10-K · February 13, 2026
Carlisle presents a clear strategic pivot under Vision 2030 to a pure‑play building products company focused on energy‑efficient, labor‑saving building envelope solutions, driven by organic innovation, the Carlisle…
Earnings analysis · 10-Q
CSL earnings analysis
Filed April 24, 2026 · Our reading of the company's report
The latest report
Carlisle reported Q1 2026 revenue of $1,052.1 million, down $43.7 million (4.0%) year‑over‑year, with GAAP diluted EPS from continuing operations of $3.10 versus $3.13 in Q1 2025. Management drove margin resilience…
Read full summary
Carlisle reported Q1 2026 revenue of $1,052.1 million, down $43.7 million (4.0%) year‑over‑year, with GAAP diluted EPS from continuing operations of $3.10 versus $3.13 in Q1 2025. Management drove margin resilience despite volume pressure: consolidated operating margin rose to 17.1% (from 16.8%) and adjusted EBITDA margin expanded 50 basis points to 22.3% even as gross margin compressed to 34.5%. Operating cash flow was a use of $(44.7) million in the quarter and free cash flow was negative (~$(73.0) million after $28.3 million of capex), while the company returned capital via $250.0 million of share repurchases and $45.7 million of dividends. Management cites raw‑material (oil‑linked) cost inflation, price increases and COS productivity as the primary drivers and confirms liquidity to fund operations for at least the next 12 months.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.1
What stood out
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Adjusted EBITDA margin expansion
Adjusted EBITDA margin expanded 50 bps year‑over‑year to 22.3% (adjusted EBITDA $234.6M versus $238.4M in Q1 2025) despite lower revenue of $1,052.1M.
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Operating margin improved
Consolidated operating margin increased to 17.1% in Q1 2026 from 16.8% in Q1 2025, with operating income of $180.3M vs $183.6M.
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CCM margin resilience
Carlisle Construction Materials (CCM) adjusted EBITDA margin rose to 27.4% in Q1 2026 (adjusted EBITDA $207.9M) while revenues were $758.1M (down $40.4M versus $798.5M).
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CWT operating margin expansion
Carlisle Weatherproofing Technologies (CWT) operating margin improved to 5.9% in Q1 2026 (operating income $17.3M) despite revenue decline to $294.0M.
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Active capital returns
Net cash used in financing activities included $250.0M of share repurchases and $45.7M of dividends in Q1 2026.
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Product innovation momentum
Management says the new ThermaThin 7 polyiso received two Expo awards and the company is "on track to launch many new products in 2026," supporting future product‑led growth (qualitative progress noted in MD&A).
What to watch
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Revenue decline / market softness
Consolidated revenues fell to $1,052.1M in Q1 2026, down $43.7M (4.0%) from $1,095.8M a year ago, driven by lower volumes and adverse winter weather.
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Operating cash outflow & tax settlement impact
Net cash used in operating activities was $(44.7)M in Q1 2026 versus net cash provided of $1.8M in Q1 2025; management says $107.9M more cash was used to settle other current liabilities primarily reflecting a $125.0M post‑year‑end tax‑related settlement.
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Free cash flow negative this quarter
Free cash flow was approximately $(73.0)M in Q1 2026 (operating cash flow $(44.7)M less capex $28.3M).
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Rising interest expense from higher debt
Interest expense increased to $28.3M in Q1 2026 from $14.8M in Q1 2025 (a 91.2% increase), attributed to higher long‑term debt balances after notes issued Aug 20, 2025.
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Gross margin compression
Gross margin decreased to 34.5% in Q1 2026 from 35.2% in Q1 2025 (a 70 bps decline) due to increased unit costs and lower absorption on reduced volumes.
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Revenue concentration / cyclicality remains
Management reiterates exposure to cyclical non‑residential construction demand; CCM revenues remain the majority at $758.1M of consolidated $1,052.1M (72% of revenue in Q1 2026).
Management's outlook
The 10‑Q contains no numeric FY2026 revenue or EPS guidance. MD&A states "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." Forward‑looking language is included throughout MD&A but explicit numeric guidance is deferred.
Earlier filings 4
10-Q · October 30, 2025
Carlisle reported quarterly revenue of $1,346.9 million, up $13.3 million (+1.0%) versus $1,333.6 million in Q3 2024, but diluted EPS from continuing operations declined to $4.98 from $5.30 a year ago. Operating income…
10-Q · July 31, 2025
Carlisle reported essentially flat revenue of $1,449.5M in Q2 2025 versus $1,450.6M a year ago, but gross margin compressed and operating income declined. Diluted EPS fell to $5.88 (Q2 2025) from $14.84 (Q2 2024)…
10-Q · April 24, 2025
Carlisle reported essentially flat revenue of $1,095.8 million versus $1,096.5 million a year ago, while diluted EPS declined to $3.20 from $3.97. Gross margin compressed to ~35.2% and operating income fell to $183.6…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.