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IEP

Icahn Enterprises L.P.

IEP

Icahn Enterprises L.P. • NASDAQ
$8.12 ▲ 1.50% (+0.12)
Market Cap $4.87 B
52w High $11.15
52w Low $7.27
Dividend Yield 2.00%
P/E -11.12
Volume 524.32K
Outstanding Shares 600.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.725B ▲ $218M ▲ $287M ▲ 10.532% ▲ $0.49 ▲ $818M ▲
Q2-2025 $2.419B ▲ $207M ▲ $-162M ▲ -6.697% ▲ $-0.3 ▲ $15M ▲
Q1-2025 $2.011B ▼ $201M ▼ $-414M ▼ -20.587% ▼ $-0.792 ▼ $-408M ▼
Q4-2024 $2.583B ▼ $205M ▲ $-96M ▼ -3.717% ▼ $-0.19 ▼ $125M ▼
Q3-2024 $2.706B $202M $22M 0.813% $0.046 $323M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.025B ▼ $14.826B ▼ $11.407B ▼ $2.735B ▲
Q2-2025 $4.476B ▼ $14.839B ▼ $11.416B ▼ $2.533B ▼
Q1-2025 $4.875B ▼ $15.481B ▼ $11.739B ▲ $2.563B ▼
Q4-2024 $5.239B ▲ $16.279B ▼ $11.658B ▼ $3.241B ▼
Q3-2024 $4.734B $17.443B $12.616B $3.417B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $411M ▲ $15M ▼ $-33M ▲ $-431M ▲ $-451M ▼ $-67M ▼
Q2-2025 $-201M ▲ $275M ▲ $-186M ▼ $-485M ▼ $-399M ▼ $179M ▲
Q1-2025 $-580M ▼ $-182M ▼ $-118M ▼ $-65M ▼ $-364M ▼ $-270M ▼
Q4-2024 $-110M ▼ $244M ▲ $11M ▲ $250M ▲ $505M ▲ $156M ▲
Q3-2024 $80M $-54M $-59M $-815M $-926M $-112M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Automotive Segment
Automotive Segment
 $1.13Bn ▲$370.00M ▼$710.00M ▲$370.00M ▼
Energy
Energy
 $3.95Bn ▲$1.66Bn ▼$1.77Bn ▲$1.95Bn ▲
Food Packaging Segment
Food Packaging Segment
 $300.00M ▲$100.00M ▼$100.00M ▲$90.00M ▼
Holding Company
Holding Company
 $90.00M ▲$20.00M ▼$20.00M ▲$10.00M ▼
Home Fashion Segment
Home Fashion Segment
 $140.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲
Investment Segment
Investment Segment
 $0 ▲$-330.00M ▼$-20.00M ▲$0 ▲
Pharma
Pharma
 $90.00M ▲$20.00M ▼$30.00M ▲$40.00M ▲
Real Estate Segment
Real Estate Segment
 $100.00M ▲$20.00M ▼$80.00M ▲$230.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Icahn Enterprises shows large, diversified revenue, but profitability has been inconsistent and generally weak. Sales grew strongly coming out of 2020, peaked a couple of years ago, and have since slipped back. The operating businesses can earn an operating profit, but margins are thin and swing with the cycle and with investment results. Net income has been negative in every one of the last five years, with losses especially deep during downturn periods and only partially improving more recently. Overall, this is a business that generates sizable activity but has a history of volatile and often negative bottom-line results.

Balance Sheet

Balance Sheet The balance sheet has shrunk meaningfully from its peak, with total assets trending down over the past few years. Cash is reasonable relative to the size of the business and has been fairly stable, giving some liquidity cushion. Debt, however, is high and has stayed elevated, which increases financial risk and makes results more sensitive to interest costs and market conditions. Equity has eroded significantly over time, reflecting cumulative losses and distributions. The result is a more leveraged capital structure with less buffer to absorb future shocks than in the past.

Cash Flow

Cash Flow Cash generation looks better than the income statement, but it is still uneven. After a weak and even negative period in 2020, operating cash flow turned positive, with one standout year of very strong cash generation followed by more modest, but still positive, levels. Free cash flow has been positive in recent years thanks to relatively low spending on new physical assets, suggesting the group does not require heavy reinvestment to keep running. However, the swings in cash flow from year to year highlight that this is not a steadily compounding cash machine; it is highly dependent on conditions in the underlying businesses and investment portfolio.

Competitive Edge

Competitive Edge IEP’s edge is less about any single product and more about its structure and strategy. As a diversified conglomerate led by a well-known activist investor, it tries to create value by buying into companies, pushing for change, and improving operations. This activist reputation, plus access to capital and deal experience, is hard for most rivals to copy. Its operating subsidiaries in energy, auto services, food packaging, home textiles, and other sectors often hold meaningful niches or brand recognition, and the mix of businesses can help offset weakness in any one area. On the other hand, this model is heavily tied to the judgment and influence of Carl Icahn, and several end markets are cyclical and competitive. Performance can be lumpy and sensitive to both markets and the success of activist campaigns.

Innovation and R&D

Innovation and R&D Innovation at Icahn Enterprises is decentralized and practical rather than lab-heavy. In energy, the group is shifting parts of its refining footprint toward renewable diesel and potentially sustainable aviation fuels, positioning for cleaner-energy trends. In food packaging, it owns a specialist in advanced meat casings with proprietary materials and long-standing customer relationships. In home textiles, it focuses on improved fabrics, sustainability, and branded products. The automotive arm experiments with service formats like mobile repair units and e‑commerce partnerships. Overall, this is applied, commercial innovation aimed at improving efficiency, product performance, and service convenience, not breakthrough technology. Future progress will depend on execution in renewable fuels, ongoing restructuring in packaging and auto, and continued ability to spot and shape undervalued businesses.

Summary

Icahn Enterprises is a diversified holding company whose financial story is defined by volatility. It manages substantial revenue across many sectors, but profitability has been erratic, with persistent net losses despite occasional periods of better operating performance. The balance sheet shows meaningful leverage and a shrinking equity base, which raises the importance of disciplined capital allocation and stable cash flow. Actual cash generation has been better than the earnings figures suggest, but still inconsistent from year to year. Competitively, the group’s strength lies in activist investing, diversification, and niche positions in several industries, all tied closely to Carl Icahn’s strategy and reputation. Innovation is practical and business-specific, with notable moves into renewable fuels, specialized packaging, upgraded textiles, and more flexible auto services. Future outcomes will largely hinge on market cycles, the success of activist campaigns, and the execution of restructuring and renewable-energy initiatives across the portfolio.

NEWS

November 5, 2025 · 8:00 AM UTC

Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2025 Financial Results

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October 22, 2025 · 4:30 PM UTC

Icahn Enterprises L.P. Announces Q3 2025 Earnings Conference Call

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