year
Third quarter 2026
Adjusted EBITDA
$348.1 million
Third quarter 2026; $348.7 million in third quarter 2025
Adjusted EBITDA margin
23.8%
Third quarter 2026; down 210 basis points from 25.9% a year earlier
Operating cash flow
$511.2 million
Nine months ended September 30, 2026; $715.8 million in the prior-year period
Free cash flow from continuing operations
$406.9 million
Nine months ended September 30, 2026; $620.3 million in the prior-year period
Quarterly dividend increase
14%
50th consecutive annual increase
Key Terms
Adjusted EBITDA margin, Organic revenue, Free cash flow, Price realization
4 terms
Adjusted EBITDA margin financial
"adjusted EBITDA margin (defined as adjusted EBITDA divided by total revenues)"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
Organic revenue financial
"Organic revenue (defined as revenues excluding revenue from acquisitions)"
Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.
Free cash flow financial
"Free cash flow (defined as net cash provided by operating activities less capital expenditures)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Price realization financial
"Price realization continued to build through the quarter"
Price realization measures the amount of money a company actually collects per unit sold compared with its stated or list price, after discounts, promotions, rebates and mix effects. Think of it like a store’s sticker price versus what customers actually pay; it shows how much of the intended price a business keeps and therefore affects reported revenue, gross margin and the quality of sales.
Earnings Snapshot
Revenue: $1,463.4 million · Guidance included
Third quarter 2026
Revenue
$1,463.4 million
9% year over year
Diluted EPS
$5.22
5% year over year
Adjusted EPS
$5.92
6% year over year
Adjusted EBITDA margin
23.8%
Down 210 basis points year over year
Guidance
Fourth-quarter consolidated revenue up high-single-digit percentage year over year; consolidated adjusted EBITDA margin flat year over year.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CSL's third-quarter 2026 revenue and earnings?
Carlisle reported revenue of $1,463.4 million, up 9% year over year. Diluted EPS was $5.22, and adjusted EPS was $5.92, up 6% year over year.
What is Carlisle's fourth-quarter 2026 outlook?
Carlisle expects consolidated revenue, CCM revenue, and CWT revenue to increase by a high-single-digit percentage year over year, with consolidated adjusted EBITDA margin flat year over year. The outlook does not assume a near-term recovery in new construction markets.
How much did CSL increase its quarterly dividend?
Carlisle increased its quarterly dividend by 14%, marking its 50th consecutive annual dividend increase.
How much cash and credit availability did Carlisle report?
As of September 30, 2026, Carlisle had $546.7 million in cash and cash equivalents and $1.0 billion available under its revolving credit facility.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 8-K
_____________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
_____________________________________________________
Date of Report (Date of earliest event reported): 10/28/2026
www.carlisle.com
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2026, Carlisle Companies Incorporated (the “Company”) issued a press release regarding the Company’s financial results for the third quarter ended September 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Exhibit Title | |||||||
99.1 | Press release of Carlisle Companies Incorporated dated October 28, 2026. | |||||||
| 104 | Cover page interactive data file (embedded within the inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARLISLE COMPANIES INCORPORATED | |||||||||||
| Date: | October 28, 2026 | By: | /s/ Kevin P. Zdimal | ||||||||
| Kevin P. Zdimal | |||||||||||
| Vice President and Chief Financial Officer | |||||||||||
Exhibit 99.1
| PRESS RELEASE |  | ||||
10/28/26
Carlisle Companies Reports Third Quarter Results
SCOTTSDALE, ARIZONA, October 28, 2026 - Carlisle Companies Incorporated (NYSE:CSL) today announced its third quarter 2026 financial results.
•Revenue of $1.5 billion, up 9% year-over-year
•Diluted EPS of $5.22 and record third quarter adj. EPS of $5.92, up 6% year-over-year
•Operating margin of 20.0% and adj. EBITDA margin of 23.8%
•Increased quarterly dividend 14%, Carlisle’s 50th consecutive annual increase
•Fourth quarter outlook of high-single-digit revenue growth with flat adj. EBITDA margin YoY
Comments from Chris Koch, Chair, President and Chief Executive Officer
"Carlisle delivered record third quarter adjusted EPS of $5.92, up 6% year-over-year, on 9% revenue growth to $1.5 billion. Both CCM and CWT again grew faster than their underlying markets, a direct result of our Vision 2030 strategic initiatives, the strength of our resilient business model, and the superior Carlisle Experience we deliver to contractors, distributors, and building owners. Even as petroleum-derived input and freight costs rose sharply, our teams grew volume, built price realization, and delivered solid results.
"CCM grew revenue 8%, driven by strong volume from our strategic initiatives, including growing traction in data centers, together with solid re-roofing demand and price realization. Re-roofing has grown steadily since we launched Vision 2030, supported by an aging building stock and the non-discretionary nature of roof replacement. CCM operating income was $281 million and adjusted EBITDA increased 1% to $306 million, driven by higher volumes, Carlisle Operating System productivity gains, and disciplined cost management. At CWT, share gains drove 9% revenue growth despite continued softness in new construction. CWT operating income increased 31% to $39 million, and adjusted EBITDA grew 13% with 60 basis points of margin expansion, reflecting our investments in automation, manufacturing consolidation, and in-house expanded polystyrene resin capacity. We also continued to advance our innovation pipeline, with nine of the twelve new products planned for this year now in the market.
"Price realization continued to build through the quarter, supported by the freight surcharges and broad-based price increases implemented across CCM and CWT. Customers have continued to choose Carlisle as these actions have taken hold, and we have not seen a material change in demand. Renewed escalation of the conflict in the Middle East drove petroleum-derived raw material, diesel, and freight costs higher, well above what we anticipated in our July outlook. As in prior inflationary cycles, pricing lags cost, which drove the year-over-year decline in adjusted EBITDA margin. We view this as a timing issue, not a structural one. We expect the benefit of our pricing actions to keep building through the fourth quarter and into 2027, and margin expansion to resume as raw material costs normalize.
"Our strong cash generation continues to support our balanced and disciplined approach to capital allocation. During the quarter, we repurchased $350 million of shares. We also increased our quarterly dividend by 14%, marking our 50th consecutive annual dividend increase and earning Carlisle the distinction of a ‘Dividend King.’ This milestone reflects the durability of our business model and our long-standing commitment to returning capital to shareholders. Our balance sheet remains strong, and we remain on track with our $1.2 billion share repurchase target for 2026. Our M&A framework remains unchanged, focused on disciplined, synergistic building envelope acquisitions that enhance our systems offering, increase content per square foot, and meet our strict returns criteria.
"For the fourth quarter, we expect high-single-digit revenue growth with flat adjusted EBITDA margin, as the benefits of our pricing actions continue to build. Our outlook does not assume a near-term recovery in new construction markets. With the strength of our imperative business model, resilient re-roofing demand, and our leadership position in North America, we remain committed to advancing Vision 2030 through organic growth, synergistic acquisitions, margin expansion, and increased free cash flow, and we remain confident in our path to $40 of adjusted EPS and 25%-plus ROIC."
Third Quarter 2026 Financial Summary
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2026 | 2025 | Change % | 2026 | 2025 | Change % | ||||||||||||||||||||||||||||||||
| Revenues | $ | 1,463.4 | $ | 1,346.9 | 9 | % | $ | 4,085.8 | $ | 3,892.2 | 5 | % | ||||||||||||||||||||||||||
| Operating income | 293.2 | 293.9 | — | % | 826.0 | 812.5 | 2 | % | ||||||||||||||||||||||||||||||
| Operating margin | 20.0 | % | 21.8 | % | -180 bps | 20.2 | % | 20.9 | % | -70 bps | ||||||||||||||||||||||||||||
| Income from continuing operations | 207.4 | 213.5 | (3) | % | 592.8 | 609.1 | (3) | % | ||||||||||||||||||||||||||||||
| Diluted EPS | 5.22 | 4.97 | 5 | % | 14.65 | 13.94 | 5 | % | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | 348.1 | 348.7 | — | % | 994.7 | 976.4 | 2 | % | ||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 23.8 | % | 25.9 | % | -210 bps | 24.3 | % | 25.1 | % | -80 bps | ||||||||||||||||||||||||||||
| Adjusted EPS | 5.92 | 5.61 | 6 | % | 16.55 | 15.47 | 7 | % | ||||||||||||||||||||||||||||||
Third Quarter 2026 Segment Highlights
Carlisle Construction Materials ("CCM")
•CCM revenue increased 8% (9% organic) to $1.1 billion, reflecting strong volume growth from our strategic initiatives, pricing realization, and solid re-roofing demand, tempered by soft commercial new construction activity.
•CCM operating income was $281 million, and adjusted EBITDA increased 1% to $306 million, reflecting an adjusted EBITDA margin of 28.2%, down 200 basis points year-over-year. The margin decline reflects raw material and freight cost inflation that outpaced pricing realization in the quarter, partially offset by the benefits of higher volumes, Carlisle Operating System productivity gains, and cost controls.
Carlisle Weatherproofing Technologies ("CWT")
•CWT revenue increased 9% (10% organic) to $379 million, as share gains and weather conditions that drove demand for roof coatings outweighed continued weakness in residential and non-residential new construction.
•CWT operating income increased 31% to $39 million, and adjusted EBITDA increased 13% to $68 million, reflecting an adjusted EBITDA margin of 18.0%, up 60 basis points year-over-year. Savings from automation, a consolidated manufacturing footprint, and added in-house expanded polystyrene resin capacity, along with higher volumes, more than offset raw material and freight cost inflation that outpaced pricing realization.
Cash Flow
•For the nine months ended September 30, 2026, cash provided by operating activities was $511 million, and free cash flow from continuing operations was $407 million.
•During the nine months ended September 30, 2026, we invested $107 million in capital expenditures. We also returned $990 million to shareholders through $850 million of share repurchases and $140 million of dividends.
•As of September 30, 2026, we had $547 million in cash and cash equivalents and $1.0 billion available under our revolving credit facility.
2026 Fourth Quarter Outlook
•Consolidated fourth quarter revenues up high-single-digit percentage year-over-year
◦CCM fourth quarter revenues up high-single-digit percentage year-over-year
◦CWT fourth quarter revenues up high-single-digit percentage year-over-year
•Consolidated fourth quarter adjusted EBITDA margin flat year-over-year
Conference Call and Webcast
Carlisle will discuss third quarter 2026 results on a conference call at 5:00 p.m. ET today. The call can be accessed via webcast, along with related materials, at www.carlisle.com/investors/events-and-presentations and via the public webcast link below:
https://events.q4inc.com/attendee/173987325
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about our expectations, plans, objectives, future financial performance and other matters that are not historical facts. You can identify these forward-looking statements by our use of words such as "anticipate," "believe," "continues," "estimate," "expect," "forecast," "foresee," "intends," "may," "plans," "project," "pursue," "should," "will" and similar expressions. We cannot guarantee that any forward-looking statement will be realized, although we believe that we have been prudent in our plans, estimates and assumptions. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties and to assumptions that may prove to be inaccurate. It is possible that our future performance may differ materially from current expectations expressed in, or implied by, these forward-looking statements due to a variety of factors, including:
•increasing price and product/service competition by foreign and domestic competitors, including new entrants;
•significant reliance on our key customers;
•damage to, or prolonged disruption of, our manufacturing facilities;
•technological developments and changes;
•the ability to continue to introduce competitive new products and services on a timely, cost-effective basis;
•our mix of products/services;
•increases in raw material, energy, and freight costs that cannot be recovered in product pricing;
•domestic and foreign governmental and public policy changes including environmental and industry regulations;
•the ability of our customers to maintain appropriate labor levels under U.S. immigration laws, policies and practices;
•the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments;
•threats associated with, and efforts to combat, terrorism;
•protection and validity of patent and other intellectual property rights;
•the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions;
•the cyclical nature of our businesses;
•the impact of information technology, cybersecurity, artificial intelligence or data security breaches at our businesses or third parties;
•the outcome of pending and future litigation, including product liability claims, and governmental proceedings;
•general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation, interest rate and currency exchange rate fluctuations, and tariffs;
•any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East; and
•the other factors discussed in the reports we file with, or furnish to, the Securities and Exchange Commission from time to time.
Any forward-looking statement speaks only as of the date on which that statement is made, and we undertake no duty to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which that statement is made, unless otherwise required by law. New factors emerge from time to time, and it is not possible for us to predict all of those factors, nor can we assess the impact of each of those factors on the business.
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). This press release also contains certain financial measures such as adjusted EPS, adjusted net income, EBIT, adjusted EBIT, adjusted EBITDA, adjusted EBITDA margin, organic revenue, and free cash flow that are not recognized under GAAP. Management believes that adjusted EPS, adjusted net income, EBIT, adjusted EBIT, adjusted EBITDA, adjusted EBITDA margin, and organic revenue are useful to investors because they allow for comparison to Carlisle’s and its segments' performance in prior periods without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Management believes free cash flow is useful to investors as an additional way of viewing Carlisle's liquidity and provides a more complete understanding of factors and trends affecting Carlisle's cash flows. As a result, management believes that these measures enhance the ability of investors to analyze trends in Carlisle’s businesses and evaluate Carlisle’s performance relative to similarly-situated companies. Reconciliations of these measures to amounts reported in Carlisle's consolidated financial statements are in the supplemental schedules of this press release. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Carlisle is not providing reconciliations for forward-looking non-GAAP financial measures because Carlisle does not provide GAAP financial measures on a forward-looking basis as Carlisle is unable to predict with reasonable certainty the ultimate outcome of adjusted items without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Carlisle's financial results computed in accordance with GAAP.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT") – and family of leading brands, Carlisle delivers innovative, labor reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System ("COS"), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050.
*EPS referenced in this release is from continuing operations unless otherwise noted.
| CONTACT: | Mehul Patel | ||||
| Vice President, Investor Relations | |||||
| (310) 592-9668 | |||||
| mpatel@carlisle.com | |||||
Carlisle Companies Incorporated
Unaudited Consolidated Statements of Income
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues | $ | 1,463.4 | $ | 1,346.9 | $ | 4,085.8 | $ | 3,892.2 | ||||||||||||||||||
| Cost of goods sold | 968.5 | 861.7 | 2,659.3 | 2,480.2 | ||||||||||||||||||||||
| Selling and administrative expenses | 186.1 | 177.9 | 557.2 | 568.8 | ||||||||||||||||||||||
| Research and development expenses | 11.9 | 12.4 | 35.4 | 34.2 | ||||||||||||||||||||||
| Other operating expense (income), net | 3.7 | 1.0 | 7.9 | (3.5) | ||||||||||||||||||||||
| Operating income | 293.2 | 293.9 | 826.0 | 812.5 | ||||||||||||||||||||||
| Interest expense | 27.7 | 21.3 | 83.4 | 50.8 | ||||||||||||||||||||||
| Interest income | (6.1) | (6.8) | (21.6) | (14.6) | ||||||||||||||||||||||
| Other non-operating expense (income), net | 1.7 | 1.6 | (2.6) | (0.1) | ||||||||||||||||||||||
| Income from continuing operations before income taxes | 269.9 | 277.8 | 766.8 | 776.4 | ||||||||||||||||||||||
| Provision for income taxes | 62.5 | 64.3 | 174.0 | 167.3 | ||||||||||||||||||||||
| Income from continuing operations | 207.4 | 213.5 | 592.8 | 609.1 | ||||||||||||||||||||||
| Income (loss) from discontinued operations | 0.7 | 0.7 | (1.8) | 4.2 | ||||||||||||||||||||||
| Net income | $ | 208.1 | $ | 214.2 | $ | 591.0 | $ | 613.3 | ||||||||||||||||||
| Basic earnings per share attributable to common shares: | ||||||||||||||||||||||||||
| Income from continuing operations | $ | 5.25 | $ | 5.01 | $ | 14.74 | $ | 14.07 | ||||||||||||||||||
| Income (loss) from discontinued operations | 0.02 | 0.01 | (0.05) | 0.09 | ||||||||||||||||||||||
| Basic earnings per share | $ | 5.27 | $ | 5.02 | $ | 14.69 | $ | 14.16 | ||||||||||||||||||
| Diluted earnings per share attributable to common shares: | ||||||||||||||||||||||||||
| Income from continuing operations | $ | 5.22 | $ | 4.97 | $ | 14.65 | $ | 13.94 | ||||||||||||||||||
| Income (loss) from discontinued operations | 0.02 | 0.01 | (0.05) | 0.09 | ||||||||||||||||||||||
| Diluted earnings per share | $ | 5.24 | $ | 4.98 | $ | 14.60 | $ | 14.03 | ||||||||||||||||||
| Average shares outstanding: | ||||||||||||||||||||||||||
| Basic | 39.4 | 42.5 | 40.2 | 43.2 | ||||||||||||||||||||||
| Diluted | 39.6 | 42.9 | 40.4 | 43.6 | ||||||||||||||||||||||
| Dividends declared and paid per share | $ | 1.25 | $ | 1.10 | $ | 3.45 | $ | 3.10 | ||||||||||||||||||
Carlisle Companies Incorporated
Unaudited Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||||||||||||||
| (in millions) | 2026 | 2025 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 511.2 | $ | 715.8 | ||||||||||
| Investing activities: | ||||||||||||||
| Acquisitions, net of cash acquired | — | (108.1) | ||||||||||||
| Capital expenditures | (106.8) | (91.3) | ||||||||||||
| Other investing activities, net | 0.6 | — | ||||||||||||
| Net cash provided by (used in) investing activities | (106.2) | (199.4) | ||||||||||||
| Financing activities: | ||||||||||||||
| Proceeds from notes | — | 987.8 | ||||||||||||
| Repurchases of common stock | (850.0) | (1,000.0) | ||||||||||||
| Dividends paid | (139.6) | (135.3) | ||||||||||||
| Proceeds from exercise of stock options | 47.5 | 14.8 | ||||||||||||
| Withholding tax paid related to stock-based compensation | (11.9) | (13.5) | ||||||||||||
| Other financing activities, net | (16.1) | (19.2) | ||||||||||||
| Net cash provided by (used in) financing activities | (970.1) | (165.4) | ||||||||||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (0.3) | 0.5 | ||||||||||||
| Change in cash and cash equivalents | (565.4) | 351.5 | ||||||||||||
| Cash and cash equivalents at beginning of period | 1,112.1 | 753.5 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 546.7 | $ | 1,105.0 | ||||||||||
Carlisle Companies Incorporated
Unaudited Selected Consolidated Balance Sheet Data
| (in millions) | September 30, 2026 | December 31, 2025 | ||||||||||||
| Cash and cash equivalents | $ | 546.7 | $ | 1,112.1 | ||||||||||
| Long-term debt, including current portion | 2,892.7 | 2,886.4 | ||||||||||||
| Total stockholders' equity | 1,438.3 | 1,795.4 | ||||||||||||
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Organic Revenue
Organic revenue (defined as revenues excluding revenue from acquisitions completed within the last 12 months and the impact of changes in foreign exchange rates versus the U.S. Dollar) is intended to provide investors and others with information about Carlisle's and its segments' recurring operating performance. This information differs from revenue determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's and its segments' organic revenue follows, which may not be comparable to similarly titled measures reported by other companies.
| Three Months Ended September 30, | |||||||||||||||||||||||||||||
| (in millions, except percentages) | CSL | CCM | CWT | ||||||||||||||||||||||||||
2025 Revenues (GAAP) | $ | 1,346.9 | $ | 1,000.8 | $ | 346.1 | |||||||||||||||||||||||
| Organic | 118.6 | 8.8 | % | 85.5 | 8.5 | % | 33.1 | 9.6 | % | ||||||||||||||||||||
| FX impact | (2.1) | (0.2) | % | (1.4) | (0.1) | % | (0.7) | (0.2) | % | ||||||||||||||||||||
| Total change | 116.5 | 8.6 | % | 84.1 | 8.4 | % | 32.4 | 9.4 | % | ||||||||||||||||||||
2026 Revenues (GAAP) | $ | 1,463.4 | $ | 1,084.9 | $ | 378.5 | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||
| (in millions, except percentages) | CSL | CCM | CWT | ||||||||||||||||||||||||||
2025 Revenues (GAAP) | $ | 3,892.2 | $ | 2,894.9 | $ | 997.3 | |||||||||||||||||||||||
| Organic | 178.0 | 4.6 | % | 123.9 | 4.3 | % | 54.1 | 5.4 | % | ||||||||||||||||||||
| Acquisitions | 8.5 | 0.2 | % | — | — | % | 8.5 | 0.9 | % | ||||||||||||||||||||
| FX impact | 7.1 | 0.2 | % | 5.5 | 0.2 | % | 1.6 | 0.1 | % | ||||||||||||||||||||
| Total change | 193.6 | 5.0 | % | 129.4 | 4.5 | % | 64.2 | 6.4 | % | ||||||||||||||||||||
2026 Revenues (GAAP) | $ | 4,085.8 | $ | 3,024.3 | $ | 1,061.5 | |||||||||||||||||||||||
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Free Cash Flow
Free cash flow (defined as net cash provided by operating activities less capital expenditures) is intended to provide investors and others with information about Carlisle's liquidity and provides a more complete understanding of factors and trends affecting Carlisle's cash flows. This information differs from operating cash flow determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's free cash flow follows, which may not be comparable to similarly titled measures reported by other companies.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities (GAAP) | $ | 314.1 | $ | 426.9 | $ | 511.2 | $ | 715.8 | ||||||||||||||||||
| Less: Operating cash flow from discontinued operations | — | 0.7 | (2.5) | 4.2 | ||||||||||||||||||||||
| Operating cash flow from (used in) continuing operations | 314.1 | 426.2 | 513.7 | 711.6 | ||||||||||||||||||||||
| Capital expenditures (GAAP) | (36.8) | (33.5) | (106.8) | (91.3) | ||||||||||||||||||||||
| Free cash flow from (used in) continuing operations | $ | 277.3 | $ | 392.7 | $ | 406.9 | $ | 620.3 | ||||||||||||||||||
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT") (defined as net income excluding income/loss from discontinued operations, interest expense, interest income, and provision for income taxes), adjusted EBIT (defined as EBIT excluding gains/losses and costs from acquisitions, dispositions, restructuring, impairment, casualty losses and insurance recoveries, legal settlements, pension settlements, and debt extinguishment), adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") (defined as adjusted EBIT excluding depreciation and amortization) and adjusted EBITDA margin (defined as adjusted EBITDA divided by total revenues) are intended to provide investors and others with information about Carlisle's and its segments' performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in Carlisle's businesses and evaluate Carlisle's performance relative to similarly-situated companies. This information differs from net income and operating income determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows, which may not be comparable to similarly titled measures reported by other companies.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in millions, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net income (GAAP) | $ | 208.1 | $ | 214.2 | $ | 591.0 | $ | 613.3 | ||||||||||||||||||
| Less: Income from discontinued operations (GAAP) | 0.7 | 0.7 | (1.8) | 4.2 | ||||||||||||||||||||||
| Income from continuing operations (GAAP) | 207.4 | 213.5 | 592.8 | 609.1 | ||||||||||||||||||||||
| Provision for income taxes | 62.5 | 64.3 | 174.0 | 167.3 | ||||||||||||||||||||||
| Interest expense | 27.7 | 21.3 | 83.4 | 50.8 | ||||||||||||||||||||||
| Interest income | (6.1) | (6.8) | (21.6) | (14.6) | ||||||||||||||||||||||
| EBIT | 291.5 | 292.3 | 828.6 | 812.6 | ||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||
| Acquisitions | 0.1 | 0.6 | 0.8 | 9.9 | ||||||||||||||||||||||
| Dispositions | — | — | — | (0.1) | ||||||||||||||||||||||
| Restructuring | 1.2 | 2.8 | 9.6 | 4.4 | ||||||||||||||||||||||
| Casualty losses and insurance recoveries | 3.8 | — | 4.4 | — | ||||||||||||||||||||||
| Legal settlements | 1.3 | 1.1 | 3.2 | 1.6 | ||||||||||||||||||||||
| Pension settlements | 1.4 | 2.1 | 1.4 | 1.5 | ||||||||||||||||||||||
| Total non-comparable items | 7.8 | 6.6 | 19.4 | 17.3 | ||||||||||||||||||||||
| Adjusted EBIT | 299.3 | 298.9 | 848.0 | 829.9 | ||||||||||||||||||||||
| Depreciation | 19.6 | 19.2 | 57.0 | 55.3 | ||||||||||||||||||||||
| Amortization | 29.2 | 30.6 | 89.7 | 91.2 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 348.1 | $ | 348.7 | $ | 994.7 | $ | 976.4 | ||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||
| Total revenues | $ | 1,463.4 | $ | 1,346.9 | $ | 4,085.8 | $ | 3,892.2 | ||||||||||||||||||
| Adjusted EBITDA margin | 23.8 | % | 25.9 | % | 24.3 | % | 25.1 | % | ||||||||||||||||||
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | CCM | CWT | Corporate | CCM | CWT | Corporate | ||||||||||||||||||||||||||||||||
| Operating income (loss) (GAAP) | $ | 280.5 | $ | 38.9 | $ | (26.2) | $ | 280.3 | $ | 29.6 | $ | (16.0) | ||||||||||||||||||||||||||
| Non-operating expense (income), net | — | 0.2 | 1.5 | 0.5 | 0.1 | 1.0 | ||||||||||||||||||||||||||||||||
| EBIT | 280.5 | 38.7 | (27.7) | 279.8 | 29.5 | (17.0) | ||||||||||||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | 0.1 | — | — | 0.7 | (0.1) | ||||||||||||||||||||||||||||||||
| Dispositions | — | — | — | 0.1 | (0.1) | — | ||||||||||||||||||||||||||||||||
| Restructuring | 0.8 | 0.4 | — | 0.1 | 2.7 | — | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | 1.9 | 1.9 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Legal settlements | — | 1.3 | — | — | 1.1 | — | ||||||||||||||||||||||||||||||||
| Pension settlements | — | — | 1.4 | — | — | 2.1 | ||||||||||||||||||||||||||||||||
| Total non-comparable items | 2.7 | 3.7 | 1.4 | 0.2 | 4.4 | 2.0 | ||||||||||||||||||||||||||||||||
| Adjusted EBIT | 283.2 | 42.4 | (26.3) | 280.0 | 33.9 | (15.0) | ||||||||||||||||||||||||||||||||
| Depreciation | 14.0 | 5.2 | 0.4 | 13.4 | 5.4 | 0.4 | ||||||||||||||||||||||||||||||||
| Amortization | 8.5 | 20.7 | — | 9.2 | 20.9 | 0.5 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 305.7 | $ | 68.3 | $ | (25.9) | $ | 302.6 | $ | 60.2 | $ | (14.1) | ||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,084.9 | $ | 378.5 | $ | — | $ | 1,000.8 | $ | 346.1 | $ | — | ||||||||||||||||||||||||||
| Adjusted EBITDA margin | 28.2 | % | 18.0 | % | NM | 30.2 | % | 17.4 | % | NM | ||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | CCM | CWT | Corporate | CCM | CWT | Corporate | ||||||||||||||||||||||||||||||||
| Operating income (loss) (GAAP) | $ | 802.6 | $ | 98.0 | $ | (74.6) | $ | 798.9 | $ | 88.3 | $ | (74.7) | ||||||||||||||||||||||||||
| Non-operating expense (income), net | 0.2 | (0.1) | (2.7) | — | 0.3 | (0.4) | ||||||||||||||||||||||||||||||||
| EBIT | 802.4 | 98.1 | (71.9) | 798.9 | 88.0 | (74.3) | ||||||||||||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | 0.5 | 0.3 | — | 6.0 | 3.9 | ||||||||||||||||||||||||||||||||
| Dispositions | — | — | — | — | (0.2) | 0.1 | ||||||||||||||||||||||||||||||||
| Restructuring | 3.6 | 6.0 | — | 0.1 | 4.3 | — | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | 1.9 | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Legal settlements | 0.5 | 2.7 | — | — | 1.6 | — | ||||||||||||||||||||||||||||||||
| Pension settlements | — | — | 1.4 | — | — | 1.5 | ||||||||||||||||||||||||||||||||
| Total non-comparable items | 6.0 | 11.7 | 1.7 | 0.1 | 11.7 | 5.5 | ||||||||||||||||||||||||||||||||
| Adjusted EBIT | 808.4 | 109.8 | (70.2) | 799.0 | 99.7 | (68.8) | ||||||||||||||||||||||||||||||||
| Depreciation | 41.2 | 14.9 | 0.9 | 39.0 | 15.1 | 1.2 | ||||||||||||||||||||||||||||||||
| Amortization | 27.0 | 62.5 | 0.2 | 27.4 | 62.3 | 1.5 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 876.6 | $ | 187.2 | $ | (69.1) | $ | 865.4 | $ | 177.1 | $ | (66.1) | ||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 3,024.3 | $ | 1,061.5 | $ | — | $ | 2,894.9 | $ | 997.3 | $ | — | ||||||||||||||||||||||||||
| Adjusted EBITDA margin | 29.0 | % | 17.6 | % | NM | 29.9 | % | 17.8 | % | NM | ||||||||||||||||||||||||||||
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Pre-tax Impact | After-tax Impact(1) | Impact to Diluted EPS(2) | Pre-tax Impact | After-tax Impact(1) | Impact to Diluted EPS(2) | ||||||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 208.1 | $ | 5.24 | $ | 214.2 | $ | 4.98 | ||||||||||||||||||||||||||||||
| Less: Income from discontinued operations (GAAP) | 0.7 | 0.02 | 0.7 | 0.01 | ||||||||||||||||||||||||||||||||||
| Income from continuing operations (GAAP) | 207.4 | 5.22 | 213.5 | 4.97 | ||||||||||||||||||||||||||||||||||
Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | 0.1 | 0.1 | — | 0.6 | 0.5 | 0.01 | ||||||||||||||||||||||||||||||||
| Restructuring | 1.2 | 0.8 | 0.02 | 2.8 | 2.2 | 0.05 | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | 3.8 | 3.0 | 0.07 | — | — | — | ||||||||||||||||||||||||||||||||
| Legal settlements | 1.3 | 1.0 | 0.03 | 1.1 | 0.8 | 0.02 | ||||||||||||||||||||||||||||||||
| Pension settlement | 1.4 | 1.1 | 0.03 | 2.1 | 1.6 | 0.04 | ||||||||||||||||||||||||||||||||
Acquisition-related amortization(3) | 28.3 | 21.7 | 0.55 | 28.7 | 22.1 | 0.51 | ||||||||||||||||||||||||||||||||
Discrete tax items(4) | — | (0.1) | — | — | 0.5 | 0.01 | ||||||||||||||||||||||||||||||||
| Total adjustments | 27.6 | 0.70 | 27.7 | 0.64 | ||||||||||||||||||||||||||||||||||
| Adjusted net income | $ | 235.0 | $ | 5.92 | $ | 241.2 | $ | 5.61 | ||||||||||||||||||||||||||||||
(1)The impact to net income reflects the tax effect of noted items, which is calculated at a blended tax rate based on Carlisle's operations and the jurisdictions in which we operate.
(2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method.
(3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized.
(4)Discrete tax items include current period tax expense or benefit related to prior year items, excess tax benefits from stock compensation, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Pre-tax Impact | After-tax Impact(1) | Impact to Diluted EPS(2) | Pre-tax Impact | After-tax Impact(1) | Impact to Diluted EPS(2) | ||||||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 591.0 | $ | 14.60 | $ | 613.3 | $ | 14.03 | ||||||||||||||||||||||||||||||
| Less: Income from discontinued operations (GAAP) | (1.8) | (0.05) | 4.2 | 0.09 | ||||||||||||||||||||||||||||||||||
| Income from continuing operations (GAAP) | 592.8 | 14.65 | 609.1 | 13.94 | ||||||||||||||||||||||||||||||||||
Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | 0.8 | 0.6 | 0.02 | 9.9 | 7.6 | 0.17 | ||||||||||||||||||||||||||||||||
| Dispositions | — | — | — | (0.1) | — | — | ||||||||||||||||||||||||||||||||
| Restructuring | 9.6 | 7.3 | 0.18 | 4.4 | 3.4 | 0.08 | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | 4.4 | 3.4 | 0.08 | — | — | — | ||||||||||||||||||||||||||||||||
| Legal settlements | 3.2 | 2.5 | 0.06 | 1.6 | 1.2 | 0.03 | ||||||||||||||||||||||||||||||||
| Pension settlement | 1.4 | 1.1 | 0.03 | 1.5 | 1.2 | 0.03 | ||||||||||||||||||||||||||||||||
Acquisition-related amortization(3) | 85.9 | 66.0 | 1.63 | 85.6 | 65.5 | 1.50 | ||||||||||||||||||||||||||||||||
Discrete tax items(4) | — | (3.9) | (0.10) | — | (12.1) | (0.28) | ||||||||||||||||||||||||||||||||
| Total adjustments | 77.0 | 1.90 | 66.8 | 1.53 | ||||||||||||||||||||||||||||||||||
| Adjusted net income | $ | 669.8 | $ | 16.55 | $ | 675.9 | $ | 15.47 | ||||||||||||||||||||||||||||||
(1)The impact to net income reflects the tax effect of noted items, which is calculated at a blended tax rate based on Carlisle's operations and the jurisdictions in which we operate.
(2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method.
(3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized.
(4)Discrete tax items include current period tax expense or benefit related to prior year items, excess tax benefits from stock compensation, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.