Energizer (ENR) Q3 2025 earnings summary

Executive summary

• Q3 2025 performance exceeded expectations, with net sales up 3.4% to $725.3M and adjusted EPS up 43% year-over-year, driven by production credits, Project Momentum savings, and operational agility.

• Net earnings for Q3 were $153.5M ($2.13 per diluted share), reversing a prior year loss, and nine-month net earnings reached $204.1M.

• Acquisition of APS NV expanded European presence and contributed to net sales growth.

• Margin restoration and growth investments supported by production credits and Project Momentum.

• Positioned to fully offset tariff impacts and drive future earnings growth.

Financial highlights

• Q3 2025 net sales were $725.3M, up $23.9M year-over-year; adjusted gross margin was 44.8%, up 330 bps; reported gross margin was 55.1% due to $112.4M in production credits.

• Adjusted EPS for Q3 was $1.13, up 43% year-over-year; reported EPS was $2.13.

• Adjusted EBITDA reached $171.4M, up 14.5% year-over-year.

• Returned $84M to shareholders in Q3 via dividends and share repurchases; 4M shares repurchased including post-quarter activity.

• Free cash flow for nine months was $16.5M, or 1% of net sales.

Outlook and guidance

• Fiscal 2025 net sales growth expected at 1%–3%, including $40–$50M from APS NV; Q4 net sales growth forecasted at 2%–4%.

• Adjusted EPS guidance raised to $3.55–$3.65; adjusted EBITDA expected at $630M–$640M.

• Q4 adjusted EPS expected at $1.05–$1.15, including $5–$10M in production credits.

• Free cash flow outlook maintained at 6%–8% of net sales.

• Tariff impacts expected to be fully offset by mitigation efforts by 2026.