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EnerSys (ENS) FY2026 results: revenue $3.8 billion, up 3.7% on the year

EnerSys (ENS) reported revenue of $3.8 billion for fiscal 2026, the year ended 31 March 2026, up 3.7% on the year before. Net income was $294 million, down 19.3%, and diluted earnings per share $7.70. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2026.

Revenue
$3.8 billion
+3.7% on the year
FY2019FY2026
Operating margin
11.4%
12.8% a year earlier
FY2019FY2026
Net income
$294 million
-19.3% on the year
FY2019FY2026
Diluted EPS
$7.70
-14.3% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Q4 net sales up 1.3% on pricing: Q4 net sales were $988.0 million, up 1.3% from $974.8 million a year earlier. Pricing and foreign currency added to growth.
  • Q4 adjusted EPS $3.19, up 7%: Adjusted diluted EPS was $3.19, up 7%, and $1.96 excluding 45X, up 5%. GAAP diluted EPS was $2.05, down 15%.
  • Motive Power sales down 5.7%: Motive Power net sales were $370.1 million, down 5.7%. Adjusted operating earnings were $52.6 million, against $66.5 million, and the adjusted margin was 14.2%, against 17.0%.
  • BESS and lithium solutions in commissioning: The company reported that its BESS for warehouse operators and its lithium data center solution are both in customer commissioning.
  • Q4 gross margin down 180 bps: Gross margin was 29.4%, down 180 bps from 31.2%. Excluding IRC 45X it was 24.7%, down 200 bps.
Read the Q4 FY2026 earnings call summary

From this 10-K

EnerSys designs, makes and distributes industrial batteries and the equipment around them: motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosures. It serves over 10,000 customers in over 100 countries, directly or through distributors. It reports four segments: Energy Systems, Motive Power, Specialty and New Ventures.

EnerSys, the 10-K for 2026

EnerSys designs, makes and distributes industrial batteries and the equipment around them: motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosures. It serves over 10,000 customers in over 100 countries, directly or through distributors. It reports four segments: Energy Systems, Motive Power, Specialty and New Ventures.

Where it came from

EnerSys and its predecessor companies have made industrial batteries for over 125 years. The company was incorporated in October 2000 to buy the reserve power and motive power battery businesses of Yuasa Corporation of Japan in North and South America, in a deal led by Morgan Stanley Capital Partners with Yuasa, Inc. management, and it took the EnerSys name on January 1, 2001. It listed on the New York Stock Exchange in 2004. In March 2002 it bought the Energy Storage Group of Invensys plc, and it made thirty-seven acquisitions between fiscal 2003 and fiscal 2026, most recently Bren-Tronics Defense LLC of Commack, New York, which makes portable lithium batteries and chargers for military use, in July 2024.

The four segments

Energy Systems supplies power for uninterruptible power systems, telecommunications, switchgear, electric utilities and large-scale energy storage, along with integrated power systems for broadband, telecom and data center customers and thermally managed cabinets and enclosures. Motive Power batteries run electric forklifts, automated guided vehicles and other material handling equipment, and equipment for floor care, mining, rail and airport ground support. They are sold to equipment dealers, forklift and truck makers and end users such as warehouse operators, retailers, airports, mines and railroads. Specialty covers starting batteries for premium automotive and heavy trucks, power for satellites, spacecraft, aircraft, submarines and military vehicles, portable power for soldiers, and medical devices. Customers include the governments of the United States, Germany and the United Kingdom. New Ventures sells energy storage systems, used to cut demand charges and provide back-up power, and fast chargers for electric vehicles, to owners of commercial real estate and retail operations. It received its first system orders in fiscal 2024.

Making and selling

Products are made at plants in the Americas, EMEA and Asia, from lead, plastics, steel and copper. Because lead is a traded commodity whose price moves daily, the company periodically hedges part of its needs. It sells and services products mainly through its own sales and service facilities and independent manufacturers' representatives. In Specialty it makes batteries using its thin plate pure lead technology. Competitors in Energy Systems and Motive Power include East Penn Manufacturing, Exide Technologies (Stryten) and Hoppecke, and in aerospace and defense, EaglePicher and SAFT. The fourth fiscal quarter is historically its busiest, and the second, covering the summer holidays in Western Europe and North America, the slowest.

People

At March 31, 2026 the company had approximately 9,682 employees, approximately 31% of them covered by collective bargaining agreements.

From EnerSys' annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 20 May 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue3,7513,6183,582+3.7%
Cost of revenue2,6522,5222,579+5.2%
Gross profit1,0981,092983+0.5%
Gross margin29.3%30.2%27.4%
Operating income426465352-8.2%
Operating margin11.4%12.8%9.8%
Interest expense50.551.150.0-1.2%
Pre-tax income347407292-14.6%
Income tax53.842.823.1+25.7%
Effective tax rate15.5%10.5%7.9%
Net income294364269-19.3%
Net margin7.8%10.1%7.5%
Diluted EPS$7.70$8.99$6.50-14.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow548260457+110.4%
Capital expenditure80.112186.4-33.8%
Free cash flow468139371+235.7%
Free cash flow margin12.5%3.8%10.3%
Cash from investing-87.9-336-92.5
Cash from financing-38190.3-371
Depreciation and amortisation11410192.0+12.6%
Share-based compensation37.627.830.6+35.1%
Buybacks37115495.7+140.8%
Dividends paid38.137.534.5+1.8%
Dividend per share$1.03$0.95$0.85+8.4%
Diluted shares, weighted38m40m41m-5.7%
Shares outstanding at period end36m39m40m-7.0%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity1,9051,9161,754-0.6%
Non-controlling interest3.63.43.4+5.2%
Debt1,1091,112832-0.3%
Operating lease liabilities52.467.061.7-21.9%
Finance lease liabilities2.40.60.6+297.0%
Other liabilities931872814+6.7%
Total liabilities and equity4,0033,9713,466+0.8%
Fixed assets593592532+0.1%
Goodwill752721683+4.3%
Intangible assets343375319-8.7%
Cash and equivalents439343333+27.8%
Receivables506598525-15.4%
Inventory725740698-2.1%
Other assets646601375+7.4%
Total assets4,0033,9713,466+0.8%

10-K for the year ended 31 March 2026, filed 20 May 2026: the filing.