Energy Recovery, Inc. (ERII) Financial Statements
Industry: Special Industry Machinery (Other)
In fiscal 2025, Energy Recovery reported revenue of $135.0M, down 6.9% from $144.9M the year before. Net income was $23.0M (a 17.0% net margin), or $0.42 per diluted share. Gross margin was 65.1% and operating margin was 17.7%. Operating activities generated $18.8M of cash, leaving $17.4M of free cash flow. At fiscal year end, Energy Recovery held $231.5M in total assets against $25.3M in total liabilities, including $48.1M of cash and equivalents.
Open the full interactive Energy Recovery financials → Quarterly statements, key ratios, valuation history and price charts.
Energy Recovery Key Stats
| Share Price | $6.85 |
|---|---|
| Market Cap | $352.5M |
| P/E Ratio | 16.3 |
| Revenue YoY Growth | -6.9% |
| 52-Week Range | $6.67 – $18.11 |
| Shares Outstanding | 51.5 million (basic, 2026 Q2) |
Energy Recovery Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $119.0M | $103.9M | $125.6M | $128.3M | $144.9M | $135.0M |
| Gross Profit | — | — | — | $87.1M | $96.9M | $87.9M |
| Operating Income | $31.3M | $13.8M | $24.8M | $19.1M | $19.7M | $23.9M |
| Pre-Tax Income | $32.1M | $14.0M | $26.1M | $22.7M | $25.7M | $27.6M |
| Income Tax | $5.7M | -$265,000 | $2.0M | $1.2M | $2.7M | $4.6M |
| Net Income | $26.4M | $14.3M | $24.0M | $21.5M | $23.1M | $23.0M |
| Diluted EPS | $0.47 | $0.24 | $0.42 | $0.37 | $0.40 | $0.42 |
Energy Recovery Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $32.0M | $66.9M | $9.7M | $12.0M |
| Net Income | $3.9M | $26.9M | -$12.3M | -$3.2M |
| Diluted EPS | $0.07 | $0.50 | -$0.23 | -$0.06 |
Energy Recovery Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $94.3M | $74.4M | $56.4M | $68.1M | $29.6M | $48.1M |
| Current Assets | $143.2M | $151.8M | $157.9M | $185.5M | $173.7M | $181.2M |
| Total Assets | $204.3M | $213.7M | $217.0M | $253.0M | $242.8M | $231.5M |
| Current Liabilities | $15.7M | $19.8M | $18.3M | $21.5M | $23.4M | $17.4M |
| Total Liabilities | $32.7M | $34.9M | $31.7M | $33.2M | $32.8M | $25.3M |
| Shareholders' Equity | $171.6M | $178.8M | $185.3M | $219.8M | $210.0M | $206.2M |
Energy Recovery Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $16.9M | $13.5M | $12.6M | $26.1M | $20.5M | $18.8M |
| Cash From Investing | $46.6M | -$20.6M | -$6.9M | -$19.1M | -$15.7M | $34.0M |
| Cash From Financing | $4.4M | -$12.8M | -$23.7M | $4.8M | -$43.3M | -$34.5M |
| Free Cash Flow | $10.1M | $6.8M | $8.4M | $23.5M | $19.2M | $17.4M |
Figures from Energy Recovery's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Energy Recovery financials page for every line item.
Energy Recovery Company Profile
| Ticker | ERII |
|---|---|
| Exchange | Nasdaq |
| Industry | Special Industry Machinery (Other) |
| Headquarters | San Leandro, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001421517 |
Frequently Asked Questions
What was Energy Recovery's revenue in fiscal 2025?
Energy Recovery (ERII) reported revenue of $135.0M for fiscal 2025.
What is Energy Recovery's annual revenue history?
Energy Recovery's annual revenue by fiscal year: 2020: $119.0M; 2021: $103.9M; 2022: $125.6M; 2023: $128.3M; 2024: $144.9M; 2025: $135.0M.
What was Energy Recovery's net income in fiscal 2025?
Energy Recovery reported net income of $23.0M for fiscal 2025.
What was Energy Recovery's earnings per share (EPS) in fiscal 2025?
Energy Recovery's diluted EPS was $0.42 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Energy Recovery generate in fiscal 2025?
Energy Recovery generated $17.4M of free cash flow in fiscal 2025.
What was Energy Recovery's revenue last quarter?
In its most recent reported quarter (2026 Q2), Energy Recovery reported revenue of $12.0M.
How many shares of Energy Recovery are outstanding?
Energy Recovery reported a weighted average of 51.5 million basic shares outstanding in 2026 Q2.
What is Energy Recovery's market cap?
Based on its latest closing price, Energy Recovery (ERII) has a market capitalization of about $352.5M.
When does Energy Recovery's fiscal year end?
Energy Recovery's fiscal year end, as registered with the SEC, is December 31.
Where is Energy Recovery headquartered?
Energy Recovery lists its business address in San Leandro, California in its SEC filings.