What, then, is Theosophy, and how may it be defined in its latest presentation . . . ?

Theosophy, we say, is not a Religion.

. . . to say . . . that "Theosophy is not a Religion," by no means excludes the fact that "Theosophy is Religion" itself. A Religion in the true and only correct sense, is a bond uniting men together – not a particular set of dogmas and beliefs. Now Religion, per se, in its widest meaning is that which binds not only all MEN, but also all BEINGS and all things in the entire Universe into one grand whole. This is our theosophical definition of religion; but the same definition changes again with every creed and country, and no two Christians even regard it alike. We find this in more than one eminent author. Thus Carlyle defined the Protestant Religion in his day, with a remarkable prophetic eye to this ever-growing feeling in our present day, as "For the most part a wise, prudential feeling, grounded on mere calculation; a matter, as all others now are, of expediency and utility; whereby some smaller quantum of earthly enjoyment may be exchanged for a far larger quantum of celestial enjoyment. Thus religion, too, is profit, a working for wages; not reverence, but vulgar hope or fear."

H.P. Blavatsky
Is Theosophy A Religion?