Carlisle Companies (CSL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9% YoY to $1.4634B, including 9% organic growth; adjusted EPS reached a record $5.92, up 6%.

• Adjusted EBITDA was $348.1M versus $348.7M; its margin fell 210 bps YoY to 23.8% as input and freight inflation outpaced pricing.

• CCM and CWT revenue growth outpaced underlying markets, supported by re-roofing, strategic initiatives, share gains and pricing.

Financial highlights

• Q3 net income was $208.1M versus $214.2M; diluted EPS from continuing operations was $5.22 versus $4.97, while adjusted EPS was $5.92 versus $5.61.

• Q3 operating cash flow was $314.1M; free cash flow from continuing operations was $277.3M after $37M of capex, versus $392.7M in Q3 2025.

• Nine-month revenue rose 5% to $4.086B; adjusted EBITDA was $994.7M versus $976.4M, and adjusted EPS was $16.55 versus $15.47.

• Nine-month operating cash flow was $511.2M and free cash flow from continuing operations was $406.9M, versus $715.8M and $620.3M, respectively, in the prior-year period.

Outlook and guidance

• Q4 consolidated revenue is expected to grow high single digits YoY, with CCM and CWT each up high single digits; adjusted EBITDA margin is expected to be flat YoY.

• Q4 segment margin outlook: CCM flat YoY and CWT up ~100 bps; price-cost is expected to remain negative by ~$10M in each segment before reaching parity exiting 2026.

• Year-end price-cost parity assumes stable input and freight costs and no further pricing actions; pricing benefits are expected to build through Q4 and into 2027.

• FY 2026 ROIC is expected at ~25% and free cash flow margin at ~15%; outlook assumes no near-term recovery in new construction markets.

• Vision 2030 targets include $40+ adjusted EPS, 25%+ adjusted EBITDA margin, 25%+ ROIC and 15%+ FCF margin.