Energy Recovery, Inc. (ERII) Income Statement
ERII 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsERII revenue and net income
Where ERII's revenue goes
2025Each bar shows an amount and its share of revenue. ERII kept 17.0% of revenue as net income.
ERII profit margins
ERII growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.1% | +2.4% | +7.9% | +11.7% |
| Gross profit | −9.4% | +0.2% | +6.6% | +13.1% |
| Operating income | +24.5% | −0.4% | −4.7% | — |
| Net income | −0.4% | −1.5% | −2.7% | — |
| EPS (diluted) | −26.4% | +7.2% | +1.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ERII quarterly EPS vs estimates
Energy Recovery beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.04).
ERII income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.7M | $144.9M | $128.3M | $125.6M | $103.9M | $92.1M | $72.8M | $74.5M | $63.2M | $54.7M |
| Cost of revenue | $46.9M | $48.0M | $41.3M | $38.2M | $32.7M | $28.2M | $20.3M | $17.9M | $19.1M | $17.8M |
| Gross profit | $87.8M | $96.9M | $87.1M | $87.4M | $71.2M | $63.8M | $52.5M | $56.6M | $44.1M | $36.9M |
| Research & development | $6.3M | $16.2M | $17.0M | $17.9M | $20.1M | $23.4M | $23.4M | $17.0M | $13.4M | $10.1M |
| Sales, general & admin | $19.4M | $58.5M | $51.0M | $44.6M | $37.3M | $25.5M | $22.8M | $29.0M | $26.7M | $25.7M |
| Total operating expenses | $63.2M | $77.2M | $68.0M | $62.5M | $57.4M | $32.5M | $42.1M | $46.7M | $40.8M | $36.5M |
| Operating income | $24.6M | $19.7M | $19.1M | $24.8M | $13.8M | $31.3M | $10.4M | $10.0M | $3.3M | $357,000 |
| Interest income | $3.6M | $6.2M | $3.8M | $908,000 | $204,000 | $913,000 | $2.0M | $1.5M | $870,000 | $306,000 |
| Interest expense | — | — | — | $908,000 | $173,000 | $3.8M | $2.0M | $1,000 | $2,000 | $3,000 |
| Income before taxes | $27.6M | $25.7M | $22.7M | $26.1M | $14.0M | $32.1M | $12.3M | $11.4M | $4.0M | $644,000 |
| Income taxes | $4.6M | $2.7M | $1.2M | $2.0M | −$265,000 | $5.7M | $1.3M | −$10.7M | −$8.4M | −$390,000 |
| Net income | $23.0M | $23.1M | $21.5M | $24.0M | $14.3M | $26.4M | $10.9M | $22.1M | $12.3M | $1.0M |
| EBITDA | $31.4M | $28.0M | $28.5M | $32.4M | $19.9M | $38.9M | $14.8M | $15.3M | $12.9M | $7.1M |
| EPS (diluted) | $0.53 | $0.72 | $0.37 | $0.43 | $0.25 | $0.50 | $0.20 | $0.19 | $0.07 | $0.02 |
| Gross margin | 65.2% | 66.9% | 67.8% | 69.6% | 68.6% | 69.3% | 72.1% | 76.0% | 69.8% | 67.4% |
| Operating margin | 18.2% | 13.6% | 14.8% | 19.8% | 13.3% | 34.0% | 14.2% | 13.4% | 5.2% | 0.7% |
| Net margin | 17.0% | 15.9% | 16.8% | 19.1% | 13.7% | 28.7% | 15.0% | 29.6% | 19.6% | 1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.0M | $9.7M | $66.6M | $32.0M | $28.1M | $8.1M | $67.1M | $38.6M | $27.2M | $12.1M | $57.2M | $37.0M |
| Cost of revenue | $3.0M | $5.4M | $21.8M | $11.4M | $10.1M | $3.6M | $20.0M | $13.5M | $9.6M | $5.0M | $17.7M | $11.2M |
| Gross profit | $9.0M | $4.3M | $44.8M | $20.6M | $18.0M | $4.5M | $47.1M | $25.1M | $17.6M | $7.1M | $39.5M | $25.9M |
| Research & development | $2.8M | $1.0M | $3.8M | $3.7M | $3.5M | $3.0M | $4.0M | $4.0M | $3.9M | $4.4M | $5.0M | $4.0M |
| Sales, general & admin | $11.1M | $1.2M | $6.0M | $13.2M | $13.0M | $13.5M | $15.1M | $14.1M | $15.6M | $13.7M | $13.9M | $12.8M |
| Total operating expenses | $14.8M | $14.4M | $12.8M | $16.9M | $16.5M | $17.0M | $21.5M | $18.1M | $19.6M | $18.1M | $18.9M | $16.7M |
| Operating income | −$5.9M | −$10.0M | $32.0M | $3.7M | $1.5M | −$12.6M | $25.6M | $7.1M | −$2.0M | −$10.9M | $20.6M | $9.1M |
| Interest income | $680,000 | $725,000 | $754,000 | $847,000 | $940,000 | $1.1M | $1.4M | $1.7M | $1.7M | $1.4M | $1.3M | $1.1M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $656,000 | — |
| Income before taxes | −$5.1M | −$14.0M | $32.1M | $4.6M | $2.4M | −$11.5M | $26.9M | $8.8M | −$400,000 | −$9.5M | $21.9M | $10.2M |
| Income taxes | −$1.9M | −$1.8M | $5.2M | $680,000 | $334,000 | −$1.6M | $3.4M | $344,000 | $242,000 | −$1.3M | $2.1M | $518,000 |
| Net income | −$3.2M | −$12.3M | $26.9M | $3.9M | $2.1M | −$9.9M | $23.5M | $8.5M | −$642,000 | −$8.3M | $19.8M | $9.7M |
| EBITDA | −$4.1M | −$13.0M | $39.8M | $6.0M | $3.8M | −$10.6M | $29.5M | $10.3M | $1.1M | −$8.1M | $23.4M | $11.6M |
| EPS (diluted) | −$0.06 | −$0.11 | $0.53 | $0.07 | $0.07 | −$0.14 | $0.50 | $0.21 | $0.09 | −$0.08 | $0.34 | $0.17 |
| Gross margin | 74.7% | 44.7% | 67.3% | 64.2% | 64.0% | 55.3% | 70.2% | 65.1% | 64.6% | 59.0% | 69.1% | 69.9% |
| Operating margin | −49.0% | −103.3% | 48.0% | 11.4% | 5.3% | −155.8% | 38.2% | 18.3% | −7.4% | −90.4% | 36.0% | 24.7% |
| Net margin | −26.7% | −126.2% | 40.4% | 12.1% | 7.3% | −122.5% | 35.0% | 22.0% | −2.4% | −68.3% | 34.6% | 26.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ERII's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ERII financial results
In fiscal year 2025 (ended December 31, 2025), Energy Recovery reported revenue of $134.7 million, down 7.1% from the year before. It had net income of $23.0 million (down 0.4%), a net profit margin of 17.0%. Diluted earnings per share came to $0.53. Over five years revenue grew at an average rate of 7.9% a year.
See the ERII stock overview for the latest quote and news, or the ERII chart for price history and technical indicators.
ERII income statement FAQ
What is Energy Recovery's annual revenue?
Energy Recovery reported total revenue of $134.7 million for fiscal year 2025, which ended on December 31, 2025. That was down 7.1% from $144.9 million the previous year.
Is Energy Recovery profitable?
Yes. Energy Recovery reported net income of $23.0 million in fiscal 2025, a net profit margin of 17.0%; its operating margin was 18.2%.
What is Energy Recovery's gross margin?
Energy Recovery's gross margin was 65.2% in fiscal 2025: for every $100 of revenue, Energy Recovery kept $65 after the direct cost of its products and services.
How much does Energy Recovery spend on research and development?
Energy Recovery spent $6.3 million on research and development in fiscal 2025, 4.7% of revenue.
How fast is Energy Recovery growing?
Revenue grew 7.9% a year on average over the last five fiscal years, from $92.1 million to $134.7 million.
What are Energy Recovery's earnings per share?
Energy Recovery earned $0.53 per diluted share in fiscal 2025, compared with $0.72 a year earlier.
When will Energy Recovery report its next earnings?
Energy Recovery is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Energy Recovery's fiscal year end?
Energy Recovery's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.