EnerSys (ENS) Q2 FY2027 review
Quarter ended October 4, 2026
For information only, not investment advice. No rating or price target.
EnerSys (ENS) Q2 FY2027 review
Diluted EPS rose 34% as stated, to $2.42.
EnerSys · Q2 FY2027 · Published Nov 12, 2026 · By DeepCell AI · Sources
1 · EnerSys (ENS) Q2 FY2027 earnings review
Diluted EPS rose 34% as stated, to $2.42
- 1.Net sales were $949.9M, down 0.1%, as stated, below the company's $955–$995 million guidance
- 2.Adjusted diluted EPS was $3.22, up 22% as stated, inside the $3.15–$3.25 guidance range
- 3.Gross margin was 29.9%, or 25.2% excluding the IRC 45X benefit
- 4.The company returned $140.3M to stockholders, including $130.0M of share repurchases
- 5.Shares were down 1.1% in pre-market at $146.01 as of 9:00 AM EST, not a close
Note: IRC is Internal Revenue Code. The 34% and 22% earnings growth rates, and the 0.1% sales decline, are official. The company attributes sales below the $955–$995 million guidance range to foreign currency translation. Pre-market is not a close.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 12, 2026 9:00 AM EST
2 · Executive summary
Adjusted diluted EPS was $3.22, above the $3.18 Yahoo Finance consensus (Nov 11, 2026)
Q2 FY2027 results vs. Yahoo Finance consensus (Nov 11, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q2 net sales | $949.9M | $966.6M | -$16.7M / -1.7% | Miss |
| Q2 adjusted diluted EPS | $3.22 | $3.18 | $+$0.04 / +1.3% | Beat |
Share price, Nov 11 regular close to Nov 12 pre-market last
| EnerSys (NYSE) | Nov 11 close | Nov 12 pre-market, 9:00 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| ENS | $147.65 | $146.01 | -$1.64 | -1.1% |
Both prices are from the CNBC quote page. The close is the regular-session last at 4:10 PM EST. The pre-market last is not a close. The pre-market percentage change is a DeepCell calculation from those two prices. CNBC does not state a reason for the move.
Note: The Yahoo Finance EPS estimate of $3.18 is compared with official adjusted diluted EPS of $3.22, because Yahoo’s earnings-history actual of $3.66 for the quarter ended June 30, 2026 matches official Q1 FY2027 adjusted diluted EPS. Official GAAP diluted EPS was $2.42. Sales also missed the company’s own $955–$995 million guidance.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; Yahoo Finance, Nov 11, 2026; CNBC, Nov 12, 2026 9:00 AM EST
3 · Q2 results vs. consensus
Q3 net sales are expected at $935M–$975M, and adjusted diluted EPS at $3.05–$3.15
Note: IRC is Internal Revenue Code. Q3 adjusted diluted EPS outlook is inclusive of IRC 45X credits. Outlook does not reflect the proposed Ultralife acquisition, which is expected to close in the fourth fiscal quarter of 2027, or IEEPA tariff refunds.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
4 · Q3 and FY2027 guidance
Net sales were $949.9M, down 0.1%, as stated
Key figures
| $M unless noted | Q2 FY2026 | Q2 FY2027 | YoY, as stated |
|---|---|---|---|
| Net sales | $951.3M | $949.9M | -0.1% |
| Gross profit | $277.2M | $284.4M | n.m. |
| Operating earnings | $92.0M | $115.5M | n.m. |
| Net earnings | $68.4M | $89.6M | n.m. |
| Diluted EPS ($) | $1.80 | $2.42 | 34% |
| Adjusted diluted EPS ($) | $2.65 | $3.22 | 22% |
Note: Official year-on-year rates are shown where the company stated them. Other lines are marked n.m. Adjusted diluted EPS is a non-GAAP measure. Beginning this fiscal year, adjusted net earnings exclude all stock-based compensation; prior-period adjusted measures were recast.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
5 · Q2 key financials
Precision Power sales rose 21% as stated; IMS sales were down 7.8%, as stated
Net sales by segment
$M unless noted, Q2 FY2026 vs Q2 FY2027
| $M | Q2 FY2026 | Q2 FY2027 | YoY, as stated |
|---|---|---|---|
| Network and Infrastructure Solutions | $434.7M | $449.0M | 3.3% |
| Industrial Mobility Solutions | $430.8M | $397.1M | -7.8% |
| Precision Power Solutions | $85.8M | $103.8M | 21% |
| Total net sales | $951.3M | $949.9M | -0.1% |
“Improved volumes and favorable price/mix in our PPS and NIS segments, balanced the impact of material handling softness within our IMS segment.” Andrea Funk, Chief Financial Officer
Note: Official segment year-on-year rates are from the company’s “Increase (Decrease) as a % from prior year quarter” table. The CEO described Precision Power growth as more than 20%; the table figure is 21.0%.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
6 · Segment results
Network and Infrastructure sales rose 3.3% as stated, to $449.0M
Net sales by segment
$M, Q2 FY2026 vs Q2 FY2027
The three reportable segments plus unallocated corporate items make up consolidated net sales. Precision Power is the smallest segment by sales and the fastest growing, as stated.
Note: The three reportable segments plus unallocated corporate items make up consolidated net sales. Precision Power is the smallest segment by sales and the fastest growing, as stated.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
7 · Net sales by segment
Adjusted operating earnings were $152.4M, and adjusted operating margin was 16.0%
Adjusted operating earnings by segment
$M unless noted, Q2 FY2026 vs Q2 FY2027
| $M unless noted | Q2 FY2026 | Q2 FY2027 |
|---|---|---|
| Network and Infrastructure Solutions | $36.3M | $50.1M |
| Industrial Mobility Solutions | $43.3M | $37.5M |
| Precision Power Solutions | $15.8M | $22.7M |
| Corporate and other unallocated | $38.5M | $42.1M |
| Adjusted operating earnings | $133.9M | $152.4M |
| Adjusted operating margin | 14.1% | 16.0% |
Adjusted operating earnings is a non-GAAP measure. Corporate and other unallocated includes amounts managed on a company-wide basis, including the IRC 45X benefit.
Note: IRC is Internal Revenue Code. Adjusted operating earnings is a non-GAAP measure. Corporate and other unallocated includes amounts managed on a company-wide basis, including the IRC 45X benefit.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
8 · Segment operating earnings
GAAP diluted EPS was $2.42; adjusted diluted EPS was $3.22
Net earnings to adjusted net earnings
$M unless noted, Q2 FY2026 vs Q2 FY2027
| $M unless noted | Q2 FY2026 | Q2 FY2027 |
|---|---|---|
| Net earnings | $68.4M | $89.6M |
| Adjusted net earnings | $100.8M | $118.9M |
| Diluted EPS ($) | $1.80 | $2.42 |
| Adjusted diluted EPS ($) | $2.65 | $3.22 |
| Diluted EPS excluding IRC 45X ($) | $0.76 | $1.22 |
| Adjusted diluted EPS excluding IRC 45X ($) | $1.61 | $2.02 |
The company states diluted EPS rose 34%, adjusted diluted EPS rose 22%, and adjusted diluted EPS excluding IRC 45X rose 25%. Highlighted items reduced GAAP diluted EPS by $0.80 this quarter.
Note: IRC is Internal Revenue Code. The company states diluted EPS rose 34%, adjusted diluted EPS rose 22%, and adjusted diluted EPS excluding IRC 45X rose 25%. Highlighted items reduced GAAP diluted EPS by $0.80 this quarter.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
9 · GAAP vs. adjusted EPS
Gross margin was 29.9%, or 25.2% excluding the IRC 45X benefit
Margins
$M unless noted, Q2 FY2026 vs Q2 FY2027
| Metric | Q2 FY2026 | Q2 FY2027 |
|---|---|---|
| Gross margin | 29.1% | 29.9% |
| Gross margin excluding IRC 45X | 24.9% | 25.2% |
| Operating margin | 9.7% | 12.2% |
| Adjusted operating margin | 14.1% | 16.0% |
| IRC 45X benefit | $39.6M | $44.4M |
The company states gross margin of 29.9%, up 80 basis points, and gross margin excluding IRC 45X of 25.2%, up 30 basis points. IRC 45X is the Advanced Manufacturing Production Credit.
Note: IRC is Internal Revenue Code. The company states gross margin of 29.9%, up 80 basis points, and gross margin excluding IRC 45X of 25.2%, up 30 basis points. IRC 45X is the Advanced Manufacturing Production Credit.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
10 · Margin analysis
The company returned $140.3M to stockholders, including $130.0M of share repurchases
Cash flow and returns
$M unless noted, Q2 FY2026 vs Q2 FY2027
| $M | Q2 FY2026 | Q2 FY2027 |
|---|---|---|
| Operating cash flow | $218.0M | $142.8M |
| Capital expenditures | $20.9M | $12.4M |
| Free cash flow | $197.1M | $130.4M |
| Share repurchases | $67.7M | $130.0M |
| Total capital returned | $77.5M | $140.3M |
The company states the year-on-year decline in operating cash flow and free cash flow was driven by a U.S. federal tax refund received in the prior-year quarter. Free cash flow is operating cash flow less capital expenditures. The quarter’s buybacks covered 679 thousand shares.
Note: The company states the year-on-year decline in operating cash flow and free cash flow was driven by a U.S. federal tax refund received in the prior-year quarter. Free cash flow is operating cash flow less capital expenditures. The quarter’s buybacks covered 679 thousand shares.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
11 · Cash flow and capital returns
Fiscal 2027 capital expenditures are expected at about $70M
Capital expenditure
$M unless noted, Q2 FY2026 vs Q2 FY2027
| $M | Q2 FY2026 | Q2 FY2027 | FY2027 outlook |
|---|---|---|---|
| Capital expenditures | $20.9M | $12.4M | About $70M |
Second-quarter capital expenditures were $12.4 million, down from $20.9 million a year earlier. The full-year outlook is approximately $70 million and does not reflect the proposed Ultralife acquisition.
Note: Second-quarter capital expenditures were $12.4 million, down from $20.9 million a year earlier. The full-year outlook is approximately $70 million and does not reflect the proposed Ultralife acquisition.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
12 · Capital expenditure plan
Net leverage was 0.8 times, and net debt was $554.9M
Financial position
$M unless noted, Mar 31, 2026 vs Oct 4, 2026
| $M unless noted | Mar 31, 2026 | Oct 4, 2026 |
|---|---|---|
| Cash and cash equivalents | $438.7M | $275.5M |
| Inventories | $724.7M | $753.5M |
| Total assets | $4,003.3M | $3,698.4M |
| Long-term debt | $1,079.8M | $786.2M |
| Total equity | $1,908.9M | $1,909.8M |
| Net debt (credit facility definition) | — | $554.9M |
| Net leverage ratio | — | 0.8 (1.3 a year earlier) |
Net debt of $554.9 million and the 0.8 times net leverage ratio are official figures as defined by the company’s credit facility. A year earlier the ratio was 1.3 times. Balance-sheet amounts in the release are in thousands and are shown here in millions.
Note: Net debt of $554.9 million and the 0.8 times net leverage ratio are official figures as defined by the company’s credit facility. A year earlier the ratio was 1.3 times. Balance-sheet amounts in the release are in thousands and are shown here in millions.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
13 · Balance sheet and debt
Material handling demand, project-business comps and the Ultralife close are the main watch items
Indicator
What to watch
Implication
Latest reading
Industrial Mobility and material handling
The outlook assumes early recovery and year-on-year sales growth in the third quarter
Mix toward Transportation can pressure IMS margin
IMS sales $397.1M
PPS and NIS project timing
Both segments had exceptionally strong margins in the prior year and prior quarter
Quarter-to-quarter fluctuations can create tough comps
PPS sales up 21% as stated
Proposed Ultralife acquisition
The Q3 and fiscal 2027 outlook excludes any impact from the deal
Close is expected in the fourth fiscal quarter of 2027, subject to regulatory approvals
Not in the outlook
NIS is Network and Infrastructure; IMS is Industrial Mobility Solutions; PPS is Precision Power Solutions. Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
14 · Key risks to guidance
Appendix: segment sales and earnings
| Claim | Evidence | Calculation |
|---|---|---|
| Network and Infrastructure sales | $434.7M to $449.0M | 3.3% as stated |
| Industrial Mobility sales | $430.8M to $397.1M | down 7.8%, as stated |
| Precision Power sales | $85.8M to $103.8M | 21% as stated |
| Adjusted operating earnings | $133.9M to $152.4M | Non-GAAP |
Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
15 · Appendix: Segment detail
Appendix: profit and IRC 45X
| Claim | Evidence | Calculation |
|---|---|---|
| Gross margin | 29.1% to 29.9% | Up 80 basis points, as stated |
| Gross margin excluding IRC 45X | 24.9% to 25.2% | Up 30 basis points, as stated |
| IRC 45X benefit | $39.6M to $44.4M | Advanced Manufacturing Production Credit |
| Adjusted diluted EPS excluding IRC 45X | $1.61 to $2.02 | Up 25% as stated |
IRC is Internal Revenue Code. Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
16 · Appendix: Profit and margins
Appendix: outlook and cash flow
| Claim | Evidence | Calculation |
|---|---|---|
| Q3 net sales outlook | $935M to $975M | As of November 11, 2026 |
| Q3 adjusted diluted EPS outlook | $3.05 to $3.15 | Inclusive of IRC 45X credits |
| Free cash flow | $197.1M to $130.4M | After a prior-year tax refund |
| Fiscal 2027 capex outlook | About $70M | Excludes Ultralife |
IRC is Internal Revenue Code. Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
17 · Appendix: Guidance and cash
Appendix: buybacks and dividend
| Claim | Evidence | Calculation |
|---|---|---|
| Share repurchases | $130.0M | 679 thousand shares |
| Total capital returned | $140.3M | Including the quarterly dividend |
| Dividend per share | $0.2875 | Payable December 31, 2026, to holders of record December 18, 2026 |
| Net leverage ratio | 0.8 times | Down from 1.3 times a year earlier |
Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
18 · Appendix: Capital returns
Appendix: income statement detail
Income statement
| $M unless noted | Q2 FY2026 | Q2 FY2027 | YoY |
|---|---|---|---|
| Net sales | $951.3M | $949.9M | down 0.1%, as stated |
| Gross profit | $277.2M | $284.4M | n.m. |
| Operating earnings | $92.0M | $115.5M | n.m. |
| Net earnings | $68.4M | $89.6M | n.m. |
Per share ($)
| $M unless noted | Q2 FY2026 | Q2 FY2027 | YoY |
|---|---|---|---|
| Diluted EPS ($) | $1.80 | $2.42 | 34% as stated |
| Adjusted diluted EPS ($) | $2.65 | $3.22 | 22% as stated |
| Adjusted diluted EPS excluding IRC 45X ($) | $1.61 | $2.02 | 25% as stated |
| Dividend per share ($) | $0.2625 | $0.2875 | n.m. |
Note: IRC is Internal Revenue Code. n.m. means an official year-on-year percentage is not stated for that line. Official rates are labelled “as stated”.Source: EnerSys official Q2 FY2027 earnings release PDF, Nov 11, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Results release, Q2 FY2027 (official company earnings release PDF, Nov 11, 2026) — https://s206.q4cdn.com/482396552/files/doc_news/EnerSys-Reports-Second-Quarter-Fiscal-Year-2027-Results-2026.pdf
- Investor relations news-detail page — https://investor.enersys.com/news/news-details/2026/EnerSys-Reports-Second-Quarter-Fiscal-Year-2027-Results/default.aspx
- Consensus: Yahoo Finance analysis, Nov 11, 2026 after the close — https://finance.yahoo.com/quote/ENS/analysis/
- Share price: CNBC ENS quote, Nov 11, 2026 regular close $147.65 at 4:10 PM EST and Nov 12 pre-market last $146.01 at 9:00 AM EST — https://www.cnbc.com/quotes/ENS
- A Form 8-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars. Balance-sheet amounts originally in thousands were converted to millions. Non-GAAP figures follow the company’s reconciliations. Beginning this fiscal year, adjusted net earnings exclude all stock-based compensation; prior-period adjusted measures were recast.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from EnerSys’s official press release dated November 11, 2026, “EnerSys Reports Second Quarter Fiscal Year 2027 Results,” as posted on the company’s investor-relations site and issued as a company PDF. A Form 8-K had not appeared on EDGAR at the time of writing. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended October 4, 2026 and September 28, 2025. This report covers EnerSys (NYSE: ENS), not Ensign Energy.
Forward-looking statements. Company outlook, the proposed Ultralife acquisition, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC regular-session close at 4:10 PM EST on November 11, 2026, and the Nov 12 pre-market last at 9:00 AM EST on November 12, 2026. The pre-market last is not a close.
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21 · Disclosures
Sources
- EnerSys press release, 'EnerSys Reports Second Quarter Fiscal Year 2027 Results', Nov 11, 2026 — https://s206.q4cdn.com/482396552/files/doc_news/EnerSys-Reports-Second-Quarter-Fiscal-Year-2027-Results-2026.pdf Filing
- EnerSys IR news-detail page, Nov 11, 2026 — https://investor.enersys.com/news/news-details/2026/EnerSys-Reports-Second-Quarter-Fiscal-Year-2027-Results/default.aspx Filing
- Yahoo Finance ENS analysis, Nov 11, 2026 after the close — https://finance.yahoo.com/quote/ENS/analysis/ Filing
- CNBC ENS quote: Nov 11, 2026 regular close $147.65 at 4:10 PM EST; Nov 12 pre-market last $146.01 at 9:00 AM EST — https://www.cnbc.com/quotes/ENS Filing
Not investment advice; no rating or price target.
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