Energizer Holdings, Inc. (ENR) Earnings
Energizer Holdings, Inc. is expected to report next earnings on November 17, 2026 (in NaN days), with a consensus EPS estimate of $1.31. ENR has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +25.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.83 | $0.75 | -9.2% | $734M | +1.9% |
| May 5, 2026 | $0.47 | $0.94 | +100.0% | $643M | -2.8% |
| Feb 5, 2026 | $0.26 | $0.31 | +19.2% | $779M | +11.7% |
| Nov 18, 2025 | $1.12 | $1.05 | -6.3% | $833M | +0.4% |
| Feb 4, 2025 | $0.64 | $0.67 | +4.7% | $732M | +9.1% |
| Nov 19, 2024 | $1.17 | $1.22 | +4.3% | $806M | +0.0% |
| Feb 6, 2024 | $0.57 | $0.59 | +3.5% | $717M | +0.8% |
| Nov 14, 2023 | $1.14 | $1.20 | +5.3% | $811M | +1.9% |
| Nov 15, 2022 | $0.76 | $0.82 | +7.9% | $790M | +2.0% |
| Feb 7, 2022 | $0.95 | $1.03 | +8.4% | $846M | +4.4% |
| Nov 10, 2021 | $0.72 | $0.79 | +9.7% | $766M | +10.8% |
| Feb 8, 2021 | $0.89 | $1.17 | +32.2% | $849M | +43.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · August 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Strategic Priorities • Strengthen overall business earnings power • Generate strong free cash flow • Improve the company's balance sheet through meaningful debt reduction - Operational Progress • Multiple years of initiatives have strengthened brands, improved execution, streamlined cost structure, and built a more resilient organization • Project Momentum, the company's operational efficiency and transformation program, has improved operational flexibility and positioned the business to navigate varied operating environments while focusing on profitability and cash generation • Gained expanded retail distribution, advanced product innovation, and made further progress integrating APS sales into the Energizer branded portfolio • Margin recovery achieved at the start of FY2026 has been sustained through Q3 - Market Positioning • Outperforming the overall battery category amid moderating consumer demand, and continuing to gain market share • Broad product portfolio allows the company to serve both premium and value consumer segments, supporting performance in the current cautious spending environment
Guidance
- Full year FY2026 organic growth guidance was revised from the prior expectation of 4% organic growth for the back half of FY2026 to a new range of flat to 1% organic growth for the back half, driven by broader industry softening - Gross margin guidance for Q4 FY2026 is above 40% (a low 40s percentage), which is the first clean full quarter margin with no IEPA credits factored in, reflecting recovered margins after cost reduction work - Management expects 25% adjusted EPS growth at the midpoint for Q4 FY2026 - Pricing is expected to be neutral in Q4 FY2026, after a slight pricing headwind in Q3 - Project Momentum transformation-related cash costs (primarily facility exit and severance expenses) will be significantly reduced in future periods after completion in FY2026 - Capital expenditure levels are expected to decline materially to ~1% of net sales ($30 million) on a run-rate basis after elevated spending for digital and supply chain transformation tied to Project Momentum - Strong full year FY2026 free cash flow generation remains expected, with remaining IEPA tariff recoveries ($53 million booked) expected to add meaningful cash flow through the end of FY2026 and into FY2027
Segment performance
Energizer delivered organic growth across both of its business segments in Q3 FY2026: Batteries and Lights, and Auto Care. The company outperformed the overall battery category, gained global volume and value share, grew U.S. battery value by 1.8% and U.S. battery volume by 5% even as the broader battery category declined. Gross margin for the company improved more than 430 basis points from Q1 FY2026 levels. No explicit absolute segment revenue figures or separate revenue contribution percentages for the two segments were provided in the transcript.
Risks & headwinds
- Consumer demand has softened more than expected in the battery category, with overall category trends 200 to 300 basis points weaker than prior expectations, driven by increased consumer caution amid uncertain economic conditions - Consumers are engaging in more down-trading and value-seeking behavior, which creates near-term pressure on revenue and product mix - Commodity costs (including oil), tariffs, foreign exchange, and logistics costs remain moving parts that create uncertainty for cost and margin outlooks - Retail inventory destocking created headwinds earlier in FY2026, and while no additional material headwind from destocking is expected, it is embedded in current guidance - The 200 to 300 basis point category slowdown accelerated slightly through Q3 FY2026, creating near-term top line pressure
Analyst Q&A
Q: What is driving the guidance revision moving to the low end of the prior range after an in-line Q3 performance? /
A: The primary driver is a larger-than-expected slowdown in the overall battery category, with consumer caution leading to category trends 200-300 basis points weaker than prior Q2 expectations. This is a broad category adjustment, not an underperformance by Energizer, which continues gaining share, expanding distribution, and outperforming the category. Earnings, cash flow, and margin recovery targets remain intact, with gross margin up over 430 basis points from Q1, Q4 gross margin expected above 40%, 25% midpoint adjusted EPS growth for Q4, and strong free cash flow and debt reduction still expected.
Q: With the category slowdown, should we expect further retail inventory destocking headwinds? /
A: Material inventory destocking occurred earlier in FY2026, and management does not expect additional meaningful destocking headwinds going forward. Any residual impact from prior inventory adjustments is already fully embedded in the revised guidance provided in the call.
Q: Is the battery category slowdown driven by volume, pricing, or consumer down-trading, and how does this look in the U.S. vs internationally? /
A: Consumers are more selective, seeking value and managing basket spend more carefully, which creates near-term pressure on both revenue dollars and product mix. Energizer outperforms globally, growing U.S. value 1.8% and volume 5% while the category declined, and gaining share internationally. There was a small pricing headwind in Q3, but pricing is expected to be neutral in Q4. Energizer's portfolio meets both premium and value demand, so the company is well positioned to win in the current environment. There are no structural issues with the battery category's long-term health.
Q: How should we think about commodity cost pressures, specifically oil prices, going forward? /
A: Cost reduction work has already driven significant gross margin improvement through Q3, with Q4 margin expected in the low 40% range (a clean number without IEPA credits). Commodity, tariff, FX, and logistics costs remain uncertain, but Energizer has multiple levers including productivity, sourcing flexibility, operational efficiencies, and targeted pricing to maintain recovered margins. A stronger free cash flow profile is expected ahead as transformation costs drop, CapEx declines, and remaining tariff recoveries add cash.