Carlisle Companies Inc.
07/30/2026 | Press release | Distributed by Public on 07/30/2026 13:21
Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Carlisle Companies Incorporated ("Carlisle," the "Company," "we," "us" or "our") is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through our building products businesses, Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"), and family of leading brands, we deliver innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior stockholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases, and continued dividend increases.
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with a narrative from the perspective of Company management. All references to "Notes" refer to our Notes to Condensed Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q.
Executive Overview
Our second quarter results reflect the Carlisle team's relentless focus on execution and operational discipline in a challenging macroeconomic environment. We delivered revenue of $1.6 billion, up 8% year-over-year, and diluted earnings per share of $6.36, up 8%. Our teams drove above-market growth in both CCM and CWT through continued execution of our strategic growth initiatives. We focused on the factors within our control: swift pricing actions, disciplined cost management, and continued progress on innovation. We remain committed to advancing our Vision 2030 strategy through organic growth, bolt-on acquisitions, margin expansion, increased free cash flow, and disciplined capital allocation.
Our revenue was driven by above-market volume growth from continued execution of strategic initiatives, solid re-roofing demand, and customer pre-buying ahead of announced price increases. Our margin performance remained resilient despite continued market headwinds, reflecting the benefits of our operational efficiency initiatives and our unwavering commitment to operational excellence. At CCM, operating margin was 28.6% and adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") margin was 30.7%, and at CWT, operating margin was 10.7% and adjusted EBITDA margin was 19.0%, each in line with our expectations, even as elevated input costs outpaced pricing realization during the quarter. Notably, CWT's adjusted EBITDA margin improved 380 basis points compared to the prior quarter, aided by our investments in automation, manufacturing consolidation, and the expansion of in-house expanded polystyrene resin capacity, which all continued to gain traction.
The most significant, and well-understood, external challenge in the quarter was the rapid rise in petroleum-derived raw material and freight costs driven by the conflict in the Middle East. We acted decisively to recover our costs through freight surcharges and broad-based price increases across CCM and CWT, implemented in April and July, with a third increase taking effect in August. As we have experienced in prior raw material inflationary cycles, pricing realization typically lags cost inflation, and we expect the benefit of our pricing actions to build through the second half of 2026 and into 2027.
We also continued to advance our innovation pipeline to support our Vision 2030 objectives. We have launched roughly half of our planned new products for 2026, highlighted by the first commercial shipment of our award-winning ThermaThin 7 polyiso insulation. ThermaThin 7 enables thinner roof assemblies, lower freight costs from fewer truckloads, and superior cold weather thermal performance. We remain on track to introduce the balance of this year's new products and continue to invest in our research and innovation center to support long-term growth.
Our strong balance sheet continues to support our balanced and disciplined approach to capital allocation. During the quarter, we repurchased $250 million of shares, and we have increased our full-year target for repurchases to $1.2 billion. Our M&A framework remains unchanged: disciplined, synergistic building envelope acquisitions that enhance our systems offering, increase content per square foot, and meet our strict returns criteria.
Based on our first-half performance, continued momentum in our strategic growth initiatives, and the pricing actions we have taken to date, we are raising our full-year 2026 revenue outlook to mid-single-digit growth with operating and adjusted EBITDA margins approximately flat. This outlook reflects disciplined execution, partial recovery of higher raw material and freight costs, and easier comparisons. It 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 confident in our path to our Vision 2030 financial objectives.
Summary of Financial Results
|
Three Months Ended June 30, |
Six Months Ended June 30, |
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| (in millions, except per share amounts and percentages) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues | $ | 1,570.3 | $ | 1,449.5 | $ | 2,622.4 | $ | 2,545.3 | ||||||||||||||||||
| Operating income | $ | 352.5 | $ | 335.0 | $ | 532.8 | $ | 518.6 | ||||||||||||||||||
| Operating margin | 22.4 | % | 23.1 | % | 20.3 | % | 20.4 | % | ||||||||||||||||||
| Income from continuing operations | $ | 257.7 | $ | 255.5 | $ | 385.4 | $ | 395.6 | ||||||||||||||||||
| Diluted earnings per share from continuing operations | $ | 6.36 | $ | 5.87 | $ | 9.43 | $ | 8.97 | ||||||||||||||||||
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Adjusted EBITDA(1)
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$ | 412.0 | $ | 389.3 | $ | 646.6 | $ | 627.7 | ||||||||||||||||||
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Adjusted EBITDA margin(1)
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26.2 | % | 26.9 | % | 24.7 | % | 24.7 | % | ||||||||||||||||||
(1)Refer to Non-GAAP Financial Measures in this MD&A for more information.
Consolidated Results of Operations
Revenues
| (in millions, except percentages) | 2026 | 2025 | Change | % | Organic |
Acquisition Effect
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Exchange Rate Effect
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Three months ended June 30
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$ | 1,570.3 | $ | 1,449.5 | $ | 120.8 | 8.3 | % | 7.9 | % | 0.3 | % | 0.1 | % | ||||||||||||||||||||||||||||||
|
Six months ended June 30
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$ | 2,622.4 | $ | 2,545.3 | $ | 77.1 | 3.0 | % | 2.3 | % | 0.3 | % | 0.4 | % | ||||||||||||||||||||||||||||||
Revenues increased in the second quarter and the first six months of 2026, mostly driven by volume increases at both CCM and CWT due to strong execution of strategic growth and share gain initiatives.
Gross Profit
| (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 |
Change
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%
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2026 | 2025 |
Change
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
| Gross profit | $ | 568.4 | $ | 541.1 | $ | 27.3 | 5.0 | % | $ | 931.6 | $ | 926.8 | $ | 4.8 | 0.5 | % | ||||||||||||||||||||||||||||||||||
| Gross margin | 36.2 | % | 37.3 | % | 35.5 | % | 36.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Gross margin decreased in the second quarter and the first six months of 2026, primarily driven by inflation of our petrochemical-based raw material inputs and freight costs due to the rapid increase in oil prices caused by the conflict in the Middle East, which outpaced the impact of price increases put in place during the second quarter.
Selling and Administrative Expenses
| (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 |
Change
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%
|
2026 | 2025 |
Change
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
| Selling and administrative expenses | $ | 199.3 | $ | 196.9 | $ | 2.4 | 1.2 | % | $ | 371.1 | $ | 390.9 | $ | (19.8) | (5.1) | % | ||||||||||||||||||||||||||||||||||
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As a percentage of revenues
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12.7 | % | 13.6 | % | 14.2 | % | 15.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expenses increased in the second quarter, primarily due to higher wage and benefit expenses of $6.0 million driven by increased incentive compensation and higher commissions expense of $4.6 million, partially offset by a $5.5 million decrease in acquisition-related costs and professional fees.
Selling and administrative expenses decreased in the first six months of 2026, primarily due to a $6.1 million decrease in wage and benefit expenses driven by lower headcount and an $11.5 million decrease in acquisition-related costs and professional fees.
Research and Development Expenses
| (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 |
Change
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%
|
2026 | 2025 |
Change
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
| Research and development expenses | $ | 11.4 | $ | 11.1 | $ | 0.3 | 2.7 | % | $ | 23.5 | $ | 21.8 | $ | 1.7 | 7.8 | % | ||||||||||||||||||||||||||||||||||
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As a percentage of revenues
|
0.7 | % | 0.8 | % | 0.9 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Research and development expenses increased in the second quarter and the first six months of 2026, primarily due to higher new product development expenses. The increase in research and development expenses is consistent with a key pillar of Vision 2030 to drive innovation with a commitment to investing in the creation of new products and solutions that add value through advancements in sustainability and energy and labor efficiencies.
Interest
| (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 27.4 | $ | 14.7 | $ | 12.7 | 86.4 | % | $ | 55.7 | $ | 29.5 | $ | 26.2 | 88.8 | % | ||||||||||||||||||||||||||||||||||
| Interest income | $ | (6.6) | $ | (1.4) | $ | (5.2) | 371.4 | % | $ | (15.5) | $ | (7.8) | $ | (7.7) | 98.7 | % | ||||||||||||||||||||||||||||||||||
Interest expense increased in the second quarter and the first six months of 2026, primarily due to higher long-term debt balances associated with the notes issued on August 20, 2025. Refer to Note 9 for further information on our long-term debt.
Interest income increased during the second quarter and the first six months of 2026, primarily due to a higher invested cash balance compared to 2025.
Income Taxes
| (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 |
Change
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%
|
2026 | 2025 |
Change
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | $ | 76.0 | $ | 68.1 | $ | 7.9 | 11.6 | % | $ | 111.5 | $ | 103.0 | $ | 8.5 | 8.3 | % | ||||||||||||||||||||||||||||||||||
|
Effective tax rate
|
22.8 | % | 21.0 | % | 22.4 | % | 20.7 | % | ||||||||||||||||||||||||||||||||||||||||||
The provision for income taxes on continuing operations increased during the second quarter and the first six months of 2026, primarily due to lower excess tax benefits from employee stock compensation.
The year-to-date provision reflects an anticipated tax rate of 23.2% and a $3.8 million discrete tax benefit, primarily from excess tax benefits from employee stock compensation, compared to a $12.6 million discrete tax benefit in the first six months of 2025.
Segment Results of Operations
Carlisle Construction Materials
This segment produces a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including ethylene propylene diene monomer ("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.
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(in millions)
|
Three Months Ended June 30, |
Organic
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Acquisition Effect
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Exchange Rate Effect
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| 2026 | 2025 | Change |
%
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Revenues
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$ | 1,181.3 | $ | 1,095.6 | $ | 85.7 | 7.8 | % | 7.7 | % | - | % | 0.1 | % | ||||||||||||||||||||||||||||||
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Operating income
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$ | 338.1 | $ | 323.8 | $ | 14.3 | 4.4 | % | ||||||||||||||||||||||||||||||||||||
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Operating margin
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28.6 | % | 29.6 | % | ||||||||||||||||||||||||||||||||||||||||
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Adjusted EBITDA(1)
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$ | 363.0 | $ | 346.3 | $ | 16.7 | 4.8 | % | ||||||||||||||||||||||||||||||||||||
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Adjusted EBITDA margin(1)
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30.7 | % | 31.6 | % | ||||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | Six Months Ended June 30, |
Organic
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Acquisition Effect
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Exchange Rate Effect
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| 2026 | 2025 |
Change
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%
|
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Revenues
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$ | 1,939.4 | $ | 1,894.1 | $ | 45.3 | 2.4 | % | 2.0 | % | - | % | 0.4 | % | ||||||||||||||||||||||||||||||
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Operating income
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$ | 522.1 | $ | 518.6 | $ | 3.5 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
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Operating margin
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26.9 | % | 27.4 | % | ||||||||||||||||||||||||||||||||||||||||
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Adjusted EBITDA(1)
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$ | 570.9 | $ | 562.8 | $ | 8.1 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
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Adjusted EBITDA margin(1)
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29.4 | % | 29.7 | % | ||||||||||||||||||||||||||||||||||||||||
(1)Refer to Non-GAAP Financial Measures in this MD&A for more information.
CCM's revenue increased in the second quarter and the first six months of 2026, primarily reflecting volume increases driven by continued execution of strategic growth initiatives supported by solid commercial re-roofing demand.
CCM's operating margin and adjusted EBITDA margin slightly decreased in the second quarter and the first six months of 2026, primarily due to raw materials and freight inflation driven by the conflict in the Middle East.
Carlisle Weatherproofing Technologies
This segment produces building envelope solutions that drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium products for a variety of industrial and surfacing applications.
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(in millions)
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Three Months Ended June 30, |
Organic
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Acquisition Effect
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Exchange Rate Effect
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| 2026 | 2025 |
Change
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%
|
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Revenues
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$ | 389.0 | $ | 353.9 | $ | 35.1 | 9.9 | % | 8.4 | % | 1.2 | % | 0.3 | % | ||||||||||||||||||||||||||||||
|
Operating income
|
$ | 41.8 | $ | 42.5 | $ | (0.7) | (1.6) | % | ||||||||||||||||||||||||||||||||||||
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Operating margin
|
10.7 | % | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA(1)
|
$ | 74.1 | $ | 70.6 | $ | 3.5 | 5.0 | % | ||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA margin(1)
|
19.0 | % | 19.9 | % | ||||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | Six Months Ended June 30, |
Organic
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Acquisition Effect
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Exchange Rate Effect
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| 2026 | 2025 | Change |
%
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Revenues
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$ | 683.0 | $ | 651.2 | $ | 31.8 | 4.9 | % | 3.2 | % | 1.3 | % | 0.4 | % | ||||||||||||||||||||||||||||||
|
Operating income
|
$ | 59.1 | $ | 58.7 | $ | 0.4 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
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Operating margin
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8.7 | % | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA(1)
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$ | 118.9 | $ | 116.9 | $ | 2.0 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA margin(1)
|
17.4 | % | 18.0 | % | ||||||||||||||||||||||||||||||||||||||||
(1)Refer to Non-GAAP Financial Measures in this MD&A for more information.
CWT's revenue increased in the second quarter and the first six months of 2026, primarily driven by increased volumes from share gains and the 2025 acquisition of Bonded Logic.
CWT's operating margin and adjusted EBITDA margin decreased in the second quarter and the first six months of 2026 primarily due to elevated input and freight costs caused by inflated oil prices.
Liquidity and Capital Resources
We believe that our current cash reserves, available credit facilities, and anticipated operating cash flows are adequate to meet our short-term projected business requirements for at least the next 12 months and our long-term financial requirements, including the repayment of outstanding principal balances on existing notes by their respective maturity dates.
Additional sources of liquidity may be obtained through access to the capital markets, subject to market conditions. The Company may consider such access for general corporate purposes that include the repayment of outstanding debt, additions to working capital, capital expenditures, investments in our subsidiaries, acquisitions, investments in third parties or the repurchase, redemption or retirement of securities, including our common stock. For further details regarding long-term debt, refer to Note 9.
Management retains discretion over the allocation of available cash and may deploy resources toward capital expenditures, acquisitions, strategic investments, dividends, or share repurchases.
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Six Months Ended June 30, |
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(in millions)
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2026 | 2025 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 197.1 | $ | 288.9 | ||||||||||
| Net cash provided by (used in) investing activities | (69.7) | (165.9) | ||||||||||||
| Net cash provided by (used in) financing activities | (573.8) | (808.9) | ||||||||||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (0.4) | 0.8 | ||||||||||||
| Change in cash and cash equivalents | $ | (446.8) | $ | (685.1) | ||||||||||
Operating Activities
Net cash provided by operating activities for the first six months of 2026 was $197.1 million, compared to $288.9 million for the first six months of 2025. The $91.8 million decrease was primarily driven by lower income from continuing operations, excluding non-cash reconciling items, of $11.0 million, and a $125 million post-year-end settlement of an accrued liability related to a transferable energy tax credit acquired in 2025. These decreases were partially offset by larger increases in accrued incentive compensation of $9.5 million, accrued rebates and commissions of $11.2 million driven by higher sales, and accrued taxes of $22.2 million related to the timing of other transferable energy tax credit acquisitions and related payments.
Net working capital requirements for the first six months of 2026 were generally consistent with the prior year. Higher investments in accounts receivable of $72.4 million driven by increased sales volume and inventory of $28.9 million driven by higher raw material costs were offset by a $106.1 million larger increase in accounts payable resulting from the timing and cost of raw material and freight purchases.
Investing Activities
Net cash used in investing activities of $69.7 million for the first six months of 2026 primarily reflected capital expenditures of $70.0 million. Cash used in investing activities of $165.9 million for the first six months of 2025 primarily reflected the purchases of ThermaFoam for $52.9 million and Bonded Logic for $57.7 million, and capital expenditures of $57.8 million.
Financing Activities
Net cash used in financing activities of $573.8 million in the first six months of 2026 primarily reflected share repurchases of $500.0 million and cash dividend payments of $90.1 million. Cash used in financing activities of $808.9 million in the first six months of 2025 primarily reflected share repurchases of $700.0 million and cash dividend payments of $88.3 million.
Non-GAAP Financial Measures
EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about our performance and our 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 our business and evaluate our performance relative to similarly-situated companies. This information differs from net income, operating income, and operating margin 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. Our and our segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.
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Three Months Ended June 30, |
Six Months Ended June 30, |
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| (in millions, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net income (GAAP) | $ | 255.2 | $ | 255.8 | $ | 382.9 | $ | 399.1 | ||||||||||||||||||
| Less: Income (loss) from discontinued operations (GAAP) | (2.5) | 0.3 | (2.5) | 3.5 | ||||||||||||||||||||||
| Income from continuing operations (GAAP) | 257.7 | 255.5 | 385.4 | 395.6 | ||||||||||||||||||||||
| Provision for income taxes | 76.0 | 68.1 | 111.5 | 103.0 | ||||||||||||||||||||||
| Interest expense | 27.4 | 14.7 | 55.7 | 29.5 | ||||||||||||||||||||||
| Interest income | (6.6) | (1.4) | (15.5) | (7.8) | ||||||||||||||||||||||
| EBIT | 354.5 | 336.9 | 537.1 | 520.3 | ||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||
| Acquisitions | 0.3 | 2.5 | 0.7 | 9.3 | ||||||||||||||||||||||
| Dispositions | (0.1) | (0.2) | - | (0.1) | ||||||||||||||||||||||
| Restructuring | 6.0 | 1.5 | 8.4 | 1.6 | ||||||||||||||||||||||
| Casualty losses and insurance recoveries | 0.6 | - | 0.6 | - | ||||||||||||||||||||||
| Legal settlements | 2.0 | 0.3 | 1.9 | 0.5 | ||||||||||||||||||||||
| Pension settlements | - | (0.6) | - | (0.6) | ||||||||||||||||||||||
| Total non-comparable items | 8.8 | 3.5 | 11.6 | 10.7 | ||||||||||||||||||||||
| Adjusted EBIT | 363.3 | 340.4 | 548.7 | 531.0 | ||||||||||||||||||||||
| Depreciation | 18.6 | 18.4 | 37.4 | 36.1 | ||||||||||||||||||||||
| Amortization | 30.1 | 30.5 | 60.5 | 60.6 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 412.0 | $ | 389.3 | $ | 646.6 | $ | 627.7 | ||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||
| Total revenues | $ | 1,570.3 | $ | 1,449.5 | $ | 2,622.4 | $ | 2,545.3 | ||||||||||||||||||
| Adjusted EBITDA margin | 26.2 | % | 26.9 | % | 24.7 | % | 24.7 | % | ||||||||||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | CCM | CWT | Corporate | CCM | CWT | Corporate | ||||||||||||||||||||||||||||||||
| Operating income (loss) (GAAP) | $ | 338.1 | $ | 41.8 | $ | (27.4) | $ | 323.8 | $ | 42.5 | $ | (31.3) | ||||||||||||||||||||||||||
| Non-operating expense (income), net | 0.1 | (0.2) | (1.9) | (0.4) | 0.2 | (1.7) | ||||||||||||||||||||||||||||||||
| EBIT | 338.0 | 42.0 | (25.5) | 324.2 | 42.3 | (29.6) | ||||||||||||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | - | 0.2 | 0.1 | - | 0.9 | 1.6 | ||||||||||||||||||||||||||||||||
| Dispositions | - | (0.1) | - | (0.1) | (0.2) | 0.1 | ||||||||||||||||||||||||||||||||
| Restructuring | 1.7 | 4.3 | - | - | 1.5 | - | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | - | 0.6 | - | - | - | - | ||||||||||||||||||||||||||||||||
| Legal settlements | 0.4 | 1.6 | - | - | 0.3 | - | ||||||||||||||||||||||||||||||||
| Pension settlements | - | - | - | - | - | (0.6) | ||||||||||||||||||||||||||||||||
| Total non-comparable items | 2.1 | 6.6 | 0.1 | (0.1) | 2.5 | 1.1 | ||||||||||||||||||||||||||||||||
| Adjusted EBIT | 340.1 | 48.6 | (25.4) | 324.1 | 44.8 | (28.5) | ||||||||||||||||||||||||||||||||
| Depreciation | 13.8 | 4.6 | 0.2 | 13.0 | 5.0 | 0.4 | ||||||||||||||||||||||||||||||||
| Amortization | 9.1 | 20.9 | 0.1 | 9.2 | 20.8 | 0.5 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 363.0 | $ | 74.1 | $ | (25.1) | $ | 346.3 | $ | 70.6 | $ | (27.6) | ||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,181.3 | $ | 389.0 | $ | - | $ | 1,095.6 | $ | 353.9 | $ | - | ||||||||||||||||||||||||||
| Adjusted EBITDA margin | 30.7 | % | 19.0 | % | NM | 31.6 | % | 19.9 | % | NM | ||||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | CCM | CWT | Corporate | CCM | CWT | Corporate | ||||||||||||||||||||||||||||||||
| Operating income (loss) (GAAP) | $ | 522.1 | $ | 59.1 | $ | (48.4) | $ | 518.6 | $ | 58.7 | $ | (58.7) | ||||||||||||||||||||||||||
| Non-operating expense (income), net | 0.2 | (0.3) | (4.2) | (0.5) | 0.2 | (1.4) | ||||||||||||||||||||||||||||||||
| EBIT | 521.9 | 59.4 | (44.2) | 519.1 | 58.5 | (57.3) | ||||||||||||||||||||||||||||||||
| Non-comparable (gains) / losses and costs related to: | ||||||||||||||||||||||||||||||||||||||
| Acquisitions | - | 0.4 | 0.3 | - | 5.3 | 4.0 | ||||||||||||||||||||||||||||||||
| Dispositions | - | - | - | (0.1) | (0.1) | 0.1 | ||||||||||||||||||||||||||||||||
| Restructuring | 2.8 | 5.6 | - | - | 1.6 | - | ||||||||||||||||||||||||||||||||
| Casualty losses and insurance recoveries | - | 0.6 | - | - | - | - | ||||||||||||||||||||||||||||||||
| Legal settlements | 0.5 | 1.4 | - | - | 0.5 | - | ||||||||||||||||||||||||||||||||
| Pension settlements | - | - | - | - | - | (0.6) | ||||||||||||||||||||||||||||||||
| Total non-comparable items | 3.3 | 8.0 | 0.3 | (0.1) | 7.3 | 3.5 | ||||||||||||||||||||||||||||||||
| Adjusted EBIT | 525.2 | 67.4 | (43.9) | 519.0 | 65.8 | (53.8) | ||||||||||||||||||||||||||||||||
| Depreciation | 27.2 | 9.7 | 0.5 | 25.6 | 9.7 | 0.8 | ||||||||||||||||||||||||||||||||
| Amortization | 18.5 | 41.8 | 0.2 | 18.2 | 41.4 | 1.0 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 570.9 | $ | 118.9 | $ | (43.2) | $ | 562.8 | $ | 116.9 | $ | (52.0) | ||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,939.4 | $ | 683.0 | $ | - | $ | 1,894.1 | $ | 651.2 | $ | - | ||||||||||||||||||||||||||
| Adjusted EBITDA margin | 29.4 | % | 17.4 | % | NM | 29.7 | % | 18.0 | % | NM | ||||||||||||||||||||||||||||
Forward-Looking Statements
This report 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 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.
Carlisle Companies Inc. published this content on July 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 30, 2026 at 19:21 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]