Executive Summary

Q2 2025 showed sequential improvement: revenues $2.369B, net loss $165M (-$0.30 per unit), and Adjusted EBITDA loss $43M, all better than Q1 2025 and year-over-year vs Q2 2024 .
Indicative NAV rose by $252M quarter-over-quarter to ~$3.253B, signaling asset value accretion across holdings .
Wall Street consensus expected positive EPS ($0.14*) and ~$2.391B* revenue; IEP delivered a negative EPS and modest revenue shortfall—both constitute a significant miss that likely drives estimate resets and near-term stock volatility .
Capital markets actions (additional $500M of 10% senior secured notes due 2029; proceeds to redeem 2026 notes) aim to de-risk the maturity stack and support liquidity; distribution maintained at $0.50 per unit .

What Went Well and What Went Wrong

What Went Well

Year-over-year loss narrowed materially (net loss improved to $165M from $331M) and Adjusted EBITDA loss tightened (to $43M from $155M), reflecting better operating performance and lower investment losses .
NAV increased $252M Q/Q, driven by higher values in market-valued subsidiaries (e.g., CVR Energy) and automotive real estate/other assets .
Liquidity and optionality reaffirmed; management reiterated a “significant war chest” to exploit opportunities: “we have a significant war chest to take advantage of opportunities as they arise” .

What Went Wrong

EPS missed by a wide margin—consensus anticipated a positive quarter (EPS $0.14*), but IEP posted a loss of $0.30 per unit; revenue came in slightly below consensus as well .
Automotive remains a headwind; management previously noted underperformance and near-term margin pressure due to investments in labor, inventory, and footprint optimization (Q1 color still relevant to trajectory) .
Investment fund volatility and energy exposure continue to inject earnings variability; prior commentary highlighted refining margin/RINs sensitivities and hedge dynamics impacting consolidated results (context from Q4/Q1) .

Financial Results

Metric	Q2 2024	Q4 2024	Q1 2025	Q2 2025 Actual	Q2 2025 Consensus
Revenues ($USD Billions)	$2.201	$2.558	$1.867	$2.369	$2.391*
Net Loss ($USD Millions)	$(331)	$(98)	$(422)	$(165)	N/A
Diluted EPS (LP unit)	$(0.72)	$(0.19)	$(0.79)	$(0.30)	$0.14*
Adjusted EBITDA Attributable to IEP ($USD Millions)	$(155)	$12	$(287)	$(43)	N/A

Notes: Values with asterisk (*) retrieved from S&P Global.

Segment and KPI snapshots (limited disclosure this quarter; call transcript unavailable):

KPI (Selected)	Q4 2024	Q1 2025	Q2 2025
Energy Segment EBITDA ($USD Millions)	$99 (refining margin $8.37/bbl)	$(61) (turnaround + RINs)	N/A
Automotive Adjusted EBITDA ($USD Millions)	N/A	$(6) (investing to fix operations)	N/A
Indicative NAV ($USD Billions)	$3.337	$3.001	$3.253

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Quarterly Distribution per Unit	Q2 2025	$0.50 (Q1 maintained)	$0.50	Maintained
Revenue / Margins / Tax / OpEx	FY/Q2 2025	Not provided	Not provided	N/A
Capital Structure Actions	2025	Prior notes framework	Additional $500M of 10.000% Senior Secured Notes due 2029; proceeds to redeem 2026 notes	Proactive refinancing

Earnings Call Themes & Trends

Note: Q2 2025 earnings call transcript could not be retrieved due to a document inconsistency; themes below rely on Q4 2024 and Q1 2025 commentary and Q2 press materials.

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Energy crack spreads & RINs	Crack spreads weakened; hope for small refinery exemption resolution (> $300M liabilities)	Coffeyville turnaround completed; hopeful SRE resolution ($438M liability); plan to generate cash flow	Press release does not add color	Mixed but improving vs Q1 setup
Investment fund positioning	~22% net long; hedges opportunistically adjusted	~20% net long; mark-to-market modestly positive intra-quarter; strong liquidity	Not discussed in PR	Stable/Opportunistic
Automotive turnaround	CEO initiatives; footprint changes; real estate lease actions	Underperformance; investments in labor/inventory; closures; military contract; greenfield pipeline	Not discussed in PR	Ongoing remediation
Real Estate valuation/actions	Large fair-value step-up; appraisal-driven re-marking; pending sales	Expected closing of asset sale; exploring additional property sales	NAV up Q/Q; limited detail	Portfolio optimization continues
Liquidity & balance sheet	$4.1B holding company + $1.5B subs liquidity	$1.3B holding company cash + $0.9B funds cash; “war chest”	$500M 2029 notes offering/pricing	Proactive refinancing and liquidity focus

Management Commentary

“We ended the quarter with $1.3 billion of cash and cash equivalents at the holding company, an additional $900 million of cash at the funds. So as Carl likes to say, we have a significant war chest to take advantage of opportunities as they arise.”
“The improvement in crack spreads that we discussed last quarter has continued and now that Coffeyville turnaround is complete, We look forward to getting back to business and generating cash flow.”
“Our automotive segment continues to underperform compared to prior year period… we are investing in labor, inventory, equipment, facilities, marketing and adjusting our distribution footprint.”
On real estate revaluation: “We marked these properties to the anticipated sales price… additionally… obtained appraisals and marked those properties accordingly… the driver is really like $290 million” .

Q&A Highlights

Hedge fund positioning and hedging cadence tied to refining margins/crack spreads; opportunistic adjustment of hedges as spreads change .
Real Estate segment valuation jump driven by fair-value adjustments based on anticipated sales price and third-party appraisals; ~$200M increase from signed sale agreements plus ~$90M across remainder .
Limited Q1/Q4 detail on quarter-specific guidance; emphasis remained on liquidity, asset sales, and operational remediation in Automotive .

Estimates Context

EPS: Consensus $0.14* vs actual $(0.30) → significant miss, likely to pressure near-term expectations .
Revenue: Consensus ~$2.391B* vs actual $2.369B → slight miss .
EBITDA: Consensus not published; S&P Global recorded actual of approximately $(29)M* which differs from Adjusted EBITDA attributable to IEP of $(43)M (definitions vary) .
Target Price consensus remained ~$12*; recommendation detail not available*.
Values with asterisk (*) retrieved from S&P Global.

Metric	Q2 2025 Consensus*	Q2 2025 Actual
EPS ($/unit)	$0.14*	$(0.30)
Revenue ($USD Billions)	$2.391*	$2.369
Adjusted EBITDA ($USD Millions)	N/A	$(43)

Key Takeaways for Investors

Expect near-term estimate resets: the negative EPS vs positive consensus is a clear miss; revenue was slightly below expectations—bias near-term revisions downward.
Sequential improvement and NAV accretion are constructive; if energy margins stabilize and automotive remediation progresses, loss reduction could continue .
Distribution at $0.50 per unit maintained; capital structure proactively managed via new 2029 secured notes to address 2026 maturities—supports liquidity and flexibility .
Watch Energy segment drivers (crack spreads, small refinery exemptions) and investment fund exposures—key swing factors for quarterly volatility .
Automotive turnaround is a 2H 2025 story; track store closures/openings, labor/inventory normalization, and lease-up progress to gauge margin recovery .
Real Estate monetization and fair-value alignment provide upside optionality; monitor closings and additional asset sales for NAV impact .
Tactical posture: near-term stock reaction likely negative on EPS miss, but improving sequential trajectory and balance sheet moves can underpin medium-term stabilization if execution materializes.

Citations:

Q2 2025 8-K and press release:
Q1 2025 press release and call:
Q4 2024 press release and call:
Senior notes press releases:

S&P Global consensus values: EPS and revenue for Q2 2025 marked with asterisk (*) above; Values retrieved from S&P Global.

ICAHN ENTERPRISES L.P. (IEP)·Q2 2025 Earnings Summary