Filing Flows › Energy Recovery (ERII) › Q4 2025
Energy Recovery (ERII) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Energy Recovery (ERII) reported revenue of $66.9M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and +109% from the quarter before. Operating margin was 46.8%, net earnings $26.9M (40.2% of revenue).
Energy Recovery, Q4 2025: revenue $66.9M (-0.3% year over year), operating margin 46.8%, net earnings $26.9M, operating cash flow $7.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.9M | +109% | -0.3% |
| Gross profit | $45.0M | +119% | -5% |
| Operating profit | $31.3M | +755% | +22% |
| Net earnings | $26.9M | +595% | +15% |
| Operating cash flow | $7.1M | — | -21% |
| Free cash flow | $6.4M | — | -28% |
What changed
Revenue was $66.9M in Q4 2025, roughly flat year over year and up 109% from the previous quarter.
Gross margin was 67.2%, down 3.0 points from a year earlier. Operating profit was $31.3M, a 46.8% margin (up 8.6 points year over year). Operating expenses fell 37% while revenue was flat. Net earnings were $26.9M, up 15% year over year. The effective tax rate was 16.2%.
Operating cash flow was $7.1M (down 21% year over year), 26% of net earnings. Non-cash charges added back $941K of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $22.4M. After capital expenditures ($700K), free cash flow as the company reports it was $6.4M.
Questions
What was Energy Recovery's revenue in the fourth quarter 2025?
Energy Recovery (ERII) reported revenue of $66.9M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and +109% from the quarter before.
Was Energy Recovery profitable in the fourth quarter 2025?
Operating profit was $31.3M (46.8% of revenue) and net earnings $26.9M.
Source: Energy Recovery 10-K on SEC EDGAR.