EnerSysENS
EnerSys Segments Disclosure
Business Segments
The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as its four operating segments, based on lines of business:
•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.
•Motive Power - power for electric industrial forklifts, AGVs other material handling equipment used in manufacturing, and warehousing operations, as well as equipment used in floor care, mining, rail and airport ground support applications.
•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.
The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting. The results of New Ventures include start-up and operating expenses captured within the "Corporate and other" category of operating earnings.
Summarized financial information related to the Company’s reportable segments at March 31, 2026, 2025 and 2024 and for each of the fiscal years then ended is shown below.
| Twelve months ended | |||||||||||||||||||||||||||||
| March 31, 2026 | |||||||||||||||||||||||||||||
| Energy Systems | Motive Power | Specialty | Corporate and other (3) | Total | |||||||||||||||||||||||||
Net Sales by segment to unaffiliated customers (1) | $ | 1,651,186 | $ | 1,430,931 | $ | 665,087 | $ | 4,172 | $ | 3,751,376 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Other segment items(4) | $ | 1,505,747 | $ | 1,231,124 | $ | 603,062 | $ | 3,344,105 | |||||||||||||||||||||
| Segment income | $ | 145,439 | $ | 199,807 | $ | 62,025 | $ | 407,271 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Inventory adjustment relating to exit activities | — | 2,268 | — | 2,268 | |||||||||||||||||||||||||
| Restructuring and other exit charges | 23,467 | 23,930 | 3,411 | 50,808 | |||||||||||||||||||||||||
| (Gain) loss on assets held for sale | — | (1,187) | — | (1,187) | |||||||||||||||||||||||||
| Impairment of intangible assets | 402 | — | — | 402 | |||||||||||||||||||||||||
| Amortization of intangible assets | 23,354 | 492 | 9,596 | 33,442 | |||||||||||||||||||||||||
| Accelerated stock compensation | 5,383 | 3,532 | 1,844 | 10,759 | |||||||||||||||||||||||||
| Other | 7,468 | 3,844 | 5,729 | 17,041 | |||||||||||||||||||||||||
Total operating earnings (2) | $ | 85,365 | $ | 166,928 | $ | 41,445 | $ | 132,722 | $ | 426,460 | |||||||||||||||||||
| Depreciation | $ | 31,207 | $ | 27,092 | $ | 21,717 | $ | 100 | $ | 80,116 | |||||||||||||||||||
| Capital Expenditures | $ | 33,429 | $ | 21,046 | $ | 23,526 | $ | 2,073 | $ | 80,074 | |||||||||||||||||||
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
| Twelve months ended | |||||||||||||||||||||||||||||
| March 31, 2025 | |||||||||||||||||||||||||||||
| Energy Systems | Motive Power | Specialty | Corporate and other (3) | Total | |||||||||||||||||||||||||
Net Sales by segment to unaffiliated customers (1) | $ | 1,531,169 | $ | 1,484,117 | $ | 593,488 | $ | 8,805 | $ | 3,617,579 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Other segment items(4) | $ | 1,427,963 | $ | 1,251,362 | $ | 556,534 | $ | 3,244,664 | |||||||||||||||||||||
| Segment income | $ | 103,206 | $ | 232,755 | $ | 36,954 | $ | 372,915 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Inventory adjustment relating to exit activities | 274 | — | 3,335 | 3,609 | |||||||||||||||||||||||||
| Restructuring and other exit charges | 5,994 | 5,719 | 2,715 | 14,428 | |||||||||||||||||||||||||
| Loss on assets held for sale | — | 4,634 | — | 4,634 | |||||||||||||||||||||||||
| Amortization of intangible assets | 23,620 | 685 | 7,500 | 31,805 | |||||||||||||||||||||||||
| Other | 588 | 1,585 | 6,672 | 8,845 | |||||||||||||||||||||||||
Total operating earnings (2) | $ | 72,730 | $ | 220,132 | $ | 16,732 | $ | 155,092 | $ | 464,686 | |||||||||||||||||||
| Depreciation | $ | 26,823 | $ | 23,010 | $ | 19,206 | $ | 32 | $ | 69,071 | |||||||||||||||||||
| Capital Expenditures | $ | 39,167 | $ | 22,758 | $ | 47,016 | $ | 12,097 | $ | 121,038 | |||||||||||||||||||
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
| Twelve months ended | |||||||||||||||||||||||||||||
| March 31, 2024 | |||||||||||||||||||||||||||||
| Energy Systems | Motive Power | Specialty | Corporate and other (3) | Total | |||||||||||||||||||||||||
Net Sales by segment to unaffiliated customers (1) | $ | 1,590,023 | $ | 1,456,181 | $ | 535,667 | $ | — | $ | 3,581,871 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
Other segment items(4) | $ | 1,503,068 | $ | 1,241,531 | $ | 504,301 | $ | 3,248,900 | |||||||||||||||||||||
| Segment income | $ | 86,955 | $ | 214,650 | $ | 31,366 | $ | 332,971 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Inventory adjustment relating to exit activities | 17,075 | — | 3,098 | 20,173 | |||||||||||||||||||||||||
| Restructuring and other exit charges | 8,840 | 11,697 | 7,566 | 28,103 | |||||||||||||||||||||||||
| Impairment of indefinite-lived intangibles | 13,619 | — | — | 13,619 | |||||||||||||||||||||||||
| Legal proceedings charge, net | 3,705 | — | — | 3,705 | |||||||||||||||||||||||||
| Amortization of intangible assets | 24,503 | 683 | 2,808 | 27,994 | |||||||||||||||||||||||||
| Other | 3,740 | 1,032 | 295 | 5,067 | |||||||||||||||||||||||||
Total operating earnings (2) | $ | 15,473 | $ | 201,238 | $ | 17,599 | $ | 117,260 | $ | 351,570 | |||||||||||||||||||
| Depreciation | $ | 24,966 | $ | 23,007 | $ | 15,954 | $ | 101 | $ | 64,028 | |||||||||||||||||||
| Capital Expenditures | $ | 33,626 | $ | 17,115 | $ | 35,596 | $ | 100 | $ | 86,437 | |||||||||||||||||||
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
The Company's property, plant and equipment by reportable segments as of March 31, 2026 and 2025 are as follows:
| March 31, 2026 | March 31, 2025 | |||||||||||||
| Property, plant and equipment, net | ||||||||||||||
| Energy Systems | $ | 143,634 | $ | 198,841 | ||||||||||
| Motive Power | 110,750 | 144,076 | ||||||||||||
| Specialty | 324,584 | 236,861 | ||||||||||||
| Other | 14,034 | 12,655 | ||||||||||||
| Total | $ | 593,002 | $ | 592,433 | ||||||||||
The Company markets its products and services in over 100 countries. Sales are attributed to countries based on the location of sales order approval and acceptance. Sales to customers in the United States were 64.0%, 63.5% and 60.2% for fiscal years ended March 31, 2026, 2025 and 2024, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2026 and 2025, were $415,263 and $422,263, respectively. No single country, outside the United States, accounted for more than 10% of the consolidated net sales or net property, plant and equipment and, therefore, was deemed not material for separate disclosure.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 20, 2026 | Showing above |
| 2025 | May 21, 2025 | |
| 2024 | May 22, 2024 | |
| 2023 | May 24, 2023 | |
| 2022 | May 25, 2022 | |
| 2021 | May 26, 2021 | |
| 2020 | Jun 1, 2020 | |
| 2019 | May 29, 2019 | |
| 2018 | May 30, 2018 | |
| 2017 | May 30, 2017 | |
| 2016 | May 31, 2016 | |
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.