Revenue growth has shifted to a 4.0% contraction in 2026Q1, while operating margins have significantly declined to 17.1% from the 26.0% peak observed in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.98B | 5.02B | 5B | 4.59B | 5.45B | 3.84B | 3.97B | 4.48B | 4.48B | 3.75B | 3.43B | 3.54B | 3.2B | 2.94B | 2.85B | 2.49B | 2.53B | 2.26B | 3.11B | 2.68B | 2.35B | 2.19B | 2B | 1.69B | 1.72B | 1.85B | 1.77B | 1.61B | 1.52B | 1.26B | 1.02B |
| Revenue Growth % | -0.53% | 0.33% | 9.08% | -15.83% | 42.03% | -3.36% | -11.48% | 0.11% | 19.43% | 9.51% | -3.33% | 10.59% | 8.87% | 3.22% | 14.4% | -1.4% | 11.94% | -27.39% | 16.21% | 13.71% | 7.27% | 9.88% | 17.96% | -1.87% | -6.74% | 4.43% | 9.92% | 6.18% | 20.38% | 23.89% | 23.71% |
| Cost of Goods Sold | 3.21B | 3.23B | 3.12B | 2.95B | 3.58B | 2.74B | 2.83B | 3.18B | 3.3B | 2.7B | 2.34B | 2.54B | 2.38B | 2.2B | 2.08B | 1.91B | 2B | 1.77B | 2.52B | 2.11B | 1.85B | 1.74B | 1.61B | 1.35B | 1.39B | 1.53B | 1.34B | 1.21B | 1.14B | 935.3M | 750M |
| COGS % of Revenue | - | 64.29% | 62.27% | 64.37% | 65.76% | 71.45% | 71.35% | 70.88% | 73.78% | 72.05% | 68.28% | 71.59% | 74.42% | 74.67% | 73.1% | 76.56% | 79.08% | 78.29% | 80.92% | 78.91% | 78.52% | 79.37% | 80.52% | 79.68% | 80.56% | 82.6% | 75.84% | 74.9% | 75.4% | 74.19% | 73.71% |
| Gross Profit | 1.77B | 1.79B | 1.89B | 1.63B | 1.87B | 1.1B | 1.14B | 1.31B | 1.17B | 1.05B | 1.09B | 1.01B | 819.5M | 745.6M | 767M | 584.1M | 528.7M | 490.3M | 593.3M | 564.4M | 505.5M | 452.6M | 388.88M | 343.89M | 335.3M | 321.86M | 427.93M | 404.4M | 373.3M | 325.3M | 267.5M |
| Gross Margin % | 35.57% | 35.71% | 37.73% | 35.63% | 34.24% | 28.55% | 28.65% | 29.12% | 26.22% | 27.95% | 31.72% | 28.41% | 25.58% | 25.33% | 26.9% | 23.44% | 20.92% | 21.71% | 19.08% | 21.09% | 21.48% | 20.63% | 19.48% | 20.32% | 19.44% | 17.4% | 24.16% | 25.1% | 24.6% | 25.81% | 26.29% |
| Gross Profit Growth % | - | -5.04% | 15.51% | -12.42% | 70.33% | -3.68% | -12.92% | 11.19% | 12.06% | -3.51% | 7.92% | 22.84% | 9.91% | -2.79% | 31.31% | 10.48% | 7.83% | -17.36% | 5.12% | 11.65% | 11.69% | 16.38% | 13.08% | 2.56% | 4.18% | -24.79% | 5.82% | 8.33% | 14.76% | 21.61% | 21.15% |
| Operating Expenses | 769.8M | 792.5M | 744.6M | 651.4M | 661.2M | 522.1M | 649.6M | 672M | 665.7M | 584.3M | 682.2M | 503.4M | 411.2M | 378.8M | 395.1M | 309M | 332.6M | 278.4M | 406.7M | 283.1M | 235.2M | 226.98M | 215.21M | 189.75M | 216.56M | 254.81M | 252.5M | 236.6M | 221.8M | 197.8M | 170.4M |
| OpEx % of Revenue | - | 15.79% | 14.88% | 14.2% | 12.13% | 13.61% | 16.36% | 14.98% | 14.86% | 15.58% | 19.92% | 14.21% | 12.83% | 12.87% | 13.86% | 12.4% | 13.16% | 12.33% | 13.08% | 10.58% | 9.99% | 10.35% | 10.78% | 11.21% | 12.56% | 13.78% | 14.26% | 14.68% | 14.62% | 15.69% | 16.75% |
| Selling, General & Admin | 723.2M | 745.4M | 614.9M | 536.4M | 623.5M | 507.8M | 603.2M | 629.8M | 625.4M | 532.9M | 495.4M | 461.9M | 379M | 353.7M | 356.6M | 298.8M | 310.5M | 274.3M | 316.3M | 271M | 225.1M | 212.35M | 200.59M | 179.29M | 200.75M | 207.1M | 176.48M | 173.4M | 160.4M | 143.2M | 140.6M |
| SG&A % of Revenue | - | 14.85% | 12.29% | 11.69% | 11.44% | 13.24% | 15.19% | 14.04% | 13.96% | 14.21% | 14.46% | 13.04% | 11.83% | 12.02% | 12.51% | 11.99% | 12.28% | 12.15% | 10.17% | 10.13% | 9.56% | 9.68% | 10.05% | 10.59% | 11.64% | 11.2% | 9.96% | 10.76% | 10.57% | 11.36% | 13.82% |
| Research & Development | 48.5M | 47.1M | 35.4M | 28.7M | 19M | 16.4M | 45.4M | 52.2M | 55.1M | 51.3M | 45.4M | 42.8M | 33.8M | 29.3M | 26.1M | 21.7M | 23.2M | 16.4M | 16.2M | 12.1M | 10.1M | 15.39M | 14.63M | 14.88M | 15.82M | 17.32M | 16.46M | 15.8M | 16.2M | 15.8M | 0 |
| R&D % of Revenue | - | 0.94% | 0.71% | 0.63% | 0.35% | 0.43% | 1.14% | 1.16% | 1.23% | 1.37% | 1.33% | 1.21% | 1.05% | 1% | 0.92% | 0.87% | 0.92% | 0.73% | 0.52% | 0.45% | 0.43% | 0.7% | 0.73% | 0.88% | 0.92% | 0.94% | 0.93% | 0.98% | 1.07% | 1.25% | - |
| Other Operating Expenses | -1000K | 0 | 94.3M | 86.3M | 18.7M | -2.1M | 1M | -10M | -14.8M | 100K | 141.4M | -1.3M | -1.6M | -4.2M | 12.4M | -11.5M | -1.1M | -12.3M | 74.2M | 0 | 0 | -759K | -15K | -4.42M | 4K | 30.38M | 59.55M | 47.4M | 45.2M | 38.8M | 29.8M |
| Operating Income | 1B | 1B | 1.14B | 982.8M | 1.2B | 573.4M | 487.8M | 634.1M | 509M | 464M | 404.2M | 503.3M | 408.3M | 366.8M | 371.9M | 275.1M | 196.1M | 211.9M | 186.6M | 281.3M | 270.3M | 225.62M | 173.68M | 154.14M | 118.73M | 67.05M | 175.44M | 167.8M | 151.5M | 127.5M | 97.1M |
| Operating Margin % | 20.1% | 19.92% | 22.85% | 21.43% | 22.11% | 14.95% | 12.29% | 14.14% | 11.36% | 12.37% | 11.8% | 14.2% | 12.74% | 12.46% | 13.04% | 11.04% | 7.76% | 9.38% | 6% | 10.51% | 11.48% | 10.28% | 8.7% | 9.11% | 6.88% | 3.63% | 9.91% | 10.41% | 9.98% | 10.11% | 9.54% |
| Operating Income Growth % | - | -12.51% | 16.31% | -18.43% | 110.12% | 17.55% | -23.07% | 24.58% | 9.7% | 14.79% | -19.69% | 23.27% | 11.31% | -1.37% | 35.19% | 40.29% | -7.46% | 13.56% | -33.67% | 4.07% | 19.8% | 29.91% | 12.67% | 29.82% | 77.09% | -61.78% | 4.55% | 10.76% | 18.82% | 31.31% | 27.76% |
| EBITDA | 1.15B | 1.2B | 1.32B | 1.19B | 1.46B | 799.6M | 712M | 839.5M | 699.6M | 633.1M | 542M | 632.6M | 512.3M | 480.7M | 476.8M | 363.1M | 268M | 279.4M | 255.6M | 347.17M | 330.14M | 281.94M | 234.74M | 201.89M | 166.97M | 131M | 234.99M | 215.2M | 196.7M | 166.3M | 126.9M |
| EBITDA Margin % | 23.09% | 23.84% | 26.3% | 25.89% | 26.72% | 20.84% | 17.94% | 18.72% | 15.62% | 16.88% | 15.82% | 17.85% | 15.99% | 16.33% | 16.72% | 14.57% | 10.6% | 12.37% | 8.22% | 12.97% | 14.03% | 12.85% | 11.76% | 11.93% | 9.68% | 7.08% | 13.27% | 13.36% | 12.96% | 13.19% | 12.47% |
| EBITDA Growth % | -10.44% | -9.05% | 10.8% | -18.45% | 82.1% | 12.3% | -15.19% | 20% | 10.5% | 16.81% | -14.32% | 23.48% | 6.57% | 0.82% | 31.31% | 35.49% | -4.08% | 9.31% | -26.38% | 5.16% | 17.09% | 20.11% | 16.27% | 20.91% | 27.45% | -44.25% | 9.19% | 9.41% | 18.28% | 31.05% | 27.92% |
| D&A (Non-Cash Add-back) | 148.7M | 196.5M | 172.6M | 204.7M | 251.3M | 226.2M | 224.2M | 205.4M | 190.6M | 169.1M | 137.8M | 129.3M | 104M | 113.9M | 104.9M | 88M | 71.9M | 67.5M | 69M | 65.87M | 59.84M | 56.32M | 61.06M | 47.75M | 48.24M | 63.96M | 59.55M | 47.4M | 45.2M | 38.8M | 29.8M |
| EBIT | 1.02B | 1.03B | 1.18B | 1.01B | 1.21B | 570.1M | 480.8M | 641.1M | 510.6M | 463M | 411.1M | 502.6M | 409.8M | 367.3M | 371.9M | 266M | 196.1M | 212.4M | 186.6M | 281.3M | 270.3M | 225.62M | 173.68M | 154.14M | 118.73M | 99.86M | 175.44M | 167.8M | 151.5M | 127.5M | 97.1M |
| Net Interest Income | -63.6M | -52.6M | -13M | -55.5M | -79.1M | -79.1M | -71.9M | -58.1M | -53.5M | -33.5M | -30.6M | -34M | -32.2M | -33.8M | -25.5M | -21M | -8.3M | -9M | -27.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 28.4M | 25.9M | 60.3M | 20.1M | 7.1M | 1.2M | 4.7M | 7.9M | 11.2M | 500K | 1.3M | 700K | 1.5M | 500K | 500K | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 92M | 78.5M | 73.3M | 75.6M | 85.9M | 80.3M | 76.6M | 66.1M | 64.7M | 34M | 31.9M | 34.7M | 33.7M | 34.3M | 26M | 21.7M | 8.3M | 9M | 27.7M | 0 | 0 | 0 | 0 | 0 | 17.15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -63.3M | -51.3M | -32.2M | -52.4M | -81.1M | -83.5M | -83.6M | -59M | -63.1M | -35M | -25M | -35.4M | -32.2M | -33.8M | -25.5M | -30.1M | -8.3M | -9M | -27.7M | 45.2M | -11.7M | -15.9M | -14.38M | -13.94M | -17.15M | -29.12M | -24.57M | -12.3M | -11.2M | -10.7M | -5M |
| Pretax Income | 937M | 948.8M | 1.11B | 930.4M | 1.12B | 489.9M | 404.2M | 575.1M | 445.9M | 429M | 379.2M | 467.9M | 376.1M | 333M | 346.4M | 245M | 187.8M | 202.9M | 158.9M | 326.5M | 258.6M | 209.72M | 159.3M | 140.2M | 101.58M | 37.92M | 150.87M | 155.5M | 140.3M | 116.8M | 92.1M |
| Pretax Margin % | 18.83% | 18.9% | 22.2% | 20.28% | 20.62% | 12.77% | 10.18% | 12.82% | 9.95% | 11.44% | 11.07% | 13.21% | 11.74% | 11.31% | 12.15% | 9.83% | 7.43% | 8.99% | 5.11% | 12.2% | 10.99% | 9.56% | 7.98% | 8.28% | 5.89% | 2.05% | 8.52% | 9.65% | 9.25% | 9.27% | 9.05% |
| Income Tax | 206.9M | 206.3M | 245.8M | 211.5M | 265.7M | 104.3M | 78.5M | 117.3M | 87.3M | 88.4M | 148.1M | 148.3M | 124.4M | 97.8M | 117.7M | 73M | 57.2M | 47.6M | 45.3M | 112.1M | 82.4M | 66.28M | 48.55M | 45.6M | 35.42M | 13.08M | 54.69M | 59.7M | 55.4M | 46.1M | 36.4M |
| Effective Tax Rate % | 22.08% | 21.74% | 22.13% | 22.73% | 23.65% | 21.29% | 19.42% | 20.4% | 19.58% | 20.61% | 39.06% | 31.69% | 33.08% | 29.37% | 33.98% | 29.8% | 30.46% | 23.46% | 28.51% | 34.33% | 31.86% | 31.6% | 30.48% | 32.53% | 34.87% | 34.5% | 36.25% | 38.39% | 39.49% | 39.47% | 39.52% |
| Net Income | 725.1M | 740.7M | 1.31B | 767.4M | 924M | 421.7M | 320.1M | 472.8M | 611.1M | 365.5M | 250.1M | 319.7M | 251.3M | 209.7M | 270.2M | 180.3M | 145.6M | 144.6M | 55.8M | 215.64M | 215.69M | 106.36M | 79.61M | 88.92M | 28.63M | 24.84M | 96.18M | 95.8M | 84.9M | 70.7M | 55.7M |
| Net Margin % | 14.57% | 14.76% | 26.22% | 16.73% | 16.96% | 10.99% | 8.06% | 10.54% | 13.64% | 9.74% | 7.3% | 9.02% | 7.84% | 7.13% | 9.48% | 7.23% | 5.76% | 6.4% | 1.79% | 8.06% | 9.16% | 4.85% | 3.99% | 5.25% | 1.66% | 1.34% | 5.43% | 5.95% | 5.59% | 5.61% | 5.47% |
| Net Income Growth % | -42.58% | -43.54% | 70.94% | -16.95% | 119.11% | 31.74% | -32.3% | -22.63% | 67.2% | 46.14% | -21.77% | 27.22% | 19.84% | -22.39% | 49.86% | 23.83% | 0.69% | 159.14% | -74.12% | -0.02% | 102.78% | 33.6% | -10.47% | 210.64% | 15.23% | -74.17% | 0.4% | 12.84% | 20.08% | 26.93% | 26.3% |
| Net Income (Continuing) | 730.1M | 742.5M | 865.1M | 718.9M | 858M | 385.6M | 325.7M | 457.8M | 358.6M | 340.6M | 231.1M | 319.6M | 251.7M | 235.2M | 228.7M | 172M | 130.6M | 155.3M | 113.6M | 214.4M | 176.2M | 143.44M | 110.75M | 94.6M | 66.16M | 24.84M | 96.18M | 95.8M | 84.9M | 70.7M | 55.7M |
| Discontinued Operations | -690K | -1.8M | 446.7M | 48.5M | 66M | 36.1M | -5.6M | 15M | 252.5M | 24.9M | 19M | 100K | -400K | -25.5M | 41.5M | 8.3M | 15M | -10.7M | -57.8M | 1.2M | 40.9M | -28.29M | -31.14M | -5.68M | 6.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.64 | 17.12 | 27.90 | 15.18 | 17.56 | 7.91 | 5.80 | 8.19 | 10.02 | 5.71 | 3.82 | 4.82 | 3.82 | 3.22 | 4.22 | 2.86 | 2.34 | 2.34 | 0.91 | 3.44 | 3.49 | 1.71 | 1.27 | 1.44 | 0.47 | 0.41 | 1.57 | 1.57 | 1.39 | 1.14 | 0.90 |
| EPS Growth % | -36.79% | -38.64% | 83.79% | -13.55% | 122% | 36.38% | -29.18% | -18.26% | 75.48% | 49.48% | -20.75% | 26.18% | 18.63% | -23.7% | 47.55% | 22.22% | 0% | 157.14% | -73.55% | -1.43% | 104.09% | 34.65% | -11.81% | 206.38% | 14.63% | -73.89% | 0% | 12.95% | 21.93% | 26.67% | 26.76% |
| EPS (Basic) | - | 17.27 | 28.26 | 15.35 | 17.80 | 8.01 | 5.85 | 8.28 | 10.09 | 5.75 | 3.86 | 4.89 | 3.89 | 3.29 | 4.30 | 2.91 | 2.36 | 2.36 | 0.91 | 3.50 | 3.54 | 1.73 | 1.29 | 1.45 | 0.47 | 0.41 | 1.59 | 1.59 | 1.41 | 1.17 | 0.90 |
| Diluted Shares Outstanding | 41.1M | 43.2M | 47.1M | 50.4M | 52.5M | 53.2M | 55M | 57.55M | 60.79M | 63.55M | 64.88M | 65.8M | 65.3M | 64.81M | 63.61M | 63.04M | 61.59M | 61.23M | 60.85M | 62.63M | 62.24M | 62.16M | 62.82M | 61.73M | 61.17M | 60.9M | 61.2M | 61.27M | 61.35M | 62.05M | 61.91M |
| Basic Shares Outstanding | 40.8M | 42.8M | 46.5M | 49.9M | 51.8M | 52.5M | 54.5M | 56.91M | 60.39M | 63.07M | 64.23M | 64.84M | 64.17M | 63.47M | 62.51M | 61.96M | 60.9M | 60.6M | 60.54M | 61.69M | 61.24M | 61.47M | 62.06M | 61.41M | 60.88M | 60.52M | 60.48M | 60.33M | 60.36M | 60.47M | 61.91M |
| Dividend Payout Ratio | - | 24.45% | 13.14% | 20.89% | 14.55% | 26.68% | 35.11% | 21.76% | 15.3% | 25.2% | 33.79% | 22.61% | 24.35% | 25.61% | 17.76% | 24.13% | 27.88% | 26.69% | 65.59% | 16.11% | 14.84% | 27.84% | 35.12% | 30.02% | 90.43% | 100.17% | 23.9% | 21.4% | 21.32% | 22.49% | 25.31% |
Commercial construction cycle sensitivity
According to the most recent quarterly income statement data, Carlisle Companies experienced a revenue contraction of 4.0% in 2026Q1, marking a notable deceleration from the double-digit growth observed in early 2024 and suggesting that the company's transition to a pure-play building products model faces cyclical demand pressures.
The recent revenue decline appears to reflect a cooling in non-residential construction activity, which historically serves as a primary demand driver. Investors should monitor whether this trend represents a temporary pause in project starts or a more structural shift in the company's ability to maintain its premium pricing strategy.
As reported in financial statements, Carlisle's gross margin contracted to 34.5% in 2026Q1, down from the 39.2% peak observed in 2024Q2, indicating that the company is struggling to fully offset input cost fluctuations through its pricing power in the current competitive building materials environment.
The erosion of gross margins suggests that the favorable price-over-cost environment that previously bolstered profitability may be normalizing. This trend warrants further investigation into whether the company's specialized distribution network can continue to command premium pricing as broader industrial commodity costs remain unpredictable.
Based on the provided income statement figures, Carlisle's operating margin fell to 17.1% in 2026Q1, a significant decline from the 26.0% margin achieved in 2024Q2, which suggests that the company is currently experiencing negative operating leverage as revenue growth fails to outpace fixed cost absorption.
The inability to maintain operating margins at previous levels implies that the company's cost structure may be less flexible than anticipated during periods of top-line contraction. Analysts should evaluate whether the recent SG&A fluctuations are indicative of ongoing integration costs or a failure to achieve expected operational efficiencies.
Data from the last ten quarters indicates that Carlisle's net income volatility, highlighted by the 2024Q2 spike and subsequent normalization, may challenge the market's perception of the company as a defensive, utility-like play, potentially exposing the stock to multiple compression if growth remains stagnant.
While the reroofing business provides a theoretical floor, the recent earnings performance suggests that the company remains tethered to broader macroeconomic cycles. Investors should consider whether the current valuation adequately accounts for the risk of sustained margin compression if the commercial real estate market continues to face headwinds.
Quick answers to the most common questions about buying CSL stock.
For fiscal year 2025, Carlisle Companies Incorporated (CSL) reported total revenue of $5.02B. This represents a 393.4% increase compared to $1.02B in 1996.
Carlisle Companies Incorporated (CSL) is profitable, generating $740.7M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
Carlisle Companies Incorporated (CSL) reported an operating income of $1.00B, resulting in an operating profit margin of 19.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Carlisle Companies Incorporated (CSL) generated $1.79B in gross profit for the year, representing a gross profit margin of 35.7%. This demonstrates the company's core pricing power and production efficiency.