EnerSys (ENS) Q1 2026 Earnings Report

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.