Energy Recovery Inc (ERII) financials
Energy Recovery revenue and earnings by year
Energy Recovery's revenue was $135 million in the fiscal year to December 31, 2025, down 6.9% from the year before. Net income was $23.0 million, 17.0% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 9.9% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 135 | 145 | 128 | 126 | 104 | 119 | 87 | 75 | 69 | 58 |
| Revenue growth | -6.9% | 12.9% | 2.2% | 20.9% | -12.7% | 36.9% | 16.7% | 7.8% | 19.6% | — |
| Gross profit | 88 | 97 | 87 | 87 | 71 | 91 | 67 | 57 | 50 | 40 |
| Gross margin | 65.1% | 66.9% | 67.8% | 69.6% | 68.6% | 76.3% | 76.6% | 76.0% | 72.4% | 69.1% |
| Operating income | 24 | 20 | 19 | 25 | 14 | 31 | 10 | 10 | 9 | 3 |
| Operating margin | 17.7% | 13.6% | 14.8% | 19.8% | 13.3% | 26.3% | 11.9% | 13.4% | 13.4% | 5.9% |
| Net income | 23 | 23 | 22 | 24 | 14 | 26 | 11 | 22 | 18 | 4 |
| Net margin | 17.0% | 15.9% | 16.8% | 19.1% | 13.7% | 22.2% | 12.6% | 29.6% | 26.6% | 6.4% |
| Diluted EPS | $0.42 | $0.40 | $0.37 | $0.42 | $0.24 | $0.47 | $0.20 | $0.39 | $0.34 | — |
| Free cash flow | 17 | 19 | 24 | 10 | 7 | 10 | -2 | 2 | -4 | 4 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open ERII in Markets.
How Energy Recovery makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Desalination | $11.5M | 95.7% |
| Wastewater | $513K | 4.3% |
See also: ERII valuation and P/E history · ERII returns
No forecast, no recommendation. This page describes Energy Recovery Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.