EnerSys
For the period ended Sep 28, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2025 · Filed Nov 5, 2025
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Retirement Plans
- Retirement Plans
The following tables present the components of the Company’s net periodic benefit cost related to its defined benefit pension plans:
| United States Plans · International Plans | ||||
|---|---|---|---|---|
| Quarter ended | Quarter ended | |||
| September 28, 2025 · September 29, 2024 · September 28, 2025 · September 29, 2024 | ||||
| Service cost | $— | $— | $272 | $246 |
| Interest cost | — | 166 | 695 | 643 |
| Expected return on plan assets | (10) | (47) | (375) | (365) |
| Amortization and deferral | — | (17) | 159 | 150 |
| Net periodic benefit cost | $(10) | $102 | $751 | $674 |
| United States Plans · International Plans | ||||
|---|---|---|---|---|
| Six months ended | Six months ended | |||
| September 28, 2025 · September 29, 2024 · September 28, 2025 · September 29, 2024 | ||||
| Service cost | $— | $— | $538 | $485 |
| Interest cost | — | 332 | 1,385 | 1,264 |
| Expected return on plan assets | (20) | (94) | (752) | (716) |
| Amortization and deferral | — | (34) | 319 | 294 |
| Net periodic benefit cost | $(20) | $204 | $1,490 | $1,327 |
- Stock-Based Compensation
As of September 28, 2025, the Company maintains the 2023 Equity Incentive Plan (“2023 EIP”). The 2023 EIP reserved 3,614,500 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation.
The Company recognized stock-based compensation expense associated with its equity incentive plans of $4,435 for the second quarter of fiscal 2026 and $5,125 for the second quarter of fiscal 2025. Stock-based compensation expense was $22,036 and $12,187 for the six months of fiscal 2026 and fiscal 2025, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards.
During the six months of fiscal 2026, the Company granted to non-employee directors 25,062 restricted stock units, under the deferred compensation plan for non-employee directors. The awards vest immediately upon the date of grant and are settled in shares of common stock.
During the six months of fiscal 2026, the Company granted to management and other key employees 201,989 non-qualified stock options that vest ratably over three years from the date of the grant and 327,387 restricted stock units that vest ratably over four years from the date of grant.
Common stock activity during the six months of fiscal 2026 included the exercise of 210,989 stock options and the vesting or release of 251,334 restricted stock units including non-employee director restricted stock units
As of September 28, 2025, there were 1,267,842 non-qualified stock options,979,595 restricted stock units including non-employee director restricted stock units and 1,149 TSRs outstanding.
- Stockholders’ Equity and Noncontrolling Interests
Common Stock
The following demonstrates the change in the number of shares of common stock outstanding during the six months ended September 28, 2025:
| Shares outstanding as of March 31, 2025 | 39,192,061 |
|---|---|
| Purchase of treasury stock | (2,375,741) |
| Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes | 383,834 |
| Shares outstanding as of September 28, 2025 | 37,200,154 |
Treasury Stock
During the six months ended September 28, 2025, the Company purchased 2,375,741 shares for $217,784 and purchased 780,849 shares for $75,187 during the six months ended September 29, 2024. At September 28, 2025 and March 31, 2025, the Company held 20,014,721 and 17,647,529 shares as treasury stock, respectively. During the six months ended September 28, 2025, the Company also issued 8,549 shares out of its treasury stock, valued at $62.55 per share to participants under the Company's Employee Stock Purchase Plan. During the six months ended September 29, 2024, the Company issued 6,173 shares out of its treasury stock, valued at $62.55 per share, to participants under the Company's Employee Stock Purchase Plan.
Accumulated Other Comprehensive Income (“AOCI”)
The components of AOCI, net of tax, as of September 28, 2025 and March 31, 2025, are as follows:
| March 31, 2025 | Before Reclassifications | Amounts Reclassified from AOCI | September 28, 2025 | |
|---|---|---|---|---|
| Pension funded status adjustment | $(10,374) | $— | $245 | $(10,129) |
| Net unrealized gain (loss) on derivative instruments | (269) | (2,570) | 2,084 | (755) |
| Foreign currency translation adjustment (1) | (236,836) | 27,067 | — | (209,769) |
| Accumulated other comprehensive (loss) income | $(247,479) | $24,497 | $2,329 | $(220,653) |
(1) Foreign currency translation adjustment for the six months ended September 28, 2025 includes a $39,411 loss (net of taxes of $12,020) related to the Company's $600,000 cross-currency fixed interest rate swap contracts.
The following table presents reclassifications from AOCI during the second quarter ended September 28, 2025:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in cash flow hedging relationships: | ||
| Net unrealized loss on derivative instruments | $1,978 | Cost of goods sold |
| Tax benefit | (462) | |
| Net unrealized loss on derivative instruments, net of tax | $1,516 | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(4,076) | Interest expense |
| Tax expense | 953 | |
| Net unrealized gain on derivative instruments, net of tax | $(3,123) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $159 | Net periodic benefit cost, included in other (income) expense, net - See Note 14 |
| Tax benefit | (37) | |
| Net periodic benefit cost, net of tax | $122 | |
The following table presents reclassifications from AOCI during the six months ended September 28, 2025:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in cash flow hedging relationships: | ||
| Net unrealized loss on derivative instruments | $2,721 | Cost of goods sold |
| Tax benefit | (637) | |
| Net unrealized loss on derivative instruments, net of tax | $2,084 | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(2,903) | Interest expense |
| Tax expense | 679 | |
| Net unrealized gain on derivative instruments, net of tax | $(2,224) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $319 | Net periodic benefit cost, included in other (income) expense, net - See Note 14 |
| Tax benefit | (74) | |
| Net periodic benefit cost, net of tax | $245 | |
The following table presents reclassifications from AOCI during the second quarter ended September 29, 2024:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in cash flow hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(2,258) | Cost of goods sold |
| Tax expense | 527 | |
| Net unrealized gain on derivative instruments, net of tax | $(1,731) | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(711) | Interest expense |
| Tax expense | 166 | |
| Net unrealized gain on derivative instruments, net of tax | $(545) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $133 | Net periodic benefit cost, included in other (income) expense, net - See Note 14 |
| Tax benefit | (32) | |
| Net periodic benefit cost, net of tax | $101 | |
The following table presents reclassifications from AOCI during the six months ended September 29, 2024:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in cash flow hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(1,639) | Cost of goods sold |
| Tax expense | 382 | |
| Net unrealized gain on derivative instruments, net of tax | $(1,257) | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(975) | Interest expense |
| Tax expense | 229 | |
| Net unrealized gain on derivative instruments, net of tax | $(746) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $260 | Net periodic benefit cost, included in other (income) expense, net - See Note 14 |
| Tax benefit | (63) | |
| Net periodic benefit cost, net of tax | $197 | |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended September 28, 2025:
| (In Thousands, Except Per Share Data) | PreferredStock | CommonStock | Additional Paid-inCapital | TreasuryStock | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | TotalEnerSysStockholders’Equity | Non-redeemableNon-ControllingInterests | TotalEquity |
|---|---|---|---|---|---|---|---|---|---|
| Balance at March 31, 2025 | $— | $568 | $662,725 | $(988,936) | $2,489,200 | $(247,479) | $1,916,078 | $3,410 | $1,919,488 |
| Stock-based compensation | — | — | 17,601 | — | — | — | 17,601 | — | 17,601 |
| Purchase of common stock | — | — | — | (150,034) | — | — | (150,034) | — | (150,034) |
| Other | — | — | 63 | 266 | — | — | 329 | — | 329 |
| Net earnings | — | — | — | — | 57,458 | — | 57,458 | — | 57,458 |
| Dividends ($0.24 per common share) | — | — | 221 | — | (9,328) | — | (9,107) | — | (9,107) |
| Other comprehensive income: | — | ||||||||
| Pension funded status adjustment (net of tax benefit of $37) | — | — | — | — | — | 123 | 123 | — | 123 |
| Net unrealized gain (loss) on derivative instruments (net of tax gain of $142) | — | — | — | — | — | 462 | 462 | — | 462 |
| Foreign currency translation adjustment | — | — | — | — | — | 29,789 | 29,789 | 40 | 29,829 |
| Balance at June 29, 2025 | $— | $568 | $680,610 | $(1,138,704) | $2,537,330 | $(217,105) | $1,862,699 | $3,450 | $1,866,149 |
| Stock-based compensation | — | — | 4,435 | — | — | — | 4,435 | — | 4,435 |
| Exercise of stock options | — | 4 | 16,944 | — | — | — | 16,948 | — | 16,948 |
| Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | — | — | (8,174) | — | — | — | (8,174) | — | (8,174) |
| Purchase of common stock | — | — | — | (67,750) | — | — | (67,750) | — | (67,750) |
| Other | — | — | 26 | 249 | — | — | 275 | — | 275 |
| Net earnings | — | — | — | — | 68,426 | — | 68,426 | — | 68,426 |
| Dividends ($0.2625 per common share) | — | — | 257 | — | (10,067) | — | (9,810) | — | (9,810) |
| Other comprehensive income: | — | ||||||||
| Pension funded status adjustment (net of tax benefit of $37) | — | — | — | — | — | 122 | 122 | — | 122 |
| Net unrealized gain (loss) on derivative instruments (net of tax of $289) | — | — | — | — | — | (948) | (948) | — | (948) |
| Foreign currency translation adjustment | — | — | — | — | — | (2,722) | (2,722) | 19 | (2,703) |
| Balance at September 28, 2025 | $— | $572 | $694,098 | $(1,206,205) | $2,595,689 | $(220,653) | $1,863,501 | $3,469 | $1,866,970 |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended September 29, 2024:
| (In Thousands, Except Per Share Data) | PreferredStock | CommonStock | Additional Paid-inCapital | TreasuryStock | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | TotalEnerSysStockholders’Equity | Non-redeemableNon-ControllingInterests | TotalEquity |
|---|---|---|---|---|---|---|---|---|---|
| Balance at March 31, 2024 | $— | $564 | $629,879 | $(835,827) | $2,163,880 | $(204,851) | $1,753,645 | $3,427 | $1,757,072 |
| Stock-based compensation | — | — | 7,062 | — | — | — | 7,062 | — | 7,062 |
| Exercise of stock options | — | 1 | 6,963 | — | — | — | 6,964 | — | 6,964 |
| Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | — | — | — | — | — | — | — | — | — |
| Purchase of common stock | — | — | — | (11,641) | — | — | (11,641) | — | (11,641) |
| Other | — | — | 24 | 185 | — | — | 209 | — | 209 |
| Net earnings | — | — | — | — | 70,111 | — | 70,111 | — | 70,111 |
| Dividends ($0.225 per common share) | — | — | 227 | — | (9,271) | — | (9,044) | — | (9,044) |
| Dissolution of joint venture | — | — | — | — | — | — | — | — | — |
| Other comprehensive income: | 0 | ||||||||
| Pension funded status adjustment (net of tax benefit of $17) | — | — | — | — | — | 110 | 110 | — | 110 |
| Net unrealized gain (loss) on derivative instruments (net of tax expense of $1,117) | — | — | — | — | — | 3,662 | 3,662 | — | 3,662 |
| Foreign currency translation adjustment | — | — | — | — | — | (13,294) | (13,294) | (22) | (13,316) |
| Balance at June 30, 2024 | $— | $565 | $644,155 | $(847,283) | $2,224,720 | $(214,373) | $1,807,784 | $3,405 | $1,811,189 |
| Stock-based compensation | — | — | 5,125 | — | — | — | 5,125 | — | 5,125 |
| Exercise of stock options | — | — | 479 | — | — | — | 479 | — | 479 |
| Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | — | — | (7,934) | — | — | — | (7,934) | — | (7,934) |
| Shares released under deferred compensation for directors | — | — | 2,404 | — | — | — | 2,404 | — | 2,404 |
| Purchase of common stock | — | — | — | (63,546) | — | — | (63,546) | — | (63,546) |
| Other | — | 2 | (67) | 179 | — | — | 114 | — | 114 |
| Net earnings | — | — | — | — | 82,266 | — | 82,266 | — | 82,266 |
| Dividends ($0.24 per common share) | — | — | — | — | (9,555) | — | (9,555) | — | (9,555) |
| Other comprehensive income: | — | ||||||||
| Pension funded status adjustment (net of tax benefit of $32) | — | — | — | — | — | 87 | 87 | — | 87 |
| Net unrealized gain (loss) on derivative instruments (net of tax of $2,392) | — | — | — | — | — | (7,842) | (7,842) | — | (7,842) |
| Foreign currency translation adjustment | — | — | — | — | — | 28,685 | 28,685 | 124 | 28,809 |
| Balance at September 29, 2024 | $— | $567 | $644,162 | $(910,650) | $2,297,431 | $(193,443) | $1,838,067 | $3,529 | $1,841,596 |
- Earnings Per Share
The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders.
| Quarter ended | Six months ended | |||
|---|---|---|---|---|
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | |
| Net earnings attributable to EnerSys stockholders | $68,426 | $82,266 | $125,884 | $152,377 |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 37,436,456 | 40,165,080 | 38,113,597 | 40,184,546 |
| Dilutive effect of: | ||||
| Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 541,399 | 698,125 | 531,434 | 740,114 |
| Diluted weighted-average number of common shares outstanding | 37,977,855 | 40,863,205 | 38,645,031 | 40,924,660 |
| Basic earnings per common share attributable to EnerSys stockholders | $1.83 | $2.05 | $3.30 | $3.79 |
| Diluted earnings per common share attributable to EnerSys stockholders | $1.80 | $2.01 | $3.26 | $3.72 |
| Anti-dilutive equity awards not included in diluted weighted-average common shares | 870,913 | 659,451 | 735,961 | 503,275 |
- Business Segments
The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as itsfour operating segments, based on lines of business:
Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries.
Motive Power -power for electric industrial forklifts, AGVs other material handling equipment used in manufacturing, and warehousing operations, as well as equipment used in floor care, mining, rail and airport ground support applications.
Specialty - premium starting, lighting and ignition applications in transportation, energy solutions for satellites, spacecraft, commercial aircraft, military, aircraft, submarines, ships, other tactical vehicles, defense applications and portable power solutions for soldiers in the field, as well as medical devices and equipment.
New Ventures - energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles.
The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting. The results of New Ventures include start-up and operating expenses captured within the "Corporate and other" category of operating earnings.
Summarized financial information related to the Company’s reportable segments at September 28, 2025 and September 29, 2024.
| Quarter ended | ||||
|---|---|---|---|---|
| September 28, 2025 | ||||
| Energy Systems | Motive Power | Specialty | Total | |
| Net Sales by segment to unaffiliated customers (1) | $434,642 | $359,741 | $156,872 | $951,255 |
| Net sales from corporate and other | 31 | |||
| Total Net Sales | $951,286 | |||
| Less: | ||||
| Other segment items(4) | $401,065 | $311,786 | $142,364 | $855,246 |
| Segment income | $33,577 | $47,955 | $14,508 | $96,040 |
| Less: | ||||
| Restructuring and other exit charges | 9,262 | 9,331 | 2,365 | 20,958 |
| Amortization of intangible assets | 5,836 | 122 | 2,401 | 8,359 |
| Other | 4,051 | 2,221 | 1,760 | 8,032 |
| Total operating earnings by segment | $14,428 | $36,281 | $7,982 | $58,691 |
| Corporate and other(3) | $33,341 | |||
| Operating earnings(2) | $92,032 | |||
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
| Quarter ended | ||||
|---|---|---|---|---|
| September 28, 2024 | ||||
| Energy Systems | Motive Power | Specialty | Total | |
| Net Sales by segment to unaffiliated customers (1) | $382,091 | $366,744 | $134,834 | $883,669 |
| Net sales from corporate and other | ||||
| Total Net Sales | $883,669 | |||
| Less: | ||||
| Other segment items(4) | $357,730 | $309,154 | $127,496 | $794,380 |
| Segment income | $24,361 | $57,590 | $7,338 | $89,289 |
| Less: | ||||
| Inventory restructuring and acquisitions | — | — | 1,883 | 1,883 |
| Restructuring and other exit charges | 747 | 1,088 | 389 | 2,224 |
| Amortization of intangible assets | 6,013 | 187 | 1,952 | 8,152 |
| Other | 60 | 3 | 2,861 | 2,924 |
| Total operating earnings by segment | $17,541 | $56,312 | $253 | $74,106 |
| Corporate and other(3) | $25,281 | |||
| Operating earnings(2) | $99,387 | |||
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
| Six months ended | ||||
|---|---|---|---|---|
| September 28, 2025 | ||||
| Energy Systems | Motive Power | Specialty | Total | |
| Net Sales by segment to unaffiliated customers (1) | $826,013 | $708,819 | $305,383 | $1,840,215 |
| Net sales from corporate and other | 4,095 | |||
| Total Net Sales | $1,844,310 | |||
| Less: | ||||
| Other segment items(4) | $765,097 | $614,196 | $281,235 | $1,664,623 |
| Segment income | $60,916 | $94,623 | $24,148 | $179,687 |
| Less: | ||||
| Restructuring and other exit charges | 10,316 | 14,138 | 2,366 | 26,820 |
| Amortization of intangible assets | 11,679 | 243 | 4,794 | 16,716 |
| Accelerated stock compensation expense | 5,374 | 3,367 | 1,457 | 10,198 |
| Other | 5,237 | 2,828 | 3,305 | 11,370 |
| Total operating earnings by segment | $28,310 | $74,047 | $12,226 | $114,583 |
| Corporate and other(3) | $63,929 | |||
| Operating earnings(2) | $178,512 | |||
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
| Six months ended | ||||
|---|---|---|---|---|
| September 28, 2024 | ||||
| Energy Systems | Motive Power | Specialty | Total | |
| Net Sales by segment to unaffiliated customers (1) | $743,142 | $732,899 | $260,544 | $1,736,585 |
| Net sales from corporate and other | — | |||
| Total Net Sales | $1,736,585 | |||
| Less: | ||||
| Other segment items(4) | $699,781 | $619,343 | $248,306 | $1,567,430 |
| Segment income | $43,361 | $113,556 | $12,238 | $169,155 |
| Less: | ||||
| Inventory restructuring and acquisitions | — | — | 1,883 | 1,883 |
| Restructuring and other exit charges | 4,524 | 2,483 | 1,155 | 8,162 |
| Amortization of intangible assets | 12,014 | 370 | 2,654 | 15,038 |
| Other | 236 | 11 | 4,213 | 4,460 |
| Total operating earnings by segment | $26,587 | $110,692 | $2,333 | $139,612 |
| Corporate and other(3) | $51,106 | |||
| Operating earnings(2) | $190,718 | |||
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
| Six months ended | Six months ended | |
|---|---|---|
| September 28, 2025 | September 29, 2024 | |
| Capital Expenditures | ||
| Energy Systems | $21,737 | $18,587 |
| Motive Power | 13,181 | 10,770 |
| Specialty | 17,175 | 27,775 |
| Other | 1,829 | 9,354 |
| Total | $53,922 | $66,486 |
| Depreciation and Amortization | ||
| Energy Systems | $26,583 | $25,147 |
| Motive Power | 13,203 | 11,693 |
| Specialty | 15,050 | 11,904 |
| Other | 53 | 13 |
| Total | $54,889 | $48,757 |
The Company's property, plant and equipment by reportable segments as of September 28, 2025 and September 29, 2024 are as follows:
| September 28, 2025 | March 31, 2025 | |
|---|---|---|
| Property, plant and equipment, net | ||
| Energy Systems | $203,863 | $198,841 |
| Motive Power | 132,211 | 144,076 |
| Specialty | 257,104 | 236,861 |
| Other | 14,423 | 12,655 |
| Total | $607,601 | $592,433 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.