Common Lisp has pretty clear, straightforward rules about inlining.
File compilation is allowed to automatically inline function calls that are in the same compilation unit as their target.
This follows from the reasoning that material which is compiled together will be loaded together, and those functions will be redefined together.
The details are in 3.2.2.3 Semantic Constraints, bullets 3-5.
In any case where this inlining would be a problem, you must use declaim globally or declare locally to request notinline.
Likewise, you can use an inline declaration to encourage inlining.