# Energy Recovery, Inc.: overview

ERII · Nasdaq · CIK 1421517 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/erii.md) · [Financials](/companies/erii/financials.md) · [Filings](/companies/erii/filings.md) · [Insiders](/companies/erii/insiders.md)

Latest reported revenue: [$12.0m](/filings/0001421517-26-000083.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 5, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001421517-26-000083).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [38.6](/filings/0001421517-25-000134.md) | [67.1 d](/filings/0001421517-26-000022.md) | [8.1](/filings/0001421517-26-000041.md) | [28.1](/filings/0001421517-26-000083.md) | [32.0](/filings/0001421517-25-000134.md) | [66.9 d](/filings/0001421517-26-000022.md) | [9.7](/filings/0001421517-26-000041.md) | [12.0](/filings/0001421517-26-000083.md) |
| Gross margin | % | [65.1%](/filings/0001421517-25-000134.md) | [70.2% d](/filings/0001421517-26-000022.md) | [55.3%](/filings/0001421517-26-000041.md) | [64.0%](/filings/0001421517-26-000083.md) | [64.2%](/filings/0001421517-25-000134.md) | [67.2% d](/filings/0001421517-26-000022.md) | [27.8%](/filings/0001421517-26-000041.md) | [74.7%](/filings/0001421517-26-000083.md) |
| Operating margin | % | [18.3%](/filings/0001421517-25-000134.md) | [38.2% d](/filings/0001421517-26-000022.md) | [(155.8%)](/filings/0001421517-26-000041.md) | [5.3%](/filings/0001421517-26-000083.md) | [11.4%](/filings/0001421517-25-000134.md) | [46.8% d](/filings/0001421517-26-000022.md) | [(153.1%)](/filings/0001421517-26-000041.md) | [(49.0%)](/filings/0001421517-26-000083.md) |
| Net margin | % | [22.0%](/filings/0001421517-25-000134.md) | [35.0% d](/filings/0001421517-26-000022.md) | [(122.5%)](/filings/0001421517-26-000041.md) | [7.3%](/filings/0001421517-26-000083.md) | [12.1%](/filings/0001421517-25-000134.md) | [40.2% d](/filings/0001421517-26-000022.md) | [(126.2%)](/filings/0001421517-26-000041.md) | [(26.7%)](/filings/0001421517-26-000083.md) |
| Diluted EPS | $ per share | [0.15](/filings/0001421517-25-000134.md) | not reported | [(0.18)](/filings/0001421517-26-000041.md) | [0.04](/filings/0001421517-26-000083.md) | [0.07](/filings/0001421517-25-000134.md) | not reported | [(0.23)](/filings/0001421517-26-000041.md) | [(0.06)](/filings/0001421517-26-000083.md) |
| Free cash flow | $m | [(3.2) d](/filings/0001421517-25-000134.md) | [8.9 d](/filings/0001421517-26-000022.md) | [10.5](/filings/0001421517-26-000041.md) | [4.0 d](/filings/0001421517-26-000083.md) | [(3.5) d](/filings/0001421517-25-000134.md) | [6.4 d](/filings/0001421517-26-000022.md) | [20.2](/filings/0001421517-26-000041.md) | [15.4 d](/filings/0001421517-26-000083.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [104](/filings/0001421517-24-000055.md) | [126](/filings/0001421517-25-000048.md) | [128](/filings/0001421517-26-000022.md) | [145](/filings/0001421517-26-000022.md) | [135](/filings/0001421517-26-000022.md) |
| Gross margin | % | [68.6%](/filings/0001421517-24-000055.md) | [69.6%](/filings/0001421517-25-000048.md) | [67.8%](/filings/0001421517-26-000022.md) | [66.9%](/filings/0001421517-26-000022.md) | [65.1%](/filings/0001421517-26-000022.md) |
| Operating margin | % | [13.3%](/filings/0001421517-24-000055.md) | [19.8%](/filings/0001421517-25-000048.md) | [14.8%](/filings/0001421517-26-000022.md) | [13.6%](/filings/0001421517-26-000022.md) | [17.7%](/filings/0001421517-26-000022.md) |
| Net margin | % | [13.7%](/filings/0001421517-24-000055.md) | [19.1%](/filings/0001421517-25-000048.md) | [16.8%](/filings/0001421517-26-000022.md) | [15.9%](/filings/0001421517-26-000022.md) | [17.0%](/filings/0001421517-26-000022.md) |
| Diluted EPS | $ per share | [0.24](/filings/0001421517-24-000055.md) | [0.42](/filings/0001421517-25-000048.md) | [0.37](/filings/0001421517-26-000022.md) | [0.40](/filings/0001421517-26-000022.md) | [0.42](/filings/0001421517-26-000022.md) |
| Free cash flow | $m | [6.8](/filings/0001421517-24-000055.md) | [8.4](/filings/0001421517-25-000048.md) | [23.5](/filings/0001421517-26-000022.md) | [19.2](/filings/0001421517-26-000022.md) | [17.4](/filings/0001421517-26-000022.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/erii/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $57.2m | 6,344,252 |  | Added +253,326 |
| [Amundi](/funds/1330387.md) | 2026-06-30 | $36.1m | 4,003,535 |  | Added +263,226 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $19.7m | 2,183,718 |  | Reduced −46,552 |
| [Legal & General Group Plc](/funds/764068.md) | 2026-06-30 | $18.6m | 2,059,764 |  | Added +157,239 |
| [FIL Ltd](/funds/318989.md) | 2026-06-30 | $15.5m | 1,715,722 |  | Reduced −272,197 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $15.3m | 1,697,550 |  | Added +402,442 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $14.7m | 1,625,893 |  | Reduced −147,055 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $11.4m | 1,263,667 |  | Added +2,006 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $11.2m | 1,237,003 |  | Added +444,312 |
| [MACKENZIE FINANCIAL CORP](/funds/919859.md) | 2026-06-30 | $10.7m | 1,187,686 |  | New +1,187,686 |

## Recent filings

[All 1,172 filings](/companies/erii/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-05 | 16:08 ET | [10-Q](/filings/0001421517-26-000083.md) | Quarterly report, period 2026-06-30 | 0001421517-26-000083 |
| 2026-08-05 | 16:06 ET | [8-K](/filings/0001421517-26-000082.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001421517-26-000082 |
| 2026-07-13 | 16:32 ET | [8-K](/filings/0001421517-26-000069.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001421517-26-000069 |
| 2026-06-11 | 16:05 ET | [8-K/A](/filings/0001421517-26-000061.md) | 5.02 Departure or appointment of officers or directors | 0001421517-26-000061 |
| 2026-06-08 | 17:35 ET | [8-K](/filings/0001421517-26-000058.md) | 5.07 Shareholder vote results | 0001421517-26-000058 |
| 2026-05-28 | 16:05 ET | [8-K](/filings/0001421517-26-000050.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001421517-26-000050 |
| 2026-05-06 | 16:07 ET | [10-Q](/filings/0001421517-26-000041.md) | Quarterly report, period 2026-03-31 | 0001421517-26-000041 |
| 2026-05-06 | 16:05 ET | [8-K](/filings/0001421517-26-000040.md) | 2.02 Results of operations; 5.02 Departure or appointment of officers or directors; 8.01 Other events; 9.01 Financial statements and exhibits | 0001421517-26-000040 |
| 2026-04-21 | 06:22 ET | [DEF 14A](/filings/0001421517-26-000033.md) | Proxy statement, period 2025-12-31 | 0001421517-26-000033 |
| 2026-02-25 | 16:08 ET | [10-K](/filings/0001421517-26-000022.md) | Annual report, period 2025-12-31 | 0001421517-26-000022 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001421517-26-000022.md), filed Feb 25, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/ca666e17-7a31-4d5c-83f8-604d1eec340d)

## About the filer

- CIK: 1421517
- Tickers: ERII
- Exchange: Nasdaq
- SIC code: 3559 Special Industry Machinery, NEC
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 26, 2026, 15:59 ET. No prices; not investment advice.