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Energy Recovery cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.7M in Q3 2026 · $32.4M over twelve months

Operating cash flow−$9.2M
Capital spending−$459K
Free cash flow−$9.7M

Analysis

In Q3 2026, Energy Recovery generated −$9.2M of operating cash flow and spent $459K on capital projects, leaving free cash flow of −$9.7M. That is $6.2M less than in Q3 2025 (−$3.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $35.2M; the largest uses were buybacks ($26.5M), other investing ($10.1M), capital spending ($2.8M); besides operations, cash came from asset & business sales ($13K); the cash balance fell by $4.6M.

Operating cash flow was −$9.2M against net income of −$6.3M. The largest differences: inventory −$6.1M, receivables +$3.6M, payables +$2.6M.

Free cash flow

Energy Recovery: free cash flow by quarterEnergy Recovery: free cash flow by quarter$8.9MQ4 2024$10.5MQ1 2025$4.0MQ2 2025−$3.5MQ3 2025$6.4MQ4 2025$20.2MQ1 2026$15.4MQ2 2026−$9.7MQ3 2026
Operating cash flow less capital spending.
Energy Recovery: operating cash flow against capital spendingEnergy Recovery: operating cash flow against capital spendingOperating cash flowCapital spending$9.0M$104KQ4 2024$10.7M$191KQ1 2025$4.1M$135KQ2 2025−$3.1M$342KQ3 2025$7.1M$662KQ4 2025$21.0M$814KQ1 2026$16.3M$875KQ2 2026−$9.2M$459KQ3 2026
Latest (Q3 2026): Operating cash flow −$9.2M, Capital spending $459K.

Capital allocation, year by year

Energy Recovery: where the cash came from (up) and went (down), by fiscal yearEnergy Recovery: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $13.5MFY2021: Shares issued $10.6MFY2021: Asset sales $5KFY2021: Capital spending −$6.7MFY2021: Buybacks −$23.3M$24.1MFY2021FY2022: Operating cash flow $12.6MFY2022: Shares issued $3.0MFY2022: Asset sales $1.1MFY2022: Capital spending −$4.2MFY2022: Buybacks −$26.7M$16.7MFY2022FY2023: Operating cash flow $26.1MFY2023: Shares issued $4.8MFY2023: Asset sales $87KFY2023: Capital spending −$2.6M$30.9MFY2023FY2024: Operating cash flow $20.5MFY2024: Shares issued $7.1MFY2024: Asset sales $133KFY2024: Capital spending −$1.3MFY2024: Buybacks −$50.4M$27.8MFY2024FY2025: Operating cash flow $18.8MFY2025: Shares issued $1.8MFY2025: Asset sales $10KFY2025: Capital spending −$1.3MFY2025: Buybacks −$35.6M$20.6MFY2025
Over these 5 years operating cash flow totalled $91.5M; the largest uses were buybacks ($136M) and capital spending ($16.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$83.1M
Debtnone
Net cash$83.1M

Energy Recovery funds itself: free cash flow was $32.4M over the last twelve months, with $83.1M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Energy Recovery: sources (+) and uses (−) of cash, Q3 2026Energy Recovery: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$19.0MOperating cash flow−$9.2MOther investing−$6.4MBuybacks−$2.4MCapital spending−$459KOther financing−$446KTaxes on employees’ shares−$43K
Energy Recovery: sources (+) and uses (−) of cash, TTM to Q3 2026Energy Recovery: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$35.2MBuybacks−$26.5MOther investing−$10.1MCash drawn (+) / kept (−)$4.6MCapital spending−$2.8MOther financing−$461KExchange rates$20KAsset & business sales$13KShares issued−$3K

From profit to cash

Energy Recovery: net income to operating cash flow, Q3 2026Energy Recovery: net income to operating cash flow, Q3 2026Net income−$6.3MDepreciation & amortization$1.0MStock-based pay$1.0MDeferred taxes−$2.4MOther non-cash−$414KReceivables$3.6MInventory−$6.1MPayables$2.6MAccrued liabilities−$871KPrepaid and other assets−$1.8MIncome taxes payable$23KOperating cash flow−$9.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 20258312114190
Q3 202511026633343
Q2 202510529331368
Q1 2025538715811172
Q4 20246613515185

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$9.2M−$459K−$2.4M—$19.0M−$9.7M
Q2 2026$16.3M−$875K−$10.0M$132K−$11.3M$15.4M
Q1 2026$21.0M−$814K−$10.7M—−$2.0M$20.2M
Q4 2025$7.1M−$662K−$3.4M−$135K−$973K$6.4M
Q3 2025−$3.1M−$342K−$10.6M$472K$10.1M−$3.5M
Q2 2025$4.1M−$135K−$17.1M$367K−$7.9M$4.0M
Q1 2025$10.7M−$191K−$4.5M$1.1M−$19.5M$10.5M
Q4 2024$9.0M−$104K−$50.4M$1.3M$33.6M$8.9M

Energy Recovery: income statement and cash flow

Energy Recovery, Q3 2026: revenue $11.2M (-65% year over year), operating margin -87.5%. The chart follows the revenue to costs, profit and cash.

Energy Recovery: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.