Guidance was lowered to the low end across organic sales (-low single digits), adjusted EPS ($3.30-$3.60), and adjusted EBITDA ($580-$610M), signaling ongoing margin pressure from tariffs, promotional investment, and unfavorable product mix. Despite positive organic growth in Q3, management's Q4 outlook for flat-to-declining organic sales suggests headwinds persist. Monitor Q4 earnings for execution on Project Momentum savings and margin recovery — if organic sales miss expectations again or margins remain compressed, further downside risk exists.
Price Chart
Executive Summary
Energizer Q3 2026 adjusted EPS of $0.75 missed consensus of $0.83 by 9.6%, while revenue of $734.1M beat $720.3M by 1.9%. Full-year guidance for adjusted EPS and adjusted EBITDA was lowered to the low end of original ranges ($3.30-$3.60 and $580-$610M respectively), and organic net sales are now expected down low single digits. Adjusted gross margin fell 560bps to 39.2% due to unfavorable product mix and increased promotional investment.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $0.75 vs consensus $0.83 (-9.6% miss)
- Revenue $734.1M vs consensus $720.3M (+1.9% beat)
- Organic net sales +2.7% YoY (first positive quarter after H1 organic decline of -4.9%)
- Adjusted gross margin 39.2% vs 44.8% PY (excl. out-of-period production credits), down 560bps
- Full-year FY26 guidance: adjusted EPS and adjusted EBITDA at low end of original $3.30-$3.60 and $580-$610M ranges
- Q4 adjusted EPS outlook $1.25-$1.35 (+25% YoY at midpoint) but organic sales expected flat to down low-single digits
- Operating cash flow $156.0M, free cash flow $105.0M for nine months; $80M+ debt reduced through Q3
- Diluted GAAP EPS $0.58 vs $2.13 PY (PY included $78.5M retroactive production credits)
Financial Impact
EPS miss of $0.08 (-9.6%) on consensus, revenue beat of $13.8M (+1.9%), guidance compressed to low end of range by ~$0.15 midpoint
Risk Factors
- Tariff impacts and IEEPA refund timing uncertainty
- Promotional investment and unfavorable product mix pressuring gross margins
- Organic sales growth may not sustain given flat-to-down Q4 outlook
- High debt load ($3.3B total debt, net debt $3.16B) limits financial flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001632790-26-000073 |
| Exhibit: exhibit992q326earningssl.htm | 0001632790-26-000073 |
| Document: enr-20260804.htm | 0001632790-26-000073 |
| Document: 0001632790-26-000073-index-headers.html | 0001632790-26-000073 |
| Document: 0001632790-26-000073-index.html | 0001632790-26-000073 |
| Document: 0001632790-26-000073.txt | 0001632790-26-000073 |
| 8-K Data (Synthetic) | 0001632790-26-000073 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026 19w ago | Institutional Cluster | $19.88 $20.21 | ▲ +1.66% | ▼ −0.23% | $22.72 (+14.29%) |
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