Energy Recovery, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $135.0M | $144.9M | $128.3M | $125.6M | $103.9M |
| Cost of revenue | $47.1M | $48.0M | $41.3M | $38.2M | $32.7M |
| Gross profit | $87.9M | $96.9M | $87.1M | $87.4M | $71.2M |
| Research and development | $13.0M | $16.2M | $17.0M | $17.9M | $20.1M |
| Operating expenses | $64.0M | $77.2M | $68.0M | $62.5M | $57.4M |
| Operating income | $23.9M | $19.7M | $19.1M | $24.8M | $13.8M |
| Pretax income | $27.6M | $25.7M | $22.7M | $26.1M | $14.0M |
| Income tax expense | $4.6M | $2.7M | $1.2M | $2.0M | -$265,000 |
| Net income | $23.0M | $23.1M | $21.5M | $24.0M | $14.3M |
| Balance Sheet | |||||
| Cash and equivalents | $48.1M | $29.6M | $68.1M | $56.4M | $74.4M |
| Current assets | $181.2M | $173.7M | $185.5M | $157.9M | $151.8M |
| Total assets | $231.5M | $242.8M | $253.0M | $217.0M | $213.7M |
| Current liabilities | $17.4M | $23.4M | $21.5M | $18.3M | $19.8M |
| Total liabilities | $25.3M | $32.8M | $33.2M | $31.7M | $34.9M |
| Stockholders' equity | $206.2M | $210.0M | $219.8M | $185.3M | $178.8M |
| Cash Flow Statement | |||||
| Cash from operations | $18.8M | $20.5M | $26.1M | $12.6M | $13.5M |
| Depreciation and amortization | $3.8M | $4.0M | $4.1M | $4.8M | $4.5M |
| Stock-based compensation | $7.7M | $10.3M | $8.0M | $6.5M | $6.1M |
| Capital expenditure | $1.3M | $1.3M | $2.6M | $4.2M | $6.7M |
| Free cash flow | $17.4M | $19.2M | $23.5M | $8.4M | $6.8M |
| Share repurchases | $35.6M | $50.4M | $0 | $26.7M | $23.3M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 51.5M · Free float 83.7%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.