<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-10-20</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000790051</issuerCik>
        <issuerName>CARLISLE COMPANIES INC</issuerName>
        <issuerTradingSymbol>CSL</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237688</rptOwnerCik>
            <rptOwnerName>CALLAHAN ROBIN S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>30 CAT ROCK ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COS COB</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06807</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-10-20</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1589</value>
</transactionShares>
<transactionPricePerShare><value>35.1875</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>5000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeHolding><securityTitle><value>Common Stock</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>85</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>Spouse</value>
<footnoteId id="F1"></footnoteId>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Common Stock Option</value>
<footnoteId id="F2"></footnoteId>
</securityTitle>
<conversionOrExercisePrice><value>35.1875</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-20</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1589</value>
</transactionShares>
<transactionPricePerShare><footnoteId id="F4"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><footnoteId id="F3"></footnoteId>
</exerciseDate>
<expirationDate><value>2009-11-30</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1589</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>3411</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">*On April 16, 2003, the reporting person's spouse acquired 85 shares.  The reporting person disclaims ownership of these shares.</footnote>
<footnote id="F2">Right to purchase.</footnote>
<footnote id="F3">1,667 options exercisable each of December 1, 1999 and 2000, and 1,666 options exercisable December 1, 2001, cumulatively.</footnote>
<footnote id="F4">The transaction is the exercise of a derivative security.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ Robin S. Callahan by Steven Ford attorney-in-fact</signatureName>
<signatureDate>2003-10-20</signatureDate>
</ownerSignature>
</ownershipDocument>

