Executive Summary
EnerSys reported QQ1 2026 revenue of $893.0 million, down 1.9% year-over-year and 1.5% quarter-over-quarter, reflecting a modest macro backdrop and ongoing capital expenditure cyclicality in its end markets. The company delivered an EBITDA of $103.9 million and an operating income of $86.5 million, corresponding to EBITDA and operating margins of 11.6% and 9.7%, respectively. Net income for the quarter was $57.5 million, or $1.48 per share, with a diluted EPS of $1.46. Despite a solid top-line and-margin performance, EnerSys faced working-capital headwinds that drove free cash flow to negative $32.1 million and limited cash from operations to $0.97 million for QQ1 2026. On the balance sheet, EnerSys maintained robust liquidity with cash and equivalents of $346.7 million and a healthy current ratio around 3x, but elevated gross debt of about $1.30 billion leaves net debt near $952 million. Management commentary (when available) typically emphasizes a disciplined approach to pricing/mix, ongoing investments in core platforms, and cautious capital allocation given leverage. The near-term trajectory will hinge on working-capital normalization, stabilization of demand in stored energy and motive power applications, and continued supply-chain resilience.
Strategically, EnerSys remains positioned in three segments—Energy Systems, Motive Power, and Specialty—serving telecom, data centers, industrial facilities, and transportation markets with diverse end-markets that can cushion cyclicality. Investors should monitor order activity, backlog development, and the pace of working-capital improvements, as well as raw-material costs and FX movements that can influence margins in a global manufacturing business.
Key Performance Indicators
QoQ: -15.07% | YoY:-0.51%
QoQ: -39.38% | YoY:-11.04%
QoQ: -49.95% | YoY:-5.67%
QoQ: -49.32% | YoY:-1.99%
Key Insights
Revenue: 893.024 million; YoY: -1.94%; QoQ: -1.45%
Gross Profit: 253.228 million; Gross Margin: 28.36%
Operating Income: 86.480 million; Operating Margin: 9.68%; YoY Operating Income: -11.04%; QoQ: -39.38%
EBITDA: 103.864 million; EBITDA Margin: 11.63%
Net Income: 57.458 million; Net Margin: 6.43%; YoY Net Income: -5.67%; QoQ: -49.95%
EPS (Basic): 1.48; EPS Diluted: 1.46; YoY EPS: -1.99%; QoQ: -49.32%
Free Cash Flow: -32.051 million; Operating Cash Flow: 0.968 million; Capex: -33.019 million
Cas...
Financial Highlights
Revenue: 893.024 million; YoY: -1.94%; QoQ: -1.45%
Gross Profit: 253.228 million; Gross Margin: 28.36%
Operating Income: 86.480 million; Operating Margin: 9.68%; YoY Operating Income: -11.04%; QoQ: -39.38%
EBITDA: 103.864 million; EBITDA Margin: 11.63%
Net Income: 57.458 million; Net Margin: 6.43%; YoY Net Income: -5.67%; QoQ: -49.95%
EPS (Basic): 1.48; EPS Diluted: 1.46; YoY EPS: -1.99%; QoQ: -49.32%
Free Cash Flow: -32.051 million; Operating Cash Flow: 0.968 million; Capex: -33.019 million
Cash & Equivalents: 346.662 million; Total Debt: 1,298.643 million; Net Debt: 951.981 million
Current Assets: 2,166.499 million; Current Liabilities: 721.479 million; Current Ratio: ~3.01x; Quick Ratio (excludes inventory): ~1.91x
Total Assets: 4,110.987 million; Total Liabilities: 2,244.838 million; Shareholders’ Equity: 1,862.699 million
Note: All figures in USD unless stated otherwise. YoY and QoQ comparisons reflect QQ1 2026 vs QQ1 2025 and QQ4 2025 respectively where data is available.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
893.02M |
-1.94% |
-1.45% |
| Gross Profit |
253.23M |
-0.51% |
-15.07% |
| Operating Income |
86.48M |
-11.04% |
-39.38% |
| Net Income |
57.46M |
-5.67% |
-49.95% |
| EPS |
1.48 |
-1.99% |
-49.32% |
Management Commentary
Transcripts not provided within the supplied data set. Consequently, no management quotes or thematic highlights from an earnings call can be extracted from the input.
Forward Guidance
No explicit QQ1 2026 forward guidance was provided in the supplied data. In a qualitative view, the outlook for EnerSys hinges on: (1) stabilization and potential improvement in working capital cycles as end-market demand steadies, (2) continued demand for stored energy solutions across Energy Systems, Motive Power, and Specialty segments (telecom, data centers, industrial facilities, and transportation), (3) the pace of raw-material cost movements and currency effects, and (4) efficiency enhancements and price/mix management to sustain margins. Investors should monitor orders and backlog trends, capital expenditure cycles among customers, and EnerSys’s ability to convert EBITDA into free cash flow given ongoing investments and debt levels. Scenarios would range from modest revenue stability with margin maintenance to improving revenue growth if capex cycles in key end markets unlock more demand and working capital normalizes.