### At a Glance Carlisle Companies' Q2 2026 results exceeded expectations, with management raising the full-year revenue guidance to mid-single-digit growth. However, due to raw material and freight inflation, the full-year adjusted EBITDA margin guidance was lowered to flat year-over-year.
Key Data - Revenue grew 8% year-over-year to a record $1.6 billion - Adjusted EPS rose 12% year-over-year to a record $7.03 - Full-year share repurchase target increased from $1.0 billion to $1.2 billion
Business Progress The CCM segment posted 8% year-over-year revenue growth to $1.2 billion, with healthy re-roofing demand up approximately 3% and progress in the data center business, though the commercial new construction market declined mid-single digits. The CWT segment grew revenue 10% year-over-year to $389 million, as market share gains offset weakness in residential and commercial new construction. The company launched the award-winning ThermaThin R-7 polyisocyanurate insulation product and has already delivered initial orders. The Henry brand's UltraTouch denim insulation has entered nearly half of all Home Depot stores nationwide. CWT's structural efficiency initiatives (automation, plant consolidation, in-house EPS resin production) have begun generating operating leverage, with margins improving 380 basis points sequentially.
Guidance & Outlook Management raised the full-year revenue growth expectation from low single digits to mid single digits, but lowered the full-year adjusted EBITDA margin guidance to flat year-over-year, reflecting additional raw material and freight inflation from the Middle East conflict. Pricing actions are expected to gradually take effect in the second half, turning positive in Q4. The company maintains its full-year outlook for ROIC of approximately 25%, free cash flow margin of about 15%, and double-digit adjusted EPS growth. Management reiterated the Vision 2030 target of adjusted EPS of $40 and ROIC above 25%.
Risk/Highlight Signals Management explicitly cited the ongoing Middle East conflict, rising oil prices, and persistent weakness in new construction markets as key macro headwinds. The company announced three broad-based price increases and implemented freight surcharges to address cost pressures, though pricing typically lags cost increases. Management emphasized that over 70% of sales come from re-roofing, a non-cyclical business that provides resilience through cycles. The company is approaching its 50th consecutive year of dividend growth, positioning it to join the ranks of "Dividend Kings."