Energizer (ENR) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 delivered adjusted EPS growth of 6% to $3.52 and adjusted EBITDA growth of 1.8% to $623.6M, with net sales up 2.3% to $2,952.7M, driven by e-commerce, international expansion, and acquisition sales.

• Project Momentum delivered over $200M in savings over three years, supporting margin recovery and operational transformation, and is being extended to a fourth year.

• $177M was returned to shareholders via dividends and share repurchases, reducing outstanding shares by 5% and improving the debt capital structure.

Financial highlights

• Adjusted gross margin for FY25 was 40.9%, flat year-over-year; reported gross margin was 41.7%.

• Free cash flow for FY25 totaled $63.2M, with $741M generated over three years.

• Net earnings for FY25 were $239.0M; adjusted EBITDA was $623.6M.

• Q4 2025 net sales were $832.8M (+3.4% reported, -2.2% organic), with adjusted gross margin at 38.5%.

Outlook and guidance

• Fiscal 2026 organic net sales expected to be flat to slightly up, with Q1 projected to be down high single digits and adjusted EPS guidance of $3.30–$3.60.

• Adjusted EBITDA for FY26 expected between $580M–$610M; gross margin projected to modestly decline due to tariffs and operational inefficiencies.

• Double-digit adjusted EPS growth anticipated for Q2–Q4, driven by network realignment, APS integration, and continued savings.