Adjusted EBITDA was $389 million with a margin of 26.9%, down 190 basis points due to volume deleverage, softer market conditions at CWT, higher operating costs, and strategic investments.
Adjusted EPS reached a record $6.27, slightly up from $6.24 in the prior year, supported by share repurchases and accretive acquisitions offsetting lower organic earnings.
Balance sheet remains strong with $68 million cash and net debt-to-EBITDA ratio of 1.4x; $1 billion available under revolving credit facility.
Carlisle reported second quarter 2025 revenues of $1.4 billion, essentially flat year-over-year, with acquisitions contributing $39 million in revenue.
CCM segment revenues grew approximately 1% year-over-year to $1.1 billion, with organic revenue flat; adjusted EBITDA was $346 million with a 31.6% margin, down 180 basis points.
CWT segment revenues declined 2% to $354 million, with organic revenue down 10%; adjusted EBITDA was $71 million with a 19.9% margin, down 260 basis points due to volume deleverage.
Free cash flow for the quarter was $258 million; year-to-date share repurchases totaled $700 million, with a 2025 target of $1 billion.
Cash, cash equivalents, restricted cash, and marketable securities totaled $754 million at quarter end, boosted by a $303.8 million at-the-market equity offering.
GAAP gross margin was 32.1%, above guidance range of 30%-32%, and non-GAAP gross margin was 36.9%, above guidance of 34%-36%.
GAAP operating cash flow was negative $23.2 million, improved from negative $54.2 million in Q1, driven by increased cash receipts from SDA satellite program.
Launch Services segment revenue was $6.6 million, up 31.1% quarter-on-quarter.
Non-GAAP free cash flow was negative $55.3 million, improved from negative $82.9 million in Q1.
Operating expenses were higher than guidance, with GAAP operating expenses at $106 million and non-GAAP at $86.9 million, driven by increased R&D and headcount for Neutron development.
Rocket Lab reported record Q2 2025 revenue of $144.5 million, up 36% year-over-year and 17.9% sequentially, exceeding the high end of prior guidance.
Space Systems segment revenue was $97.9 million, up 12.5% sequentially, driven by satellite components businesses.
Total headcount increased 85% sequentially to 2,420 employees.
Dafinchi