ICAHN ENTERPRISES (IEP) Company Report

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

8-K

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

Morningstar

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

Transcript

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

Transcript

Icahn Enterprises (IEP) Announces Q3 2025 Results

IEP

Earnings

Dividends

Icahn Enterprises (IEP) reported net income attributable to IEP of $287 million, or $0.49 per depositary unit, for Q3 2025, a significant increase from $22 million, or $0.05 per depositary unit, in Q3 2024.
Adjusted EBITDA attributable to IEP for Q3 2025 was $383 million, compared to $183 million for Q3 2024.
The indicative net asset value as of September 30, 2025, was approximately $3.8 billion, representing an increase of $567 million compared to June 30, 2025.
IEP declared a third quarter distribution of $0.50 per depositary unit.
The Real Estate segment contributed to results with the sale of certain properties for a pre-tax gain of $223 million in Q3 2025.

Nov 5, 2025, 3:00 PM

Presentation

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 CVI, net of refining hedges, contributing $547 million to this increase and the funds being up approximately 5% (excluding refining hedges).
The Energy segment's consolidated EBITDA was $625 million for Q3 2025, a significant improvement compared to a loss of $35 million in Q3 2024.
The Automotive segment experienced an $11 million increase in service revenues and a 6% increase in same-store sales in Q3 2025 compared to the prior year quarter.
The company maintains strong liquidity, with the holding company holding $3.4 billion in cash and invested funds, and subsidiaries having $1.2 billion in cash and revolver availability as of quarter end.
Key investment updates include a significant increase in the value of EchoStar and a new 13-D filing related to an investment in Monro.

Nov 5, 2025, 3:00 PM

Transcript

Icahn Enterprises L.P. Announces Q3 2025 Financial Results

IEP

Earnings

Dividends

For the third quarter of 2025, Icahn Enterprises L.P. reported revenues of $2.7 billion, net income attributable to IEP of $287 million, and Adjusted EBITDA of $383 million. This compares to revenues of $2.8 billion, net income of $22 million, and Adjusted EBITDA of $183 million in Q3 2024.
As of September 30, 2025, the Indicative Net Asset Value was approximately $3.8 billion, reflecting an increase of $567 million compared to June 30, 2025.
The company declared a third quarter distribution of $0.50 per depositary unit.

Nov 5, 2025, 1:00 PM

8-K

Icahn Enterprises Announces Third Quarter 2025 Financial Results

IEP

Earnings

Dividends

Icahn Enterprises' Indicative Net Asset Value was approximately $3.8 billion as of September 30, 2025, representing an increase of $567 million compared to June 30, 2025.
Adjusted EBITDA for Q3 2025 was $383 million, significantly higher than $183 million in Q3 2024.
Net income attributable to IEP for Q3 2025 reached $287 million, a substantial increase from $22 million in Q3 2024.
The company declared a third-quarter distribution of $0.50 per depositary unit.