Energizer Holdings reported a Q2 fiscal 2026 (three-month period ended March 31, 2026) revenue of $643.3 million, down 20.2% year over year and 17.4% quarter over quarter, with gross margin of 40.23% and EBITDA of $118.1 million. Net income was $10.1 million ($0.15 per share), reflecting a meaningful $96.4 million line item of other income/expenses that weighed on profitability in the quarter. Management attributed the performance to a cautious consumer environment, ongoing price discipline, and the benefits of tariff-related offsets, which they expect to support margin restoration in the back half of fiscal 2026. The company highlighted the APS integration and a continued emphasis on innovation (e.g., Energizer Ultimate Child Shield) and distribution expansion (Armor All Podium Series) as the core drivers of growth from Q3 onward. Management signaled a commitment to delivering the high end of the fiscal 2026 earnings outlook, aided by tariff refunds and production credits, while acknowledging near-term margin pressure from a softer top line and normalized input costs. A key theme is Energizer’s focused execution via Project Momentum (cost base reshaping, supply chain improvements, working capital efficiency) to sustain margin expansion and free cash flow generation even amid macro volatility. The guidance remains contingent on a resilient consumer, continued utilization of tariff-related offsets, and successful execution of the APS integration and innovation initiatives. Investors should monitor: (1) the pace of APS-induced organic net sales growth in Q3/Q4, (2) the realized benefit and timing of tariff refunds, (3) the trajectory of consumer demand in Batteries and Auto Care, and (4) the company’s ability to sustain gross margin improvements while investing in growth programs.