Earnings summaries and quarterly performance for ICAHN ENTERPRISES.
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Icahn Enterprises Reports Q4 2025 Results
IEP
Earnings
Dividends
Management Change
- Icahn Enterprises' Net Asset Value (NAV) decreased by $654 million in Q4 2025 compared to the third quarter, despite its funds being up approximately 11% (including refining hedges).
- The company's funds saw EchoStar, refining hedges, and Centuri as major contributors, while Caesars was a significant detractor.
- The Energy segment's Adjusted EBITDA was $51 million for Q4 2025, a decrease from $99 million in Q4 2024, primarily due to negative impacts on the fertilizer business.
- Icahn Enterprises maintained strong liquidity, with the holding company having $3.5 billion in cash and investment in funds and its subsidiaries holding $913 million in cash and revolver availability as of quarter end.
- The board declared an unchanged distribution of $0.50 per depository unit.
3 days ago
Icahn Enterprises Reports Q4 2025 Results with NAV Decline Amid Strong Fund Performance
IEP
Earnings
Dividends
Demand Weakening
- Icahn Enterprises L.P.'s Net Asset Value (NAV) decreased by $654 million in the fourth quarter of 2025 compared to the third quarter, despite its funds being up approximately 11% (including refining hedges) for the quarter.
- For the full year, the funds were flat (including refining hedges) and up 7% (excluding refining hedges), with EchoStar, refining hedges, and Centuri identified as key contributors in Q4 2025.
- The company's Energy segment reported adjusted EBITDA of $51 million for Q4 2025, a decrease from the prior year, while the Real Estate segment's adjusted EBITDA increased by $6 million.
- Icahn Enterprises declared an unchanged distribution of $0.50 per depository unit and took steps to reduce its corporate debt balance by calling in the remaining 2026 maturities.
- As of quarter-end, the holding company maintained significant liquidity with $3.5 billion in cash and investment in funds, and its subsidiaries had $913 million in cash and revolver availability.
3 days ago
Icahn Enterprises L.P. announces Q4 2025 results
IEP
Earnings
Dividends
New Projects/Investments
- Icahn Enterprises L.P. reported net income attributable to IEP of $1 million for Q4 2025, significantly improving from a net loss of $98 million in Q4 2024.
- Adjusted EBITDA attributable to IEP increased to $281 million in Q4 2025, compared to $16 million in Q4 2024.
- The company declared a fourth-quarter distribution of $0.50 per depositary unit.
- The indicative net asset value was approximately $3.2 billion as of December 31, 2025, representing a decrease of $654 million from September 30, 2025.
- The Investment segment achieved returns of 10.7% for Q4 2025, with the fair value of IEP's investment in the Funds at approximately $2.7 billion as of December 31, 2025.
3 days ago
Icahn Enterprises L.P. Reports Q4 2025 Results
IEP
Earnings
Dividends
Management Change
- Icahn Enterprises L.P.'s net asset value (NAV) decreased by $654 million in Q4 2025 compared to the third quarter, despite its funds being up approximately 11% (including refining hedges) for the quarter. For the full year 2025, the funds were about flat (including refining hedges).
- Key contributors to the fund's Q4 performance included EchoStar, refining hedges, and Centuri, while Caesars was a detractor.
- The company reported $750 million in cash at the funds as of year-end, which has since increased to over $1.2 billion. Subsequent to quarter-end, IEP reduced its corporate debt by calling in the remaining balance of its 2026 maturities. The board also declared an unchanged distribution of $0.50 per depository unit.
- In Q4 2025, the Energy segment's adjusted EBITDA was $51 million, negatively impacted by facility issues. Automotive service revenues decreased by $1 million, but same-store sales increased by 5%. Real Estate adjusted EBITDA increased by $6 million, while Food Packaging, Home Fashion, and Pharma adjusted EBITDA all decreased. Tom Davis was brought back as CEO of Viskase in the Food Packaging segment.
3 days ago
Icahn Enterprises L.P. Announces Fourth Quarter and Full Year 2025 Financial Results
IEP
Earnings
Dividends
- Icahn Enterprises L.P. reported Q4 2025 Adjusted EBITDA of $281 million, a significant increase from $16 million in Q4 2024, and net income attributable to IEP of $1 million, compared to a net loss of $98 million in the prior year quarter.
- For the full year 2025, revenues were $9.7 billion and the net loss attributable to IEP was $299 million, an improvement from a $445 million net loss in 2024.
- The company declared a fourth quarter distribution of $0.50 per depositary unit, payable on or about April 15, 2026.
- Indicative Net Asset Value was approximately $3.2 billion as of December 31, 2025, representing a decrease of $654 million from September 30, 2025, primarily driven by a $778 million decrease in its long position in CVI.
3 days ago
Icahn Enterprises Announces Q4 and Full Year 2025 Financial Results
IEP
Earnings
Dividends
- Icahn Enterprises reported Q4 2025 Adjusted EBITDA of $281 million, a substantial increase from $16 million in Q4 2024, and achieved net income of $1 million for the quarter, reversing a net loss of $98 million in Q4 2024.
- For the full year 2025, Adjusted EBITDA was $338 million, up from $184 million in 2024, and the net loss attributable to IEP improved to $299 million from $445 million in 2024.
- Revenues for Q4 2025 increased to $2.7 billion from $2.6 billion in Q4 2024, while full-year 2025 revenues decreased to $9.7 billion from $10.0 billion in 2024.
- The indicative net asset value was approximately $3.2 billion as of December 31, 2025, marking a decrease of $654 million compared to September 30, 2025.
- A quarterly distribution of $0.50 per depositary unit was declared, to be paid on or about April 15, 2026.
3 days ago
Icahn Enterprises L.P. Announces Q3 2025 Results and Operational Shifts
IEP
Earnings
Dividends
New Projects/Investments
- Icahn Enterprises L.P. reported a consolidated Net Income (Loss) Attributable to Icahn Enterprises of ($398) million and Adjusted EBITDA Attributable to Icahn Enterprises of $65 million for the twelve months ended September 30, 2025.
- As of September 30, 2025, the company held $14.8 billion in total assets and maintained approximately $2.4 billion in liquidity through its Investment Funds.
- Carl Icahn and his affiliates owned approximately 86% of the company's outstanding depositary units as of September 30, 2025, and the company declared a $2.00 annualized distribution with a 21.9% yield as of November 6, 2025.
- Strategic operational changes include the Energy segment's plan to revert its renewable diesel unit to hydrocarbon processing in December 2025 due to weak economics, and the Automotive segment's full exit from the Aftermarket Parts business in Q1 2025.
Nov 7, 2025, 9:15 PM
Icahn Enterprises Reports Q3 2025 Earnings
IEP
Earnings
Dividends
Demand Weakening
- Icahn Enterprises reported GAAP earnings per share of $0.49 and revenue of $2.73 billion for Q3 2025, with revenue declining 2% year-over-year.
- The company's net asset value increased by approximately $567 million in Q3 2025, primarily due to gains from its controlling stake in CVR Energy.
- Despite facing financial challenges including a negative operating margin, declining earnings growth, and a high debt-to-equity ratio, Icahn Enterprises announced a quarterly dividend of $0.50 per share and maintains a 22.94% forward dividend yield.
- Market analysts remain cautious due to continued revenue decline projections, with annualized revenue having declined 8.5% over the last two years.
Nov 5, 2025, 10:37 PM
Icahn Enterprises L.P. Reports Strong Q3 2025 NAV and Energy Segment Performance
IEP
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
- Icahn Enterprises L.P. reported a $567 million increase in Net Asset Value (NAV) for Q3 2025, with its funds, excluding refining hedges, up approximately 5%.
- The Energy segment's consolidated EBITDA surged to $625 million in Q3 2025, a significant improvement from a $35 million loss in Q3 2024, primarily due to the resolution of small refinery exemptions (SREs) that removed a $488 million liability.
- The Automotive segment demonstrated growth with service revenues increasing by $11 million and same-store sales up 6% year-over-year, while strategically closing 89 underperforming locations.
- The company maintains a robust liquidity position, with $3.4 billion in cash and invested funds at the holding company and $1.2 billion in cash and revolver availability at its subsidiaries.
- Management reiterated its commitment to an activism strategy, highlighting key investments in AEP, Southwest Gas, EchoStar, IFF, Caesars, and a new position in Monro, aiming to drive shareholder value.
Nov 5, 2025, 3:00 PM
Icahn Enterprises Reports Strong Q3 2025 NAV Increase and Energy Segment Turnaround
IEP
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
- Icahn Enterprises L.P. reported a $567 million increase in Net Asset Value (NAV) for Q3 2025, primarily driven by CVI's $547 million NAV increase (net of refining hedges) and a 5% gain in the funds (excluding refining hedges).
- The Energy segment's consolidated EBITDA reached $625 million in Q3 2025, a significant turnaround from a $35 million loss in Q3 2024, partly due to the resolution of small refinery exemptions that removed a $488 million liability from CVI's balance sheet.
- The Automotive segment saw service revenues increase by $11 million and same-store sales grow 6% ($21 million) in Q3 2025, while the company also transferred the majority of its owned automotive properties to the real estate segment to unlock value.
- The company maintained strong liquidity with the holding company holding $3.4 billion in cash and invested funds, and highlighted successful investments like EchoStar, which saw its stock rise to approximately $75 per share by quarter-end, and a new investment in Monro.
Nov 5, 2025, 3:00 PM
Quarterly earnings call transcripts for ICAHN ENTERPRISES.
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