Revenue growth remains highly erratic, fluctuating between a 3.0% contraction in 2026Q2 and a 6.5% expansion in 2026Q1, while gross margins show instability ranging from 32.9% to 55.1%.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 |
|---|
| Sales/Revenue | 2.98B | 2.95B | 2.89B | 2.96B | 3.05B | 3.02B | 2.74B | 2.49B | 1.8B | 1.76B | 1.63B | 1.63B | 1.84B | 2.01B |
| Revenue Growth % | 2.71% | 2.28% | -2.46% | -2.96% | 0.95% | 10.08% | 10.03% | 38.76% | 2.39% | 7.43% | 0.16% | -11.35% | -8.54% | - |
| Cost of Goods Sold | 1.76B | 1.75B | 1.78B | 1.87B | 1.99B | 1.84B | 1.66B | 1.47B | 978.3M | 955.6M | 921.8M | 872M | 990M | 1.11B |
| COGS % of Revenue | - | 59.38% | 61.8% | 63.19% | 65.19% | 61.05% | 60.43% | 58.99% | 54.42% | 54.43% | 56.41% | 53.44% | 53.79% | 55.18% |
| Gross Profit | 1.22B | 1.2B | 1.1B | 1.09B | 1.06B | 1.18B | 1.09B | 1.02B | 819.4M | 800.1M | 712.4M | 759.6M | 850.4M | 901.9M |
| Gross Margin % | 40.92% | 40.62% | 38.2% | 36.81% | 34.81% | 38.95% | 39.57% | 41.01% | 45.58% | 45.57% | 43.59% | 46.56% | 46.21% | 44.82% |
| Gross Profit Growth % | - | 8.75% | 1.23% | 2.62% | -9.8% | 8.37% | 6.16% | 24.85% | 2.41% | 12.31% | -6.21% | -10.68% | -5.71% | - |
| Operating Expenses | 749.4M | 673M | 653.5M | 634.6M | 637.9M | 641.1M | 625.7M | 592.4M | 494.1M | 499.4M | 461.6M | 484M | 500.7M | 554.5M |
| OpEx % of Revenue | - | 22.79% | 22.64% | 21.44% | 20.91% | 21.22% | 22.8% | 23.75% | 27.49% | 28.44% | 28.25% | 29.66% | 27.21% | 27.56% |
| Selling, General & Admin | 674.2M | 684.1M | 621.9M | 601.7M | 604.3M | 607.7M | 591.6M | 560.7M | 471.7M | 477.4M | 435M | 459.1M | 475.4M | 524.8M |
| SG&A % of Revenue | - | 23.17% | 21.54% | 20.33% | 19.81% | 20.11% | 21.55% | 22.48% | 26.24% | 27.19% | 26.62% | 28.14% | 25.83% | 26.08% |
| Research & Development | 31.9M | 32.6M | 31.6M | 32.9M | 34.7M | 34.5M | 35.4M | 32.8M | 22.4M | 22M | 26.6M | 24.9M | 25.3M | 29.7M |
| R&D % of Revenue | - | 1.1% | 1.09% | 1.11% | 1.14% | 1.14% | 1.29% | 1.31% | 1.25% | 1.25% | 1.63% | 1.53% | 1.37% | 1.48% |
| Other Operating Expenses | 3M | -43.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 470.1M | 526.3M | 449.3M | 454.8M | 423.7M | 535.8M | 460.3M | 430.6M | 325.3M | 300.7M | 250.8M | 275.6M | 349.7M | 347.4M |
| Operating Margin % | 15.77% | 17.82% | 15.56% | 15.37% | 13.89% | 17.73% | 16.77% | 17.26% | 18.1% | 17.13% | 15.35% | 16.89% | 19% | 17.26% |
| Operating Income Growth % | - | 17.14% | -1.21% | 7.34% | -20.92% | 16.4% | 6.9% | 32.37% | 8.18% | 19.9% | -9% | -21.19% | 0.66% | - |
| EBITDA | 565.7M | 653M | 569.8M | 577.5M | 545.3M | 654.3M | 572.2M | 523.4M | 370.4M | 350.9M | 285.1M | 317.4M | 391.9M | 403.3M |
| EBITDA Margin % | 18.98% | 22.12% | 19.74% | 19.51% | 17.88% | 21.65% | 20.85% | 20.98% | 20.6% | 19.99% | 17.45% | 19.45% | 21.29% | 20.04% |
| EBITDA Growth % | 8.23% | 14.6% | -1.33% | 5.91% | -16.66% | 14.35% | 9.32% | 41.31% | 5.56% | 23.08% | -10.18% | -19.01% | -2.83% | - |
| D&A (Non-Cash Add-back) | 95.6M | 126.7M | 120.5M | 122.7M | 121.6M | 118.5M | 111.9M | 92.8M | 45.1M | 50.2M | 34.3M | 41.8M | 42.2M | 55.9M |
| EBIT | 449.3M | 460.5M | 209.5M | 370.4M | -149.6M | 309.3M | 258.4M | 233.8M | 272.7M | 324M | 217.1M | 50.5M | 267.9M | 230.1M |
| Net Interest Income | -116.3M | -151.1M | -145M | -159.8M | -157.4M | -161.1M | -194.4M | -212.5M | -98.4M | -51.1M | -52M | -77.9M | -52.7M | -68.1M |
| Interest Income | 2.1M | 3.2M | 10.7M | 8.9M | 1M | 700K | 600K | 13.5M | 6.6M | 2M | 2.3M | 0 | 0 | 0 |
| Interest Expense | 157.7M | 154.3M | 155.7M | 168.7M | 158.4M | 161.8M | 195M | 226M | 97.5M | 53.1M | 54.3M | 77.9M | 52.7M | 68.1M |
| Other Income/Expense | -235.6M | -242.2M | -395.5M | -279.1M | -729.2M | -381.6M | -392.6M | -357.5M | -150.1M | -27.4M | -85.1M | -276.3M | -134.5M | -185.4M |
| Pretax Income | 234.5M | 284.1M | 53.8M | 175.7M | -305.5M | 154.2M | 67.7M | 73.1M | 175.2M | 273.3M | 165.7M | -700K | 215.2M | 162M |
| Pretax Margin % | 7.87% | 9.62% | 1.86% | 5.94% | -10.02% | 5.1% | 2.47% | 2.93% | 9.75% | 15.57% | 10.14% | -0.04% | 11.69% | 8.05% |
| Income Tax | 39.4M | 45.1M | 15.7M | 35.2M | -74M | -6.7M | 20.9M | 8.4M | 81.7M | 71.8M | 38M | 3.3M | 57.9M | 47.1M |
| Effective Tax Rate % | 16.8% | 15.87% | 29.18% | 20.03% | 24.22% | -4.35% | 30.87% | 11.49% | 46.63% | 26.27% | 22.93% | -471.43% | 26.91% | 29.07% |
| Net Income | 195.1M | 239M | 38.1M | 140.5M | -231.5M | 160.9M | 48.3M | 51.1M | 93.5M | 201.5M | 127.7M | -4M | 157.3M | 114.9M |
| Net Margin % | 6.55% | 8.09% | 1.32% | 4.75% | -7.59% | 5.33% | 1.76% | 2.05% | 5.2% | 11.48% | 7.81% | -0.25% | 8.55% | 5.71% |
| Net Income Growth % | 258.64% | 527.3% | -72.88% | 160.69% | -243.88% | 233.13% | -5.48% | -45.35% | -53.6% | 57.79% | 3292.5% | -102.54% | 36.9% | - |
| Net Income (Continuing) | 195.1M | 239M | 38.1M | 140.5M | -231.5M | 160.9M | 46.8M | 64.7M | 93.5M | 201.5M | 127.7M | -4M | 157.3M | 114.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.82 | 3.32 | 0.52 | 1.94 | -3.37 | 2.11 | 0.68 | 0.76 | 1.52 | 3.22 | 2.04 | -0.06 | 2.53 | 1.85 |
| EPS Growth % | 273.97% | 538.46% | -73.2% | 157.57% | -259.72% | 210.29% | -10.53% | -50% | -52.8% | 57.84% | 3272.63% | -102.54% | 36.76% | - |
| EPS (Basic) | - | 3.37 | 0.53 | 1.97 | -3.37 | 2.12 | 0.68 | 0.77 | 1.56 | 3.27 | 2.06 | -0.06 | 2.53 | 1.85 |
| Diluted Shares Outstanding | 69.1M | 72M | 72.7M | 72.4M | 69.9M | 68.7M | 68.8M | 67.3M | 61.4M | 62.6M | 62.5M | 62.2M | 62.1M | 62.1M |
| Basic Shares Outstanding | 68.5M | 70.9M | 71.8M | 71.5M | 69.9M | 68.2M | 68.8M | 66.4M | 59.8M | 61.7M | 61.9M | 62.2M | 62.1M | 62.1M |
| Dividend Payout Ratio | - | 36.44% | 229.4% | 61.42% | - | 52.14% | 176.81% | 162.43% | 74.87% | 34.29% | 49.1% | - | - | - |
High leverage and margin volatility
As reported in recent financial filings, Energizer's revenue growth has exhibited significant volatility, fluctuating between a 3.0% contraction in 2026Q2 and a 6.5% expansion in 2026Q1, suggesting that the company struggles to maintain consistent organic momentum across its core battery and automotive care segments.
The inconsistent revenue performance appears to be driven by cyclical inventory destocking at major retail partners rather than structural demand shifts. Investors should monitor whether the company can achieve sustainable volume growth or if it remains tethered to the unpredictable timing of large-scale retail replenishment cycles.
Based on the provided income statement data, Energizer's gross margins have shown notable instability, ranging from a low of 32.9% in 2026Q1 to a peak of 55.1% in 2025Q3, indicating that the company's pricing power is frequently challenged by input cost fluctuations and competitive retail pressures.
The wide variance in gross margins suggests that Energizer lacks the pricing power to fully pass through commodity cost inflation to consumers in real-time. This sensitivity warrants further investigation into whether the company's brand architecture is sufficient to defend against private-label encroachment during periods of heightened consumer price sensitivity.
According to the company's quarterly income statements, operating margins have swung dramatically from 4.7% to 28.3% over the last ten quarters, reflecting an inability to consistently scale operating income in proportion to gross profit, likely due to persistent restructuring costs and fluctuating advertising and sales promotion expenditures.
The lack of a stable operating margin floor suggests that management's efficiency initiatives, such as Project Momentum, have yet to yield a predictable cost structure. The reliance on heavy A&P spend to maintain market share appears to create a recurring drag on operating profitability that limits margin expansion.
As indicated by the reported figures, Energizer's net income has experienced extreme swings, including a net loss of $3.4 million in 2026Q1 and a net profit of $153.5 million in 2025Q3, which complicates the assessment of normalized earnings power and suggests significant non-operating noise in the bottom line.
The frequent appearance of restructuring charges and non-operating items makes it difficult to ascertain the true underlying earnings trajectory. Investors should be cautious of relying on headline EPS, as the volatility appears to be driven by accounting adjustments rather than consistent operational performance.
Based on the provided financial data, the company's reliance on debt-funded acquisitions and the ongoing need for restructuring programs suggest that Energizer may be facing a long-term erosion of its competitive moat, as evidenced by the inconsistent profitability and the persistent pressure on its core battery margins.
Short-sellers would likely focus on the company's inability to generate consistent organic growth and the potential for further margin compression if retail partners continue to prioritize private-label alternatives. The combination of high leverage and a commoditized product portfolio may leave the company vulnerable to any sustained macroeconomic downturn.
Quick answers to the most common questions about buying ENR stock.
For fiscal year 2025, Energizer Holdings, Inc. (ENR) reported total revenue of $2.95B. This represents a 46.7% increase compared to $2.01B in 2013.
Energizer Holdings, Inc. (ENR) is profitable, generating $239.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Energizer Holdings, Inc. (ENR) reported an operating income of $526.3M, resulting in an operating profit margin of 17.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Energizer Holdings, Inc. (ENR) generated $1.20B in gross profit for the year, representing a gross profit margin of 40.6%. This demonstrates the company's core pricing power and production efficiency.