Results
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%
7Increased 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
8"Carlisle delivered record third quarter adjusted EPS of $5.92, up 6% year-over-year, on 9% revenue growth to $1.5 billion.
4Both 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.
6"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.
1Re-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.
2At 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.
3We 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.
5Our 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
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
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.
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.
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 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.
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
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