# CARLISLE COMPANIES INC (CSL)

Informational only - not investment advice.

CIK: 0000790051
SIC: 3060 Fabricated Rubber Products, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 30](/major-group/30/) > [SIC 3060 Fabricated Rubber Products, NEC](/industry/3060/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=790051
Filing source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0000790051-26-000012 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000790051.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,019,900,000 USD | 2025 | verified |
| Net income | 740,700,000 USD | 2025 | verified |
| Assets | 6,263,000,000 USD | 2025 | verified |
| Free cash flow | 970,600,000 USD | 2025 | computed |
| Net margin | 14.76% | 2025 | computed |
| Operating margin | 19.97% | 2025 | computed |
| Revenue YoY | +0.33% | 2025 | computed |
| ROE | 41.26% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CSL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 14.8% | 6.7% | 86 | 15 |
| Operating margin | 20.0% | 13.3% | 75 | 13 |
| Revenue growth | 0.3% | 0.3% | 50 | 15 |
| FCF margin | 19.3% | 8.1% | 93 | 15 |
| ROE | 41.3% | 11.9% | 100 | 15 |
| ROA | 11.8% | 4.9% | 86 | 15 |
| Liabilities / equity | 2.49 | 1.14 | 86 | 15 |
| Current ratio | 3.09 | 2.30 | 86 | 15 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 30 SIC Major Group 30, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5019900000 | USD | 2025 | 2026-02-13 |
| Net income | 740700000 | USD | 2025 | 2026-02-13 |
| Assets | 6263000000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000790051.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 3,750,800,000 | 4,479,500,000 | 4,484,600,000 | 3,969,900,000 | 3,836,700,000 | 5,449,400,000 | 4,586,900,000 | 5,003,600,000 | 5,019,900,000 |
| Net income | 250,100,000 | 365,500,000 | 611,100,000 | 472,800,000 | 320,100,000 | 421,700,000 | 924,000,000 | 767,400,000 | 1,311,800,000 | 740,700,000 |
| Operating income | 404,200,000 | 464,000,000 | 509,000,000 | 634,100,000 | 487,800,000 | 573,400,000 | 1,204,800,000 | 982,800,000 | 1,143,100,000 | 1,002,500,000 |
| Diluted EPS | 3.82 | 5.71 | 10.02 | 8.19 | 5.80 | 7.91 | 17.56 | 15.18 | 27.82 | 17.12 |
| Operating cash flow | 531,200,000 | 458,700,000 | 339,200,000 | 703,100,000 | 696,700,000 | 421,700,000 | 1,000,900,000 | 1,201,300,000 | 1,030,300,000 | 1,101,800,000 |
| Capital expenditures | 108,800,000 | 159,900,000 | 120,700,000 | 88,900,000 | 95,500,000 | 134,800,000 | 183,500,000 | 142,200,000 | 113,300,000 | 131,200,000 |
| Dividends paid | 84,500,000 | 92,100,000 | 93,500,000 | 102,900,000 | 112,400,000 | 112,500,000 | 134,400,000 | 160,300,000 | 172,400,000 | 181,100,000 |
| Share buybacks | 75,000,000 | 268,400,000 | 459,800,000 | 382,100,000 | 382,400,000 | 315,600,000 | 400,000,000 | 900,000,000 | 1,585,900,000 | 1,300,000,000 |
| Assets | 3,965,800,000 | 5,299,800,000 | 5,249,200,000 | 5,496,000,000 | 5,866,400,000 | 7,246,800,000 | 7,222,000,000 | 6,620,000,000 | 5,816,600,000 | 6,263,000,000 |
| Stockholders' equity | 2,466,900,000 | 2,528,300,000 | 2,597,400,000 | 2,642,800,000 | 2,537,700,000 | 2,629,500,000 | 3,024,400,000 | 2,829,000,000 | 2,463,300,000 | 1,795,400,000 |
| Cash and cash equivalents | 385,000,000 | 378,300,000 | 803,600,000 | 351,200,000 | 897,100,000 | 324,400,000 | 364,800,000 | 576,700,000 | 753,500,000 | 1,112,100,000 |
| Free cash flow | 422,400,000 | 298,800,000 | 218,500,000 | 614,200,000 | 601,200,000 | 286,900,000 | 817,400,000 | 1,059,100,000 | 917,000,000 | 970,600,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 9.74% | 13.64% | 10.54% | 8.06% | 10.99% | 16.96% | 16.73% | 26.22% | 14.76% |
| Operating margin |  | 12.37% | 11.36% | 14.14% | 12.29% | 14.95% | 22.11% | 21.43% | 22.85% | 19.97% |
| Return on equity | 10.14% | 14.46% | 23.53% | 17.89% | 12.61% | 16.04% | 30.55% | 27.13% | 53.25% | 41.26% |
| Return on assets | 6.31% | 6.90% | 11.64% | 8.60% | 5.46% | 5.82% | 12.79% | 11.59% | 22.55% | 11.83% |
| Liabilities / equity | 0.61 | 1.10 | 1.02 | 1.08 | 1.31 | 1.76 | 1.39 | 1.34 | 1.36 | 2.49 |
| Current ratio | 2.64 | 2.50 | 3.45 | 1.95 | 3.42 | 1.84 | 2.08 | 2.87 | 2.89 | 3.09 |

## As-reported value updates

10 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CSL/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000790051.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 4.83 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.96 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 3.79 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,259,800,000 | 265,600,000 | 5.29 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,127,500,000 | 205,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,096,500,000 | 192,300,000 | 3.97 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,450,600,000 | 712,400,000 | 14.84 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,333,600,000 | 244,300,000 | 5.25 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,122,900,000 | 162,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,095,800,000 | 143,300,000 | 3.20 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,449,500,000 | 255,800,000 | 5.88 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,346,900,000 | 214,200,000 | 4.98 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,127,700,000 | 127,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,052,100,000 | 127,700,000 | 3.10 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,570,300,000 | 255,200,000 | 6.30 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CSL's latest 10-K: [/company/CSL/business/](/company/CSL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CSL's latest 10-K: [/company/CSL/risk-factors/](/company/CSL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000037/csl-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. 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.

15

Summary of Financial Results

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["(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"],["Adjusted EBITDA(1)","","$","412.0","","","$","389.3","","","$","646.6","","","$","627.7"],["Adjusted EBITDA margin(1)","","26.2","%","","26.9","%","","24.7","%","","24.7","%"]]
[[/GREPCENT_TABLE]]

(1)Refer to Non-GAAP Financial Measures in this MD&A for more information.

Consolidated Results of Operations

Revenues

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2026","","2025","","Change","","%","","Organic","","Acquisition Effect","","Exchange Rate Effect"],["Three months ended June 30","","$","1,570.3","","","$","1,449.5","","","$","120.8","","","8.3","%","","7.9","%","","0.3","%","","0.1","%"],["Six months ended June 30","","$","2,622.4","","","$","2,545.3","","","$","77.1","","","3.0","%","","2.3","%","","0.3","%","","0.4","%"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","%","","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","%"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","%","","2026","","2025","","Change","","%"],["Selling and administrative expenses","","$","199.3","","$","196.9","","$","2.4","","","1.2","%","","$","371.1","","$","390.9","","$","(19.8)","","","(5.1)","%"],["As a percentage of revenues","","12.7","%","","13.6","%","","","","","","14.2","%","","15.4","%"]]
[[/GREPCENT_TABLE]]

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.

16

Research and Development Expenses

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","%","","2026","","2025","","Change","","%"],["Research and development expenses","","$","11.4","","$","11.1","","$","0.3","","","2.7","%","","$","23.5","","$","21.8","","$","1.7","","","7.8","%"],["As a percentage of revenues","","0.7","%","","0.8","%","","","","","","0.9","%","","0.9","%"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["(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","%"]]
[[/GREPCENT_TABLE]]

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

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","%","","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","%"]]
[[/GREPCENT_TABLE]]

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, polyisocyan

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm
Complete FY 2025 MD&A: /company/CSL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Item 7.  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 Consolidated Financial Statements in this Annual Report on Form 10-K. For more information regarding our consolidated results, segment results, and liquidity and capital resources for the year ended December 31, 2024, as compared to the year ended December 31, 2023, refer to "Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 Annual Report on Form 10-K (the "2024 Annual Report on Form 10-K").

Executive Overview

Throughout 2025, despite continued headwinds in new construction and a complex economic environment, we continued to execute against our Vision 2030 strategy, and we remain very confident in our ability to achieve our Vision 2030 financial objectives. Over the course of the year, we made progress on all our key pillars of Vision 2030. We increased investments in innovation to develop new market-leading products. We enhanced our emphasis on the Carlisle Operating System ("COS") and expanded automation in our factories to drive operational excellence. We added significant management talent and further elevated the Carlisle Experience to strengthen customer loyalty and service. And above all else, we continued to deliver on our commitment to being superior capital allocators.

Carlisle’s performance during 2025 adds to our history of resilience through the economic cycles and challenges we have faced over the years, such as the Covid pandemic. We delivered another solid year of cash flow, generating over $1 billion of operating cash flow, which continued to provide balance sheet optionality. As the M&A environment in 2025 was challenging, we turned a significant portion of that cash flow to share repurchases, as we continued to see this as a solid opportunity for capital deployment.

At CCM, solid re-roofing demand, which represents approximately 70% of our commercial roofing business, continued to help stabilize our business as new construction markets work through the bottom of the cycle. At CWT, our recent acquisitions and operational initiatives contributed to revenue growth, and we are well-positioned to capitalize on the growing need for energy-efficient weatherproofing solutions.

North America is the most attractive building-products market globally, supported by strong, long-term fundamentals including the demand for energy-efficient solutions, the need to improve labor productivity, and the recurring maintenance requirements of an aging non-residential building stock—over 70% of which is more than 25 years old. Buildings are a critical and indispensable component of the physical economy. They must be built, maintained, and continuously improved. This structural reality reinforces the durability and necessity of our end markets.

Carlisle’s imperative business continues to benefit from a strong re-roofing market, and we continued to benefit from our position as a North American leader in the world’s largest building-products market. Carlisle’s leadership position in this essential market, highly responsive cost structure combined with the discipline of COS and our proven capital allocation framework, continues to translate into superior and sustainable margin performance.

While we expect the current challenging market conditions to continue into the first half of 2026, our solid financial position, robust cash flow, and ongoing commitment to operational excellence enable us to continue generating strong returns, pursue value-enhancing acquisitions, and deliver shareholder value.

13

Table of Contents

Summary Financial Results

[[GREPCENT_TABLE]]
[["(in millions, except per share amounts and percentages)","","2025","","2024"],["Revenues","","$","5,019.9","","","$","5,003.6"],["Operating income","","$","1,002.5","","","$","1,143.1"],["Operating margin","","20.0","%","","22.8","%"],["Income from continuing operations","","$","742.5","","","$","865.1"],["Diluted earnings per share from continuing operations","","$","17.16","","","$","18.34"],["Adjusted EBITDA(1)","","$","1,225.4","","","$","1,332.7"],["Adjusted EBITDA margin(1)","","24.4","%","","26.6","%"]]
[[/GREPCENT_TABLE]]

(1)Adjusted EBITDA and adjusted EBITDA margin are intended to provide investors and others with information about Carlisle's and our segments' performance without the effects 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. Refer to Non-GAAP Financial Measures in this MD&A for more information about, and a detailed reconciliation of, these items.

Consolidated Results of Operations

Revenues

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%","","Organic","","Acquisition","","Exchange Rate"],["Revenues","","$","5,019.9","","","$","5,003.6","","","$","16.3","","","0.3","%","","(2.9)","%","","3.2","%","","\u2014","%"]]
[[/GREPCENT_TABLE]]

The increase in revenues in 2025 primarily reflects higher sales in our non-residential construction end-market of $30.2 million, driven by recent acquisitions, partially offset by lower sales in our residential construction end-market of $14.0 million due to decreased new construction activity.

Gross Profit

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Gross profit","","$","1,792.6","","","$","1,887.7","","","$","(95.1)","","","(5.0)","%"],["Gross margin","","35.7","%","","37.7","%"]]
[[/GREPCENT_TABLE]]

Gross margin decreased in 2025, primarily due to increased unit costs resulting from higher absorption of fixed costs on lower volumes.

Selling and Administrative Expenses

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Selling and administrative expenses","","$","745.4","","","$","722.8","","","$","22.6","","","3.1","%"],["As a percentage of revenues","","14.8","%","","14.4","%"]]
[[/GREPCENT_TABLE]]

Selling and administrative expenses increased in 2025, primarily due to the recent acquisitions of MTL Holdings LLC ("MTL"), PFB Holdco, Inc. ("PFB"), selected assets of ThermaFoam Operating LLC, PowerFoam LLC, and ThermaFoam Real Estate LLC (collectively, "ThermaFoam"), and selected assets of Bonded Logic, Inc. and Phoenix Fibers, LLC (collectively, "Bonded Logic"). These acquisitions resulted in an increase of $16.1 million in wage and benefit expense and $15.8 million of amortization expense, which were partially offset by lower wage and benefit expenses of $11.8 million at our legacy businesses, driven by reduced discretionary compensation.

Research and Development Expenses

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Research and development expenses","","$","47.1","","","$","35.4","","","$","11.7","","","33.1","%"],["As a percentage of revenues","","0.9","%","","0.7","%"]]
[[/GREPCENT_TABLE]]

Research and development expenses were higher in 2025 primarily due to increased new product development activities. This increase is consistent with a key pillar of Vision 2030, which focuses on driving innovation through continued investment in the development of new products and solutions that deliver value through advancements in sustainability and energy and labor efficiencies.

14

Table of Contents

Interest Expense

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Interest expense","","$","78.5","","","$","73.3","","","$","5.2","","","7.1","%"]]
[[/GREPCENT_TABLE]]

Interest expense increased during 2025, primarily due to higher long-term debt balances associated with the 5.25% notes due September 15, 2035 (the "2035 Notes") and the 5.55% notes due September 15, 2040 (the "2040 Notes"), which were issued on August 20, 2025, partially offset by the redemption of $400.0 million of 3.50% notes in December 2024. Refer to Note 13 for further information on our long-term debt.

Interest Income

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Interest income","","$","(25.9)","","","$","(60.3)","","","$","34.4","","","(57.0)","%"]]
[[/GREPCENT_TABLE]]

Interest income decreased during 2025, primarily due to a lower invested cash balance and lower yields compared to 2024.

Income Taxes

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%"],["Provision for income taxes","","$","206.3","","","$","245.8","","","$","(39.5)","","","(16.1)","%"],["Effective tax rate","","21.7","%","","22.1","%"]]
[[/GREPCENT_TABLE]]

The provision for income taxes on continuing operations decreased in 2025, primarily reflecting lower pre-tax income which equated to lower taxes of $39.5 million.

Refer to Note 8 for further information related to income taxes.

Segment Results of Operations

Carlisle Construction Materials

This segment produces a complete line of premium energy-efficient 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.

[[GREPCENT_TABLE]]
[["(in millions, except percentages)","","2025","","2024","","Change","","%","","Organic","","Acquisition","","Exchange Rate"],["Revenues","","$","3,721.7","","","$","3,704.3","","","$","17.4","","","0.5","%","","(0.7)","%","","1.0","%","","0.2","%"],["Operating income","","$","997.2","","","$","1,084.3","","","$","(87.1)","","","(8.0)","%"],["Operating margin","","26.8","%","","29.3","%"],["Adjusted EBITDA(1)","","$","1,087.0","","","$","1,163.8"],["Adjusted EBITDA margin(1)","","29.2","%","","31.4","%"]]
[[/GREPCENT_TABLE]]

(1)Adjusted EBITDA and adjusted EBITDA margin are intended to provide investors and others with information about Carlisle's and our segments' performance without the effects 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. Refer to Non-GAAP Financial Measures in this MD&A for more information about, and a detailed reconciliation of, these items.

CCM’s revenue increased in 2025 primarily driven by strong re-roofing activity aided by the MTL acquisition partially offset by lower new construction activity.

CCM's operating margin and adjusted EBITDA for 2025 decreased primarily due to higher operating costs of $56.3 million, primarily to enhance the Carlisle Experience, and increased research and development expenses of $8.7 million.

Carlisle Weatherproofing Technologies

This segment produces building envelope solutions that drive energy efficie

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CSL/mda/fy2025/
All MD&A years: /company/CSL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CSL/mda/fy2024/): filed 2025-02-14; accession 0000790051-25-000077 (https://www.sec.gov/Archives/edgar/data/790051/000079005125000077/csl-20241231.htm)
- [FY 2023 MD&A](/company/CSL/mda/fy2023/): filed 2024-02-16; accession 0000790051-24-000058 (https://www.sec.gov/Archives/edgar/data/790051/000079005124000058/csl-20231231.htm)
- [FY 2022 MD&A](/company/CSL/mda/fy2022/): filed 2023-02-16; accession 0000790051-23-000044 (https://www.sec.gov/Archives/edgar/data/790051/000079005123000044/csl-20221231.htm)
- [FY 2021 MD&A](/company/CSL/mda/fy2021/): filed 2022-02-17; accession 0000790051-22-000061 (https://www.sec.gov/Archives/edgar/data/790051/000079005122000061/csl-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3060 Fabricated Rubber Products, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CSL.md · JSON record: /company/CSL.json · verified financials: /company/CSL/financials.json / /company/CSL/financials.csv · machine TOC for the whole site: /llms.txt