Energy Recovery (ERII) financial statements
Energy Recovery reported revenue of $135M in fiscal 2025, up 11.7% a year over 9 years.
Net income was $23M and the operating margin 17.7%, against 6.9% in 2016.
Free cash flow was $17M, and the company returned $36M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Energy Recovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50M | $69M | $75M | $87M | $119M | $104M | $126M | $128M | $145M | $135M |
| Cost of revenue | $18M | $19M | — | — | — | $33M | $38M | $41M | $48M | $47M |
| Gross profit | $32M | $39M | — | — | — | $71M | $87M | $87M | $97M | $88M |
| Research and development | $10M | $13M | $17M | $23M | $23M | $20M | $18M | $17M | $16M | $13M |
| Selling, general and admin | $26M | $27M | $29M | $32M | $34M | $37M | $45M | $51M | $58M | $51M |
| Operating income | $3M | $9M | $10M | $10M | $31M | $14M | $25M | $19M | $20M | $24M |
| Interest expense | $3,000 | $2,000 | $1,000 | $0 | $0 | — | — | — | — | — |
| Pre-tax income | $4M | $10M | $11M | $12M | $32M | $14M | $26M | $23M | $26M | $28M |
| Income tax | -$6,000 | -$8M | -$11M | $1M | $6M | -$265,000 | $2M | $1M | $3M | $5M |
| Net income | $4M | $18M | $22M | $11M | $26M | $14M | $24M | $22M | $23M | $23M |
| EPS (diluted) | $0.07 | $0.33 | $0.40 | $0.19 | $0.47 | $0.24 | $0.42 | $0.37 | $0.40 | $0.42 |
| Diluted shares | 55M | 56M | 55M | 56M | 57M | 59M | 58M | 58M | 58M | 54M |
| Gross margin | 64.1% | 56.6% | — | — | — | 68.6% | 69.6% | 67.8% | 66.9% | 65.1% |
| Operating margin | 6.9% | 13.4% | 13.4% | 11.9% | 26.3% | 13.3% | 19.8% | 14.8% | 13.6% | 17.7% |
| Net margin | 7.5% | 26.6% | 29.6% | 12.6% | 22.2% | 13.7% | 19.1% | 16.8% | 15.9% | 17.0% |
Balance sheet
Fiscal years, from Energy Recovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $100M | $98M | $97M | $85M | $115M | $106M | $90M | $109M | $78M | $75M |
| Receivables | $12M | $12M | $10M | $13M | $12M | $21M | $34M | $47M | $64M | $77M |
| Inventory | $5M | $6M | $7M | $10M | $12M | $20M | $28M | $26M | $25M | $24M |
| Total current assets | $122M | $126M | $120M | $113M | $143M | $152M | $158M | $185M | $174M | $181M |
| Property, plant and equipment | $9M | $13M | $15M | $19M | $20M | $20M | $20M | $19M | $15M | $13M |
| Goodwill | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M |
| Total assets | $149M | $164M | $180M | $189M | $204M | $214M | $217M | $253M | $243M | $232M |
| Total current liabilities | $17M | $30M | $27M | $28M | $16M | $20M | $18M | $21M | $23M | $17M |
| Long-term debt | $27,000 | $16,000 | $0 | — | — | — | — | — | — | — |
| Total liabilities | $84M | $73M | $66M | $53M | $33M | $35M | $32M | $33M | $33M | $25M |
| Shareholders' equity | $68M | $92M | $113M | $136M | $172M | $179M | $185M | $220M | $210M | $206M |
| Net debt | -$61M | -$28M | -$22M | -$26M | -$94M | -$74M | -$56M | -$68M | -$30M | -$48M |
Cash flow
Fiscal years, from Energy Recovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | $3M | $8M | $5M | $17M | $14M | $13M | $26M | $21M | $19M |
| Capital spending | $1M | $7M | $5M | $7M | $7M | $7M | $4M | $3M | $1M | $1M |
| Free cash flow | $4M | -$4M | $2M | -$2M | $10M | $7M | $8M | $23M | $19M | $17M |
| Stock-based compensation | $3M | $4M | $5M | $6M | $5M | $6M | $7M | $8M | $10M | $8M |
| Share buybacks (net) | -$9M | -$4M | -$10M | $0 | $0 | -$23M | -$27M | $0 | -$50M | -$36M |
| Net borrowing | -$10,000 | -$11,000 | -$27,000 | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | 7.8% | -6.5% | 3.1% | -2.4% | 8.5% | 6.6% | 6.7% | 18.3% | 13.3% | 12.9% |
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Open ERII in InvestinglyQuestions
What was Energy Recovery's revenue in 2025?
$135M in fiscal 2025, from its 10-K filing.
How much free cash flow does Energy Recovery generate?
$17M in fiscal 2025 (operating cash flow minus capital spending).
From Energy Recovery's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.