csl-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2026


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _____ TO _____.

Commission file number 1-9278

www.carlisle.com

CARLISLE COMPANIES INCORPORATED

(Exact name of registrant as specified in its charter)


Delaware			31-1168055
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254

(Address of principal executive offices, including zip code)

(480) 781-5000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1 par value

CSL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes			☒			No			☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes			☒			No			☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Yes			☐			No			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes			☐			No			☒

On July 23, 2026, there were 39,714,133 shares of the registrant's common stock, par value $1.00 per share, outstanding.

Carlisle Companies Incorporated

Table of Contents


			Page
PART I—Financial Information			3

Item 1. Financial Statements			3

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)			3

Condensed Consolidated Balance Sheets (Unaudited)			4

Condensed Consolidated Statements of Cash Flows (Unaudited)			5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)			6

Notes to Condensed Consolidated Financial Statements (Unaudited)			8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			15

Item 3. Quantitative and Qualitative Disclosure about Market Risk			22

Item 4. Controls and Procedures			23

PART II—Other Information			24

Item 1. Legal Proceedings			24

Item 1A. Risk Factors			24

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			24

Item 3. Defaults Upon Senior Securities			24

Item 4. Mine Safety Disclosures			24

Item 5. Other Information			24

Item 6. Exhibits			24

Signature			25

PART I—Financial Information

Item 1. Financial Statements

Carlisle Companies Incorporated

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Revenues	$	1,570.3	$	1,449.5	$	2,622.4	$	2,545.3

Cost of goods sold	1,001.9		908.4		1,690.8		1,618.5
Selling and administrative expenses	199.3		196.9		371.1		390.9
Research and development expenses	11.4		11.1		23.5		21.8

Other operating expense (income), net	5.2		(1.9)		4.2		(4.5)
Operating income	352.5		335.0		532.8		518.6
Interest expense	27.4		14.7		55.7		29.5

Interest income	(6.6)		(1.4)		(15.5)		(7.8)
Other non-operating expense (income), net	(2.0)		(1.9)		(4.3)		(1.7)
Income from continuing operations before income taxes	333.7		323.6		496.9		498.6
Provision for income taxes	76.0		68.1		111.5		103.0
Income from continuing operations	257.7		255.5		385.4		395.6




Income (loss) from discontinued operations	(2.5)		0.3		(2.5)		3.5
Net income	$	255.2	$	255.8	$	382.9	$	399.1

Basic earnings per share attributable to common shares:
Income from continuing operations	$	6.39	$	5.92	$	9.49	$	9.05
Income (loss) from discontinued operations	(0.06)		0.01		(0.06)		0.08
Basic earnings per share	$	6.33	$	5.93	$	9.43	$	9.13

Diluted earnings per share attributable to common shares:
Income from continuing operations	$	6.36	$	5.87	$	9.43	$	8.97
Income (loss) from discontinued operations	(0.06)		0.01		(0.06)		0.08
Diluted earnings per share	$	6.30	$	5.88	$	9.37	$	9.05

Average shares outstanding:
Basic	40.2		43.0		40.5		43.6
Diluted	40.5		43.4		40.8		44.0

Comprehensive income:
Net income	$	255.2	$	255.8	$	382.9	$	399.1
Other comprehensive income (loss):
Foreign currency gains (losses)	(7.6)		29.2		(18.5)		37.2

Other, net of tax	0.8		0.4		1.7		0.7
Other comprehensive income (loss)	(6.8)		29.6		(16.8)		37.9
Comprehensive income	$	248.4	$	285.4	$	366.1	$	437.0

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

Carlisle Companies Incorporated

Condensed Consolidated Balance Sheets (Unaudited)


(in millions, except par values)	June 30, 2026		December 31, 2025
ASSETS

Cash and cash equivalents	$	665.3	$	1,112.1

Receivables, net of allowance for credit losses of $3.8 and $3.9	955.9		593.8
Inventories	492.7		447.3

Prepaid expenses	26.3		28.5
Other current assets	156.9		95.7

Total current assets	2,297.1		2,277.4

Property, plant, and equipment, net of accumulated depreciation of $800.5 and $774.0	827.6		807.1
Goodwill	1,539.5		1,538.9
Other intangible assets, net of accumulated amortization of $731.0 and $673.7	1,363.4		1,425.5
Other long-term assets	207.1		214.1

Total assets	$	6,234.7	$	6,263.0

LIABILITIES AND EQUITY

Accounts payable	$	408.4	$	233.0
Other current liabilities	475.0		503.0

Total current liabilities	883.4		736.0


Long-term debt	2,884.9		2,881.6
Contract liabilities	347.7		342.5
Deferred taxes	243.4		245.6
Other long-term liabilities	258.1		261.9





Common stock(1)(2)	78.7		78.7
Additional paid-in capital	619.0		603.5
Treasury stock(3)	(6,619.0)		(6,149.3)
Accumulated other comprehensive loss	(86.8)		(70.0)
Retained earnings	7,625.3		7,332.5

Total liabilities and equity	$	6,234.7	$	6,263.0

(1)Preferred Stock: $1 par value; 5.0 shares authorized; no shares were issued or outstanding during any period presented

(2)Common Stock: $1 par value; 200.0 shares authorized; 39.8 and 41.0 shares outstanding, respectively

(3)Treasury Stock: at cost; 38.8 and 37.6 shares, respectively

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

Carlisle Companies Incorporated

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended June 30,
(in millions)	2026		2025
Operating activities:
Net income	$	382.9	$	399.1
Reconciliation of net income to net cash provided by (used in) operating activities:
Depreciation	37.4		36.1
Amortization	60.5		60.6


Stock-based compensation	17.9		19.5

Deferred taxes	(0.5)		(2.4)


Other operating activities, net	19.8		22.1
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables	(363.7)		(291.3)
Inventories	(47.4)		(18.5)


Accounts payable	177.9		71.8



Other assets and liabilities	(87.7)		(8.1)
Net cash provided by (used in) operating activities	197.1		288.9

Investing activities:

Acquisitions, net of cash acquired	—		(108.1)
Capital expenditures	(70.0)		(57.8)

Other investing activities, net	0.3		—
Net cash provided by (used in) investing activities	(69.7)		(165.9)

Financing activities:





Repurchases of common stock	(500.0)		(700.0)
Dividends paid	(90.1)		(88.3)
Proceeds from exercise of stock options	42.6		8.8
Withholding tax paid related to stock-based compensation	(11.6)		(13.3)
Other financing activities, net	(14.7)		(16.1)
Net cash provided by (used in) financing activities	(573.8)		(808.9)

Effect of foreign currency exchange rate changes on cash and cash equivalents	(0.4)		0.8
Change in cash and cash equivalents	(446.8)		(685.1)

Cash and cash equivalents at beginning of period	1,112.1		753.5
Cash and cash equivalents at end of period	$	665.3	$	68.4

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

Carlisle Companies Incorporated

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock			Total Stockholders' Equity
(in millions, except per share amounts)	Shares Outstanding	Amount								Shares	Cost
Balance as of March 31, 2025	43.3	$	78.7	$	586.5	$	(101.8)	$	6,871.1	35.3	$	(5,268.0)	$	2,166.5

Net income	—	—		—		—		255.8		—	—		255.8
Other comprehensive income (loss)	—	—		—		29.6		—		—	—		29.6
Dividends - $1.00 per share	—	—		—		—		(43.1)		—	—		(43.1)
Repurchases of common stock(1)	(0.8)	—		—		—		—		0.8	(302.6)		(302.6)
Stock-based compensation(2)	0.1	—		(0.9)		—		—		(0.1)	15.3		14.4
Balance as of June 30, 2025	42.6	$	78.7	$	585.6	$	(72.2)	$	7,083.8	36.0	$	(5,555.3)	$	2,120.6

Balance as of March 31, 2026	40.5	$	78.7	$	611.2	$	(80.0)	$	7,414.5	38.1	$	(6,371.2)	$	1,653.2

Net income	—	—		—		—		255.2		—	—		255.2
Other comprehensive income (loss)	—	—		—		(6.8)		—		—	—		(6.8)
Dividends - $1.10 per share	—	—		—		—		(44.4)		—	—		(44.4)
Repurchases of common stock(1)	(0.7)	—		—		—		—		0.7	(252.4)		(252.4)
Stock-based compensation(2)	—	—		7.8		—		—		—	4.6		12.4
Balance as of June 30, 2026	39.8	$	78.7	$	619.0	$	(86.8)	$	7,625.3	38.8	$	(6,619.0)	$	1,617.2

(1)Repurchases of common stock include excise taxes on share repurchases.

(2)Stock-based compensation includes stock options exercised net of tax, restricted and performance shares vested, and shares issued and deferred associated with deferred compensation.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

Carlisle Companies Incorporated

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock			Total Stockholders' Equity
(in millions, except per share amounts)	Shares Outstanding	Amount								Shares	Cost
Balance as of December 31, 2024	44.4	$	78.7	$	589.0	$	(110.1)	$	6,773.1	34.2	$	(4,867.4)	$	2,463.3

Net income	—	—		—		—		399.1		—	—		399.1
Other comprehensive income (loss)	—	—		—		37.9		—		—	—		37.9
Dividends - $2.00 per share	—	—		—		—		(88.4)		—	—		(88.4)
Repurchases of common stock(1)	(2.0)	—		—		—		—		2.0	(706.3)		(706.3)
Stock-based compensation(2)	0.2	—		(3.4)		—		—		(0.2)	18.4		15.0
Balance as of June 30, 2025	42.6	$	78.7	$	585.6	$	(72.2)	$	7,083.8	36.0	$	(5,555.3)	$	2,120.6

Balance as of December 31, 2025	41.0	$	78.7	$	603.5	$	(70.0)	$	7,332.5	37.6	$	(6,149.3)	$	1,795.4

Net income	—	—		—		—		382.9		—	—		382.9
Other comprehensive income (loss)	—	—		—		(16.8)		—		—	—		(16.8)
Dividends - $2.20 per share	—	—		—		—		(90.1)		—	—		(90.1)
Repurchases of common stock(1)	(1.4)	—		—		—		—		1.4	(504.1)		(504.1)
Stock-based compensation(2)	0.2	—		15.5		—		—		(0.2)	34.4		49.9
Balance as of June 30, 2026	39.8	$	78.7	$	619.0	$	(86.8)	$	7,625.3	38.8	$	(6,619.0)	$	1,617.2

(1)Repurchases of common stock include excise taxes on share repurchases.

(2)Stock-based compensation includes stock options exercised net of tax, restricted and performance shares vested, and shares issued and deferred associated with deferred compensation.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

Carlisle Companies Incorporated

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1—Basis of Presentation

These unaudited Condensed Consolidated Financial Statements include the accounts of Carlisle Companies Incorporated and its wholly owned subsidiaries (collectively, "Carlisle" or the "Company").

These unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), but they do not include all information required for complete financial statements. As such, they should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2025.

In the opinion of the Company's management, these unaudited Condensed Consolidated Financial Statements contain all normal and recurring adjustments necessary to fairly state the financial results of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period's presentation.

New Accounting Pronouncements

The Company does not expect any recently issued accounting pronouncements to materially affect its financial position or results of operations.

Note 2—Segment Information

The Company has two reportable segments:

Carlisle Construction Materials ("CCM")—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, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.

Carlisle Weatherproofing Technologies ("CWT")—this segment produces building envelope solutions that drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium products for a variety of industrial and surfacing applications.

Carlisle's chief operating decision maker ("CODM") is its Chief Executive Officer. The CODM uses segment operating income in the annual budget and forecasting process. The CODM considers forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses operating income to assess the performance of each segment and determine the compensation of certain employees.

A summary of financial information by reportable segment follows:


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
Revenue	$	1,181.3	$	389.0	$	1,570.3	$	1,095.6	$	353.9	$	1,449.5

Cost of goods sold	727.2		272.8		1,000.0		665.1		241.6		906.7
Selling and administrative expenses	106.8		65.3		172.1		100.0		64.7		164.7
Research and development expenses	8.6		2.8		11.4		7.1		4.0		11.1
Other operating expense (income), net(1)	0.6		6.3		6.9		(0.4)		1.1		0.7
Segment operating income	338.1		41.8		379.9		323.8		42.5		366.3
Corporate operating expense					27.4						31.3
Interest expense					27.4						14.7
Interest income					(6.6)						(1.4)
Other non-operating expense (income), net					(2.0)						(1.9)
Income from continuing operations before income taxes					$	333.7					$	323.6


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
Revenue	$	1,939.4	$	683.0	$	2,622.4	$	1,894.1	$	651.2	$	2,545.3

Cost of goods sold	1,204.1		485.0		1,689.1		1,166.0		450.8		1,616.8
Selling and administrative expenses	195.9		125.0		320.9		195.0		133.4		328.4
Research and development expenses	17.0		6.5		23.5		15.2		6.6		21.8
Other operating expense (income), net(1)	0.3		7.4		7.7		(0.7)		1.7		1.0
Segment operating income	522.1		59.1		581.2		518.6		58.7		577.3
Corporate operating expense					48.4						58.7
Interest expense					55.7						29.5
Interest income					(15.5)						(7.8)
Other non-operating expense (income), net					(4.3)						(1.7)
Income from continuing operations before income taxes					$	496.9					$	498.6

(1)Other operating expense (income), net primarily consisted of restructuring-related costs for the three and six months ended June 30, 2026, and lease termination and litigation settlement costs for the three and six months ended June 30, 2025.

Other financial information by reportable segment follows:


	Three Months Ended June 30,
	2026				2025
(in millions)	Depreciation and Amortization		Capital Expenditures		Depreciation and Amortization		Capital Expenditures
Carlisle Construction Materials	$	22.9	$	25.3	$	22.2	$	18.9
Carlisle Weatherproofing Technologies	25.5		16.2		25.8		9.9
Segment total	48.4		41.5		48.0		28.8
Corporate	0.3		0.2		0.9		—
Total	$	48.7	$	41.7	$	48.9	$	28.8











	Six Months Ended June 30,
	2026				2025
(in millions)	Depreciation and Amortization		Capital Expenditures		Depreciation and Amortization		Capital Expenditures
Carlisle Construction Materials	$	45.7	$	44.2	$	43.8	$	37.3
Carlisle Weatherproofing Technologies	51.5		25.6		51.1		20.5
Segment total	97.2		69.8		94.9		57.8
Corporate	0.7		0.2		1.8		—
Total	$	97.9	$	70.0	$	96.7	$	57.8

The Company does not report total assets by segment as this is not a metric used by the CODM to allocate resources or evaluate segment performance.

Note 3—Acquisitions

2025 Acquisitions

Bonded Logic

On June 30, 2025, the Company completed the acquisition of selected assets of Bonded Logic, Inc. and Phoenix Fibers, LLC (collectively, "Bonded Logic"), for cash consideration of $61.4 million. Bonded Logic is a U.S. manufacturer of sustainable thermal and acoustical insulation products and is best known for its innovative natural fiber insulation products. The acquisition of Bonded Logic is consistent with Carlisle’s Vision 2030 strategy and its strategic pivot to a pure play building products company. The acquisition reinforces Carlisle’s emphasis on increased investment in innovation, synergistic M&A, delivering on its sustainability commitments, and bringing to market new building envelope products that deliver energy efficiency and contractor labor-savings.

The following table summarizes the consideration transferred to acquire Bonded Logic and the allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.


	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 6/30/2025				As of 6/29/2026
Total cash consideration transferred	$	60.7	$	0.7	$	61.4
Recognized amounts of identifiable assets acquired and liabilities assumed:

Receivables, net	3.2		—		3.2
Inventories	5.0		(1.7)		3.3
Other current assets	0.1		—		0.1
Property, plant, and equipment	13.5		(6.6)		6.9
Other intangible assets	9.0		—		9.0
Other long-term assets	10.2		—		10.2
Accounts payable	(3.3)		—		(3.3)
Other current liabilities	(5.2)		2.4		(2.8)
Deferred income taxes	—		0.4		0.4
Other long-term liabilities	(7.7)		—		(7.7)
Total identifiable net assets	24.8		(5.5)		19.3
Goodwill	$	35.9	$	6.2	$	42.1

ThermaFoam

On February 3, 2025, the Company completed the acquisition of selected assets of ThermaFoam Operating LLC, PowerFoam LLC, and ThermaFoam Real Estate LLC (collectively, "ThermaFoam"), for cash consideration of $53.7 million. ThermaFoam provides expanded polystyrene insulation products into the commercial, residential, and infrastructure construction markets through both the ThermaFoam and PowerFoam brands. The purchase of ThermaFoam supports Carlisle’s Vision 2030 strategy and strategic pivot to a pure play building products company and leverages Carlisle’s vertically integrated expanded polystyrene capabilities while adding geographic coverage in Texas and the South Central United States.

The following table summarizes the consideration transferred to acquire ThermaFoam and the allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.


	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 2/3/2025				As of 2/2/2026
Total cash consideration transferred	$	52.9	$	0.8	$	53.7
Recognized amounts of identifiable assets acquired and liabilities assumed:

Receivables, net	2.7		0.2		2.9
Inventories	1.4		—		1.4
Other current assets	0.1		—		0.1
Property, plant, and equipment	8.8		(0.1)		8.7
Other intangible assets	6.7		—		6.7

Accounts payable	(0.9)		0.1		(0.8)
Other current liabilities	(0.6)		0.3		(0.3)


Total identifiable net assets	18.2		0.5		18.7
Goodwill	$	34.7	$	0.3	$	35.0

Note 4—Earnings Per Share

Restricted stock awards granted as part of the Company's Incentive Compensation Program participate in nonforfeitable dividends on a one-to-one per-share ratio with common stock. As such, unvested restricted stock awards are considered participating securities in the computation of earnings per share under the two-class method, and undistributed earnings are allocated between common stock and participating securities on a one-to-one per-share basis. The numerator in the computation of basic and diluted earnings per share excludes income allocated to these participating securities.

The denominator in the computation of diluted earnings per share includes the dilutive effect of stock options and performance share awards granted as part of the Company's Incentive Compensation Program. The dilutive effect of stock options is calculated using the treasury stock method when the average market price of the Company's common stock during the reporting period exceeds the exercise price of the options. Performance shares are contingently issuable, and the dilutive effect is based on the number of shares that would have been awarded had the conditions at the end of the reporting period continued until the end of the performance period.

A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing operations follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Income from continuing operations	$	257.7	$	255.5	$	385.4	$	395.6
Less: Income allocated to participating securities	0.5		0.4		0.8		0.7
Income from continuing operations available to common stockholders	$	257.2	$	255.1	$	384.6	$	394.9

Shares:
Basic weighted-average shares outstanding	40.2		43.0		40.5		43.6
Effect of dilutive securities(1)	0.3		0.4		0.3		0.4
Diluted weighted-average shares outstanding	40.5		43.4		40.8		44.0

Earnings per share from continuing operations attributable to common shares:
Basic	$	6.39	$	5.92	$	9.49	$	9.05
Diluted	$	6.36	$	5.87	$	9.43	$	8.97

(1)The computation of diluted earnings per share excludes antidilutive stock options of 0.4 million and 0.2 million for the three months ended June 30, 2026 and 2025, respectively, and 0.3 million and 0.2 million for the six months ended June 30, 2026 and 2025, respectively.

Note 5—Revenues

Revenues by End-Market

A summary of revenues disaggregated by end-market follows:


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
Non-residential construction	$	1,089.3	$	174.1	$	1,263.4	$	1,011.5	$	165.0	$	1,176.5
Residential construction	92.0		176.1		268.1		84.1		158.3		242.4
Other	—		38.8		38.8		—		30.6		30.6
Total revenues	$	1,181.3	$	389.0	$	1,570.3	$	1,095.6	$	353.9	$	1,449.5

	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
Non-residential construction	$	1,784.8	$	300.5	$	2,085.3	$	1,746.3	$	303.1	$	2,049.4
Residential construction	154.6		313.3		467.9		147.8		288.7		436.5
Other	—		69.2		69.2		—		59.4		59.4
Total revenues	$	1,939.4	$	683.0	$	2,622.4	$	1,894.1	$	651.2	$	2,545.3

Revenues by Geographic Area

A summary of revenues based on the region to which the product was delivered follows:


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
United States	$	1,078.6	$	333.4	$	1,412.0	$	1,011.2	$	301.4	$	1,312.6
International:
Europe	76.5		6.7		83.2		64.3		4.5		68.8
North America (excluding U.S.)	20.7		44.9		65.6		14.5		44.0		58.5


Other	5.5		4.0		9.5		5.6		4.0		9.6
Total international	102.7		55.6		158.3		84.4		52.5		136.9
Total revenues	$	1,181.3	$	389.0	$	1,570.3	$	1,095.6	$	353.9	$	1,449.5

	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
(in millions)	CCM		CWT		Total		CCM		CWT		Total
United States	$	1,749.2	$	586.3	$	2,335.5	$	1,721.7	$	556.8	$	2,278.5
International:
Europe	140.3		11.6		151.9		124.1		9.2		133.3
North America (excluding U.S.)	39.0		77.6		116.6		37.0		76.9		113.9


Other	10.9		7.5		18.4		11.3		8.3		19.6
Total international	190.2		96.7		286.9		172.4		94.4		266.8
Total revenues	$	1,939.4	$	683.0	$	2,622.4	$	1,894.1	$	651.2	$	2,545.3

Contract Liabilities

The Company receives payment at inception of contracts for separately priced extended service warranties. The related revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of the change in contract liabilities for the six months ended June 30, follows:


(in millions)	2026		2025
Balance as of January 1	$	372.3	$	350.5
Revenue deferred	21.7		23.5
Revenue recognized	(15.9)		(15.0)

Balance as of June 30	$	378.1	$	359.0

A summary of revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2026, follows:


(in millions)	Remainder of 2026		2027		2028		2029		2030		2031		Thereafter
Extended service warranties	$	15.8	$	30.4	$	29.3	$	28.3	$	27.5	$	26.4	$	220.4

Note 6—Income Taxes

The effective income tax rate on continuing operations for the six months ended June 30, 2026, was 22.4%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of 23.2% and a discrete tax benefit of $3.8 million primarily from excess tax benefits from employee stock compensation.

The effective income tax rate on continuing operations for the six months ended June 30, 2025, was 20.7%.

Note 7—Inventories

A summary of the Company's inventories follows:


(in millions)	June 30, 2026		December 31, 2025
Raw materials	$	169.2	$	169.6
Work-in-process	31.3		25.1
Finished goods	305.4		266.5
Reserves	(13.2)		(13.9)
Inventories	$	492.7	$	447.3

Note 8—Other Intangible Assets

A summary of the Company's other intangible assets follows:


	June 30, 2026						December 31, 2025
(in millions)	Acquired Cost		Accumulated Amortization		Net Book Value		Acquired Cost		Accumulated Amortization		Net Book Value

Customer relationships	$	1,474.7	$	(530.5)	$	944.2	$	1,479.6	$	(483.6)	$	996.0
Indefinite-lived trade names	253.4		—		253.4		254.4		—		254.4
Technology	202.3		(121.3)		81.0		203.3		(116.6)		86.7
Definite-lived trade names	117.3		(45.9)		71.4		117.6		(43.1)		74.5

Other	46.7		(33.3)		13.4		44.3		(30.4)		13.9
Other intangible assets	$	2,094.4	$	(731.0)	$	1,363.4	$	2,099.2	$	(673.7)	$	1,425.5

Note 9—Long-term Debt

A summary of the Company's long-term debt follows:


(in millions)					Fair Value(1)
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
5.55% Notes due 2040	$	500.0	$	500.0	$	495.9	$	505.6
5.25% Notes due 2035	500.0		500.0		499.4		511.1
2.20% Notes due 2032	550.0		550.0		475.9		479.4
2.75% Notes due 2030	750.0		750.0		700.4		707.8
3.75% Notes due 2027	600.0		600.0		593.2		597.1

Unamortized discount and debt issuance costs	(25.3)		(27.3)
Other	15.2		13.7
Total debt	2,889.9		2,886.4
Less: Current portion of debt	5.0		4.8
Long-term debt	$	2,884.9	$	2,881.6

(1)The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy.

Notes

On August 20, 2025, the Company completed a public offering of unsecured senior notes, consisting of $500.0 million in aggregate principal amount with a stated interest rate of 5.25% due September 15, 2035 and $500.0 million in aggregate principal amount with a stated interest rate of 5.55% due September 15, 2040.

Revolving Credit Facility

During the six months ended June 30, 2026, there were no borrowings or repayments under the Company's Fifth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"). As of June 30, 2026 and December 31, 2025, the Company had no outstanding balance and $1.0 billion available under the Credit Agreement.

Covenants and Limitations

The Company's outstanding unsecured notes and the Credit Agreement require the Company to meet various restrictive covenants and limitations, including certain leverage and interest coverage ratios and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of June 30, 2026 and December 31, 2025.

Letters of Credit and Guarantees

During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of June 30, 2026 and December 31, 2025, the Company had $48.7 million and $48.8 million, respectively, in letters of credit and bank guarantees outstanding. The Company has multiple arrangements for up to $125.0 million in letters of credit, of which $76.3 million was available as of June 30, 2026.

Note 10—Commitments and Contingencies

Litigation

As of June 30, 2026, there were no material developments in the legal proceedings included in Note 15 to the audited Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and there were no new material legal proceedings during the six months ended June 30, 2026.

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.

Summary of Financial Results


	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		%

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

Consolidated Results of Operations

Revenues


(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	%

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


(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		%

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


(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		%

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.

Research and Development Expenses


(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		%

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


(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	%

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


(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		%

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, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.


(in millions)	Three Months Ended June 30,										Organic		Acquisition Effect		Exchange Rate Effect
	2026			2025			Change		%
Revenues	$	1,181.3		$	1,095.6		$	85.7	7.8	%	7.7	%	—	%	0.1	%
Operating income	$	338.1		$	323.8		$	14.3	4.4	%
Operating margin	28.6		%	29.6		%
Adjusted EBITDA(1)	$	363.0		$	346.3		$	16.7	4.8	%
Adjusted EBITDA margin(1)	30.7		%	31.6		%


(in millions, except percentages)	Six Months Ended June 30,										Organic		Acquisition Effect		Exchange Rate Effect
	2026			2025			Change		%
Revenues	$	1,939.4		$	1,894.1		$	45.3	2.4	%	2.0	%	—	%	0.4	%
Operating income	$	522.1		$	518.6		$	3.5	0.7	%
Operating margin	26.9		%	27.4		%
Adjusted EBITDA(1)	$	570.9		$	562.8		$	8.1	1.4	%
Adjusted EBITDA margin(1)	29.4		%	29.7		%

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

CCM's revenue increased in the second quarter and the first six months of 2026, primarily reflecting volume increases driven by continued execution of strategic growth initiatives supported by solid commercial re-roofing demand.

CCM's operating margin and adjusted EBITDA margin slightly decreased in the second quarter and the first six months of 2026, primarily due to raw materials and freight inflation driven by the conflict in the Middle East.

Carlisle Weatherproofing Technologies

This segment produces building envelope solutions that drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium products for a variety of industrial and surfacing applications.


(in millions)	Three Months Ended June 30,										Organic		Acquisition Effect		Exchange Rate Effect
	2026			2025			Change		%
Revenues	$	389.0		$	353.9		$	35.1	9.9	%	8.4	%	1.2	%	0.3	%
Operating income	$	41.8		$	42.5		$	(0.7)	(1.6)	%
Operating margin	10.7		%	12.0		%
Adjusted EBITDA(1)	$	74.1		$	70.6		$	3.5	5.0	%
Adjusted EBITDA margin(1)	19.0		%	19.9		%


(in millions, except percentages)	Six Months Ended June 30,										Organic		Acquisition Effect		Exchange Rate Effect
	2026			2025			Change		%
Revenues	$	683.0		$	651.2		$	31.8	4.9	%	3.2	%	1.3	%	0.4	%
Operating income	$	59.1		$	58.7		$	0.4	0.7	%
Operating margin	8.7		%	9.0		%
Adjusted EBITDA(1)	$	118.9		$	116.9		$	2.0	1.7	%
Adjusted EBITDA margin(1)	17.4		%	18.0		%

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

CWT’s revenue increased in the second quarter and the first six months of 2026, primarily driven by increased volumes from share gains and the 2025 acquisition of Bonded Logic.

CWT’s operating margin and adjusted EBITDA margin decreased in the second quarter and the first six months of 2026 primarily due to elevated input and freight costs caused by inflated oil prices.

Liquidity and Capital Resources

We believe that our 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 and our long-term financial requirements, including the repayment of outstanding principal balances on existing notes by their respective maturity dates.

Additional sources of liquidity may be obtained through access to the capital markets, subject to market conditions. The Company may consider such access for general corporate purposes that include the repayment of outstanding debt, additions to working capital, capital expenditures, investments in our subsidiaries, acquisitions, investments in third parties or the repurchase, redemption or retirement of securities, including our common stock. For further details regarding long-term debt, refer to Note 9.

Management retains discretion over the allocation of available cash and may deploy resources toward capital expenditures, acquisitions, strategic investments, dividends, or share repurchases.


	Six Months Ended June 30,
(in millions)	2026		2025
Net cash provided by (used in) operating activities	$	197.1	$	288.9
Net cash provided by (used in) investing activities	(69.7)		(165.9)
Net cash provided by (used in) financing activities	(573.8)		(808.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(0.4)		0.8
Change in cash and cash equivalents	$	(446.8)	$	(685.1)

Operating Activities

Net cash provided by operating activities for the first six months of 2026 was $197.1 million, compared to $288.9 million for the first six months of 2025. The $91.8 million decrease was primarily driven by lower income from continuing operations, excluding non-cash reconciling items, of $11.0 million, and a $125 million post-year-end settlement of an accrued liability related to a transferable energy tax credit acquired in 2025. These decreases were partially offset by larger increases in accrued incentive compensation of $9.5 million, accrued rebates and commissions of $11.2 million driven by higher sales, and accrued taxes of $22.2 million related to the timing of other transferable energy tax credit acquisitions and related payments.

Net working capital requirements for the first six months of 2026 were generally consistent with the prior year. Higher investments in accounts receivable of $72.4 million driven by increased sales volume and inventory of $28.9 million driven by higher raw material costs were offset by a $106.1 million larger increase in accounts payable resulting from the timing and cost of raw material and freight purchases.

Investing Activities

Net cash used in investing activities of $69.7 million for the first six months of 2026 primarily reflected capital expenditures of $70.0 million. Cash used in investing activities of $165.9 million for the first six months of 2025 primarily reflected the purchases of ThermaFoam for $52.9 million and Bonded Logic for $57.7 million, and capital expenditures of $57.8 million.

Financing Activities

Net cash used in financing activities of $573.8 million in the first six months of 2026 primarily reflected share repurchases of $500.0 million and cash dividend payments of $90.1 million. Cash used in financing activities of $808.9 million in the first six months of 2025 primarily reflected share repurchases of $700.0 million and cash dividend payments of $88.3 million.

Non-GAAP Financial Measures

EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin

Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about our performance and our segments' performance without the effect 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. As a result, management believes that these measures enhance the ability of investors to analyze trends in our business and evaluate our performance relative to similarly-situated companies. This information differs from net income, operating income, and operating margin determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Our and our segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except percentages)	2026			2025			2026			2025
Net income (GAAP)	$	255.2		$	255.8		$	382.9		$	399.1
Less: Income (loss) from discontinued operations (GAAP)	(2.5)			0.3			(2.5)			3.5
Income from continuing operations (GAAP)	257.7			255.5			385.4			395.6
Provision for income taxes	76.0			68.1			111.5			103.0
Interest expense	27.4			14.7			55.7			29.5
Interest income	(6.6)			(1.4)			(15.5)			(7.8)
EBIT	354.5			336.9			537.1			520.3
Non-comparable (gains) / losses and costs related to:
Acquisitions	0.3			2.5			0.7			9.3
Dispositions	(0.1)			(0.2)			—			(0.1)
Restructuring	6.0			1.5			8.4			1.6

Casualty losses and insurance recoveries	0.6			—			0.6			—
Legal settlements	2.0			0.3			1.9			0.5

Pension settlements	—			(0.6)			—			(0.6)
Total non-comparable items	8.8			3.5			11.6			10.7
Adjusted EBIT	363.3			340.4			548.7			531.0
Depreciation	18.6			18.4			37.4			36.1
Amortization	30.1			30.5			60.5			60.6
Adjusted EBITDA	$	412.0		$	389.3		$	646.6		$	627.7
Divided by:
Total revenues	$	1,570.3		$	1,449.5		$	2,622.4		$	2,545.3
Adjusted EBITDA margin	26.2		%	26.9		%	24.7		%	24.7		%


	Three Months Ended June 30, 2026								Three Months Ended June 30, 2025
(in millions, except percentages)	CCM			CWT			Corporate		CCM			CWT			Corporate
Operating income (loss) (GAAP)	$	338.1		$	41.8		$	(27.4)	$	323.8		$	42.5		$	(31.3)
Non-operating expense (income), net	0.1			(0.2)			(1.9)		(0.4)			0.2			(1.7)
EBIT	338.0			42.0			(25.5)		324.2			42.3			(29.6)
Non-comparable (gains) / losses and costs related to:
Acquisitions	—			0.2			0.1		—			0.9			1.6
Dispositions	—			(0.1)			—		(0.1)			(0.2)			0.1
Restructuring	1.7			4.3			—		—			1.5			—

Casualty losses and insurance recoveries	—			0.6			—		—			—			—
Legal settlements	0.4			1.6			—		—			0.3			—

Pension settlements	—			—			—		—			—			(0.6)
Total non-comparable items	2.1			6.6			0.1		(0.1)			2.5			1.1
Adjusted EBIT	340.1			48.6			(25.4)		324.1			44.8			(28.5)
Depreciation	13.8			4.6			0.2		13.0			5.0			0.4
Amortization	9.1			20.9			0.1		9.2			20.8			0.5
Adjusted EBITDA	$	363.0		$	74.1		$	(25.1)	$	346.3		$	70.6		$	(27.6)
Divided by:
Total revenues	$	1,181.3		$	389.0		$	—	$	1,095.6		$	353.9		$	—
Adjusted EBITDA margin	30.7		%	19.0		%	NM		31.6		%	19.9		%	NM


	Six Months Ended June 30, 2026								Six Months Ended June 30, 2025
(in millions, except percentages)	CCM			CWT			Corporate		CCM			CWT			Corporate
Operating income (loss) (GAAP)	$	522.1		$	59.1		$	(48.4)	$	518.6		$	58.7		$	(58.7)
Non-operating expense (income), net	0.2			(0.3)			(4.2)		(0.5)			0.2			(1.4)
EBIT	521.9			59.4			(44.2)		519.1			58.5			(57.3)
Non-comparable (gains) / losses and costs related to:
Acquisitions	—			0.4			0.3		—			5.3			4.0
Dispositions	—			—			—		(0.1)			(0.1)			0.1
Restructuring	2.8			5.6			—		—			1.6			—

Casualty losses and insurance recoveries	—			0.6			—		—			—			—
Legal settlements	0.5			1.4			—		—			0.5			—

Pension settlements	—			—			—		—			—			(0.6)
Total non-comparable items	3.3			8.0			0.3		(0.1)			7.3			3.5
Adjusted EBIT	525.2			67.4			(43.9)		519.0			65.8			(53.8)
Depreciation	27.2			9.7			0.5		25.6			9.7			0.8
Amortization	18.5			41.8			0.2		18.2			41.4			1.0
Adjusted EBITDA	$	570.9		$	118.9		$	(43.2)	$	562.8		$	116.9		$	(52.0)
Divided by:
Total revenues	$	1,939.4		$	683.0		$	—	$	1,894.1		$	651.2		$	—
Adjusted EBITDA margin	29.4		%	17.4		%	NM		29.7		%	18.0		%	NM

Forward-Looking Statements

This report contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about our expectations, plans, objectives, future financial performance and other matters that are not historical facts. You can identify these forward-looking statements by our use of words such as "anticipate," "believe," "continues," "estimate," "expect," "forecast," "foresee," "intends," "may," "plans," "project," "pursue," "should," "will" and similar expressions. We cannot guarantee that any forward-looking statement will be realized, although we believe that we have been prudent in our plans, estimates and assumptions. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties and to assumptions that may prove to be inaccurate. It is possible that our future performance may differ materially from current expectations expressed in, or implied by, these forward-looking statements due to a variety of factors, including:

•increasing price and product/service competition by foreign and domestic competitors, including new entrants;

•significant reliance on our key customers;

•damage to, or prolonged disruption of, our manufacturing facilities;

•technological developments and changes;

•the ability to continue to introduce competitive new products and services on a timely, cost-effective basis;

•our mix of products/services;

•increases in raw material costs that cannot be recovered in product pricing;

•domestic and foreign governmental and public policy changes including environmental and industry regulations;

•the ability of our customers to maintain appropriate labor levels under U.S. immigration laws, policies and practices;

•the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments;

•threats associated with, and efforts to combat, terrorism;

•protection and validity of patent and other intellectual property rights;

•the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions;

•the cyclical nature of our businesses;

•the impact of information technology, cybersecurity, artificial intelligence or data security breaches at our businesses or third parties;

•the outcome of pending and future litigation, including product liability claims, and governmental proceedings;

•general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation, interest rate and currency exchange rate fluctuations, and tariffs;

•any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East; and

•the other factors discussed in the reports we file with, or furnish to, the Securities and Exchange Commission from time to time.

Any forward-looking statement speaks only as of the date on which that statement is made, and we undertake no duty to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which that statement is made, unless otherwise required by law. New factors emerge from time to time, and it is not possible for us to predict all of those factors, nor can we assess the impact of each of those factors on the business.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

There have been no material changes in the Company’s market risk for the six months ended June 30, 2026. For additional information, refer to "PART II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report on Form 10-K").

Item 4. Controls and Procedures

a.Evaluation of disclosure controls and procedures. Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, the Company carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended. Based upon that evaluation and as of June 30, 2026, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective.

b.Changes in internal control over financial reporting. During the second quarter of 2026, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II—Other Information

Item 1. Legal Proceedings

The Company is a party to certain lawsuits in the ordinary course of business. Information about legal proceedings is included in Note 10.

Item 1A. Risk Factors

There have been no material changes in the Company's risk factors disclosed in "PART I—Item 1A. Risk Factors" in our 2025 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes the repurchase of common stock during the three months ended June 30, 2026:


(in millions, except per share amounts)	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
April 1 – April 30	0.2	$	350.47	0.2	6.4
May 1 – May 31	0.3	345.42		0.3	6.1
June 1 – June 30	0.2	349.73		0.2	5.9
Total	0.7			0.7

(1)The Company may also reacquire shares outside of the repurchase program from time to time in connection with the forfeiture of shares in satisfaction of tax withholding obligations from the vesting of share-based compensation. During the three months ended June 30, 2026, there were less than 0.1 million shares reacquired in transactions outside of the share repurchase program.

(2)Represents the remaining total number of shares that can be repurchased under the Company’s share repurchase program. On September 3, 2025, the Company's Board of Directors approved the repurchase of an additional 7.5 million shares under the Company's share repurchase program. The share repurchase program has no expiration date, does not obligate the Company to purchase any specified amount of shares and remains subject to the discretion of the Board of Directors.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None of the Company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended June 30, 2026.

Item 6. Exhibits

Exhibit

Number

Filed with this Form 10-Q

Incorporated by Reference

Exhibit Title

Form

Date Filed

31.1

Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).

31.2

Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).

32.1

Section 1350 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance.

101.SCH

Inline XBRL Taxonomy Extension Schema.

101.CAL

Inline XBRL Taxonomy Extension Calculation.

101.LAB

Inline XBRL Taxonomy Extension Labels.

101.PRE

Inline XBRL Taxonomy Extension Presentation.

101.DEF

Inline XBRL Taxonomy Extension Definition.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.