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Energizer Holdings cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$900K in Q3 FY26 · $151M over twelve months

Operating cash flow$8.2M
Capital spending−$9.1M
Free cash flow−$900K
Cash / net income0.2×
Cash conversion cycle112 days

Analysis

In Q3 FY26, Energizer Holdings generated $8.2M of operating cash flow and spent $9.1M on capital projects, leaving free cash flow of −$900K. That is $8.8M less than in Q3 FY25 ($7.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $218M; the largest uses were other financing ($418M), dividends ($85.0M), capital spending ($66.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($397M), asset & business sales ($1.1M); the cash balance rose by $2.3M.

Operating cash flow was $8.2M against net income of $39.9M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$29.9M, other non-cash +$5.1M, stock-based pay +$4.4M.

Its cash conversion cycle was 112 days (receivables 42 + inventory 150 − payables 80).

Free cash flow

Energizer Holdings: free cash flow by quarterEnergizer Holdings: free cash flow by quarter$142MQ4 FY24$42.4MQ1 FY25−$33.8MQ2 FY25$7.9MQ3 FY25$46.7MQ4 FY25$124MQ1 FY26−$19.4MQ2 FY26−$900KQ3 FY26
Operating cash flow less capital spending.
Energizer Holdings: operating cash flow against capital spendingEnergizer Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$169M$27.4MQ4 FY24$77.0M$34.6MQ1 FY25−$12.8M$21.0MQ2 FY25$21.4M$13.5MQ3 FY25$61.5M$14.8MQ4 FY25$150M$25.3MQ1 FY26−$1.7M$17.7MQ2 FY26$8.2M$9.1MQ3 FY26
Latest (Q3 FY26): Operating cash flow $8.2M, Capital spending $9.1M.

Capital allocation, year by year

Energizer Holdings: where the cash came from (up) and went (down), by fiscal yearEnergizer Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $180MFY21: Net borrowing −$691MFY21: Asset sales $5.7MFY21: Capital spending −$64.9MFY21: Acquisitions −$67.2MFY21: Buybacks −$96.3MFY21: Dividends −$83.9M$185MFY21FY22: Operating cash flow $1.0MFY22: Net borrowing $182MFY22: Asset sales $600KFY22: Capital spending −$77.8MFY22: Acquisitions $1.0MFY22: Dividends −$84.9M$185MFY22FY23: Operating cash flow $395MFY23: Net borrowing −$221MFY23: Asset sales $700KFY23: Capital spending −$56.8MFY23: Dividends −$86.3M$396MFY23FY24: Operating cash flow $430MFY24: Net borrowing −$208MFY24: Asset sales $7.3MFY24: Capital spending −$97.9MFY24: Acquisitions −$22.4MFY24: Dividends −$87.4M$437MFY24FY25: Operating cash flow $147MFY25: Net borrowing $173MFY25: Capital spending −$83.9MFY25: Acquisitions −$14.3MFY25: Buybacks −$89.7MFY25: Dividends −$87.1M$320MFY25
Over these 5 years operating cash flow totalled $1.2B; the largest uses were net borrowing ($1.1B) and dividends ($430M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$173M
Debt$3.3B
Net debt$3.2B
Due within a year$10.2M

Energizer Holdings funds itself: free cash flow was $151M over the last twelve months, and $173M of cash and investments stands against $3.3B of debt ($10.2M due within a year, 17.0× covered by cash).

Energizer Holdings: debt maturities by year (FY25)Energizer Holdings: debt maturities by year (FY25)$8.6MYear 2$592MYear 3$1.6BYear 4$8.6MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $173M of cash and investments now.

Where the cash came from and went

Energizer Holdings: sources (+) and uses (−) of cash, Q3 FY26Energizer Holdings: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)$27.5MDividends−$20.6MCapital spending−$9.1MOperating cash flow$8.2MOther financing−$5.3MCash drawn (+) / kept (−)−$900KExchange rates$300KTaxes on employees’ shares−$100K
Energizer Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Energizer Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing−$418MNet borrowing (+) / repaid (−)$397MOperating cash flow$218MDividends−$85.0MCapital spending−$66.9MBuybacks−$32.5MTaxes on employees’ shares−$8.1MCash drawn (+) / kept (−)−$2.3MAcquisitions−$1.5MAsset & business sales$1.1MExchange rates−$1.1M

From profit to cash

Energizer Holdings: net income to operating cash flow, Q3 FY26Energizer Holdings: net income to operating cash flow, Q3 FY26Net income$39.9MDepreciation & amortization$29.9MStock-based pay$4.4MDeferred taxes$800KOther non-cash$5.1MOperating cash flow$8.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY264215080112
Q2 FY264817194125
Q1 FY264613271107
Q4 FY254014472112
Q3 FY2539226118148
Q2 FY254415895107
Q1 FY25501328795
Q4 FY24461247595

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$8.2M−$9.1M——−$20.6M$27.5M−$900K−$900K
Q2 FY26−$1.7M−$17.7M—−$900K−$20.6M−$1.0M$42.3M−$19.4M
Q1 FY26$150M−$25.3M—−$4.5M−$23.3M−$108M$21.4M$124M
Q4 FY25$61.5M−$14.8M−$1.5M−$27.1M−$20.5M$381M−$65.1M$46.7M
Q3 FY25$21.4M−$13.5M−$12.7M−$62.6M−$21.3M$118M−$31.8M$7.9M
Q2 FY25−$12.8M−$21.0M——−$21.7M−$195M$56.6M−$33.8M
Q1 FY25$77.0M−$34.6M−$100K—−$23.6M−$25.0M$21.0M$42.4M
Q4 FY24$169M−$27.4M——−$21.6M−$4.4M−$70.2M$142M

Energizer Holdings: income statement and cash flow

Energizer Holdings, Q3 FY26: revenue $734M (+1% year over year), operating margin 6.8%. The chart follows the revenue to costs, profit and cash.

Energizer Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.