Q4 2025 Adjusted EBITDA was $281 million, compared to Adjusted EBITDA of $16 million in Q4 2024
Q4 2025 net income attributable to IEP was $1 million, compared to a net loss of $98 million in Q4 2024
IEP declares fourth quarter distribution of $0.50 per depositary unit
Indicative Net Asset Value was approximately $3.2 billion as of December 31, 2025, a decrease of $654 million compared to September 30, 2025. The decrease was primarily due to a decrease of $778 million of our long position in CVI and the Holding Company's net interest expense of $75 million. The decrease was offset in part by the positive performance from the Funds of $261 million
Financial Summary(Net income, net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For the three months ended December 31, 2025, revenues were $2.7 billion and net income was $1 million, or approximately $0 per depositary unit. For the three months ended December 31, 2024, revenues were $2.6 billion and net loss was $98 million, or a loss of $0.19 per depositary unit. Adjusted EBITDA was $281 million for the three months ended December 31, 2025, compared to Adjusted EBITDA of $16 million for the three months ended December 31, 2024.
For the year ended December 31, 2025, revenues were $9.7 billion and net loss was $299 million, or a loss of $0.52 per depositary unit. For the year ended December 31, 2024, revenues were $10.0 billion and net loss was $445 million, or a loss of $0.94 per depositary unit. Adjusted EBITDA was $338 million for the year ended December 31, 2025, compared to Adjusted EBITDA of $184 million for the year ended December 31, 2024.
As of December 31, 2025, indicative net asset value decreased $654 million compared to September 30, 2025. The decrease was primarily due to a decrease of $778 million of our long position in CVI and the Holding Company's net interest expense of $75 million. The decrease was offset in part by the positive performance from the Funds of $261 million.
On February 23, 2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about April 15, 2026 to depositary unitholders of record at the close of business on March 9, 2026. Depositary unitholders will have until April 3, 2026 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending April 10, 2026. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
Icahn Enterprises L.P., a master limited partnership, is 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.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, including the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments; risks related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks relating to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; the impacts from the ongoing Russia/Ukraine conflict and conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions; political and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption "Risk Factors". Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)
Three Months EndedDecember 31,
Year Ended December 31,
2025
2024
2025
2024
(in millions, except per unit amounts)
Revenues:
Net sales
$
2,170
$
2,366
$
8,631
$
9,193
Other revenues from operations
156
141
664
707
Net gain (loss) from investment activities
333
(103)
(183)
(421)
Interest and dividend income
66
97
288
477
(Loss) gain on disposition of assets, net
(15)
2
247
(4)
Other (loss) income, net
(13)
55
11
68
2,697
2,558
9,658
10,020
Expenses:
Cost of goods sold
2,159
2,205
7,978
8,619
Other expenses from operations
144
141
599
603
Selling, general and administrative
211
205
837
783
Dividend expense
10
9
35
56
Restructuring, net
3
2
10
3
Impairment
28
—
40
—
Interest expense
125
129
504
523
2,680
2,691
10,003
10,587
Income (loss) before income tax benefit
17
(133)
(345)
(567)
Income tax benefit
27
23
19
25
Net income (loss)
44
(110)
(326)
(542)
Less: net income (loss) attributable to non-controlling interests
43
(12)
(27)
(97)
Net income (loss) attributable to Icahn Enterprises
$
1
$
(98)
$
(299)
$
(445)
