ENS 10-K & 10-Q changes, risk factors and insider trading
EnerSys · NYSE · Miscellaneous Electrical Machinery, Equipment & Supplies · CIK 1289308 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
“•On January 5, 2026, the OECD issued the Side-by-Side package (the “SbS Package”), which provides administrative guidance that modifies the application of the Pillar Two rules. The SbS Package includes simplifications and additional safe harbors intended to facilitate coordination between domestic and international tax regimes and the Pillar Two framework. If adopted by relevant jurisdictions, certain provisions of the SbS Package could result in U.S.-parented groups being exempt from the application of two of the three Pillar Two top-up taxes.”see in full comparison
In August 2022, President Biden signed the IRA into law. The IRA provides for substantial tax credits and incentives for the development of critical minerals, renewable energy, clean fuels, electric vehicles, and supporting infrastructure, among other provisions. Section 45X of the Internal Revenue Code ("IRC") contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overheadsee in full comparisonexpenses.expenses as well as credits for production of qualifying battery cells and modules. EffectiveDecemberOctober14,24,2023,2024, the U.S. Department of the Treasury and the Internal Revenue Service released final rules to provide guidance on the production tax credit requirements under IRC Section 45X (the "Final Regulations"). The Final Regulations provide guidance on rules that taxpayers must satisfy to qualify for the Section 45X tax credit.
Full comparison: every changed paragraph (8)
In January 2025, we entered into an agreement with the DOE's Office of Manufacturing and Energy Supply Chains for a $199 million award to support the construction of a new lithium-ion cell production facility in Greenville, South Carolina. Since that time, the issuance of certain executive orders, including the Unleashing American Energy Executive Order on January 20, 2025, has required an immediate pause in the disbursement of funds appropriated through the IRA pending aan 90-dayongoing review period.review. We are currently evaluating these executive orders and other related memoranda to determine what, if any, impact they might have on or our previously announced DOE funding. If the DOE proceeds with our funding as planned, such funding will additionally remain subject to certain compliance obligations and other terms and conditions.
Our operating results are directly affected by the general global economic conditions of the industries in which our major customer groups operate. Our products are heavily dependent on the end markets that we serve and our operating results will vary by location, depending on the economic environment in these markets. Sales of our motive power products, for example, depend significantly on demand for new electric industrial forklift trucks, which in turn depends on end-user demand for additional motive capacity in their distribution and manufacturing facilities. The uncertainty in global economic conditions varies by geographic location and can result in substantial volatility in global credit markets, particularly in the United States, where we service the vast majority of our debt. Moreover, Federal Reserve Bank of the United States policy, including with respect to rising interest rates and the decision to end its quantitative easing policy, may also result in market volatility or a return to unfavorable economic conditions. These conditions affect our business by reducing prices that our customers may be able or willing to pay for our products or by reducing the demand for our products, which could in turn negatively impact our sales and earnings generation and result in a material adverse effect on our business, cash flow, results of operations and financial position.
We currently have significant manufacturing and distribution facilities outside of the United States, in Argentina, Australia, Belgium, Brazil, Canada, the Czech Republic, France, Germany, India, Italy, Malaysia, Mexico, the PRC, Poland, Spain, Switzerland and the United Kingdom. Our global operations are dependent upon products manufactured, purchased and sold in the U.S. and internationally, including in countries with political and economic instability or uncertainty. This includes, for example, the uncertainty related to the United Kingdom’s withdrawal from the European Union (commonly known as “Brexit”) the current conflict between Russia and Ukraine, ongoing terrorist activity,activity,the conflict with Iran, the adoption and expansion of trade restrictions, including the occurrence or escalation of a “trade war,” or other governmental action related to tariffs or trade agreements or policies among the governments of the United States, the PRC and other countries and other global events. The global credit and financial markets have recently experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. Sanctions imposed by the United States and other countries in response to such conflicts, including the one in Ukraine, may also adversely impact the financial markets and the global economy, and any economic countermeasures by affected countries and others could exacerbate market and economic instability. There can be no assurance that further deterioration in credit and financial markets and confidence in economic conditions will not occur. Recent effects of the conflict between Russia and Ukraine includes writing off $4 million in net assets located in Russia during fiscal 2022. Furthermore, Brexit could cause disruptions to, and create uncertainty surrounding our business, including affecting our relationships with our existing and future customers, suppliers and associates, which could have an adverse effect on our business, financial results and operations. Effects of Brexit include changes in customs regulations, shortages of truck drivers in the U.K., and administrative burdens placed on transportation companies have led to challenges and delays in moving inventory across U.K. or EU borders, and higher importation, freight and distribution costs. If such trends continue, we may experience further cost increases.
•imposition of currency restrictions, restrictions on repatriation of earnings or other restraintsrestraints, imposition of burdensome import duties, tariffs or quotas, which may make our products more costly to export or import;
In August 2022, President Biden signed the IRA into law. The IRA provides for substantial tax credits and incentives for the development of critical minerals, renewable energy, clean fuels, electric vehicles, and supporting infrastructure, among other provisions. Section 45X of the Internal Revenue Code ("IRC") contains a production tax credit equal to 10% of certain eligible production costs, including, without limitation, labor, energy, depreciation and amortization and overhead expenses.expenses as well as credits for production of qualifying battery cells and modules. Effective DecemberOctober 14,24, 2023,2024, the U.S. Department of the Treasury and the Internal Revenue Service released final rules to provide guidance on the production tax credit requirements under IRC Section 45X (the "Final Regulations"). The Final Regulations provide guidance on rules that taxpayers must satisfy to qualify for the Section 45X tax credit.
While Section 45X of the IRC provides for substantial tax benefits for us, there is some uncertainty as to how these provisions will be interpreted and implemented. Furthermore, future legislative enactments or administrative actions could limit, amend, repeal, or terminate IRA policies or other incentives thatto wewhich currently hope to benefit from.benefit. Any reduction, elimination, or discriminatory application or expiration of Section 45X of the IRC may materially adversely affect our future operating results and operations.
•On January 5, 2026, the OECD issued the Side-by-Side package (the “SbS Package”), which provides administrative guidance that modifies the application of the Pillar Two rules. The SbS Package includes simplifications and additional safe harbors intended to facilitate coordination between domestic and international tax regimes and the Pillar Two framework. If adopted by relevant jurisdictions, certain provisions of the SbS Package could result in U.S.-parented groups being exempt from the application of two of the three Pillar Two top-up taxes.
Our Board of Directors has authorized one share repurchase program. This program authorizes the repurchase of up to $200$1 millionbillion of our common stock, of which authority. The other program authorizes the repurchase of up to such number of shares as shall equal the dilutive effects of any equity-based award granted during such fiscal year and the number of shares exercised through stock option awards during such fiscal year. As of March 31, 2025,2026, approximately $178.9$876.4 million remains available under the two programs. Although our Board of Directors has authorized these share repurchase programs, the programs do not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. We cannot guarantee that the programs will be fully consummated or that they will enhance long-term stockholder value. The programs could affect the trading price of our stock and increase volatility, and any announcement of a termination of these programs may result in a decrease in the market price of our stock. In addition, these programs could diminish our cash reserves.
Management's Discussion & Analysis (MD&A)
New heading “Fiscal 2026 Programs”
Removed heading “Retirement Plans”
Largest changes
“During fiscal 2023, accounts receivable decreased or provided cash of $67.6 million due to sale of $150.0 million accounts receivable under the RPA entered into December 21, 2022. Inventory increased or used cash of $96.4 million. All components of inventory increased due to strategic investment, supply chain delays, new products and higher inventory costs from higher raw material costs, manufacturing, and to address the high backlog of customer orders. Accounts payable decreased or used cash of $4.2 million due to timing of payments for strategic inventory. …”see in full comparison
“On March 25, 2026, EnerSys announced a plan to close its facility in Tijuana, Mexico, which focused on manufacturing lead acid batteries. Management determined that the closure was appropriate as part of its efforts to optimize its cost structure, maximize near-term advanced manufacturing production tax benefits, and mitigate future risks associated with potential tariffs while reinforcing EnerSys’ commitment to strengthening domestic industrial capacity and supply chain resilience. …”see in full comparison
(2)The $91.9 million adjustment to EBITDA in fiscal 2026 primarily related to $37.6 million of non-cash stock compensation and $53.2 million of restructuring and other exit charges. The $56.2 million adjustment to EBITDA in fiscal 2025 primarily related to $27.8 million of non-cash stock compensation, $22.0 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million.see in full comparisonThe $85.8 million adjustment to EBITDA in fiscal 2024 primarily related to $30.6 million of non-cash stock compensation, $40.7 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $13.6 million.
see in full comparisonThe war in Ukraine continues to have widespread economic repercussions, particularly in Europe. The ongoing Israel-Hamas conflict is disrupting stability in the Middle East, raising significant concerns about the potential for further escalation across the region.Inflation in North America, China and EMEA, whilesomewhatmore controlled compared to the sharp increases in 2023, remains a challengewithdespite somesigns ofcooling in the U.S. andEurope.EuropeBoththrough 2024 and 2025. After reducing rates three consecutive times in 2025, theFederalFedReserveheld the policy rate steady at 3.50%–3.75% in January 2026, citing improving economic activity and stabilizing unemployment. After several rate cuts the European Central Bank (ECB)cuthas held their main interest ratesbystable25sincebasis points in December, marking the third consecutive reduction in calendar year 2024 in both regions. In April 2025, the ECB cut their interest rates by an additional 25 basis points, while the U.S. Federal Reserve held rates steady in MayJune 2025. While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes fromtheaU.S.new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensionsinthe euro area.Recent policyPolicy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economicgrowth,growth.butWhile increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024 and 2025, China's economy continues to face challenges from a weakened real estate market and declining exports.
“The market demand in the forklift truck and Class 8 truck markets have been impacted by tariff policy uncertainty, causing some customers to pause larger projects and general spending activity until there is more clarity on global tariff impacts to their supply chains. The data center and communications markets tend to be less sensitive to tariff policy, with budget and spending plans based on their unique capital spending needs. The data center market is in the midst of a growth cycle driven by AI and increasing digitization. …”see in full comparison
Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts insee in full comparisontheNorthAmericas,America, China and EMEA. On February 1, 2025, the U.S. signed an executive order, effective February 3, 2025, whereby the U.S. will apply additional tariffs on imported goods from Canada, Mexico, and China. Sincethisthat announcement, the tariffs to be applied toCanadathese three countries, andMexicoothers, were suspendedpendingand/ornegotiations.renegotiatedSubsequentseveral times with varying results and some new negotiations delayed toourtakefiscaleffectyearuntilend,lateron April 2, 2025, the U.S. imposed significant tariff increases on China and other countries. In May 2025, the U.S. administration lowered tariffs on China and announced tariff agreements with other countries such as the U.K.dates. The impact of the U.S. tariffs and retaliatory actions by other countrieshave been andcould be substantial. We are currently assessing the impacts these tariffs could have onourtheCompany, including our supply chainorganization, andcustomers' response to these dynamic macro conditions. Wewe believe that the international nature of our organizationalstructure, supply chain management and our ability to pass through increased costsstructure will allow us to mitigatemostsome of the financial impact of theseshiftingpotentialmarket conditions.tariffs.
Full comparison: every changed paragraph (99)
We evaluate business segment performance based primarily upon operating earnings exclusive of highlighted items. Highlighted items are those that the Company deems are not indicative of ongoing operating results, including those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, ERP system implementation, amortization of recently acquired intangible assets and tax valuation allowance changes, including those related to the adoption of the Tax Cuts and Jobs Act. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. All corporate and centrally incurred costs are allocated to the business segments based principally on net sales. We evaluate business segment cash flow and financial position performance based primarily upon capital expenditures and primary operating capital levels.
Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts in theNorth Americas,America, China and EMEA. On February 1, 2025, the U.S. signed an executive order, effective February 3, 2025, whereby the U.S. will apply additional tariffs on imported goods from Canada, Mexico, and China. Since thisthat announcement, the tariffs to be applied to Canadathese three countries, and Mexicoothers, were suspended pendingand/or negotiations.renegotiated Subsequentseveral times with varying results and some new negotiations delayed to ourtake fiscaleffect yearuntil end,later on April 2, 2025, the U.S. imposed significant tariff increases on China and other countries. In May 2025, the U.S. administration lowered tariffs on China and announced tariff agreements with other countries such as the U.K.dates. The impact of the U.S. tariffs and retaliatory actions by other countries have been and could be substantial. We are currently assessing the impacts these tariffs could have on ourthe Company, including our supply chainorganization, and customers' response to these dynamic macro conditions. Wewe believe that the international nature of our organizational structure, supply chain management and our ability to pass through increased costsstructure will allow us to mitigate mostsome of the financial impact of these shiftingpotential market conditions.tariffs.
The war in Ukraine continues to have widespread economic repercussions, particularly in Europe. The ongoing Israel-Hamas conflict is disrupting stability in the Middle East, raising significant concerns about the potential for further escalation across the region.
The war in Ukraine continues to have widespread economic repercussions, particularly in Europe. The ongoing Israel-Hamas conflict is disrupting stability in the Middle East, raising significant concerns about the potential for further escalation across the region. Inflation in North America, China and EMEA, while somewhat more controlled compared to the sharp increases in 2023, remains a challenge withdespite some signs of cooling in the U.S. and Europe.Europe Boththrough 2024 and 2025. After reducing rates three consecutive times in 2025, the FederalFed Reserveheld the policy rate steady at 3.50%–3.75% in January 2026, citing improving economic activity and stabilizing unemployment. After several rate cuts the European Central Bank (ECB) cuthas held their main interest rates bystable 25since basis points in December, marking the third consecutive reduction in calendar year 2024 in both regions. In April 2025, the ECB cut their interest rates by an additional 25 basis points, while the U.S. Federal Reserve held rates steady in MayJune 2025. While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes from thea U.S.new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions in the euro area. Recent policyPolicy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth,growth. butWhile increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024 and 2025, China's economy continues to face challenges from a weakened real estate market and declining exports.
The supply chain hasis beengenerally stabilizingstable, since the second quarter of calendar year 2023. While some supply chain challenges and elevated costs remain, particularly for materials like copper and plastics, other costs, such as transportation, have returned to pre-COVID levels. However,however, the ongoing Israel-Hamas conflict havehas periodically disrupted some shipments in the Red Sea. As a result, some ocean freight costs and transit times may temporarily increase until shipping in the region returns to normal. Generally, our mitigation efforts and ongoing lean initiatives have tempered the impact of broad market challenges.
The market demand in the forklift truck and Class 8 truck markets have been impacted by tariff policy uncertainty, causing some customers to pause larger projects and general spending activity until there is more clarity on global tariff impacts to their supply chains. The data center and communications markets tend to be less sensitive to tariff policy, with budget and spending plans based on their unique capital spending needs. The data center market is in the midst of a growth cycle driven by AI and increasing digitization. The communications market is currently in a modest, but slow spending recovery as investments in maintenance and network build outs are necessary to support the increased data required to be moved through their infrastructure. Global defense budgets are increasing in response to rising geopolitical tensions. Spending in EMEA has increased at a higher rate than in the US, as large program spending has outpaced sustainment spending with the U.S. Department of War.
Our most significant commodity and foreign currency exposures are related to lead and the euro,Euro, respectively. Historically, volatility of commodity costs and foreign currency exchange rates have caused large swings in our production costs. In the fiscal year 2025,2026, we have experienced a range in lead prices from approximately $0.85 per pound to $1.00$0.95 per pound. Costs in some of our other raw materials such as steel, acid, separator paper and electronics have moderated since the middle of fiscal year 2024, but we have seen some price increases in other raw materials such as copper and steelantimony since the beginning of fiscal year 2025.2026.
Our selling prices increasedfluctuated overduring the last several years to offset the volatile cost of commodities. Approximately 25% of our revenue is now subject to agreements that adjust pricing to a market-based index for lead. Customer pricing changes generally lag movements in lead prices and other costs by approximately six to nine months. In fiscal 20242025 and 2025,2026, customer pricing has increased due to certain commodity prices and other costs having increased throughout the year.
CommodityBased priceson fluctuatedcurrent incommodity fiscal 2025 versus fiscal 2024 andmarkets, it is difficult to predict with certainty whether commodity prices will be higher or lower in future years. In aggregate, selling prices were higher in fiscal 20252026 versus fiscal 20242025. toHowever, offset our cost increases and align with the value of our product offerings. Givengiven the lag related to increasing our selling prices for inflationary cost increase, on average our selling prices should be higher in fiscal 2026 versus fiscal 2025. As we concentrate more on energy systems and non-lead chemistries, the emphasis on lead is expected to continue to decline.
As part of managing the performance of our business, we monitor the level of primary operating capital, and its ratio to net sales. We define primary operating capital as accounts receivable, plus inventories, minus accounts payable. The resulting net amount is divided by the trailing three month net sales (annualized) to derive a primary operating capital percentage. We believe these three elements included in primary operating capital are most operationally driven, and this performance measure provides us with information about the asset intensity and operating efficiency of the business on a company-wide basis that management can monitor and analyze trends over time. Primary operating capital was $876.6 million (yielding a primary operating capital percentage of 22.2%) at March 31, 2026 and $932.2 million (yielding a primary operating capital percentage of 23.9%) at March 31, 2025 and $852.9 million (yielding a primary operating capital percentage of 23.4%) at March 31, 2024.2025. The primary operating capital percentage of 23.9%22.2% at March 31, 20252026 is 50 basis points higher than that for March 31, 2024, and 280170 basis points lower than that for March 31, 2023.2025, and 120 basis points lower than that for March 31, 2024. The change in the ratio is primarily due to animproved increase primarily related to higher sales at the end of the current period. Additionally Bren-Tronics provided additional outstanding balances of accounts receivablescollections and accountsasset forsecuritization theand increasedecrease toin inventory. Accounts payable increasedinventory due to seasonality.the release of our strategic build up in prior periods.
During the second quarter of fiscal 2023, the Company entered into a third amendment to the 2017 Credit Facility (as amended, the “Third Amended Credit Facility”). The Third Amended Credit Facility provided new incremental delayed-draw senior secured term loan up to $300 million (the “Third Amended Term Loan”), which was available to draw until March 15, 2023. During the fourth quarter of fiscal 2023, the Company drew $300 million in the form of the Third Amended Term Loan. The funds will mature on September 30, 2026, the same as the Company's Second Amended Term loan and Second Amended Revolver. In connection with the agreement, the Company incurred $1.2 million in third party administrative and legal fees recognized in interest expense and capitalized $1.1 million in charges from existing lenders as a deferred asset. Additionally, the Company derecognized the capitalized deferred asset and recognized the $1.1 million as a deferred financing costs.
On January 11, 2024, we issued $300 million in aggregate principal amount of our 6.625% Senior Notes due 2032 (the “2032 Notes”). Proceeds from this offering, net of debt issuance costs were $297.0 million and were utilized to pay down the Fourth Amended Credit Facility. We plan to use the remaining net proceeds for general corporate purposes, including to repay a portion of the outstanding borrowings under the revolving portion of its existing credit facility (without a reduction in commitment).
In the first quarter of fiscal year 2025, the Company entered into a fifth amendment to the 2017 Credit Facility (as amended, the “Fifth Amended Credit Facility”). The Fifth Amended Credit Facility replaces the Canadian Dollar Offered Rate ("CODR”) with term CORRA in the calculation of interest for borrowings denominated in Canadian Dollars.
During the second quarter of fiscal 2026, the Company entered into the sixth amendment to the 2017 Credit Facility (as amended, the “Sixth Amended Credit Facility”). The Sixth Amended Credit Facility provides (i) an upsized revolving credit facility in an aggregate committed amount of $1.0 billion (the “ Third Amended Revolver”), which represents an increase of $150 million from the existing revolving credit facility and which matures on September 30, 2030 and (ii) certain other modifications to the existing credit agreement as further set forth in the Sixth Amended Credit Facility. In connection with the Sixth Amended Credit Facility, (i) all of the outstanding term loans (including accrued and unpaid interest thereon) and (ii) all accrued and unpaid interest and fees on the outstanding revolving loans, in each case, under the existing credit agreement were repaid in full.
During fiscal 2025,2026, our operating cash flow provided cash of $260.3$547.6 million, compared to $457.0$260.3 million in the prior year. The change in the operating cash flows in fiscal 20252026 was a result of effect from AMPC's (defined in Critical Accounting Policies and Estimates) recognized in the year and higherreduced receivables relating to higherimproved salescollections and increases to our Amended RPA (defined in Marchfootnote than6 Accounts Receivable in the previousConsolidated yearsFinancial and additional balances outstanding from Bren-Tronics.Statement).
In fiscal 2026 and 2025, we repurchased 3,457,688 and 1,568,292 shares of common stock for $370.7 million and $154.0 million, respectively. In fiscal 2024, we repurchased 1,002,415 shares of common stock for $95.7 million.
In fiscal 2025 and 2024, we repurchased 1,568,292 and 1,002,415 shares of common stock for $154.0 million and $95.7 million, respectively. In fiscal 2023, we repurchased 358,365 shares of common stock for $22.9 million.
Retirement Plans
We use certain economic and demographic assumptions in the calculation of the actuarial valuation of liabilities associated with our defined benefit plans. These assumptions include the discount rate, expected long-term rates of return on assets and rates of increase in compensation levels. Changes in these assumptions can result in changes to the pension expense and recorded liabilities. Management reviews these assumptions at least annually. We use independent actuaries to assist us in formulating assumptions and making estimates. These assumptions are updated periodically to reflect the actual experience and expectations on a plan-specific basis, as appropriate.
For benefit plans which are funded, we establish strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. We set the expected long-term rate of return based on the expected long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this rate, we consider historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The expected return on plan assets is incorporated into the computation of pension expense. The difference between this expected return and the actual return on plan assets is deferred and will affect future net periodic pension costs through subsequent amortization.
We believe that the current assumptions used to estimate plan obligations and annual expense are appropriate in the current economic environment. However, if economic conditions change materially, we may change our assumptions, and the resulting change could have a material impact on the Consolidated Statements of Income and on the Consolidated Balance Sheets.
We continue to evaluate the extent of benefits available to us pursuant to the IRA, which we expect will favorably impact our results of operations in future periods. We currently expect to continue to qualify for the advanced manufacturing production credit (AMPC) under Section 45X of the IRC, which provides certain specified benefits for battery cells, battery modules manufactured or assembled in the United States and sold to third parties, as well for active electrode materials for such batteries. For eligible batteries the credit is equal to $35 multiplied by the capacity of such battery cell expressed on a kilowatt-hour basis. For eligible battery module the credit is equal to $10 multiplied by the capacity of such battery module expressed on a kilowatt-hour basis. For eligible electrode active material the credit is equal to 10% of the costs incurred with respect to the production of such materials.
During the year ended March 31, 20252026 and March 31, 2024,2025, we recognized $184.6$158.6 million and $136.4$184.6 million, respectively, of Section 45X credits as a reduction to “Cost of sales”. There are currently several critical and complex aspects of the IRA. The uncertainty of changes to the current guidance could materially affect the benefits we have recognized and expect to recognize from the advanced manufacturing production credit. We will continue to evaluate the effects of IRA to the extent should moreadditional guidance is issued and the relevant implications to our Consolidated Financial Statements.
Our sales in fiscal 20252026 were $3.6$3.8 billion, a 1.0%3.7% increase from prior year's sales. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase from acquisitions, partially offset by a 1%2% decrease in foreignorganic currency translation impact.volume.
Net sales of our Energy Systems segment in fiscal 2025 decreased $58.9 million, or 3.7%, compared to fiscal 2024. This decrease was due to a 2% decrease in organic volume, a 1% decrease in foreign currency translation impact, and a 1% decrease in pricing. This decrease in sales was driven by a capital spending pause by our telecommunication and broadband customers at the end of fiscal 2024 that continued but improved throughout fiscal 2025, partially offset by stronger demand within the data center customers.
Net sales of our MotiveEnergy PowerSystems segment in fiscal 20252026 increased by $27.9$120.2 million, or 1.9%,7.8%, compared to fiscal 2024.2025. This increase was due to a 2%3% increase in organic volumevolume, a 3% increase in pricing, and a 1%2% increase in pricing offset by a 1% decrease in foreign currency translation. WeThis continueincrease toin benefitsales was driven by a continuing robust demand from increaseddata volumes of our maintenance-free thin plate pure leadcenter and lithiumindustrial customers and stronger product salesmix mix.in communications.
Net sales of our SpecialtyMotive Power segment in fiscal 20252026 increaseddecreased by $58.0$53.1 million, or 10.8%,3.6%, compared to fiscal 2024.2025. TheThis increasedecrease was due to a 14%8% increasedecrease in acquisitions,organic volume, offset by a 3% decrease in organic volume. This2% increase in salesforeign wascurrency translation, and a 2% increase in pricing. This decrease is primarily drivena byresult increasedof lower volumes in Aerospacethe Americas due to ongoing macro and Defensegeopolitical includinguncertainties impactsimpacting fromcustomer buying behaviors market-wide and lingering weakness in the Bren-TronicsEMEA acquisition,automotive partially offset by decreased demand in OEM transportation customers in line with market cyclically.market.
Net sales of our Specialty segment in fiscal 2026 increased by $71.5 million, or 12.1%, compared to fiscal 2025. The increase was due to a 8% increase from acquisitions, and a 4% increase in pricing. This increase in sales was primarily driven by continued strength in Aerospace and Defense including impacts from the Bren-Tronics acquisition, partially offset by softer demand in OEM transportation customers.
Gross profit increased $109.6$5.2 million or 11.1%0.5% in fiscal 20252026 compared to fiscal 2024.2025. Gross profit, as a percentage of net sales increaseddecreased 280100 basis points in fiscal 20252026 compared to fiscal 2024.2025. The increasedecrease in the gross profit margin in fiscal 20252026 compared to the prior year reflects greater impactIRC of45x benefits in fiscal 2025 as prior year included a change in estimate impacting prior amounts to IRC 45X benefitstax compared to the same periods in fiscal year 2024 as well as improved mix from higher margin maintenance-free sales and accretive impact of Bren-tronics margins. The additional IRC 45X benefits recognized in the period represent further revised IRS guidance expanding qualified products and a catch up adjustment relating to prior periods.credits.
Operating expenses increased $19.1$12.3 million or 3.2%2.0% in fiscal 20252026 from fiscal 20242025 and increaseddecreased as a percentage of net sales by 3020 basis points. The increasesdecrease are primarilyas a resultpercentage of thesales Bren-Tronicswas acquisition,due increasedto investmentdue into Fastour Chargecost saving and Storage,restructuring andinitiates otheroffsetting payrolladditional costsaccelerated netstock compensation expense of Energy$10.8 Systems's cost savings.million.
Selling expenses, our main component of operating expenses, decreasedincreased $9.4$2.2 million or 4.1%1.0% in fiscal 20252026 compared to fiscal 2024.2025. The decrease in sellingSelling expenses as a percentage of sales in the currentyear quarterdecreased isslightly as a result of our cost reduction initiatives in Energy Systems during the fiscal year.initiatives.
Fiscal 2026 Programs
On March 25, 2026, EnerSys announced a plan to close its facility in Tijuana, Mexico, which focused on manufacturing lead acid batteries. Management determined that the closure was appropriate as part of its efforts to optimize its cost structure, maximize near-term advanced manufacturing production tax benefits, and mitigate future risks associated with potential tariffs while reinforcing EnerSys’ commitment to strengthening domestic industrial capacity and supply chain resilience. In connection with this restructuring plan, which is estimated to be substantially complete by December 2027, EnerSys plans to sell the land and buildings and possibly the plant and equipment to other parties. In addition, EnerSys estimates that there will be a reduction of approximately 474 employees upon completion. EnerSys expects to incur a pre-tax charge of approximately $37 million under this restructuring plan when completed, the majority of which is expected to be incurred by the second half of fiscal year 2027, of which $14 million is expected to be non-cash charges primarily from accelerated depreciation. Cash charges of approximately $23 million, include severance and employee retention costs, environmental related expenses and equipment decommissioning, along with contractual releases and legal expenses.
During fiscal 2026, the Company recorded a $11.0 million in severance costs.
On March 25, 2026, EnerSys announced a plan to close its facility in Sao Paulo, Brazil. Management continually evaluates the Company's footprint and decided to exit this facility due to the challenging local economic environment. In connection with this closure, which is estimated to be substantially complete by the end of fiscal 2027, the Company estimates there will be a reduction of approximately 141 employees. EnerSys expects to incur a pre-tax charge of approximately $7.5 million under this restructuring plan, of which include cash charges of approximately $4.5 million, primarily related to severance and employee retention costs, and other cash and non-cash items.
During fiscal 2026, the Company recorded $3.0 million in cash charges relating to severance and contract termination costs and $1.8 million in non cash charges relating to ROU and fixed asset impairments.
On April 1, 2025, the Company's Board of Directors approved a plan to close its facility in Monterrey, Mexico, which focused on manufacturing flooded motive power batteries. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and Thin Plate Pure Lead (TPPL). Production of products being manufactured in Monterrey, Mexico will be moved to EnerSys’ existing facility in Richmond, Kentucky. The Company expects to incur a pre-tax charge of approximately $13.7 million under this restructuring plan when completed, the majority of which was recorded by the end of the 2026 fiscal year, of which $1.5 million is expected to be a non-cash charge from fixed asset and inventory charges. Cash charges of approximately $12.2 million, include severance and employee retention costs, environmental related expenses and equipment decommissioning, along with contractual releases and legal expenses.
During fiscal 2026, the Company recorded a cash charges totaling $5.2 million primarily relating to severance costs and unusual manufacturing variances of $2.3 million.
On November 8, 2023, the Company's Board of Directors approved a plan to stop production and operations of residential renewable energy products, which include ourthe OutBack and Mojave brands. Management determined that residential renewable energy products no longer fit with the Company’s core strategy and resources will be better allocated toward commercial energy solutions for enterprise customers. The Company currently estimates that the total charges for these actions will amount to approximately $24.5 million. Non-cash charges for inventory and fixed assets write offs, and impairment of an indefinite-lived intangible asset are estimated to be $23.6 million, and cash charges for employee severance and retention payments are estimated to be $0.9 million. The plan was completed as the end of fiscal 2025.
During fiscal 2024, the Company recorded non-cash charges totaling $0.6 million primarily related to fixed assets and cash charges of $0.7 million related to severance costs. The Company also recorded a non-cash write offoffs relating to inventories of $17.1 million, which was reported in cost of goods sold, and impairment of indefinite livedindefinite-lived intangible assetsasset of $6.0 million.
On November 8, 2023, the Company committed to a plan to close its facility in Spokane, Washington, which primarily manufactures enclosure systems for telecommunications and related end markets. Management determined that existing manufacturing locations have the capacity to satisfy demand for these products and will execute more efficient distribution to customers. The Companyplan currentlywas estimatescompleted that the total charges for these actions will amount to approximately $3.6 million relating to $1.4 million in cash charges for employee severance, and non-cash charges of $2.2 million relating to fixed assets, facility lease, and inventory. The majorityas of the chargesend were incurred inof fiscal 2024.2025.
During fiscal 2025, the Company recorded cash charges of $0.7 million primarily related to manufacturing variances.
In November 2022, the Company committed to a plan to close its facility in Sylmar, California, which manufactures specialty lithium batteries for aerospace and medical applications. Management determined to close the site upon the expiration of its lease on the property and to redirect production through consolidation into existing locations. The Company currently estimates total charges in the exit to amount to $13.7 million. Cash charges are estimated to total $9.7 million primarily relating to severance and other costs to leave the site. Non-cash charges are estimated to be $3.9 million relating to fixed assets, inventory, and contract assets. The plan was substantially completecompleted as of the end of fiscal 2024.2025.
During fiscal 2023, the Company recorded cash charges of $1.7 million related primarily related to severance costs and non-cash charges totaling $0.4 million primarily relating to contract assets.
InOn June,June 29, 2022, the Company committed to a plan to close its facility in Ooltewah, Tennessee, which produced flooded motive power batteries for electric forklifts. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and TPPL. The Company currently estimates that the total charges for these actions will amount to approximately $18.5 million. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $9.2 million and non-cash charges from inventory and fixed asset write-offs are estimated to be $9.3 million. These actions will resultresulted in the reduction of approximately 165 employees. The majorityplan was completed as of these charges were recorded by the end of fiscal 2024.2026.
During fiscal 2023, the Company recorded cash charges relating primarily to severance and manufacturing variances of $2.8$2.7 million and non-cash charges of $7.3 million relating to fixed asset write-offs. The Company also recorded a non-cash write-offwrite off relating to inventories of $1.6 million, which was reported in cost of goods sold.
During fiscal 2024, the Company recorded cash charges relating to site cleanup and decommissioning equipment of $4.4 million.$4.4million.
During fiscal 2026, the Company recorded a $1.1 million gain of the sale of the building.
In fiscal 2021, wethe committedCompany's toBoard of Directors approved a plan to substantially close substantially all of ourits facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. WeThe planCompany plans to retain the facility with limited sales, service and administrative functions along with related personnel for the foreseeable future. These actions resulted in the reduction of approximately 200 employees. This program is considered substantially complete as of the end of fiscal 2026.
We currently estimate that the total charges for these actions will amount to approximately $60.0 million, the majority of which were recorded by the end of calendar 2021. Cash charges of approximately $40.0 million are primarily for employee severance related payments, but also include payments for cleanup related to the facility, contractual releases and legal expenses. Non-cash charges from inventory and equipment write-offs are estimated to be $20.0 million. These actions resulted in the reduction of approximately 200 employees.
During fiscal 2021, the Company recorded cash charges relating to severance of $23.3 million and non-cash charges of $7.9 million primarily relating to fixed asset write-offs.
During fiscal 2022, the Company recorded cash charges,charges primarily relating to severance of $8.1 million and non-cash charges of $3.5 million primarily relating to fixed asset write-offs. The Company also recorded a non-cash write off relating to inventories of $1.0 million, which was reported in cost of goods sold.
During fiscal 2023, the Company recorded cash charges of $2.2 million relating to primarily to site cleanup and $0.6 million of non-cash charges relating to accelerated depreciation of fixed assets.
During fiscal 2026, the Company recorded cash charges of $2.4 million relating primarily to site cleanup and $0.1 million of non-cash charges relating to accelerated depreciation of fixed assets. Additionally, the Company recorded a gain on assets held for sale previously impaired of $1.2 million.
During fiscal 2026 there were $0.4 million of charges related to impairment of indefinite-lived trademarks.
During fiscal 2025 there were no charges related to impairment of indefinite-lived trademarks. During 2024, the Company recorded non-cash charges of $13.6 million, related to impairment of indefinite-lived trademarks. Management completed its evaluation of key inputs used to estimate the fair value of its indefinite-lived trademarks and determined that an impairment charge was appropriate.
Operating earnings increaseddecreased $113.2$38.3 million or 32.2%8.2% in fiscal 2025,2026, compared to fiscal 2024.2025. Operating earnings, as a percentage of net sales, increaseddecreased 300140 basis points in fiscal 2025,2026, compared to fiscal 2024.2025.
The Energy Systems operating earnings percentage of net sales increased 120210 basis points in fiscal 20252026 compared to fiscal 2024.2025. TheThis increase inwas operatingdriven earningsby isimproved asprice/mix. aWe resultalso ofcontinue to benefit from lower operating expensescosts from restructuringtight programscost controls and growthrestructuring in our data center business.initiatives.
The Motive Power operating earnings as a percentage of net sales increaseddecreased 100170 basis points in fiscal 20252026 compared to fiscal 2024.2025. This increasedecrease was driven by significanthigher pricingfreight and mixtariff gainscosts and lost leverage on lower volumes partially offset by higher operatingpricing expenses.and our cost reduction initiatives.
Specialty operating earnings percentage of net sales increased 30310 basis points in fiscal 20252026 compared to fiscal 2024.2025. This increase was primarily a result of softer transportation volume that more than offset the accretivecontinued benefit of the Bren-Tronics acquisition and continuedfavorable strength in aerospace & defense end-markets.price/mix.
What changed in the latest 10-Q
Risk Factors
New heading “We may experience issues with lithium-ion cells or other components manufactured at our proposed gigafactory, which may harm the production and profitability of our gigafactory investment.”
New heading “Our $150 million funding from the U.S. Department of Energy ("DOE") is subject to review and will be subject to negotiation of specific terms and contingent on our compliance with the requirements negotiated with the DOE.”
Largest changes
“Our plan to grow the volume and profitability of our PPS business depends on significant Foreign Entity of Concern compliant lithium-ion battery cell production, including at a proposed gigafactory in South Carolina. …”see in full comparison
“Our $150 million funding from the U.S. Department of Energy ("DOE") is subject to review and will be subject to negotiation of specific terms and contingent on our compliance with the requirements negotiated with the DOE.”see in full comparison
“We may experience issues with lithium-ion cells or other components manufactured at our proposed gigafactory, which may harm the production and profitability of our gigafactory investment.”see in full comparison
“In January 2025, we entered into an agreement with the DOE's Office of Manufacturing and Energy Supply Chains for a $199 million award to support the construction of a new lithium-ion cell production facility in Greenville, South Carolina. With the revised scope and reduced size of the proposed gigafactory, in July 2026, we received a revised award of $150 million from the DOE. This funding additionally remains subject to certain compliance obligations and other terms and conditions.”see in full comparison
In addition to the other information set forth in this Formsee in full comparison10-Q,10-Q and the risk factors set forth below, you should carefully consider the factors discussed in Part I, Item 1A. Risk Factors in our20252026 Annual Report, which could materially affect our business, financial condition or future results.
Full comparison: every changed paragraph (5)
In addition to the other information set forth in this Form 10-Q,10-Q and the risk factors set forth below, you should carefully consider the factors discussed in Part I, Item 1A. Risk Factors in our 20252026 Annual Report, which could materially affect our business, financial condition or future results.
We may experience issues with lithium-ion cells or other components manufactured at our proposed gigafactory, which may harm the production and profitability of our gigafactory investment.
Our plan to grow the volume and profitability of our PPS business depends on significant Foreign Entity of Concern compliant lithium-ion battery cell production, including at a proposed gigafactory in South Carolina. If we are unable to commence or otherwise do not maintain and grow our respective operations when opened, if we cannot execute our strategy, or if we are unable to do so cost-effectively or hire and retain highly-skilled personnel there, our ability to manufacture our products profitably would be limited, which may harm our ability to grow the volume and profitability of our PPS business. Additionally, the start-up of operations after such project has been completed is also subject to risk. In order to complete the construction of the proposed gigafactory and achieve our profitability goals, we are relying upon, among other things, federal funding as well as short-term and long-term incentive packages through South Carolina and Greenville County. Our ability to realize and procure these benefits is subject to a variety of market, operational, regulatory and labor-related factors. Any failure to complete these projects, or any delays or failure to achieve the anticipated results from the implementation of this project, could have a material adverse effect on our business, financial condition, results of operations and liquidity.
Our $150 million funding from the U.S. Department of Energy ("DOE") is subject to review and will be subject to negotiation of specific terms and contingent on our compliance with the requirements negotiated with the DOE.
In January 2025, we entered into an agreement with the DOE's Office of Manufacturing and Energy Supply Chains for a $199 million award to support the construction of a new lithium-ion cell production facility in Greenville, South Carolina. With the revised scope and reduced size of the proposed gigafactory, in July 2026, we received a revised award of $150 million from the DOE. This funding additionally remains subject to certain compliance obligations and other terms and conditions.
Management's Discussion & Analysis (MD&A)
Removed heading “Bren-Tronics Acquisition”
Removed heading “Fiscal 2024 Programs”
Largest changes
Onsee in full comparisonAprilMarch1,25,2025,2026,theEnerSysCompany's Board of Directors approvedannounced a plan to close its facility inMonterrey,Tijuana, Mexico, which focused on manufacturingfloodedleadmotive poweracid batteries. Management determined thatfuturethedemandclosureforwastraditional motive power flooded cells will decreaseappropriate ascustomersparttransitionof its efforts tomaintenanceoptimizefreeitsproductcostsolutionsstructure,inmaximizelithiumnear-term advanced manufacturing production tax benefits, andThinmitigatePlatefuturePurerisksLeadassociated(TPPL).withProductionpotentialoftariffsproductswhilebeingreinforcingmanufacturedEnerSys’incommitmentMonterrey,toMexicostrengthening domestic industrial capacity and supply chain resilience. In connection with this restructuring plan, which is estimated to be substantially complete by December 2027, EnerSys plans to sell the land and buildings and possibly the plant and equipment to other parties. In addition, EnerSys estimates that there will bemovedatoreductionEnerSys’ofexistingapproximatelyfacility474inemployeesRichmond,uponKentucky.completion.The CompanyEnerSys expects to incur a pre-tax charge of approximately$13.7$37 million under this restructuring plan when completed, the majority of which is expected to berecordedincurred by theendsecond half ofthefiscal2025yearcalendar year,2027, of which$1.5$14 million is expected to beanon-cashchargecharges primarily fromfixedacceleratedasset and inventory charges.depreciation. Cash charges of approximately$12.2$23million, includemillion,include severance and employee retention costs, environmental related expenses and equipment decommissioning, along with contractual releases and legal expenses.
“On July 22, 2025, we announced a reduction in force plan (the "Plan") as part of our strategic restructuring plan under our new leadership to better align resources with current business priorities and long-term objectives. The Plan is expected to reduce non-production global workforce by approximately 11%, or approximately 575 employees, and is focused primarily on corporate and management positions. …”see in full comparison
“On April 1, 2025, the Company's Board of Directors approved a plan to close its facility in Monterrey, Mexico, which focused on manufacturing flooded batteries. Management determined that future demand for traditional material handling flooded cells will decrease as customers transition to maintenance free product solutions in lithium and Thin Plate Pure Lead (TPPL). Production of products being manufactured in Monterrey, Mexico will be moved to EnerSys’ existing facility in Richmond, Kentucky. …”see in full comparison
Operating activities provided cash ofsee in full comparison$403.6$230.2 million in theninethree months of fiscal20262027 compared to$125.1$1.0 million of cash provided in theninethree months of fiscal2025,2026. Inventory increased or used cash of$38.1$14.5 million, and accounts receivable decreased or provided cash of$140.7$48.2 million. Additionally, accounts payable decreased or used cash of$71.7$22.5 million. In theninethree months of fiscal2026,2027, net earnings were$216.3$116.5 million, depreciation and amortization$84.6$30.5 million, stock-based compensation$29.5$7.8 million, and$1.7$0.4 million in cash disbursements from derivatives not designated in hedging relationships. Prepaid and other current assets provided funds of$29.5$88.9 million, primarily from a decrease of$33.0$81.0 million in prepaid taxes that included$137.0$115.5 million payment from the IRS relating to prior year tax returnrefundrefund,and $3.5$11.3 million innonmiscellaneoustradeotherreceivables,accruals, $4.9 million in contract assets, and partially offset by increases of$9.0$8.3 million incontractnonassets.trade receivables. Accrued expenses were a use of funds of$9.2$38.0 million primarily fromana decrease intaxpayroll accruals of$14.7$27.9 million,deferred revenue of $4.2 million andsales related accruals of$3.6$10.5 million, freight accruals of $7.6 million, contract liabilities of $6.9 million, restructuring accruals of $2.6 million, and warranty accruals of $1.9 million, partially offset by increases of$9.6 million to restructuring accruals, $6.4 million to warranty, and $9.8$13.6 million in miscellaneous and other accruals, includingfreightprofessional andprofessionaltaxaccruals.accruals, and $5.9 million to deferred income.
“The SbS Package is expected to be available for fiscal years beginning on or after January 1, 2026. The safe harbors are not self-executing and generally would require enactment through domestic legislation (and related interpretive guidance) by each Inclusive Framework member, subject to local legislative processes and timelines, as well as guidance related to the European Union (“EU”) Minimum Tax Directive. The Company continues to monitor developments and assess the potential impact of the SbS Package on its results of operations. …”see in full comparison
Inflation in North America, China and EMEA, while more controlled compared to the sharp increases in 2023, remains a challenge despite some cooling in the U.S. and Europe through 2024 and 2025. After reducing rates three consecutive times in 2025, the Fed has held the policy rate steady at 3.50%–3.75%see in full comparisononsince January 2026, citing improving economic activity and stabilizing unemployment. After several rate cuts the European Central Bank (ECB)hasheldtheirits main interest rates stablesincefrom June2025.2025WhilethroughtheseJuneare2026incrementallywhenpositiveitactionsincreasedtowardratesdeflation,duebothto concerns that the war in the Middle East is generating inflation pressure. Both economies continue to face uncertainties such as potential tariffs and policy changes from a new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions in the euro area. Policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth. While increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024 and 2025, China's economy continues to face challenges from aweakenedprolonged weak real estate market and declining exports.
Full comparison: every changed paragraph (115)
EnerSys (the “Company,” “we,” or “us”) is a global leader in stored energy solutions helping industrial, infrastructure and defense customers address critical power and operational needs with batteries, chargers other power equipment. The company delivers integrated solutions that combine energy storage technologies, power electronics, software-enabled intelligence, technical expertise and comprehensive global customer support. EnerSys supports customers across communications networks, data centers, energy infrastructure, material handling, transportation, aerospace and defense — including applications where power continuity is essential. Serving customers in more than 100 countries, EnerSys helps organizations manage energy more reliably, efficiently and intelligently in complex operating environments where uptime, safety and resilience matter.
EnerSys (the “Company,” “we,” or “us”) is a world leader in stored energy solutions for industrial applications. We design, manufacture, and distribute energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, data center and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive Power batteries and chargers are utilized in electric forklifts, automated guided vehicles ("AGVs"), and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, portable power solutions for soldiers in the field, medical and security systems applications. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. We also provide aftermarket and customer support services to over 10,000 customers in more than 100 countries through a network of distributors, independent representatives and our internal sales force around the world.
The Company's fourthree operating segments, based on lines of business, are as follows:
•Network & Infrastructure Solutions (NIS) — providing power solutions and services to broadband, telecommunications, data center, and industrial utility customers.
•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.
•MotiveIndustrial PowerMobility -Solutions (IMS) — providing power for electric industrial forklifts, AGVsand other material handling equipment used in manufacturing and warehousing operations, as well as equipmenttransportation usedapplications, inprimarily floorClass care,8 mining, rail and airport ground support applications.trucks.
•Precision Power Solutions (PPS) — providing energy solutions primarily for military vehicles, advanced defense programs, soldier powering and autonomous systems.
•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.
On July 22, 2025, we announced a reduction in force plan (the "Plan") as part of our strategic restructuring plan under our new leadership to better align resources with current business priorities and long-term objectives. The Plan is expected to reduce non-production global workforce by approximately 11%, or approximately 575 employees, and is focused primarily on corporate and management positions. We estimate one-time cash charges related to the Plan to be approximately $21.2 million consisting of severance payments, notice period payments in applicable jurisdictions, employee benefits and related costs. The Company expects to incur these expenses primarily in the second and third quarter of fiscal 2026. Combined with other non-headcount related actions, these changes are expected to result in approximately $80 million in annualized savings beginning in fiscal 2026. This estimate is comprised of approximately $70 million in savings, representing a reduction of over 10% of our fiscal 2025 operating expenses as well as an estimated $10 million in reduction in cost of goods sold. We expect to realize approximately $30 million to $35 million in savings in fiscal 2026, with material benefits beginning in the third quarter of fiscal 2026. Estimated savings exclude the previously discussed one-time cash charges.
Bren-Tronics Acquisition
On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for $206.4 million in cash consideration, subject to adjustments as set forth in the stock purchase agreement. Bren-Tronics Defense LLC, headquartered in Commack, New York, is a leading manufacturer of highly reliable portable power solutions, including small and large format lithium batteries and charging solutions, for military and defense applications. The financial results contributed from this business are reported within our Specialty line of business.
Inflation in North America, China and EMEA, while more controlled compared to the sharp increases in 2023, remains a challenge despite some cooling in the U.S. and Europe through 2024 and 2025. After reducing rates three consecutive times in 2025, the Fed has held the policy rate steady at 3.50%–3.75% onsince January 2026, citing improving economic activity and stabilizing unemployment. After several rate cuts the European Central Bank (ECB) has held theirits main interest rates stable sincefrom June 2025.2025 Whilethrough theseJune are2026 incrementallywhen positiveit actionsincreased towardrates deflation,due bothto concerns that the war in the Middle East is generating inflation pressure. Both economies continue to face uncertainties such as potential tariffs and policy changes from a new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions in the euro area. Policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth. While increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024 and 2025, China's economy continues to face challenges from a weakenedprolonged weak real estate market and declining exports.
The market demand in the forklift truck and Class 8 truck markets havehas been impacted by tariff policy uncertainty, causing some customers to pause larger projects and general spending activity until there is more clarity on global tariff impacts to their supply chains. The data center and communications markets tend to be less sensitive to tariff policy, with budget and spending plans based on their unique capital spending needs. The data center market is in the midst of a growth cycle driven by AI and increasing digitization. The communications market is currently in a modest, but slow spending recovery as investments in maintenance and network build outs are necessary to support the increased data required to be moved through their infrastructure. Global defense budgets are increasing in response to rising geopolitical tensions. Spending in EMEA has increased at a higher rate than in the US, as large program spending has outpaced sustainment spending with the U.S. Department of War.
As part of managing the performance of our business, we monitor the level of primary operating capital, and its ratio to net sales. We define primary operating capital as accounts receivable, plus inventories, minus accounts payable. The resulting net amount is divided by the trailing three-month net sales (annualized) to derive a primary operating capital percentage. We believe these three elements included in primary operating capital are mostmostly operationally driven, and this performance measure provides us with information about the asset intensity and operating efficiency of the business on a company-wide basis that management can monitor and analyze trends over time. Primary operating capital was $933.6$858.3 million (yielding a primary operating capital percentage of 25.4%22.9%) at DecemberJuly 28,5, 2025,2026, $932.2$876.6 million (yielding a primary operating capital percentage of 23.9%22.2%) at March 31, 20252026 and $947.4$993.0 million at DecemberJune 29, 20242025 (yielding a primary operating capital percentage of 26.1%27.8%). The primary operating capital percentage of 25.4%22.9% at DecemberJuly 28,5, 20252026 increased by 15070 basis points compared to March 31, 20252026 and decreased 70490 basis points compared to DecemberJune 29, 2024.2025. The increase in primary operating capital percentage at DecemberJuly 28,5, 20252026 compared to March 31, 20252026 was primarily due to strategic inventory building and timing of accounts payable payments not fully offset by impacts from additional contributions from the Amended RPA.payments. The decrease in primary operating capital percentage at DecemberJuly 28,5, 20252026 compared to DecemberJune 29, 20242025 was primarily due to impactshigher fromamounts theof additionalreceivables contributionssecuritized from the Amended Receivables Purchase Agreement (Amended RPA in the third quarter of fiscal 2026.).
Primary operating capital and primary operating capital percentages at DecemberJuly 28,5, 2025,2026, March 31, 20252026 and DecemberJune 29, 20242025 are computed as follows:
We believe that our financial position is strong, and we have substantial liquidity to cover short-term liquidity requirements and anticipated growth in the foreseeable future, with $450.1$530.7 million of available cash and cash equivalents and available and undrawn committed credit lines of approximately $436.7$576.7 million at DecemberJuly 28,5, 2025,2026, availability subject to credit agreement financial covenants.
We issued $300 million in aggregate principal amount of our 4.375% Senior Notes due December 15, 2027 (the “2027 Notes”) and $300 million in aggregate principal amount of our 6.625% Senior Notes due 2032 (the “2032 Notes”).
During the second quarter of fiscal 2022, we entered into a second amendment to the Amended Credit Facility (as amended, the “Second Amended Credit Facility”). As a result, the Second Amended Credit Facility, which was scheduled to mature on September 30, 2026, consists of a $130.0 million senior secured term loan and a CAD 106.4 million ($84.2 million) term loan (the “Second Amended Term Loan”) and an $850.0 million senior secured revolving credit facility (the “Second Amended Revolver”). This amendment resulted in a decrease of the Amended Term Loan by $150.0 million and an increase of the Amended Revolver by $150.0 million.
During the second quarter of fiscal 2023, the Company entered into a third amendment to the 2017 Credit Facility (as amended, the “Third Amended Credit Facility”). The Third Amended Credit Facility provided a new incremental delayed-draw senior secured term loan up to $300 million (the “Third Amended Term Loan”), which was available to draw until March 15, 2023. During the fourth quarter of fiscal 2023, the Company drew $300 million in the form of the Third Amended Term Loan. The funds will mature on September 30, 2026, the same as the Company's Second Amended Term Loan and Second Amended Revolver. In connection with the agreement, the Company incurred $1.2 million in third party administrative and legal fees recognized in interest expense and capitalized $1.1 million in charges from existing lenders as a deferred asset. Additionally, the Company derecognized the capitalized deferred asset and recognized the $1.1 million as deferred financing costs.
During the fourth quarter of fiscal 2023, the Company entered into a fourth amendment to the 2017 Credit Facility (as amended, the “Fourth Amended Credit Facility”). The Fourth Amended Credit Facility replaces the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”) in the calculation of interest for both the Second Amended Revolver and the Second Amended Term Loan.
On January 11, 2024, we issued $300 million in aggregate principal amount of our 6.625% Senior Notes due 2032 (the “2032 Notes”). Proceeds from this offering, net of debt issuance costs, were $297.0 million and were utilized to pay down the Fourth Amended Credit Facility.
In the first quarter of fiscal year 2025, the Company entered into a fifth amendment to the 2017 Credit Facility (as amended, the “Fifth Amended Credit Facility”). The Fifth Amended Credit Facility replaces the Canadian Dollar Offered Rate ("CODR”) with term CORRA in the calculation of interest for borrowings denominated in Canadian Dollars.
During the second quarter of fiscal 2026, theThe Company entered intomaintains the sixth amendment to the 2017 Credit Facility (as amended, the “Sixth Amended Credit Facility”). The Sixth Amended Credit Facility provides (i) an upsized revolving credit facility in an aggregate committed amount of $1.0 billion (the “ Third Amended Revolver”), which represents an increase of $150 million from the existing revolving credit facility and which matures on September 30, 2030 and (ii) certain other modifications to the existing credit agreement as further set forth in the Sixth Amended Credit Facility. In connection with the Sixth Amended Credit Facility, (i) all of the outstanding term loans (including accrued and unpaid interest thereon) and (ii) all accrued and unpaid interest and fees on the outstanding revolving loans, in each case, under the existing credit agreement were repaid in full.
During the current quarter of fiscal 2027, we purchased 219,204 shares for $50.0 million, and from July 6, 2026 through August 7, 2026, the Company repurchased 249,893 shares for approximately $50.0 million.
On July 23, 2026, we revised the scope of our planned lithium-ion cell manufacturing facility in Greenville, South Carolina. We were awarded a revised grant from the U.S. Department of Energy (DOE) of approximately $150 million, subject to final documentation and customary conditions. Initial capacity is now approximately 1 gigawatt-hour with production focused on aerospace, defense, and specialized industrial applications. The revised DOE grant provides approximately $150 million toward the facility’s estimated $650 million cost. We expect EnerSys’ net investment of approximately $500 million to be funded entirely through operating cash flow. In addition, and as previously announced, EnerSys has also been awarded a comprehensive incentive package through South Carolina and Greenville County valued at approximately $200 million, which includes a combination of short-term and long-term incentives that will help support ongoing operations of the plant. Construction is expected to begin in the first half of fiscal 2028, subject to finalization of the DOE award and other customary conditions, with full production approximately three years thereafter.
On December 23, 2024 and December 24, 2024, the Company entered into cross-currency fixed interest rate swap contracts each with an aggregate notional amount of $150 million, maturing on June 15, 2028 and December 15, 2026, respectively.
During the nine months of fiscal 2026, we purchased 3,047,474 shares for $303.7 million.
Net sales increased $12.9 million or 1.4% in the third quarter of fiscal 2026 as compared to the third quarter of fiscal 2025. This increase was the result of a 3% increase in pricing and a 2% increase from foreign currency translation, partially offset by a 4% decrease in organic volume.
Net sales increased $120.6$42.6 million or 4.6%4.8% in the ninefirst monthsquarter of fiscal 20262027 as compared to the ninefirst monthsquarter of fiscal 2025.2026. This increase was duethe toresult of a 2%3% increase in acquisitions,price/mix, a 2%1% increase in pricing,organic volume and a 2%1% increase fromin foreign currency translation, partially offset by a 1% decrease in organic volume.translation.
Net sales of our Network & Infrastructure Solutions segment in the first quarter of fiscal 2027 increased $36.9 million or 9.4% compared to the first quarter of fiscal 2026. This increase was due to a 5% increase in organic volume, and a 4% increase in price/mix. This increase is primarily a result of higher volumes and favorable price/mix across all three customer segments, data center, network communications, and industrial customers.
Net sales of our Industrial Mobility Solutions segment in the first quarter of fiscal 2027 decreased by $13.6 million or 3.2% compared to the first quarter of fiscal 2026. This decrease was primarily due to a 5% decrease in organic volume, offset by a 1% increase in price/mix and 1% increase from foreign currency translation. This decrease is primarily a result of lower volumes due to macro uncertainty in the material handling market, offset by a rebound in the transportation market.
Net sales of our Precision Power Solutions segment in the first quarter of fiscal 2027 increased by $19.3 million or 23.6% compared to the first quarter of fiscal 2026. The increase was primarily due to a 16% increase in organic volume, a 7% increase in price/mix and a 1% increase in acquisitions. This increase in sales is primarily a result of increased demand and favorable product/mix.
Net sales of our Energy Systems segment in the third quarter of fiscal 2026 increased $10.3 million or 2.6% compared to the third quarter of fiscal 2025. This increase was due to a 4% increase in price/mix and a 2% increase from foreign currency translation, partially offset by a 3% decrease in organic volume. Net sales of our Energy Systems segment in the nine months of fiscal 2026 increased $93.3 million or 8.2% compared to the nine months of fiscal 2025. This increase was due to a 4% increase in organic volume, a 3% increase in price/mix, and a 1% increase from foreign currency translation. This increase in sales for the quarter and nine months is primarily a result of continuing robust demand from data center and industrial customers and recovering demand with a stronger product mix in communications.
Net sales of our Motive Power segment in the third quarter of fiscal 2026 decreased by $6.8 million or 1.9% compared to the third quarter of fiscal 2025. This decrease was primarily due to a 7% decrease in organic volume, partially offset by a 3% increase in foreign currency translation and a 2% increase in price/mix. Net sales of our Motive Power segment in the nine months of fiscal 2026 decreased by $30.9 million or 2.8% compared to the nine months of fiscal 2025. This decrease was primarily due to a 7% decrease in organic volume, partially offset by a 2% increase in price/mix and a 2% increase from foreign currency translation. This decrease in sales for the quarter and nine months is primarily a result of lower volumes in the Americas due to ongoing macro and geopolitical uncertainties impacting customer buying behaviors market-wide and lingering weakness in the EMEA automotive market.
Net sales of our Specialty segment in the third quarter of fiscal 2026 increased by $12.3 million or 8.0% compared to the third quarter of fiscal 2025. The increase was primarily due to a 4% increase in price/mix, a 2% increase in organic volume, a 1% increase in acquisitions, and a 1% increase from foreign currency translation. Net sales of our Specialty segment in the nine months of fiscal 2026 increased by $57.1 million or 13.8% compared to the nine months of fiscal 2025. The increase was primarily due to a 10% increase from acquisitions, a 2% increase in price/mix, a 1% increase from foreign currency translation, and a 1% increase in organic volume. This increase in sales for the quarter and nine months was primarily driven by increased volumes in transportation for the quarter and nine months along with strong results from Aerospace and Defense including impacts from the Bren-Tronics acquisition to the nine months.
Gross profit decreasedincreased $21.9$60.2 million or 7.3%23.8% in the thirdfirst quarter and increased $18.0 million or 2.3% in the nine months of fiscal 2026 compared to the comparable periods of fiscal 2025.2026. Gross profit, as a percentage of net sales, decreasedincreased 280510 basis points in the thirdfirst quarter and decreased 60 basis points in nine months of fiscal 2026, compared to the thirdfirst quarter and nine months of fiscal 2025.2026. The decrease to the gross profit margin foras thea quarterpercentage andof ninerevenue months is primarily related toreflects greater impact of 45x45X benefitsbenefits, inIEEPA tariff refunds, and favorable price/mix compared to the samefirst periodquarter inof fiscal 2025 as prior year included a change in estimate impacting prior amounts to IRC 45X tax credits.2026.
Operating expenses, as a percentage of sales, decreased 180 basis points in the first quarter of fiscal 2027, compared to the first quarter of fiscal 2026.
OperatingSelling expenses, our main component of operating expenses, decreased $2.0 million or 3.5% in the first quarter of fiscal 2027 compared to the first quarter of fiscal 2026, and decreased 50 basis points as a percentage of sales,net decreasedsales. 90 basis points in the third quarter and increased 20 basis points in nine months of fiscal 2026, compared to the comparable periods of fiscal 2025. Our operating expenses for the third quarter decreased as a percentage of sales due to our cost saving and restructuring initiates. Year to date,Also, we experienced higher operating expenses as a percentage of sales primarily due to additional accelerated stock compensation expense of $10.2 million in the ninefirst monthsquarter of fiscal 2026.2026 compared to the first quarter of fiscal 2027.
Selling expenses, a main component of operating expenses, decreased $0.6 million or 1.1% in the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025, and decreased 10 basis points as a percentage of sales. In the nine months of fiscal 2026, selling expenses increased by $5.5 million or 3.4% compared to the nine months of fiscal 2025 and decreased 10 basis points as a percentage of net sales related to inflation.
Restructuring ProgramsCharges
Included in our third quarter and nine months of fiscal 2026 operating results of Energy Systems were restructuring charges of $1.0 million and $10.9 million respectively. Included in our third quarter and nine months of fiscal 2026 operating results of Motive Power were restructuring charges of $1.2 million and $10.8 million, respectively. Included in our third quarter and nine months of fiscal 2026 operating results of Specialty were restructuring charges of $0.2 million and $1.8 million, respectively.
Included in our third quarter and nine months of fiscal 2025 operating results of Energy Systems were restructuring charges of $0.9 million and $3.8 million, respectively. Included in our third quarter and nine months of fiscal 2025 operating results of Motive Power were restructuring charges of $0.0 million and $0.8 million, respectively. Included in our third quarter and nine months of fiscal 2025 operating results of Specialty were restructuring charges of $0.1 million and $0.4 million, respectively.
On July 22, 2025, the Company announced a reduction in force plan (the "Plan") as part of the Company's strategic restructuring plan under its new leadership to better align resources with current business priorities and long-term objectives. The Plan is expected to reduce non-production global workforce by approximately 11%, or approximately 575 employees, and is focused primarily on corporate and management positions. TheDuring the current quarter of fiscal 2027, the Company estimatesrecorded one-time$21,651 cashin chargescosts relatedrelating to the Plan to be $21.2 million consisting of severance payments, notice period payments in applicable jurisdictions, employee benefits and related costs. The CompanyPlan expectsis tosubstantially incurcompleted these expenses primarily in the second and third quarteras of fiscalMarch 31, 2026. During the nine months of fiscal 2026, the Company recorded a $21.2 million in severance costs relating to the plan.
Tijuana
On AprilMarch 1,25, 2025,2026, theEnerSys Company's Board of Directors approvedannounced a plan to close its facility in Monterrey,Tijuana, Mexico, which focused on manufacturing floodedlead motive poweracid batteries. Management determined that futurethe demandclosure forwas traditional motive power flooded cells will decreaseappropriate as customerspart transitionof its efforts to maintenanceoptimize freeits productcost solutionsstructure, inmaximize lithiumnear-term advanced manufacturing production tax benefits, and Thinmitigate Platefuture Purerisks Leadassociated (TPPL).with Productionpotential oftariffs productswhile beingreinforcing manufacturedEnerSys’ incommitment Monterrey,to Mexicostrengthening domestic industrial capacity and supply chain resilience. In connection with this restructuring plan, which is estimated to be substantially complete by December 2027, EnerSys plans to sell the land and buildings and possibly the plant and equipment to other parties. In addition, EnerSys estimates that there will be moveda toreduction EnerSys’of existingapproximately facility474 inemployees Richmond,upon Kentucky.completion. The CompanyEnerSys expects to incur a pre-tax charge of approximately $13.7$37 million under this restructuring plan when completed, the majority of which is expected to be recordedincurred by the endsecond half of thefiscal 2025year calendar year,2027, of which $1.5$14 million is expected to be a non-cash chargecharges primarily from fixedaccelerated asset and inventory charges.depreciation. Cash charges of approximately $12.2$23 million, includemillion,include severance and employee retention costs, environmental related expenses and equipment decommissioning, along with contractual releases and legal expenses.
During the nine months of fiscal 2026, the Company recorded a $3.9 million in severance costs and unusual manufacturing variances of $1.2 million.
Fiscal 2024 Programs
Renewables
On November 8, 2023, the Company's Board of Directors approved a plan to stop production and operations of residential renewable energy products, which include our OutBack and Mojave brands. Management determined that residential renewable energy products no longer fit with the company’s core strategy and resources will be better allocated toward commercial energy solutions for enterprise customers. The Company currently estimates that the total charges for these actions will amount to $24.5 million relating primarily to $23.6 million in non-cash charges primarily including inventory and an indefinite-lived intangible asset write-offs and $0.9 million in cash charges including employee severance and retention payments. The plan was substantially complete as the end of fiscal 2025.
During fiscal 2024, the Company recorded non-cash charges totaling $0.5 million primarily related to fixed assets and cash charges of $0.7 million related to severance costs. The Company also recorded a non-cash write-offs relating to inventories of $17.1 million, which was reported in cost of goods sold, and impairment of indefinite lived intangible asset of $6.0 million.
During fiscal 2025, the Company recorded non-cash charges totaling $0.3 million related to fixed asset write offs and inventories of $0.3 million.
Spokane
On November 8, 2023, the Company committed to a plan to close its facility in Spokane, Washington, which primarily manufactures enclosure systems for telecommunications and related end markets. Management determined that existing manufacturing locations have the capacity to satisfy demand for these products and will execute more efficient distribution to customers. The Company currently estimates that the total charges for these actions will amount to approximately $3.6 million relating to $1.4 million in cash charges for employee severance, and non-cash charges of $2.2 million fixed assets, facility lease, and inventory. The majority of the charges were incurred in fiscal 2025.
During fiscal 2024, the Company recorded cash charges of $1.3 million primarily related to severance costs and non-cash charges totaling $2.1 million related to lease right of use asset and fixed asset write-offs.
During fiscal 2025,2026, the Company recorded cash charges of $0.7$11.0 million primarilyin relatedseverance to manufacturing variances.costs.
During the current quarter of fiscal 2027, the Company recorded $3.3 million in accelerated deprecation of fixed assets.
Sao Paulo
On March 25, 2026, EnerSys announced a plan to close its facility in Sao Paulo, Brazil. Management continually evaluates the Company's footprint and decided to exit this facility due to the challenging local economic environment. In connection with this closure, which is estimated to be substantially complete by the end of fiscal 2027, the Company estimates there will be a reduction of approximately 141 employees. EnerSys expects to incur a pre-tax charge of approximately $7.5 million under this restructuring plan, of which include cash charges of approximately $4.5 million, primarily related to severance and employee retention costs, and other cash and non-cash items.
During fiscal 2026, the Company recorded $3.0 million in cash charges relating to severance and contract termination costs and $1.8 million in non cash charges relating to right of use and fixed asset impairments.
ENS insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 108 shares, about $24.7K) and open-market sales in 0 filings. Net open-market shares: 108 (purchases minus sales); net value about $24.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-02 | Chan Caroline |
Grant/award | 24 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 8 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 2 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 0 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 0 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 0 | — | — |
| 2026-10-02 | Knausenberger Lauren |
Grant/award | 0 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 8 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 3 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 0 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 0 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 0 | — | — |
| 2026-10-02 | Habiger David C |
Grant/award | 0 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 11 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 6 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 0 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 0 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 0 | — | — |
| 2026-10-02 | Morytko Tamara |
Grant/award | 0 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 16 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 8 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 0 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 0 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 0 | — | — |
| 2026-10-02 | Wynter Rudolph W. |
Grant/award | 0 | — | — |
| 2026-10-02 | Fludder Steven M |
Grant/award | 24 | — | — |
| 2026-10-02 | Fludder Steven M |
Grant/award | 7 | — | — |
| 2026-10-02 | Hoffen Howard I |
Grant/award | 67 | — | — |
| 2026-10-02 | Hoffen Howard I |
Grant/award | 4 | — | — |
| 2026-10-02 | Vargo Ronald P |
Grant/award | 39 | — | — |
| 2026-10-02 | Vargo Ronald P |
Grant/award | 14 | — | — |
| 2026-10-02 | Vargo Ronald P |
Grant/award | 0 | — | — |
| 2026-10-02 | Vargo Ronald P |
Grant/award | 0 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 52 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 25 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 0 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 0 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 0 | — | — |
| 2026-10-02 | Tufano Paul J |
Grant/award | 0 | — | — |
| 2026-10-02 | Uplinger Chad C |
Grant/award | 1 | — | — |
| 2026-10-02 | Uplinger Chad C |
Grant/award | 4 | — | — |
| 2026-10-02 | Uplinger Chad C |
Grant/award | 6 | — | — |
| 2026-10-02 | Uplinger Chad C |
Grant/award | 5 | — | — |
| 2026-10-02 | Uplinger Chad C |
Grant/award | 5 | — | — |
| 2026-10-02 | Matthews Mark E. |
Grant/award | 1 | — | — |
| 2026-10-02 | Matthews Mark E. |
Grant/award | 3 | — | — |
| 2026-10-02 | Matthews Mark E. |
Grant/award | 6 | — | — |
| 2026-10-02 | Matthews Mark E. |
Grant/award | 5 | — | — |
| 2026-10-02 | Matthews Mark E. |
Grant/award | 5 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 10 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 6 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 6 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 5 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 5 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 4 | — | — |
| 2026-10-02 | Fisher Keith D. |
Grant/award | 1 | — | — |
| 2026-10-02 | Funk Andrea J. |
Grant/award | 3 | — | — |
| 2026-10-02 | Funk Andrea J. |
Grant/award | 6 | — | — |
| 2026-10-02 | Funk Andrea J. |
Grant/award | 23 | — | — |
| 2026-10-02 | Funk Andrea J. |
Grant/award | 13 | — | — |
Well-known investors holding ENS (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 905,348 | $209.5M | 0.07% | Added 2% |
| Millennium Management (Israel Englander) | 2026-06-30 | 215,657 | $50.4M | 0.03% | Added 42% |
| Renaissance Technologies | 2026-06-30 | 103,800 | $24.3M | 0.03% | Added 75% |
| Bridgewater Associates | 2026-06-30 | 55,597 | $13.0M | 0.05% | Added 188% |
| D. E. Shaw & Co. | 2026-06-30 | 28,870 | $6.8M | 0.0% | Added 94% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 21,638 | $5.1M | 0.01% | Reduced 4% |
| Soros Fund Management | 2026-06-30 | 23,885 | $4.1M | — | Sold out |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 8,943 | $2.1M | 0.0% | Reduced 88% |
| Two Sigma Investments | 2026-06-30 | 6,509 | $1.5M | 0.0% | Added 42% |