The adjusted EPS beat is largely a one-time tariff refund ($0.69/share impact), masking continued organic revenue decline. Watch Q3 organic sales growth trajectory and tariff refund sustainability. The raised guidance to high end is positive but contingent on back-half organic growth materializing.
Price Chart
Executive Summary
Energizer reported Q2 FY2026 GAAP EPS of $0.15 (down 62% YoY) and adjusted EPS of $0.94 (up 40% YoY), with net sales of $643.3M (-3.0% reported, -5.5% organic). The adjusted beat was driven by a $47.6M IEEPA tariff refund benefit, but organic sales declined 5.5% on volume weakness. Management raised full-year guidance to the high end of prior ranges ($3.30-$3.60 adjusted EPS, $580-$610M adjusted EBITDA), citing margin recovery. An EVP departure (Item 5.02) is routine succession.
Key Financial Metrics
Key Facts
- Q2 GAAP EPS $0.15 vs $0.39 YoY (-62%); adjusted EPS $0.94 vs $0.67 YoY (+40%)
- Net sales $643.3M, -3.0% reported, -5.5% organic (volume decline 6.1%)
- Adjusted gross margin 44.4% vs 40.8% YoY (+360bps), boosted by $47.6M IEEPA tariff refund
- FY2026 guidance raised: adjusted EPS to high end of $3.30-$3.60, adjusted EBITDA to high end of $580-$610M
- Q3 adjusted EPS guided $0.75-$0.85; organic sales growth expected low single digits
- EVP Michael Lampman to depart Sep 30, 2026; Ryan Sedlak to succeed Oct 1, 2026
- Free cash flow $105.9M YTD; net debt $3.14B
Financial Impact
Adjusted EPS beat consensus by ~100% ($0.94 vs $0.47 est), but GAAP EPS declined 62% YoY; organic sales declined 5.5%
Risk Factors
- Organic sales declining 5.5% on volume weakness; plastic-free conversion disruption may persist
- Tariff refund is a one-time benefit; future tariff exposure remains uncertain
- High net debt of $3.14B vs $1.3B market cap; interest expense rising
- Auto Care segment profit down 18.8% YoY; restructuring costs elevated at $31.5M in Q2
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001632790-26-000052 |
| Exhibit: exhibit992q226earningssl.htm | 0001632790-26-000052 |
| Document: enr-20260505.htm | 0001632790-26-000052 |
| Document: 0001632790-26-000052-index-headers.html | 0001632790-26-000052 |
| Document: 0001632790-26-000052-index.html | 0001632790-26-000052 |
| Document: 0001632790-26-000052.txt | 0001632790-26-000052 |
| 8-K Data (Synthetic) | 0001632790-26-000052 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 12w ago | 8-K | $21.58 $20.77 | ▲ +3.75% | ▲ +2.52% | $22.72 (−5.28%) |
Jul 27, 2026 13w ago | Insider Buy | $21.85 $21.94 | ▲ +0.41% | ▼ −2.97% | $22.72 (+3.98%) |
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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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