Carlisle Companies (CSL) Q4 2025 earnings summary

Executive summary

• Achieved $5.02 billion in revenue for 2025, with adjusted EPS of $19.40 and adjusted EBITDA margin of 24.4%.

• Generated $1.1 billion in operating cash flow and $972 million in free cash flow, with a free cash flow margin of 19.4%.

• Returned $1.5 billion to shareholders in 2025 through $1.3 billion in share repurchases and $181 million in dividends, marking the 49th consecutive annual dividend increase.

• Advanced Vision 2030 priorities, including leadership strengthening, innovation, and operational excellence.

• Maintained a strong balance sheet, supporting investments in innovation, customer experience, and operational excellence.

Financial highlights

• Q4 2025 revenue was $1.13 billion, up 0.4% year-over-year; adjusted EPS was $3.90, down 13% year-over-year.

• Q4 adjusted EBITDA was $249 million (22.1% margin), down from $282 million (25.1% margin) a year ago.

• CCM Q4 revenue was $827 million, down 0.8% year-over-year; adjusted EBITDA margin was 26.8%.

• CWT Q4 revenue was $301 million, up 4% year-over-year, with adjusted EBITDA margin of 15.9%.

• Full-year CCM adjusted EBITDA margin was 29.2%; CWT was 17.3%.

Outlook and guidance

• 2026 consolidated revenue expected to grow low single digits, with 50 basis points of adjusted EBITDA margin expansion.

• CCM and CWT both forecasted to achieve low single-digit revenue growth, driven by strong reroofing demand and contributions from recent acquisitions.

• Q1 2026 revenue expected to be down low single digits due to harsh weather and prior tariff pull-forward; recovery anticipated in the second half.

• Plan to repurchase up to $1 billion in shares in 2026 and maintain ROIC of approximately 25%.

• Vision 2030 targets reaffirmed: $40 adjusted EPS, 25%+ ROIC, 25%+ EBITDA margin, and 30%+ EBITDA margin at CCM.