ENERGIZER HOLDINGS, INC.ENR
ENERGIZER HOLDINGS, INC. Segments Disclosure
Segments
The Company's segments are two product groupings, Batteries & Lights and Auto Care. The reportable segments were determined in accordance with how our Chief Executive Officer, who is our chief operating decision maker ("CODM"), allocates resources to develop and execute global strategies to drive growth and profitability. Segment performance is evaluated based on segment operating profit, exclusive of general corporate expenses (including share-based compensation costs), restructuring and related charges, network transition costs, acquisition and integration activities, FY23 & FY24 production credits, a litigation matter, and other items determined to be corporate in nature. Financial items, such as interest income and expense, loss/(gain) on extinguishment/modification of debt, December 2023 Argentina economic reform and the settlement loss on U.S. pension annuity buy out are managed on a global basis at the corporate level. The exclusion of these costs from segment results reflects management’s view on how it evaluates segment performance. The Company also excludes amortization of intangibles and impairment of intangible assets from segments as these are non-cash items related to the original purchase of the intangibles and not utilized to evaluate current segment performance.
Energizer’s operating model includes a combination of standalone and shared business functions between the product segments, varying by country and region of the world. Shared functions include the sales and marketing functions, as well as human resources, IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and do not represent the costs of such services if performed on a standalone basis.
Segment sales and profitability for the fiscal years ended September 30, 2025, 2024, and 2023 are presented below, as well as the reconciliation from segment profit to Earnings before income taxes:
For the Year Ended September 30, 2025 | |||||||||||||||||
Batteries & Lights | Auto Care | Total | |||||||||||||||
| Net Sales | $ | 2,332.7 | $ | 620.0 | $ | 2,952.7 | |||||||||||
| Significant segment expenses (1) | |||||||||||||||||
| Segment Cost of products sold | 1,356.8 | 387.2 | 1,744.0 | ||||||||||||||
| Segment Advertising and promotion expense | 108.7 | 43.0 | 151.7 | ||||||||||||||
| Other segment items (2) | 325.0 | 84.2 | 409.2 | ||||||||||||||
| Segment profit | $ | 542.2 | $ | 105.6 | $ | 647.8 | |||||||||||
| General corporate and other expenses (3) | (118.9) | ||||||||||||||||
| Restructuring and related costs (4) | (68.7) | ||||||||||||||||
| Network transition costs (5) | (19.7) | ||||||||||||||||
| Acquisition and integration costs (6) | (6.2) | ||||||||||||||||
| Amortization of intangible assets | (58.7) | ||||||||||||||||
| Impairment of intangibles | (5.9) | ||||||||||||||||
| FY23 & FY24 production credits (7) | 78.0 | ||||||||||||||||
| Litigation matter (8) | 1.7 | ||||||||||||||||
| Interest expense | (154.3) | ||||||||||||||||
| Loss on extinguishment/modification of debt | (12.1) | ||||||||||||||||
| Other items, net - adjusted (9) | 1.1 | ||||||||||||||||
| Total earnings before income taxes | $ | 284.1 | |||||||||||||||
For the Year Ended September 30, 2024 | |||||||||||||||||
Batteries & Lights | Auto Care | Total | |||||||||||||||
| Net Sales | $ | 2,259.5 | $ | 627.5 | $ | 2,887.0 | |||||||||||
| Significant segment expenses (1) | |||||||||||||||||
| Segment Cost of products sold | 1,295.1 | 409.9 | 1,705.0 | ||||||||||||||
| Segment Advertising and promotion expense | 102.9 | 40.8 | 143.7 | ||||||||||||||
| Other segment items (2) | 306.7 | 82.7 | 389.4 | ||||||||||||||
| Segment profit | $ | 554.8 | $ | 94.1 | $ | 648.9 | |||||||||||
| General corporate and other expenses (3) | (115.3) | ||||||||||||||||
| Restructuring and related costs (4) | (91.7) | ||||||||||||||||
| Network transition costs (5) | (11.7) | ||||||||||||||||
| Acquisition and integration costs (6) | (7.2) | ||||||||||||||||
| Amortization of intangible assets | (58.2) | ||||||||||||||||
| Impairment of intangible assets | (110.6) | ||||||||||||||||
| Litigation matter (8) | (13.7) | ||||||||||||||||
| Interest expense | (155.7) | ||||||||||||||||
| Loss on extinguishment/modification of debt | (2.4) | ||||||||||||||||
| December 2023 Argentina economic reform (10) | (22.0) | ||||||||||||||||
| Other items, net - adjusted (9) | (6.6) | ||||||||||||||||
| Total earnings before income taxes | $ | 53.8 | |||||||||||||||
For the Year Ended September 30, 2023 | |||||||||||||||||
Batteries & Lights | Auto Care | Total | |||||||||||||||
| Net Sales | $ | 2,344.9 | $ | 614.8 | $ | 2,959.7 | |||||||||||
| Significant segment expenses (1) | |||||||||||||||||
| Segment Cost of products sold | 1,383.0 | 422.8 | 1,805.8 | ||||||||||||||
| Segment Advertising and promotion expense | 104.9 | 37.4 | 142.3 | ||||||||||||||
| Other segment items (2) | 305.5 | 79.6 | 385.1 | ||||||||||||||
| Segment profit | $ | 551.5 | $ | 75.0 | $ | 626.5 | |||||||||||
| General corporate and other expenses (3) | (107.2) | ||||||||||||||||
| Restructuring and related costs (4) | (59.7) | ||||||||||||||||
| Amortization of intangible assets | (59.4) | ||||||||||||||||
| Interest expense | (168.7) | ||||||||||||||||
| Gain on extinguishment/modification of debt | 1.5 | ||||||||||||||||
| Settlement loss on U.S. pension annuity buy out (11) | (50.2) | ||||||||||||||||
| Other items, net - adjusted (9) | (7.1) | ||||||||||||||||
| Total earnings before income taxes | $ | 175.7 | |||||||||||||||
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Other segment items includes Research & development and segment SG&A.
(3) Recorded in SG&A on the Consolidated Statement of Earnings and Comprehensive Income.
(4) Restructuring and related costs were included in the following lines in the Consolidated Statement of Earnings and Comprehensive Income:
| For the Years Ended September 30, | |||||||||||||||||
| Restructuring and related costs | 2025 | 2024 | 2023 | ||||||||||||||
| COGS - Restructuring | $ | 28.6 | $ | 62.9 | $ | 29.9 | |||||||||||
| COGS - US operating efficiency project | 5.2 | — | — | ||||||||||||||
| SG&A - Restructuring | 17.2 | 19.9 | 26.7 | ||||||||||||||
| SG&A - IT Enablement | 15.7 | 14.5 | 3.3 | ||||||||||||||
| Other items, net | 2.0 | (5.6) | (0.2) | ||||||||||||||
| Total Restructuring and related costs | $ | 68.7 | $ | 91.7 | $ | 59.7 | |||||||||||
(5) This represents incremental network transition costs, primarily related to freight and third-party packaging support, to maintain business continuity and service our customers as the Company decommissions certain facilities and relocates production and packaging lines as part of Project Momentum. These costs were recorded in COGS on the Consolidated Statement of Earnings and Comprehensive Income.
(6) Acquisition and integration costs were included in the following lines in the Consolidated Statement of Earnings and Comprehensive Income:
| For the Years Ended September 30, | |||||||||||||||||
| Acquisition and related costs | 2025 | 2024 | 2023 | ||||||||||||||
| COGS | $ | 0.5 | $ | 3.1 | $ | — | |||||||||||
| SG&A | 5.7 | 5.1 | — | ||||||||||||||
| Other items, net | — | (1.0) | — | ||||||||||||||
| Total Acquisition and integration costs | $ | 6.2 | $ | 7.2 | $ | — | |||||||||||
(7) This represents the production credits the Company can claim for FY23 & FY24 production. The Company received reasonable assurance to claim these credits during fiscal year 2025 and recorded the full impact of these credits since the effective date of January 1, 2023 in COGS on the Consolidated Statement of Earnings. See additional discussion over these production credits in the Note 6, Income taxes.
(8) Litigation matter relates to a September 2024 Swiss court judgment against the Company which has now been resolved.
(9) Below is the reconciliation of Other items, net as reflected on the Consolidated Statement of Earnings to the adjusted amount included in the table above:
| For the Years Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Other items, net | $ | 0.9 | $ | 22.0 | $ | 57.1 | |||||||||||
| Restructuring and related costs (4 above) | 2.0 | (5.6) | (0.2) | ||||||||||||||
| Acquisition and integration (6 above) | — | (1.0) | — | ||||||||||||||
| December 2023 Argentina Economic Reform (10 below) | — | 22.0 | — | ||||||||||||||
| Settlement loss on US pension annuity buy out (11 below) | — | — | 50.2 | ||||||||||||||
| Other items, net - adjusted | $ | (1.1) | $ | 6.6 | $ | 7.1 | |||||||||||
(10) During December 2023, a new president was inaugurated in Argentina bringing significant economic reform to the country including devaluing the Argentine Peso by 50% in the month of December ("December 2023 Argentina Reform"). As a result of this reform and devaluation, the Company recorded $22.0 of exchange and related losses during fiscal 2024 in Other items, net on the Consolidated Statement of Earnings.
(11) The Settlement loss is due to the execution of a partial retiree annuity buy out on the U.S. pension plan in the fourth quarter of fiscal 2023. This charge is included in Other items, net in the Consolidated Statement of Earnings and Comprehensive Income.
Corporate assets shown in the following table include cash, all financial instruments, pension assets and tax asset balances that are managed outside of operating segments.
| September 30, | ||||||||||||||
| Total Assets | 2025 | 2024 | ||||||||||||
Batteries & Lights | $ | 1,631.0 | $ | 1,421.1 | ||||||||||
| Auto Care | 382.3 | 352.7 | ||||||||||||
| Total segment assets | $ | 2,013.3 | $ | 1,773.8 | ||||||||||
| Corporate | 486.7 | 451.7 | ||||||||||||
| Goodwill and other intangible assets, net | 2,056.7 | 2,116.9 | ||||||||||||
| Total assets | $ | 4,556.7 | $ | 4,342.4 | ||||||||||
| September 30, | ||||||||||||||
| Long-Lived Assets | 2025 | 2024 | ||||||||||||
| United States | $ | 589.7 | $ | 543.8 | ||||||||||
| Singapore | 41.8 | 42.1 | ||||||||||||
| Indonesia | 39.2 | 41.3 | ||||||||||||
| United Kingdom | 54.0 | 55.4 | ||||||||||||
| Other International | 96.2 | 64.0 | ||||||||||||
| Total long-lived assets excluding goodwill and intangibles | $ | 820.9 | $ | 746.6 | ||||||||||
Capital expenditures and depreciation and amortization by segment for the years ended September 30 are as follows:
| For the Years Ended September 30, | ||||||||||||||||||||
| Capital Expenditures | 2025 | 2024 | 2023 | |||||||||||||||||
Batteries & Lights | $ | 78.8 | $ | 84.9 | $ | 47.8 | ||||||||||||||
| Auto Care | 5.1 | 13.0 | 9.0 | |||||||||||||||||
| Total segment capital expenditures | $ | 83.9 | $ | 97.9 | $ | 56.8 | ||||||||||||||
| Depreciation and Amortization | ||||||||||||||||||||
Batteries & Lights | $ | 54.9 | $ | 50.3 | $ | 52.2 | ||||||||||||||
| Auto Care | 13.1 | 12.0 | 11.1 | |||||||||||||||||
| Total segment depreciation and amortization | 68.0 | 62.3 | 63.3 | |||||||||||||||||
| Amortization of intangible assets | 58.7 | 58.2 | 59.4 | |||||||||||||||||
| Total depreciation and amortization | $ | 126.7 | $ | 120.5 | $ | 122.7 | ||||||||||||||
Geographic segment information for the years ended September 30 are as follows:
| For the Years Ended September 30, | ||||||||||||||||||||
| Net Sales to Customers | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 1,719.5 | $ | 1,706.3 | $ | 1,751.1 | ||||||||||||||
| International | 1,233.2 | 1,180.7 | 1,208.6 | |||||||||||||||||
| Total net sales | $ | 2,952.7 | $ | 2,887.0 | $ | 2,959.7 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 18, 2025 | Showing above |
| 2024 | Nov 19, 2024 | |
| 2023 | Nov 14, 2023 | |
| 2022 | Nov 15, 2022 | |
| 2021 | Nov 16, 2021 | |
| 2020 | Nov 17, 2020 | |
| 2019 | Nov 19, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2017 | Nov 14, 2017 | |
| 2016 | Nov 15, 2016 | |
| 2015 | Nov 20, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.