ICAHN ENTERPRISES L.P. IEP
Icahn Enterprises L.P. ("Icahn Enterprises") is a master limited partnership formed in Delaware on February 17, 1987 and headquartered in Sunny Isles Beach, Florida. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. References to "we," "our" or "us" herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires.
Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2025, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 86% of our outstanding depositary units as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.66B | $10.02B | $10.93B | $14.20B | $11.34B | $6.12B | $8.99B | $11.78B | $12.62B | $7.38B |
| Cost of revenue | — | — | — | — | — | — | — | — | $15.01B | $13.41B |
| Gross profit | — | — | — | — | — | — | — | — | -$2.39B | -$6.03B |
| SG&A | $837.0M | $783.0M | $852.0M | $1.25B | $1.24B | $1.19B | $1.38B | $1.39B | $1.27B | $1.00B |
| Total operating expenses | $10.00B | $10.59B | $11.86B | $14.19B | $11.92B | $8.71B | $10.73B | $11.55B | $10.75B | $9.75B |
| Interest expense | $504.0M | $523.0M | $554.0M | $568.0M | $666.0M | $688.0M | $605.0M | $524.0M | $655.0M | $692.0M |
| Pre-tax income | -$345.0M | -$567.0M | -$922.0M | $9.0M | -$578.0M | -$2.58B | -$1.74B | $223.0M | $1.87B | -$2.37B |
| Income tax | $19.0M | $25.0M | $90.0M | $34.0M | $78.0M | $116.0M | $20.0M | $14.0M | $532.0M | $88.0M |
| Net income | -$299.0M | -$445.0M | -$684.0M | -$183.0M | -$518.0M | -$1.65B | -$1.10B | $1.48B | $2.45B | -$1.13B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.45B | $2.60B | $5.95B | $4.89B | $4.44B | $3.29B | $4.95B | $5.34B | $1.91B | $1.88B |
| Inventory | $845.0M | $897.0M | $1.05B | $1.53B | $1.48B | $1.58B | $1.79B | $1.78B | $1.73B | $2.98B |
| Property, plant and equipment | $3.67B | $3.84B | $3.97B | $4.04B | $4.08B | $4.23B | $4.45B | $4.69B | $5.19B | $10.12B |
| Goodwill | $290.0M | $288.0M | $288.0M | $288.0M | $290.0M | $294.0M | $282.0M | $247.0M | $327.0M | $1.14B |
| Other intangibles | $349.0M | $409.0M | $466.0M | $533.0M | $595.0M | $660.0M | $431.0M | $501.0M | $544.0M | $1.12B |
| Total assets | $14.21B | $16.28B | $20.86B | $27.91B | $27.75B | $24.99B | $24.64B | $23.49B | $31.80B | $33.37B |
| Total liabilities | $10.79B | $11.66B | $14.79B | $18.36B | $18.40B | $15.73B | $13.70B | $10.51B | $20.43B | $25.35B |
| Total equity | — | — | — | — | — | — | — | $6.53B | $5.11B | $8.02B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$313.0M | $832.0M | $3.74B | $1.05B | $321.0M | -$416.0M | -$1.46B | $923.0M | -$1.35B | $1.22B |
| Depreciation and amortisation | $603.0M | $511.0M | $518.0M | $509.0M | $517.0M | $510.0M | $519.0M | $508.0M | $518.0M | $526.0M |
| Capital expenditure | $341.0M | $280.0M | $303.0M | $338.0M | $305.0M | $199.0M | $250.0M | $272.0M | $316.0M | $247.0M |
| Investing cash flow | -$402.0M | -$215.0M | -$290.0M | -$260.0M | $528.0M | -$581.0M | $586.0M | $2.59B | $682.0M | -$1.84B |
| Financing cash flow | -$1.10B | -$1.32B | -$2.38B | -$344.0M | $293.0M | -$653.0M | $566.0M | -$157.0M | $369.0M | $58.0M |
| Dividends paid | — | — | — | — | — | $526.0M | $112.0M | $97.0M | $81.0M | $103.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-019821.
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