NASDAQ : IEP
Icahn Enterprises L.P. — Financial statements
Energy · Oil & Gas Refining & Marketing · United States
Last price 5.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.73B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Icahn Enterprises L.P. (IEP) reported revenue of 10.39B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 9.88B | 8.63B | 9.19B | 11.08B | 13.38B | 10.30B |
| Other Revenue | 511.00M | 778.00M | 832.00M | -165.00M | 907.00M | 912.00M |
| Revenue | 10.39B | 9.41B | 10.03B | 10.91B | 14.29B | 11.22B |
| Cost of Revenue | 9.65B | 8.58B | 9.22B | 9.97B | 12.27B | 10.01B |
| Gross Profit | 740.00M | 832.00M | 803.00M | 942.00M | 2.01B | 1.21B |
| Selling, General & Admin | 841.00M | 837.00M | 783.00M | 852.00M | 1.25B | 1.24B |
| Operating Expenses | 841.00M | 837.00M | 783.00M | 852.00M | 1.25B | 1.24B |
| Operating Income | -101.00M | -5.00M | 20.00M | 90.00M | 763.00M | -29.00M |
| Interest Expense | -491.00M | -504.00M | -523.00M | -554.00M | -568.00M | -666.00M |
| Currency Exchange Gain (Loss) | 2.00M | 2.00M | -9.00M | 1.00M | -3.00M | -14.00M |
| EBT Excluding Unusual Items | -590.00M | -507.00M | -512.00M | -463.00M | 192.00M | -709.00M |
| Merger & Restructuring Charges | -7.00M | -10.00M | -3.00M | -1.00M | -2.00M | -5.00M |
| Gain (Loss) on Sale of Investments | -30.00M | -35.00M | -56.00M | -87.00M | -95.00M | |
| Gain (Loss) on Sale of Assets | 247.00M | 247.00M | -4.00M | -238.00M | -8.00M | 141.00M |
| Asset Writedown | -28.00M | -40.00M | -7.00M | |||
| Legal Settlements | -76.00M | |||||
| Other Unusual Items | -35.00M | 8.00M | -126.00M | -2.00M | -5.00M | |
| Pretax Income | -443.00M | -345.00M | -567.00M | -922.00M | 9.00M | -578.00M |
| Income Tax Expense | 53.00M | -19.00M | -25.00M | 90.00M | 34.00M | -78.00M |
| Earnings From Continuing Operations | -496.00M | -326.00M | -542.00M | -1.01B | -25.00M | -500.00M |
| Net Income to Company | -496.00M | -326.00M | -542.00M | -1.01B | -25.00M | -500.00M |
| Minority Interest in Earnings | -19.00M | 33.00M | 106.00M | 342.00M | -154.00M | -104.00M |
| Net Income | -515.00M | -293.00M | -436.00M | -670.00M | -179.00M | -604.00M |
| Net Income to Common | -515.00M | -293.00M | -436.00M | -670.00M | -179.00M | -604.00M |
| Shares Outstanding (Basic) | 621.50M | 562.00M | 466.00M | 382.00M | 316.00M | 260.00M |
| Shares Outstanding (Diluted) | 621.50M | 562.00M | 466.00M | 382.00M | 316.00M | 260.00M |
| EPS (Basic) | -0.83 | -0.52 | -0.94 | -1.75 | -0.57 | -2.32 |
| EPS (Diluted) | -0.83 | -0.52 | -0.94 | -1.75 | -0.57 | -2.32 |
| Free Cash Flow | -244.00M | -654.00M | 552.00M | 3.43B | 717.00M | 16.00M |
| Free Cash Flow Per Share | -0.39 | -1.16 | 1.19 | 8.99 | 2.27 | 0.06 |
| Dividend Per Share | 2.00 | 2.00 | 3.50 | 6.00 | 8.00 | 8.00 |
| Gross Margin | 7.12% | 8.84% | 8.01% | 8.63% | 14.09% | 10.78% |
| Operating Margin | -0.97% | -0.05% | 0.20% | 0.83% | 5.34% | -0.26% |
| Profit Margin | -4.96% | -3.11% | -4.35% | -6.14% | -1.25% | -5.38% |
| Free Cash Flow Margin | -2.35% | -6.95% | 5.51% | 31.46% | 5.02% | 0.14% |
| EBITDA | 526.00M | 594.00M | 528.00M | 604.00M | 1.27B | 483.00M |
| EBITDA Margin | 5.06% | 6.31% | 5.27% | 5.54% | 8.87% | 4.31% |
| D&A For EBITDA | 627.00M | 599.00M | 508.00M | 514.00M | 504.00M | 512.00M |
| EBIT | -101.00M | -5.00M | 20.00M | 90.00M | 763.00M | -29.00M |
| EBIT Margin | -0.97% | -0.05% | 0.20% | 0.83% | 5.34% | -0.26% |
| Effective Tax Rate | 377.78% | |||||
| Revenue as Reported | 10.60B | 9.66B | 10.02B | 10.93B | 14.20B | 11.34B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.22B | 1.45B | 2.60B | 2.95B | 2.34B | 2.32B |
| Cash & Short-Term Investments | 1.22B | 1.45B | 2.60B | 2.95B | 2.34B | 2.32B |
| Accounts Receivable | 488.00M | 393.00M | 479.00M | 485.00M | 606.00M | 546.00M |
| Other Receivables | 1.13B | 1.66B | 1.62B | 4.37B | 7.05B | 5.53B |
| Receivables | 1.75B | 2.18B | 2.11B | 4.86B | 7.66B | 6.08B |
| Inventory | 978.00M | 845.00M | 897.00M | 1.05B | 1.53B | 1.48B |
| Restricted Cash | 1.97B | 1.97B | 2.64B | 3.00B | 2.55B | 2.12B |
| Other Current Assets | 22.00M | 7.00M | 47.00M | 64.00M | 805.00M | 612.00M |
| Total Current Assets | 5.95B | 6.45B | 8.29B | 11.92B | 14.88B | 12.60B |
| Property, Plant & Equipment | 4.06B | 4.15B | 4.37B | 4.50B | 4.52B | 4.55B |
| Long-Term Investments | 1.50B | 2.25B | 2.31B | 3.01B | 6.81B | 9.15B |
| Goodwill | 289.00M | 290.00M | 288.00M | 288.00M | 288.00M | 290.00M |
| Other Intangible Assets | 330.00M | 349.00M | 409.00M | 466.00M | 533.00M | 595.00M |
| Long-Term Deferred Tax Assets | 187.00M | 165.00M | 160.00M | 184.00M | 127.00M | 9.00M |
| Other Long-Term Assets | 576.00M | 565.00M | 449.00M | 493.00M | 762.00M | 547.00M |
| Total Assets | 12.89B | 14.21B | 16.28B | 20.86B | 27.91B | 27.75B |
| Accounts Payable | 721.00M | 690.00M | 802.00M | 830.00M | 870.00M | 805.00M |
| Accrued Expenses | 642.00M | 590.00M | 898.00M | 608.00M | 677.00M | 677.00M |
| Current Portion of Leases | 159.00M | 14.00M | ||||
| Other Current Liabilities | 2.24B | 1.98B | 2.17B | 5.08B | 8.76B | 8.23B |
| Total Current Liabilities | 3.60B | 3.42B | 3.87B | 6.52B | 10.32B | 9.71B |
| Long-Term Debt | 6.30B | 6.53B | 6.73B | 7.14B | 7.03B | 7.62B |
| Long-Term Leases | 536.00M | 413.00M | 613.00M | 601.00M | 534.00M | 551.00M |
| Long-Term Unearned Revenue | 24.00M | 94.00M | 94.00M | 94.00M | 92.00M | 73.00M |
| Pension & Post-Retirement Benefits | 24.00M | 25.00M | 34.00M | 36.00M | 55.00M | |
| Long-Term Deferred Tax Liabilities | 282.00M | 314.00M | 331.00M | 399.00M | 338.00M | 390.00M |
| Total Liabilities | 10.74B | 10.79B | 11.66B | 14.79B | 18.36B | 18.40B |
| Common Stock | 1.81B | 2.73B | 3.24B | 3.97B | 4.65B | 4.30B |
| Total Common Equity | 1.81B | 2.73B | 3.24B | 3.97B | 4.65B | 4.30B |
| Minority Interest | 333.00M | 698.00M | 1.38B | 2.10B | 4.91B | 5.04B |
| Shareholders' Equity | 2.15B | 3.43B | 4.62B | 6.07B | 9.56B | 9.34B |
| Total Liabilities & Equity | 12.89B | 14.21B | 16.28B | 20.86B | 27.91B | 27.75B |
| Total Debt | 6.84B | 7.10B | 7.34B | 7.74B | 7.58B | 8.17B |
| Net Cash (Debt) | -5.62B | -5.65B | -4.74B | -4.79B | -5.24B | -5.85B |
| Net Cash Per Share | -9.04 | -10.05 | -10.16 | -12.53 | -16.59 | -22.50 |
| Filing Date Shares Outstanding | 710.92M | 637.21M | 522.74M | 429.03M | 353.57M | 293.42M |
| Total Common Shares Outstanding | 710.92M | 637.21M | 522.74M | 429.03M | 353.57M | 293.40M |
| Working Capital | 2.35B | 3.03B | 4.42B | 5.40B | 4.55B | 2.89B |
| Book Value Per Share | 2.55 | 4.28 | 6.20 | 9.25 | 13.14 | 14.65 |
| Tangible Book Value | 1.19B | 2.09B | 2.54B | 3.21B | 3.83B | 3.41B |
| Tangible Book Value Per Share | 1.68 | 3.28 | 4.87 | 7.49 | 10.82 | 11.63 |
| Land | 195.00M | 335.00M | 332.00M | 331.00M | 332.00M | |
| Buildings | 783.00M | 1.13B | 1.06B | 964.00M | 906.00M | |
| Machinery | 6.18B | 6.21B | 6.08B | 6.03B | 5.81B | |
| Construction In Progress | 339.00M | 261.00M | 275.00M | 210.00M | 189.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -515.00M | -293.00M | -436.00M | -670.00M | -179.00M | -604.00M |
| Depreciation & Amortization | 627.00M | 599.00M | 508.00M | 514.00M | 504.00M | 512.00M |
| Other Amortization | 4.00M | 4.00M | 3.00M | 4.00M | 5.00M | 5.00M |
| Loss (Gain) From Sale of Assets | -200.00M | -247.00M | 4.00M | 238.00M | 8.00M | -141.00M |
| Asset Writedown & Restructuring Costs | 30.00M | 40.00M | 7.00M | |||
| Loss (Gain) From Sale of Investments | -425.00M | -323.00M | 207.00M | 595.00M | 52.00M | -1.21B |
| Other Operating Activities | 1.00B | 247.00M | 456.00M | 3.20B | 694.00M | 1.59B |
| Change in Accounts Receivable | 86.00M | 86.00M | 15.00M | 85.00M | -110.00M | -110.00M |
| Change in Inventory | 28.00M | 28.00M | 133.00M | 27.00M | -96.00M | -83.00M |
| Change in Accounts Payable | -135.00M | -135.00M | -33.00M | 59.00M | 45.00M | 77.00M |
| Change in Other Net Operating Assets | -398.00M | -319.00M | -25.00M | -325.00M | 132.00M | 276.00M |
| Operating Cash Flow | 107.00M | -313.00M | 832.00M | 3.74B | 1.05B | 321.00M |
| Capital Expenditures | -351.00M | -341.00M | -280.00M | -303.00M | -338.00M | -305.00M |
| Cash Acquisitions | -2.00M | -20.00M | -20.00M | |||
| Divestitures | 72.00M | 120.00M | 3.00M | 33.00M | 4.00M | 414.00M |
| Investment in Securities | -9.00M | 90.00M | 153.00M | 445.00M | ||
| Other Investing Activities | 4.00M | -181.00M | -26.00M | -79.00M | -6.00M | |
| Investing Cash Flow | -284.00M | -402.00M | -215.00M | -290.00M | -260.00M | 528.00M |
| Short-Term Debt Issued | 1.17B | |||||
| Long-Term Debt Issued | 513.00M | 1.63B | 1.38B | 115.00M | 1.21B | |
| Total Debt Issued | 1.50B | 513.00M | 1.63B | 1.38B | 115.00M | 2.38B |
| Short-Term Debt Repaid | -1.54B | |||||
| Long-Term Debt Repaid | -714.00M | -2.03B | -1.27B | -716.00M | -1.21B | |
| Total Debt Repaid | -1.82B | -714.00M | -2.03B | -1.27B | -716.00M | -2.75B |
| Net Debt Issued (Repaid) | -313.00M | -201.00M | -398.00M | 111.00M | -601.00M | -371.00M |
| Issuance of Common Stock | 89.00M | 83.00M | 102.00M | 181.00M | 753.00M | 835.00M |
| Common Dividends Paid | -6.00M | -8.00M | -6.00M | -222.00M | -134.00M | |
| Other Financing Activities | -885.00M | -981.00M | -1.02B | -2.67B | -274.00M | -37.00M |
| Financing Cash Flow | -1.11B | -1.10B | -1.32B | -2.38B | -344.00M | 293.00M |
| Foreign Exchange Rate Adjustments | 2.00M | -1.00M | -1.00M | -1.00M | 3.00M | |
| Net Cash Flow | -1.28B | -1.82B | -707.00M | 1.06B | 450.00M | 1.15B |
| Free Cash Flow | -244.00M | -654.00M | 552.00M | 3.43B | 717.00M | 16.00M |
| Free Cash Flow Margin | -2.35% | -6.95% | 5.51% | 31.46% | 5.02% | 0.14% |
| Free Cash Flow Per Share | -0.39 | -1.16 | 1.19 | 8.99 | 2.27 | 0.06 |
| Levered Free Cash Flow | 138.00M | 22.88M | 544.62M | -292.00M | -1.37B | 747.62M |
| Unlevered Free Cash Flow | 440.88M | 333.88M | 868.50M | 50.25M | -1.02B | 1.16B |
| Cash Interest Paid | 471.00M | 494.00M | 423.00M | 426.00M | 438.00M | 485.00M |
| Cash Income Tax Paid | 10.00M | 6.00M | 66.00M | 105.00M | 180.00M | 72.00M |
| Change in Working Capital | -419.00M | -340.00M | 90.00M | -154.00M | -29.00M | 160.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.69B | 4.53B | 4.37B | 7.06B | 17.09B | 13.82B |
| Enterprise Value | 9.31B | 10.60B | 10.46B | 14.19B | 27.33B | 25.49B |
| Last Close Price | 5.19 | 6.20 | 5.73 | 9.21 | 22.35 | 18.82 |
| Forward PE | 11.62 | 11.56 | 18.89 | 76.74 | 82.65 | |
| PS Ratio | 0.36 | 0.48 | 0.44 | 0.65 | 1.20 | 1.23 |
| PB Ratio | 2.04 | 1.32 | 0.95 | 1.16 | 1.79 | 1.48 |
| P/TBV Ratio | 3.09 | 2.17 | 1.72 | 2.20 | 4.47 | 4.05 |
| P/FCF Ratio | 7.92 | 2.06 | 23.84 | 863.50 | ||
| P/OCF Ratio | 34.48 | 5.25 | 1.89 | 16.20 | 43.04 | |
| PEG Ratio | 5.85 | 5.85 | 5.85 | 5.85 | 5.85 | |
| EV/Sales Ratio | 0.90 | 1.13 | 1.04 | 1.30 | 1.91 | 2.27 |
| EV/EBITDA Ratio | 17.70 | 17.85 | 19.80 | 23.49 | 21.57 | 52.77 |
| EV/EBIT Ratio | 522.84 | 157.62 | 35.82 | |||
| EV/FCF Ratio | 18.94 | 4.13 | 38.12 | 1,593.07 | ||
| Debt / Equity Ratio | 3.19 | 2.07 | 1.59 | 1.27 | 0.79 | 0.88 |
| Debt / EBITDA Ratio | 9.63 | 9.17 | 10.40 | 9.91 | 5.18 | 12.03 |
| Debt / FCF Ratio | 13.29 | 2.25 | 10.57 | 510.69 | ||
| Net Debt / Equity Ratio | 2.62 | 1.65 | 1.02 | 0.79 | 0.55 | 0.63 |
| Net Debt / EBITDA Ratio | 10.68 | 9.51 | 8.97 | 7.92 | 4.14 | 12.11 |
| Net Debt / FCF Ratio | -23.02 | -8.64 | 8.58 | 1.39 | 7.31 | 365.62 |
| Asset Turnover | 0.75 | 0.62 | 0.54 | 0.45 | 0.51 | 0.42 |
| Inventory Turnover | 10.25 | 9.85 | 9.49 | 7.74 | 8.16 | 6.54 |
| Quick Ratio | 0.79 | 1.02 | 1.22 | 1.20 | 0.97 | 0.86 |
| Current Ratio | 1.65 | 1.89 | 2.14 | 1.83 | 1.44 | 1.30 |
| Return on Equity (ROE) | -17.81% | -8.10% | -10.14% | -12.95% | -0.26% | -5.38% |
| Return on Assets (ROA) | -0.46% | -0.02% | 0.07% | 0.23% | 1.71% | -0.07% |
| Return on Invested Capital (ROIC) | -1.29% | -0.05% | 0.20% | 0.70% | -14.13% | -0.18% |
| Return on Capital Employed (ROCE) | -1.10% | 0.00% | 0.20% | 0.60% | 4.30% | -0.20% |
| Earnings Yield | -15.97% | -6.47% | -9.98% | -9.49% | -1.05% | -4.37% |
| FCF Yield | -6.61% | -14.43% | 12.63% | 48.61% | 4.20% | 0.12% |
| Dividend Yield | 38.54% | 28.12% | 41.87% | 36.45% | 16.55% | 16.99% |
| Buyback Yield / Dilution | -21.15% | -20.60% | -21.99% | -20.89% | -21.54% | -17.65% |
| Total Shareholder Return | 17.39% | 7.52% | 19.88% | 15.57% | -4.99% | -0.66% |