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Icahn Enterprises L.p.

IEP Nasdaq Petroleum Refining Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$5.77

6.0%
Compare
Revenue Total sales reported in the income statement.
$9.7B
3.6% vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
โˆ’$299M
Free cash flow Cash from operations minus capital spending.
โˆ’$654M
218.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$3.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.66 EPS (TTM)

What Icahn Enterprises L.p. does

No business description yet.

Legal name
ICAHN ENTERPRISES L.P.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Feb 26, 2026
Accession ยท CIK
0001104659-26-019821
0000813762

Revenue and margins

Icahn Enterprises L.p. had $9.7B of revenue in fiscal 2025, down 3.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$654M in fiscal 2025, โˆ’6.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Icahn Enterprises L.p. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 20.6%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Icahn Enterprises L.p. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.3B$2.3B$3.0B$2.6B$1.5B
Total assets $27.7B$27.9B$20.9B$16.3B$14.2B
Total liabilities $18.4B$18.4B$14.8B$11.7B$10.8B
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ“ โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ“ โœ• โœ“ โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ•
Return on assets rose โ€” โœ“ โœ• โœ• โœ• โœ“ โœ“ โœ• โœ“ โœ“
Cash from operations exceeds net income โœ“ โœ• โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ“ โœ•
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โœ“ โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ“ โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ“
F-score โ€” / 34 / 7โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6โ€” / 6
Accruals ratio โˆ’7.0%11.7%2.0%1.5%โˆ’5.0%โˆ’3.2%โˆ’4.4%โˆ’18.1%โˆ’6.9%0.1%
Altman Z'' โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.4B $12.6B $11.8B $9.0B $6.1B $11.3B $14.2B $10.9B $10.0B $9.7B
Gross profit โˆ’$6.0B โˆ’$2.4B โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Interest expense $692M $655M $524M $605M $688M $666M $568M $554M $523M $504M
Pretax income โˆ’$2.4B $1.9B $223M โˆ’$1.7B โˆ’$2.6B โˆ’$578M $9.0M โˆ’$922M โˆ’$567M โˆ’$345M
Income tax โˆ’$88.0M โˆ’$532M โˆ’$14.0M $20.0M โˆ’$116M โˆ’$78.0M $34.0M $90.0M โˆ’$25.0M โˆ’$19.0M
Net income โˆ’$1.1B $2.5B $1.5B โˆ’$1.1B โˆ’$1.7B โˆ’$518M โˆ’$183M โˆ’$684M โˆ’$445M โˆ’$299M
Diluted EPS โˆ’$8.07 $14.94 $11.33 โˆ’$5.38 โˆ’$7.33 โˆ’$2.32 โˆ’$0.57 โˆ’$1.75 โˆ’$0.94 โˆ’$0.52
Diluted shares 0.14B 0.16B 0.18B 0.20B 0.22B 0.26B 0.32B 0.38B 0.47B 0.56B
Cash flow
Cash from operations $1.2B โˆ’$1.3B $923M โˆ’$1.5B โˆ’$416M $321M $1.1B $3.7B $832M โˆ’$313M
Capital expenditure $247M $316M $272M $250M $199M $305M $338M $303M $280M $341M
Free cash flow $971M โˆ’$1.7B $651M โˆ’$1.7B โˆ’$615M $16.0M $717M $3.4B $552M โˆ’$654M
Depreciation and amortization $526M $518M $508M $519M $510M $517M $509M $518M $511M $603M
Acquisitions $1.0B $249M $15.0M $39.0M $8.0M $20.0M โ€” $20.0M $2.0M โ€”
Dividends paid $103M $81.0M $97.0M $112M $526M โ€” โ€” โ€” โ€” โ€”
Dividends and buybacks $103M $81.0M $97.0M $112M $526M โ€” โ€” โ€” โ€” โ€”
Balance sheet
Cash and short-term investments $1.8B $1.2B $2.7B $3.8B $1.7B $2.3B $2.3B $3.0B $2.6B $1.5B
Finance lease liabilities โ€” โ€” โ€” $93.0M $81.0M $72.0M $64.0M $70.0M $83.0M $88.0M
Inventory $3.0B $1.7B $1.8B $1.8B $1.6B $1.5B $1.5B $1.0B $897M $845M
Property and equipment, net $10.1B $5.2B $4.7B $4.5B $4.2B $4.1B $4.0B $4.0B $3.8B $3.7B
Goodwill $1.1B $327M $247M $282M $294M $290M $288M $288M $288M $290M
Intangible assets $1.1B $544M $501M $431M $660M $595M $533M $466M $409M $349M
Total assets $33.4B $31.8B $23.5B $24.6B $25.0B $27.7B $27.9B $20.9B $16.3B $14.2B
Total liabilities $25.4B $20.4B $10.5B $13.7B $15.7B $18.4B $18.4B $14.8B $11.7B $10.8B
Shareholders' equity $2.2B $5.1B $6.6B โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Margins
Gross margin โˆ’81.8% โˆ’18.9% โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Net margin โˆ’15.3% 19.4% 12.6% โˆ’12.2% โˆ’27.0% โˆ’4.6% โˆ’1.3% โˆ’6.3% โˆ’4.4% โˆ’3.1%
FCF margin 13.2% โˆ’13.2% 5.5% โˆ’19.0% โˆ’10.0% 0.1% 5.1% 31.4% 5.5% โˆ’6.8%
Returns
Return on equity โˆ’52.4% 67.6% 25.4% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Return on assets โˆ’3.4% 7.5% 5.4% โˆ’4.6% โˆ’6.7% โˆ’2.0% โˆ’0.7% โˆ’2.8% โˆ’2.4% โˆ’2.0%
Return on tangible equity โ€” 57.9% 25.5% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Growth
Revenue growth โ€” 71.0% โˆ’6.7% โˆ’23.6% โˆ’31.9% 85.2% 25.2% โˆ’23.0% โˆ’8.4% โˆ’3.6%
Net income growth โ€” โ€” โˆ’39.6% โˆ’174.1% โ€” โ€” โ€” โ€” โ€” โ€”
EPS growth โ€” โ€” โˆ’24.2% โˆ’147.5% โ€” โ€” โ€” โ€” โ€” โ€”
FCF growth โ€” โˆ’271.4% โ€” โˆ’362.7% โ€” โ€” 4,381.3% 378.8% โˆ’83.9% โˆ’218.5%
Share count change โ€” 17.5% 11.8% 11.1% 10.5% 17.6% 21.5% 20.9% 22.0% 20.6%
Capital allocation
Capex / revenue 3.3% 2.5% 2.3% 2.8% 3.3% 2.7% 2.4% 2.8% 2.8% 3.5%
Payouts / FCF 10.6% โ€” 14.9% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Quality scores
Piotroski F-score โ€” 4.0 โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Accruals ratio โˆ’7.0% 11.7% 2.0% 1.5% โˆ’5.0% โˆ’3.2% โˆ’4.4% โˆ’18.1% โˆ’6.9% 0.1%

Source: SEC EDGAR XBRL filings (CIK 0000813762). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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